Choosing the right forex and CFD broker is a crucial first step for any aspiring or seasoned trader. A reliable platform with competitive fees, diverse instruments, and a user-friendly interface can significantly impact your trading experience. This comprehensive GO Markets review delves into the intricacies of this established broker, offering a clear and unbiased assessment based on real trading experience.
Review Transparency
My methodology for evaluating GO Markets involved:
- Extensive Platform Testing: Exploring the features and functionalities of the trading platforms offered by GO Markets.
Live Trading Experience: Actively trading various instruments on the platform to assess execution speed, slippage, and overall performance. - Customer Support Evaluation: Engaging with GO Markets’ customer support team through various channels to gauge their responsiveness and effectiveness.
- Comparative Analysis: Comparing GO Markets’ offerings with other leading forex brokers to identify strengths and weaknesses.
GO Markets Vs Top Alternatives
This comprehensive comparison table dissects the key features of GO Markets, XM, and FxPro, empowering you to make an informed decision:
|
Feature
|
GO Markets
|
XM
|
FXpro
|
|---|---|---|---|
|
Regulation
|
ASIC
|
FCA, CySEC, ASIC
|
FCA, CySEC
|
|
Tier-1 Licenses
|
Yes (ASIC)
|
Yes (FCA)
|
Yes (FCA)
|
|
Headquarter
|
Melbourne, Australia
|
Limassol, Cyprus
|
London, UK
|
|
USA (CFTC Authorized)
|
No
|
No
|
No
|
|
Year Founded
|
2006
|
2009
|
2006
|
|
Rating (out of 5)
|
3.5
|
4
|
4.5
|
|
Account Types
|
Standard, Active Trader, Pro
|
Micro, Standard, Ultra Low, Shares
|
Standard, MT4 Floating, MT5 Floating, cTrader
|
|
Minimum Deposit
|
$200
|
$5
|
$100
|
|
Spreads
|
Variable (ECN/STP)
|
Variable (Market Maker)
|
Variable (STP/ECN)
|
|
Maximum Leverage
|
400:1 (varies by instrument)
|
30:1 (Europe), 200:1 (other)
|
30:1 (Europe), 200:1 (other)
|
|
Execution
|
ECN, STP
|
Market Maker
|
STP/ECN
|
|
One-click Execution
|
Yes
|
Yes
|
Yes
|
|
Requotes
|
Less common (ECN/STP)
|
Uncommon
|
Rare
|
|
Slippage
|
Possible during high volatility
|
Possible during high volatility
|
Less likely (STP/ECN)
|
|
Market Gaps
|
Possible
|
Possible
|
Possible
|
|
Commissions per lot
|
Variable (ECN accounts)
|
None
|
Variable (STP accounts)
|
|
Swap Rates
|
Yes
|
Yes
|
Yes
|
|
Swap Free Accounts
|
Islamic Accounts Available
|
Islamic Accounts Available
|
Islamic Accounts available
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5
|
MetaTrader 4, MetaTrader 5
|
MetaTrader 4, MetaTrader 5, cTrader, TradingView
|
|
Assets
|
Forex, Indices, Cryptocurrencies, Commodities
|
Forex, Indices, Cryptocurrencies, Commodities
|
Forex, Indices, Cryptocurrencies, Commodities, Shares
|
|
Copy Trading
|
No
|
Yes
|
Yes
|
|
Trading Contests
|
No
|
No
|
No
|
|
Negative Balance Protection
|
Yes
|
Yes
|
Yes
|
|
Guaranteed Execution
|
No
|
Yes (limited conditions)
|
No
|
|
Margin Call Level
|
50%
|
75%
|
50%
|
|
Stop Out Level
|
30%
|
50%
|
30%
|
|
Bonus Availability
|
Occasionally
|
No
|
No
|
|
Cashback Availability
|
No
|
No
|
No
|
|
Deposit & Withdrawal Fees
|
Variable (may apply)
|
Variable (may apply)
|
Variable (may apply)
|
|
Deposit & Withdrawal Times
|
Same business day (varies)
|
Same business day (varies)
|
Same business day (varies)
|
|
Mobile App Trading
|
Yes
|
Yes
|
Yes
|
|
Free VPS Hosting
|
May be available on high volume accounts
|
No
|
May be available on request
|
|
Customer Support
|
24/5 Live Chat, Email, Phone
|
24/5 Live Chat, Email, Phone
|
24/5 Live Chat, Email, Phone
|
|
Market Analysis
|
Daily research, educational resources
|
Daily research, educational resources
|
Daily research, educational resources
|
|
Inactivity Fees
|
Yes (after 12 months)
|
Yes (after 12 months)
|
Yes (after 6 months)
|
|
Customer Reviews
|
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|
Start Now
|
Cons & Pros
Con’s
- Limited Research Tools: As mentioned, GO Markets doesn’t offer extensive market analysis or research reports.
- No Investor Protection for Non-EU Clients: Client protection measures may vary depending on your location.
- Slightly Wider Spreads on Swap-Free Account: The Swap-Free account comes with a slight spread disadvantage compared to other account types.
Pro’s
- ASIC Regulation: Provides a secure trading environment with robust client protection measures.
- Multiple Account Types: Caters to diverse trader needs and preferences.
- Competitive Spreads: Generally tight spreads, particularly on the GO Plus+ account.
- Commission-Free Trading: Standard and GO Plus+ accounts eliminate commission fees.
- ECN Execution: Offers transparency and potentially tighter spreads.
- Variety of Trading Platforms: Provides options for different trading styles and preferences.
- 24/5 Multilingual Customer Support: Ensures prompt assistance whenever needed.
- Extensive Educational Resources: Helps traders enhance their knowledge and skills.
Who is GO Markets Best Suited For?
GO Markets can be a good fit for various trader profiles:
- Beginner Traders: The user-friendly platforms, educational resources, and commission-free accounts (Standard and GO Plus+) make GO Markets a welcoming environment for those new to forex and CFD trading.
- Active Traders: The tight spreads on the GO Plus+ account and ECN execution cater well to active traders seeking to minimize trading costs.
Swap-Free Account Users: For traders adhering to religious restrictions on interest, the Swap-Free account offers a convenient solution, although be mindful of the slightly wider spreads.
GO Markets presents a compelling proposition for forex and CFD traders seeking a well-regulated platform with competitive fees and a strong focus on transparency. Their user-friendly interface, diverse account options, and educational resources cater to traders of various experience levels. While they lack in-depth market research tools, their overall strengths make them a solid choice for traders seeking a reliable and cost-effective trading experience.
The Final Verdict
GO Markets is a well-established and reliable forex and CFD broker with a strong focus on regulation, transparency, and competitive pricing. Their ASIC regulation ensures a secure trading environment, while their multiple account types cater to diverse needs.
The combination of tight spreads, commission-free trading (on Standard and GO Plus+ accounts), and ECN execution makes GO Markets an attractive option for cost-conscious traders. The user-friendly trading platforms and comprehensive educational resources further enhance the overall trading experience.