Editor’s Verdict

Pros
  • Upgraded MT4/MT5 trading platforms and third-party copy trading service

  • Excellent commission-based pricing structure and low swap rates

  • Quality value-added services for manual and algorithmic traders

Cons
  • Higher minimum deposit but within a reasonable range

  • Limited educational content

Overview

Review

Australian-headquartered GO Markets offers upgraded MT4/MT5 trading platforms, high leverage for most international traders, and one of the lowest cost structures for leveraged traders. It also maintains quality value-added services, which prompted me to conduct an in-depth review of the advertised world-leading trading conditions to determine if they exist. Should you trade with GO Markets?

Summary

GO Markets - A low-cost Forex broker with upgraded MT4/MT5 and quality trading tools

HeadquartersAustralia
Year Established2006
US Persons Accepted?

I like the trading costs at GO Markets. Together with the order execution speed, they create ideal conditions for scalpers. The 600+ assets offer most traders a balanced choice. GO Markets offers VPS hosting for algorithmic traders and services from Trading Central, Autochartist, and a-Quant for manual ones.

GO Markets Main Features

Retail Loss Rate
50.00%
Regulation
Yes
Minimum Raw Spreads
0.0 pips
Minimum Standard Spreads
1.0 pips
Minimum Commission for Forex
$6.00 per round lot
Commission for CFDs/DMA
0.08% - 0.18% or $0.02 per share per side
Commission Rebates
No
Minimum Deposit
$200
Demo Account
Yes
Managed Account
Yes
Islamic Account
No
Inactivity Fee
No
Deposit Fee
No
Withdrawal Fee
Third-party
Funding Methods
5

Regulation and Security

Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. GO Markets presents clients with four regulated entities.

Country of the Regulator
Name of the Regulator
Regulatory License Number
Australia
Australian Securities & Investments Commission
AFSL No. 337927
Mauritius
Financial Services Commission
License No. GB 19024896
Cyprus
Cyprus Securities and Exchange Commission
License Number 322/17
UAE
UAE Securities & Commodities Authority
Undisclosed

Reasons I prefer the Mauritius subsidiary:

  • Higher leverage
  • Flexible trading conditions
  • Competitive regulator
  • Negative balance protection
  • Segregation of client deposits from corporate funds
  • 30% trading credit bonus

What is missing?

  • Investor compensation fund or
  • Third-party insurance or
  • Transparency concerning its core management team

Noteworthy:

  • The Cyprus subsidiary offers an investor compensation fund up to 90% or €20,000 of deposits but more restrictive trading conditions
  • GO Markets has a clean regulatory track record

GO Markets has adequate operational experience, and the Mauritius subsidiary provides traders with a secure, trustworthy, and competitive trading environment. I wish GO Markets would offer all of its regulatory information in one place to increase overall transparency rather than scatter it across its subsidiaries.

Fees

I rank trading costs among the most defining aspects when evaluating a Forex broker, as they directly impact profitability.

GO Markets offers Forex traders two cost structures:

  • Commission-free trading costs start at 1.0 pips or $10.00 per 1.0 standard lot, which ranks among the more expensive offers
  • Commission-based accounts commence with a minimum spread of 0.0 pips and a commission of $6.00 per round lot for a final cost of $6.00, a competitive offer

Noteworthy:

  • Equity traders pay between 0.08% and 0.18% for CFDs, or $0.02 for US equities

Here is a screenshot of live quotes at GO Markets during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.

GO Markets Live Forex Quotes

Which pricing environment should Forex traders select?

I recommend the following:

  • The commission-based pricing environment results in 40% cheaper trading costs
  • The minimum deposit for the commission-based account is a reasonable $200, identical to the requirement for the commission-free alternative

What is missing at GO Markets?

  • A volume-based rebate program for high-volume traders

The average trading costs for the EUR/USD in the commission-based GO Markets ECN account:

Average Spread
Commission per Round Lot
Cost per 1.0 Standard Lot
0.0 pips
$6.00
$6.00

Noteworthy:

  • Swap rates on leveraged overnight positions rank among the lowest, resulting in excellent trading costs for traders holding positions overnight

One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

Noteworthy:

  • GO Markets offers a positive swap on EUR/USD short positions and other select assets, meaning traders get paid money

MT4/MT5 traders can access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-based GO Markets Plus+ account.

Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for one night will cost the following:

Average Spread
Commission per Round Lot
Swap Long
Swap Short
Total Trading Costs
0.0 pips
$6.00
-$3.51
X
$9.51
0.0 pips
$6.00
X
$0.57
$5.43

Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the average spread and holding it for seven nights will cost the following:

Average Spread
Commission per Round Lot
Swap Long
Swap Short
Total Trading Costs
0.0 pips
$6.00
-$24.57
X
$30.57
0.0 pips
$6.00
X
$3.99
$2.01

My additional comments concerning trading costs at GO Markets:

  • There are no inactivity fees
  • There are no currency conversion fees

What Can I Trade?

The 49 currency pairs at GO Markets remain below average, and the absence of cryptocurrency pairs is notable. I am also missing greater exposure to the commodity sector. Equity traders have access to trending names in Australia, Hong Kong, and the US.

What is missing?

  • I like to see mid-cap and small-cap alternatives from the equity CFD list
  • The absence of cryptocurrencies remains unfortunate
  • A broader choice of commodities
  • ETFs are not available at GO Markets

Asset List and Leverage Overview

GO Markets Leverage

GO Markets offers maximum leverage up to 1:500 in a multi-tier system. I like it for active traders and scalpers, as it presents more overall trading flexibility, which directly impacts profitability. GO Markets also allows traders to adjust their requirements if they prefer less leverage, and the default setting is 1:100.

Other things I want to note about GO Markets leverage:

  • GO Markets offers maximum leverage of 1:20 on equity CFDs
  • Negative balance protection exists, ensuring traders never lose more than their deposit

GO Markets Trading Hours (GMT+2 Server Time)

Asset Class
From
To
Cryptocurrencies
Not applicable
Not applicable
Forex
Monday 00:05
Friday 23:55
Commodities
Monday 01:05
Friday 23:55
European CFDs
Not applicable
Not applicable
US CFDs
Monday 16:30
Friday 23:00

Noteworthy:

  • Equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies

I recommend the following step for MT4/MT5 traders to access trading hours:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Sessions.

Account Types

GO Markets offers traders its commission-based Standard account and its commission-based GO Plus+ alternative, which I recommend for all traders amid notably lower trading costs.

Traders must decide between the following:

  • Commission-free versus commission-based account

My observations concerning the GO Markets account types:

  • The minimum deposit for both is $200, which I appreciate, as it does not impact the decision-making process
  • Trading costs in GO Plus+ are up to 40% cheaper versus Standard
  • Both accounts list cryptocurrencies, but no reference exists elsewhere, including the products list
  • MT4/MT5 support algorithmic trading and come with an embedded copy trading service
  • Trading conditions are equal in both account types and allow hedging and scalping
  • Supported account base currencies are AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD

GO Markets Account

GO Markets Demo Account

The MT4/MT5 trading platforms support unlimited demo accounts, and GO Markets does not list restrictions. They are ideal for testing EAs or different trading strategies, but traders should not rely on them for educational purposes due to the absence of trading psychology in demo accounts. Demo trading may additionally create unrealistic expectations.

My recommendation:

  • MT4/MT5 offers flexible deposits, and traders should select one similar to what they plan for their live trading account

Trading Platforms

Traders get the out-of-the-box MT4/MT5 trading platforms, and GO Markets upgrades them with its Genesis package, consisting of nine plugins, for deposits of $500+. It transforms the sub-standard core versions into superior trading solutions. MT4/MT5 is available as a desktop client, a web-based alternative, and a mobile app.

Algorithmic trading is supported by both, where MT4 remains the market leader. An integrated copy trading platform is also available in MT4 and MT5, but GO Markets also connects to Myfxbook Autotrade via its Standard account. It appears that the better-priced GO Plus+ remains excluded from it, but traders may use the MT4/MT5 copy trading service.

What is missing?

  • As an MT4/MT5 broker, GO Markets delivers on all fronts

My observations:

  • Traders with EAs must use the desktop client
  • The Genesis upgrade for MT4/MT5 requires a minimum deposit of $500
  • Myfxbook Autotrade is only available from the more expensive Standard account
  • MT4 features notable more plugins and EAs

Overview of Trading Platforms

MT4
Yes
MT5
Yes
cTrader
No
Proprietary/Alternative Platform
No
Automated Trading
Yes
Social Trading / Copy Trading
Yes
MT4/MT5 Plugins
Yes
Guaranteed Stop Loss
No
Negative Balance Protection
Yes
Unique Feature One
MT4/MT5 plugins
Unique Feature Two
Excellent trading costs

Myfxbook Autotrade at GO Markets

Unique Features

GO Markets partnered with a-Quant to deliver third-party trading signals to its traders. The average frequency is nine to twelve, but the delivery is via e-mail. I would like to see GO Markets develop an MT4/MT5 plugin, allowing traders to receive the trading signals directly in their trading platform.

Free VPS hosting is available for algorithmic traders with a monthly volume of 10 standard lots equaling $1 million in nominal trading value. Otherwise, a monthly cost of $10 applies.

GO Markets Trading Signals delivered by a-Quant

Research and Education

Autochartist and Trading Central provide the bulk of research at GO Markets, besides trading signals from a-Quant. Both are available within the MT4/MT5 trading platforms and rank among the most recognized, independent market research providers. GO Markets provides sporadic in-house market commentary and articles.

GO Markets does not offer beginner traders an in-depth educational platform, but Trading Central features content with educational value. Given the abundance of quality education available online, I do not consider the absence against GO Markets.

My takeaways:

  • GO Markets partnered with three quality firms to deliver competitive research for manual traders
  • Beginner traders do not get an equal quality approach to education

My recommendations:

  • Traders may access research online free of charge since GO Markets fails to provide it
  • Manual traders get plenty of quality trading signals from three trusted providers
  • The MT4/MT5 copy trading feature offers passive traders sufficient choices
  • MT4/MT5 has thousands of EAs, and traders may explore them to determine if they suit their trading style
  • Beginner traders should source in-depth educational content elsewhere before trading at GO Markets

Customer Support

Website Languages
  • Customer support at GO Markets is available 24/5 via e-mail, web form, live chat, or phone. GO Markets explains its products and services acceptably, limiting the need for additional support to initial questions about the trading environment and emergencies.

    GO Markets Customer Support

    My observations:

    • An FAQ section is missing, and traders may rely on live chat and phone support more than usual
    • Dedicated support for financial transactions, where most traders may face issues
    • I recommend live chat for non-urgent matters
    • Phone support is ideal for urgent questions

    Bonuses and Promotions

    GO Markets offers occasional promotions to traders, but the latest one expired on November 30th, 2021. It presently remains advertised on its website and is a 30% trading credit bonus. The minimum deposit to qualify was $500, and the maximum was $25,000.

    My recommendations:

    • Traders should read and understand the terms and conditions before accepting any bonuses from brokers

    Opening an Account

    Opening an account at GO Markets includes numerous questions other offshore brokers do not ask. While the initial page follows well-established industry standards, the volume of additional information may discourage some traders, and I find them too much.

    Traders may answer most questions as they wish, without submitting proof, confirming those inquiries as unnecessary and intrusive. They include employment data, savings, and tax information.

    Account verification is mandatory, and most traders will complete it after sending a copy of their ID and one proof of residency document.

    GO Markets Account Opening

    Minimum Deposit

    The GO Markets minimum deposit is $200, higher than most brokers, but within a reasonable range.

    Payment Methods

    GO Markets offers bank wires, credit/debit cards, Skrill, Neteller, and FasaPay.

    Accepted Countries

    GO Markets caters to many international traders, including Australia, South Africa, the UK, and Canada. GO Markets does not accept traders from the US.

    Deposits and Withdrawals

    All financial transactions take place in the secure back office of GO Markets. The options remain limited, and I am missing the flexibility of many payment processors.

    My observations:

    • GO Markets does not list internal currency conversion fees, but they apply from payment processors
    • Deposits are instant except for bank wires
    • Despite limited payment options, GO Markets labels them as flexible
    • Not all options are available to all traders, making costly bank wires and credit/debit cards the only choice
    • GO Markets processes withdrawal requests the same day if received by 0700 MUT, otherwise the following business day
    • Profitable traders will ultimately have to withdraw via bank wires, as GO Markets only allows withdrawals in the capital amount of deposits to other sources
    • Some traders have reported issues with financial transactions due to problems by GO Markets

    GO Markets Deposits

    My recommendations:

    • I recommend checking the costs from the payment processor to the bank account unless a debit/credit card is available
    • It is ideal to use an option besides the bank or credit/debit card used for day-to-day financial operations

    GO Markets Withdrawals

    The Bottom Line

    I like the trading environment at GO Markets for its low trading costs, which extend to swap rates on leveraged overnight positions. I also like the upgraded MT4/MT5 trading platform. Trading services by third-party providers a-Quant, Autochartist, and Trading Central are also noteworthy. GO Markets presents ideal conditions for scalpers and equity traders but should improve its onboarding process, together with deposits and withdrawal methods.

    Trading Platform

    FAQs

    Is GO Markets regulated?

    expand.png
    GO Markets has regulatory licenses issued by the ASIC, the FSC, the CySEC, and the SCA.

    Is GO Markets an ECN broker?

    expand.png
    GO Markets deploys a hybrid market maker/ECN model.

    About the Author

    DailyForex.com Team
    The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.