When it comes to selecting a reliable and trustworthy broker, GO Markets is one of the names that often pops up. But what makes it stand out in the world of online trading? In this detailed GO Markets review, we’ll dive into everything you need to know about this broker. From its trading platforms to customer support, fees, and more, this review will help you decide if GO Markets is the right choice for you.
GO Markets Overview
GO Markets is an Australian-based online forex and CFD broker that was established in 2006. With over 15 years of experience, the broker has gained popularity for offering a wide range of trading assets, competitive spreads, and advanced trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Is GO Markets Regulated?
Yes, GO Markets is fully regulated. It operates under the strict supervision of two regulatory bodies:
- Australian Securities and Investments Commission (ASIC): GO Markets holds an Australian Financial Services License (AFSL) under ASIC, ensuring that it complies with local laws and regulations.
- Cyprus Securities and Exchange Commission (CySEC): For its European clients, GO Markets is also regulated by CySEC.
This level of regulation provides traders with a sense of security, knowing their funds are safeguarded and the broker adheres to strict rules.
Trading Platforms at GO Markets
One of the major selling points of GO Markets is its support for the MetaTrader platforms (MT4 and MT5). These platforms are widely regarded as the gold standard in the trading world for their advanced charting tools, customizable features, and automated trading capabilities.
- MetaTrader 4 (MT4): A classic trading platform perfect for beginners and experienced traders alike. It supports a range of technical analysis tools and allows you to set up automated trading strategies using Expert Advisors (EAs).
- MetaTrader 5 (MT5): The more advanced version of MT4, offering additional order types, enhanced charting tools, and access to a wider range of assets including stocks, indices, and commodities.
Both platforms are available on desktop, web, and mobile, ensuring you can trade on the go.
Types of Accounts
GO Markets offers two types of trading accounts tailored to different types of traders:
- Standard Account: This account is designed for beginners and casual traders. It offers zero commission, with spreads starting from 1.0 pips. The minimum deposit required to open a standard account is just $200.
- GO Plus+ Account: Aimed at more experienced traders, the GO Plus+ account offers tighter spreads starting from 0.0 pips, but charges a small commission of $3 per side per standard lot. The minimum deposit for this account is also $200.
Asset Classes Available for Trading
GO Markets provides access to a diverse range of asset classes, including:
- Forex: Trade over 50 currency pairs, including majors, minors, and exotic pairs.
- Indices: Access global indices like the S&P 500, FTSE 100, and more.
- Commodities: Trade popular commodities like gold, oil, and silver.
- Shares CFDs: Trade CFDs on global stocks from markets such as the US, UK, and Australia.
- Cryptocurrency CFDs: GO Markets also offers cryptocurrency CFDs, allowing traders to speculate on popular cryptos like Bitcoin and Ethereum without owning the underlying asset.
Spreads, Fees, and Commissions
GO Markets offers competitive spreads and low trading costs, making it attractive to both beginner and advanced traders.
- Spreads: The broker’s spreads start from 1.0 pips on the Standard account and 0.0 pips on the GO Plus+ account.
- Commissions: While the Standard account is commission-free, the GO Plus+ account charges a low commission of $3 per side per lot.
- Other Fees: There are no deposit or withdrawal fees, but GO Markets does charge an inactivity fee if your account remains dormant for 6 months or more.
Leverage and Margin
GO Markets offers leverage up to 1:30 for retail traders under ASIC regulation and 1:500 for professional traders. The leverage limits for European clients regulated by CySEC are capped at 1:30 in line with European Securities and Markets Authority (ESMA) regulations.
Deposit and Withdrawal Methods
GO Markets supports a variety of deposit and withdrawal methods to ensure a seamless experience for its clients. Some of the available methods include:
- Bank transfer
- Credit/Debit cards
- PayPal
- Skrill
- Neteller
Deposits are generally processed instantly or within 24 hours, while withdrawals can take 1-3 business days depending on the method used.
Customer Support
One of the key aspects of a good broker is the quality of its customer support. GO Markets offers 24/5 customer support via live chat, email, and phone. The support team is knowledgeable and quick to respond, making sure that traders’ queries are handled promptly.
Additionally, GO Markets offers educational resources, including webinars, eBooks, and market analysis, which are useful for both novice and seasoned traders.
Pros and Cons of GO Markets
| Pros | Cons |
|---|---|
| Regulated by ASIC and CySEC | Limited cryptocurrency options |
| Competitive spreads and low commissions | No social trading features like copy trading |
| Access to MetaTrader 4 and MetaTrader 5 | Inactivity fee after 6 months of inactivity |
| Wide range of trading instruments | No U.S. clients accepted |
| 24/5 customer support | |
| No deposit or withdrawal fees |
Pros:
- Regulated by ASIC and CySEC for added security
- Competitive spreads and low commissions
- Access to MetaTrader 4 and MetaTrader 5
- Wide range of trading instruments
- 24/5 customer support
- No deposit or withdrawal fees
Cons:
- Limited cryptocurrency options compared to other brokers
- No social trading features like copy trading
- Inactivity fee after 6 months
Bottom Line
GO Markets is a reliable broker with over 15 years of experience in the forex and CFD industry. Its regulation by top-tier authorities like ASIC and CySEC adds to its credibility. With competitive spreads, powerful trading platforms, and a range of tradable assets, GO Markets caters well to both beginner and advanced traders.
However, the lack of social trading features and limited cryptocurrency options may be a drawback for some. Overall, if you’re looking for a solid broker with a strong regulatory foundation and an excellent trading environment, GO Markets is worth considering.
Frequently Asked Questions (FAQs) About GO Markets
- Is GO Markets a regulated broker?
- Yes, GO Markets is regulated by both ASIC in Australia and CySEC in Europe.
- What platforms does GO Markets offer?
- GO Markets offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
- What is the minimum deposit for GO Markets?
- The minimum deposit is $200 for both the Standard and GO Plus+ accounts.
- Are there any deposit or withdrawal fees?
- No, GO Markets does not charge any fees for deposits or withdrawals.
- What leverage does GO Markets offer?
- GO Markets offers leverage up to 1:30 for retail clients and 1:500 for professional clients under ASIC regulation.
We hope this review helps you understand whether GO Markets is a good fit for your trading needs.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
