GO Markets is an Australian Forex broker founded in 2006. GO Markets offers trading in a variety of asset classes including currencies, stocks, indices and commodities.
history of the company
GO Markets is the trade name of GO Markets Pty Ltd, registered in Australia (AFSL 254963).
There was also a broker GO Markets UK who previously operated in the UK under a licensing agreement with GO IP Pty Ltd in Australia. However, GO Markets UK now operates under the Infinox brand. We have not found any confirmation that Infinox and GO Markets are related or related to the same company.
Little is known about the history of the Australian company GO Markets. But the terms of trade are described in detail.
Fund security
Got Markets is licensed by Australia's sole regulator. ASIC monitors all activities of the financial market, as well as businesses and companies in Australia. The regulator has the right to audit any money transfer, regardless of whether they are commercial, investment or social. ASIC has repeatedly brought unscrupulous brokers to the surface. The regulator can influence the broker with fines or a ban on conducting financial activities, and even for life. Nevertheless, the level of confidence in ASICs is average. In the worst case, the regulator will not return the money to traders, will not have time to collect it from fraudsters, and will not prevent fraud. Therefore, if you are ready to invest large sums, we advise you to pay attention to brokers who work under the clear guidance of more stringent regulators, such as CySEC.
Trading conditions
GO Markets offers a Standard Account and a Go Plus Account. The main difference between these accounts is the size of the spread and the deposit. Like many popular brokers, the company offers commission and commission free trading.
Minimum deposit
Trading starts with a $ 200 deposit on a standard account. $ 500 will have to be invested by traders who open a Go Plus account.
Spreads and commissions
Like most brokers, GO Markets takes a commission on the spread, which is the difference between the buy and sell price of the instrument.
GO Markets lists minimum spreads on its website. So, for the popular EUR / USD pair, the spread is 0.1 pips.
The commission is $ 3 per lot.
If you are interested in trading on a standard account without commission, then spreads start from 1 pip.
Leverage
Leverage on both accounts is offered up to 1: 500. Such leverage will certainly help you increase your deposit if you trade correctly, but, nevertheless, if you stumble, you risk losing everything. It is for this reason that, trying to secure the investments of clients, many regulators now limit the amount of the deposit to controlled brokers. For example, up to 1:50. Therefore, as practice shows, traders more often lose than earn by trading with leverage. We advise you to use leverage wisely.
Trading platforms
GO Markets is one of the few brokers to offer both MetaTrader platforms: MetaTrader4 and MetaTrader5. These are the two most famous terminals in the world from the software company MetaQuotes. MT5 is the latest version of the terminal to replace MT4. To ensure that as many traders as possible trade on MT5, MetaQuotes announced that it will no longer release updates for MT4. Although MT4 is still more popular than its new version, the reason for this is the million EAs that cannot be transferred from MT4 to MT5.
Let's take a look at what options each platform offers.
MetaTrader4
Access to over 250 trading instruments Forex, indices and commodity trading Using Expert Advisors Built-in indicators for analyzing market movements Mobile trading systems
MetaTrader5
More than 250 built-in indicators One-click trading All order types are supported More than 80 tools for technical analysis Up-to-date market quotes Separate order and deal accounting system
GO Markets allows expert advisor trading, hedging, scalping. In addition, the broker provides free VPS for MT4 and MT5 to clients whose minimum trading volume reaches $ 1 million per month. Other traders are charged a commission of $ 10 per month.
Significant services
The broker introduces social trading from Myfxbook, where some traders can successfully copy the trades of other traders. Myfxbook also provides its users with a wide range of statistics and analysis.
Moreover, Go Markets conducts online seminars in Chinese.
Support service
GO Markets supports a wide range of languages including English, Polish, Portuguese, Vietnamese, Korean, Thai, Chinese, Spanish, Italian.
Contact methods: phone number, email, feedback form. I would like to see brokers provide support using modern instant messengers or the worldwide popular Skype. So far, we see a standard set of communication methods at GO Markets, which is also pretty good.
Ways of payment
Funds can be deposited using fasapay, NETELLER, POLi, BPAY, SKRILL, bank transfer, VISA / MASTERCARD credit cards.
Criticism of traders
Traders note profitable swaps and spreads. At the same time, when approaching the leverage border, there were problems with replenishment of funds. And also
traders point out that the broker is not suitable for scalping.
Pros:
the broker has been working on the market for over 10 years; MT4 and MT5; social trading; choice of payment methods.
Minuses:
high deposit; small selection of currency pairs for trading.
GOMARKETS is a brokerage company, meaning a professional participant in the Forex market. Such organizations have the right to conduct transactions on behalf of their clients, that is, to provide intermediary services between sellers and buyers.
What services brokerage companies provide
Most traders use the opportunities provided for trading currency pairs. The essence is roughly the same as when buying currency in a bank - buy cheaper, wait for the price to rise, and sell at a higher price. But trading through a broker has a number of undeniable advantages:
- the rates are much more favorable, and the costs are significantly lower;
- there is an opportunity to trade not only on the rise but also on the fall of currency rates;
- dozens, and in some companies up to a hundred currency pairs are available for selection;
- there are many auxiliary tools.
In addition, with the help of GOMARKETS, a client can conduct transactions with precious metals, indices, bonds, company stocks, cryptocurrencies, raw materials, and other goods. Without resorting to the services of a broker, it would be quite problematic for an ordinary person to buy, for example, a barrel of oil. But on a special trading platform, an order is opened with one click.
Stocks can also be purchased without the services of intermediaries. But this will be a much more complex process. It will be necessary to visit the websites of a large number of companies, compare data from them, and make a purchase directly from one of the firms. Difficulties will also arise because companies from different countries of the world maintain pages on the internet in their own languages, requiring translation. A broker provides a ready list of stocks, usually of the most profitable global brands with an abundance of information about them. After making a choice, again, it only takes one click.
The client can also receive a kind of loan from the broker, which in professional trading language is called leverage. That is, a person has the opportunity to operate with amounts that are many times, tens, or hundreds of times greater than their own funds. The size of the leverage is determined in each individual case by agreement between the client and the organization.
In addition to all this, brokerage companies are ready to assist clients in making decisions at their request. There are several options for this:
- auxiliary tools, technical indicators that automatically provide the necessary data for analysis;
- trading signals that suggest whether to buy or sell an asset at the current moment based on data from special programs analyzing market processes;
- access to analytics, news, event calendars published on the official website and social media pages;
- individual consulting by company specialists, which is usually available to those with substantial deposits.
Thus, trading through a brokerage company allows anyone to make a profit, limited only by their own level of knowledge and preparation.
What benefit does the broker receive?
The brokerage company GOMARKETS is interested in having more clients who conduct numerous transactions for significant amounts. The organization's profit directly depends on this. It is derived in the following main ways.
The broker GOMARKETS may charge a fixed commission for each transaction made. For example, 1 dollar. This type of cooperation is suitable for clients who open a small number of orders, aiming to make significant profits from each of them.
Another option is a bit more complicated but more popular. The broker receives a spread, which is the difference between the best buying and selling prices at the current moment. This form of payment for the company's services is suitable for traders who open many orders. The spread can be either fixed in size or variable depending on the situation.
The same broker can offer traders different payment options for their work on several types of trading accounts.
Brokers - Scammers
The Forex market is extremely attractive to people from all over the world who want to earn money. Unfortunately, where there is money, there are always deceivers and scammers. Among the organizations calling themselves brokerage companies, there are many firms operating illegally or officially registered but still using schemes to deceive clients.
In many ways, this is possible due to the vast size of the global financial markets. Regulation of activities in different countries varies, in some matters there are no unified standards, and the internet space, meanwhile, is unified. Finding various loopholes, scammers often evade responsibility.
There are countless fraudulent websites. They easily close after money is collected from deceived clients and refund demands start coming in. And immediately their organizers create new pages offering even more favorable conditions.
Such firms are called kitchens in trader slang. What do you think, is GOMARKETS a kitchen or not? Share your experience in the reviews.
How Dishonest Brokers Deceive
Primitive scammers simply collect money and then block the user's personal page. And the user can no longer even contact the company by any means. Before that, the scammers are in constant contact with the client. Their task is to convince the person to top up the trading account with as much money as possible, for this they sometimes urge selling property, taking loans from banks. The blocking occurs at the moment when it becomes clear that there is nothing more to take from the victim. As a rule, such sites close quickly after managing to deceive several wealthy clients.
But there are also such schemes that work much more subtly and manage to exist for years with a huge queue of people wanting to get their money back. Often they manage to officially cover up their actual scams. The user agreement includes clauses whose meanings a novice in trading simply does not understand or does not notice at all due to inattention and low level of financial literacy. Later, when claims arise, the company refers to the document, and there is nothing to counter this.
Another way of withdrawing money from clients' deposits is called quote manipulation. On its website, the scheme shows the user quotes that differ from the real ones. And the client does not actually trade on the market, but only within the same scheme. The charts and images are drawn in such a way that the trader ends up at a loss. One by one, the trades gradually zero out the deposit.
Even the generosity of a company, which is of course illusory, can pose a danger. For example, a client may be given bonuses expressed in real money for registering on the site, for replenishing an account, and others. Bonus currency units are mixed in the deposit with the client's personal funds, and the income received from them can no longer be separated. And when a trader tries to request a withdrawal, they learn about additional bonus usage conditions that will be impossible for them to fulfill. And all this was stated in the bonus program, written in small print in the farthest corner of the site. The fact that the client did not read the terms in advance is only their problem.
Places of registration of brokerage companies
Deceiving people from one country, fraudsters often hide in the territory of another, skillfully using discrepancies in the laws of states.
For these purposes, companies are often registered in offshore zones. These are either separate countries or parts of their territories with a registration regime loyal to any business and a low level of control. Simply put, to attract foreign capital to their territory, some small island in the ocean is ready to register a company with just an application and a minimal set of documents and does not interfere with an audit in its internal affairs.
The most popular offshore zones among brokerage companies are Saint Vincent and the Grenadines, Cyprus, Mauritius, Belize, the Marshall Islands, and the British Virgin Islands.
Official proceedings, for example with the broker GOMARKETS, will have to be conducted by traders in accordance with the laws of the specified states. And it is practically impossible to do this independently. It is also extremely difficult to find lawyers who know foreign laws. In some cases, presence at court hearings at the place of company registration may be required. All this makes the proceedings not only complicated but also expensive.
However, the mere fact of the broker GOMARKETS being registered in an offshore zone does not necessarily indicate dishonest intentions. Many reputable companies that have proven their high level over decades also have offshore registrations. The goal is to reduce tax expenses. In the 21st century, many strive for this. Therefore, the largest global banks and manufacturers, whose reputations are unquestionable, conduct business through offshore zones.
Moreover, not all countries attracting foreign capital can be called exotic. Cyprus is part of the European Union and adheres to its rules. The Virgin Islands belong to the United Kingdom.
How to Choose an Honest Broker
When choosing a brokerage company, many parameters need to be considered. The place of registration is one of them. But it is more important to assess who regulates the organization's activities and how. Local government regulatory bodies do this based on the location. You need to find their websites online and check the information about the issued permits. There are also supranational structures, membership in which obliges brokers worldwide to adhere to established internal norms and rules. Major Forex market participants often represent financial groups whose subsidiaries are regulated in multiple jurisdictions. In any case, brokers' official websites should provide information about the issued licenses. It is better for the client to verify its authenticity in the manner described above.
It is important to study what is written about the company on external resources. If there are no mentions of it at all, that's a negative. If its experts appear on leading thematic platforms, that's a positive.
Don't forget to read customer reviews on as many sites as possible. But approach them critically. Especially if one place writes exclusively good things and another exclusively bad. Look for reviews with specific examples, facts, and mentions of pros and cons, rather than unfounded praise or criticism.
The company's website should be detailed, and the information on trading conditions should be thorough, specific, and clear. It's not enough to say 'We have low spreads!'; exact sizes in points are needed.
By following all these rules, you will be able to choose a solid brokerage company, cooperation with which will help you enter the intriguing world of Forex, which has made many people on the planet millionaires.
