2021 GO Markets Review • Benzinga
GO Markets was the first Australian broker to support MT4, and it also supports the MT5 platform that provides more support for non-forex CFD trading. MT4/5 trading platforms are available for iOS and Android mobile devices, and MetaTrader’s web-based WebTrader platform requires no program download.
GO Markets lets you trade a wide range of over 600 assets that include forex pairs, as well as CFDs on individual stock shares, metals and indices. You can even get involved in commodities trading.
$3.00 per side and $6.00 round-turn
The broker offers both a commission-based GO Plus+ account and a spread-based Standard account. You can also gauge GO Markets’ services via a free demo account.
While the broker does not accept clients from Canada or the U.S., individuals can open a GO Markets trading account from more than 175 countries around the world. Depending on your jurisdiction, you can use leverage as high as 500:1, although EU and UK clients are limited to just 30:1 leverage.
GO Markets lets clients access social and copy trading by supporting Myfxbook’s AutoTrade feature. Other premium services available through GO Markets include MT4 and MT5 Genesis, Autochartist, a-Quant, Trading Central, as well as a VPS service for MT4/5.
GO Markets’ award-winning customer service can be accessed 24 hours a day Monday through Friday. The broker’s multilingual customer service, as well as its website, is available in English, Chinese, Indonesian, Thai, Portuguese, Arabic and Spanish.
You can reach the broker’s customer service via a Live Chat feature on its website, as well as via Australian, UK and international phone numbers, several email addresses and an online contact form. GO Markets can also be reached through multiple social media sites, such as Facebook, Twitter, LinkedIn, YouTube and Instagram.
The broker also has a FAQ section that provides useful answers to the most common queries made by customers.
To open a live account with GO Markets, you’ll need to make a minimum deposit of $200 for either of the Standard and GO Plus+ account types offered, which have different commission schedules. In both types of accounts, you can trade over 50 currency pairs and CFDs on shares, indices, commodities and cryptocurrencies with a minimum trade size of 0.01 lots.
Commissions and minimum and average dealing spreads for each product traded in the two account types, and you can check out GO Markets’ pricing on nearly 400 share CFDs from all over the world on Go Markets.
Base currencies available for either account type include AUD, EUR, USD, NZD, GBP, CAD, SGD, CHF and HKD. Leverage for forex trades for EU and UK clients is up to 30:1 and can range up to 500:1 elsewhere. Scalping and expert advisors (EAs) are allowed in both types of accounts, as well as access to trading tools and a free VPS service.
Since GO Markets does not have its own mobile trading platform, you can use the excellent MT4 and MT5 mobile apps for iOS and Android. These mobile versions closely emulate the MT4 and MT5 desktop versions and have many of the same features.
Trading through GO Markets gives you access to excellent trading tools like these:
- Autochartist: This tool provides real-time trading alerts and volatility analysis based on technical analysis chart pattern recognition over multiple time frames.
- MT4 and MT5 Genesis: A series of EA software tools designed to enhance your MT4 and MT5 trading experience. They include an order management system, a mini terminal, a Sentiment Indicator, Correlation Trader, Correlation Matrix, Session Map, and an economic news calendar.
- A-Quant: This service provides dynamic portfolio optimization, trading signals and custom solutions for their clients. Markets available include indices, futures, stocks, commodities and forex pairs, in addition to options and ETFs.
- Trading Central: A powerful fundamental and technical analysis tool that offers several newsletters to give you further insight into various markets. The Trading Central Research Platform also includes Technical Insight that consists of a set of detailed, proactive analytics with customizable options and Analyst Views that combines pattern recognition through automated algorithms with senior analyst reports.
- Myfxbook: GO Markets’ support for this website’s tools allows its clients to engage in social and copy trading via its AutoTrade service if they want to participate in the market but don’t want to trade themselves. Myfxbook also provides a wide range of technical analyses tools.
Another major benefit is that GO Markets offers an Education Hub that has learning resources for new and experienced traders alike. From basic courses in forex trading to specialized courses, you can take advantage of a wide range of educational resources via the GO Trader Academy. You can also view tutorials on using the MT4 and MT5 trading platforms and get access to weekly Inner Circle webinars that give insight into current market trends.
With respect to security, GO Markets maintains customer funds in segregated accounts from its own. Other security features include two-factor authentication and a payment integration system to its client portal.
GO Markets’ use of the intuitive and easy-to-navigate MT4 and MT5 trading platforms give many experienced traders a familiar framework to begin trading immediately. Less experienced traders can generally learn how to use the MetaTrader platforms quickly through tutorials provided on both GO Markets’ and their developer’s websites.
Furthermore, using MT4 or MT5 in a free demo account can accelerate learning for novices and can give experienced traders a chance to gauge GO Markets’ features and trading tools.
GO Markets won Investment Trend’s award for its customer service, which is available 24/5 during the trading week. The broker has also won awards for Best Non-Commission Forex Account from Compare Forex Brokers and an award for Best Educational Materials/Programs also from Investment Trends.
Overall, GO Markets seems like a decent brokerage for CFD and forex traders at all levels of expertise. GO Markets’ support for the popular MetaTrader platforms and the advanced trading tools the broker offers make it an excellent choice for experienced traders. Furthermore, GO Markets’ wide range of educational resources and the fact that it offers access to a free demo account provides novices with everything they need to improve their trading skills.
GO Markets Tutorial
For a quick look at GO Markets’ offerings, you can check out a short YouTube video on their YouTube channel.
Frequently Asked Questions
Is GO Markets regulated?
Jay and Julie Hawk
Yes, GO Markets has oversight from the ASIC in Australia. The online broker has two registrations as Australian Proprietary Companies under ACN numbers 080 864 039 and 653 400 527. The broker is also registered with the Financial Services Commission (FSC) of Mauritius as an Investment Dealer (Discount Broker) under license No. GB 19024896, and it is registered as GO Markets Ltd with CySEC as an EU Merchant Company under License No. 322/17. Additionally, GO Markets is regulated as a securities dealer by the Financial Services Authority of Seychelles.
What is CFD trading?
Jay and Julie Hawk
A contract for difference (CFD) consists of a derivative contract that has its price based on that of its underlying asset. CFDs allow traders to speculate on short-term price or exchange rate movements. When trading CFDs, you don’t need to take possession of or deliver the underlying asset. You can also go long or short the CFDs and can trade them using leverage. If you’re based in the UK, you also don’t have to pay stamp duty on your CFD stock trades, which is typically 0.5% of the trade amount when buying shares outright.
Read More: 2021 GO Markets Review • Benzinga