GO Markets Review (GOMarkets) 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- €100
- MetaTrader4
- MetaTrader5
- CySEC
- FSC
- 2006
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- €100
- MetaTrader4
- MetaTrader5
- CySEC
- FSC
- 2006
Our Evaluation of GO Markets
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
GO Markets is a broker with higher-than-average risk and the TU Overall Score of 4.6 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by GO Markets clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
GO Markets terms are more for experienced traders who prefer to trade CFDs with a little leverage.
Brief Look at GO Markets
GO Markets is an international investment company with several representative offices regulated by СySec 322/17 (Cyprus) and FSC GB19024896 (Mauritius). It specializes in CFD transactions on currency pairs, indices, commodities, and metals. It offers Standard and ECN accounts, MetaTrader 4 and MetaTrader 5 terminals, access to professional analytics, and free training webinars. The GO Markets parent company was founded in 2006 and is regulated by ASIC.
- The parent company has been in operation for decades and its activities are under the control of several regulators.
- The ability to trade with both classic and ECN accounts.
- Low deposit size on professional accounts.
- Free access to Trading Central analytics and MetaTrader Genesis tools.
- Low trading fees on all account types.
- There are no limitations on trading strategies.
- Free deposit and withdrawal of funds.
- Small maximum leverage of 1:30 on currency pairs.
- There are no cent accounts.
- Low-quality support in online chat.
TU Expert Advice
Financial expert and analyst at Traders Union
GO Markets is a regulated broker that offers Standard and ECN accounts with low trading fees. Its clients can only trade CFDs. Some asset classes such as stocks and cryptocurrencies are not available here. The range of commodities is very limited and is represented by gold, silver, and oil. There are over 50 currency pairs, but the leverage doesn’t exceed 1:30, which is much lower than at other Forex brokers.
The good thing about GO Markets is that it has both MT4 and MT5 terminals, doesn’t prohibit scalping and hedging, allows algorithmic trading, expert advisors, and trade copying. ECN-accounts have practically zero spreads and low commissions per lot. At the same time, the minimum deposit is only €250. The Standard account also has narrow market spreads, starting from 1 pip on the EUR/USD currency pair.
One disadvantage of GO Markets is there are no cent accounts, so there is no opportunity to test its terms with minimal risk. The company requests a deposit of €100. Many Forex brokers allow you to start with $5-10, so GO Markets requirements cannot be considered loyal.
- You want access to multiple platforms. GO Markets provides MetaTrader 4, MetaTrader 5, and their proprietary WebTrader platform, offering flexibility in trading choices.
- You value low spreads. GO Markets boasts competitive spreads, particularly on its GO Plus account. Tight spreads can reduce your trading costs, enhancing profitability.
- You prioritize regulation and security. GO Markets is regulated by ASIC (Australia), CySEC (Cyprus), FSA (Seychelles), and FSC (Mauritius), providing a level of trust and confidence in the broker's operations.
- You require US stock trading. GO Markets primarily offers CFDs on US shares, not direct ownership. If direct ownership of US stocks is essential for your trading strategy, consider alternative brokers that offer this service.
GO Markets Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MetaTrader 4, MetaTrader 5 |
|---|---|
| 📊 Accounts: | Demo, Standard, GO Plus |
| 💰 Account currency: | EUR, USD, PLN, GBP, AUD, CAD, SGD, HKD, CHF, NZD, etc. |
| 💵 Replenishment / Withdrawal: | Visa, MasterCard, Maestro, bank transfer, Neteller, Skrill, FasaPay, Dotpay, Checkout.com, etc. |
| 🚀 Minimum deposit: | From 100 euros |
| ⚖️ Leverage: | 1:5-1:30 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 1 pip (Standard); from 0.0 pips (Go Plus) |
| 🔧 Instruments: | CFD on 50 currency pairs, CFD on commodities, indices, and metals |
| 💹 Margin Call / Stop Out: | 80%/50% |
| 🏛 Liquidity provider: | Over 22 liquidity providers |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Instant execution |
| ⭐ Trading features: | You cannot trade cryptocurrencies and CFDs on shares of public companies here |
| 🎁 Contests and bonuses: | No |
GO Markets clients can trade over 70 CFDs (including currency pairs) in the classic MetaTrader 4 and 5 terminals. Transactions with leverage up to 1:30 can be made from both Standard and ECN accounts. The list of available account currencies and deposit/withdrawal options varies depending on the country of residence of the trader. The broker allows you to test the trading terms on demo accounts in any of the presented terminals.
GO Markets Key Parameters Evaluation
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Trading Account Opening
The user’s account allows you to open a trading account, set up a platform, and make a deposit. Become a client of the broker to create an account. To do so, follow the instructions below:
Register with the Traders Union (to get the spread rebates), search for the GO Markets profile, and go to its website using the referral link. Click the Open an Account button on the main page of the site.
Fill out the registration form, indicate your full name, country of residence, email, and phone number. The name of the regulator (e.g., CySEC or FSC) will be displayed automatically depending on your country of residence.
Select the account type (Standard/Plus), trading and platform (MT4/MT5), and the base currency of the account.
To log into the user’s account, click the Client Portal at the header of any page on the GO Markets website. Enter your MetaTrader login and password, which were sent to the email submitted earlier, as well as the email itself.
The main sections of the user account:
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Reports.
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Instruments.
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Education.
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My subscription.
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Customer service.
Regulation and Safety
GO Markets' parent company is regulated by ASIC (AFSL 254963). The Cyprus branch of GO Markets Ltd. operates under the supervision of the local Securities Commission CySEC (license number 322/17) and serves traders residing in the European Union.
Citizens of other countries (except for the USA) can open an account with a broker of another jurisdiction, such as GO Markets Pty Ltd. Its activity is supervised by the Financial Services Commission (FSC), the regulator of the Republic of Mauritius (license No. GB19024896). Customers from the EU have access to deposit protection through a special compensation fund of CySEC. The maximum compensation amount is €20,000 per investor, regardless of the number of accounts and funds he has.
Advantages
- Deposits made by clients are kept in accounts of partner banks and are never combined with GO Markets capital
- Regulators don’t prohibit deposits from e-wallets
- All non-professional traders and investors from EU countries can claim compensation
Disadvantages
- The customer cannot choose the regulator
- Professional clients cannot be compensated
- Compensation is not available to traders residing outside the EU
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | from $10 | Fees of banks and payment systems are possible |
| GO Plus | from $0 | Fees of banks and payment systems are possible |
There is a swap commission (fee for shifting transactions to the next day).
The results of comparing trading commissions at GO Markets, RoboForex, and Forex4you are provided in the form of the below table, which has an assigned commission level of low, medium, or high.
| Broker | Average commission | Level |
|---|---|---|
|
$5 | |
|
$1 | |
|
$8.5 |
Account Types
Traders can trade in GO Markets on one of two account types such as Standard or GO Plus. The minimum trade size is 0.01 lot, the leverage is 1:5-1:30, depending on the asset class. A user account manager shall be assigned to all accounts opened with the company.
Account types:
You can open a demo account in any version of MT4 and MT5 terminals. The validity period of the demo account is 30 days.
The GO Markets broker offers Standard and professional accounts for trading different CFD classes, as well as demo accounts and access to advanced analytics from reputable third-party market data providers.
Deposit and Withdrawal
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The company processes withdrawal requests within 1 business day. Money is credited to the bank account within 2-5 working days, and instantly to e-systems. Withdrawals via checkout.com take 1-2 days.
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GO Markets supports different deposit and withdrawal methods, but the list varies depending on the trader's country. Most clients can use cards, bank transfers, Skrill, and Neteller.
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Only the amount of money equal to the previously made deposit can be withdrawn to the cards. The broker transfers the rest of the profit to the bank account.
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Wire Transfers, Skrill, and Neteller support withdrawals only in US dollars and euros.
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The broker says it doesn’t charge commissions for payments using Dotpay, Skrill, Neteller, bank transfers, and Checkout.com. But a commission by the payment systems and banks themselves (for the withdrawal of small amounts) is possible.
Investment Options
The GO Markets broker offers standard investment solutions. All of them are well known to traders who use MetaTrader terminals for work. Even a Forex novice trader can become an investor at GO Markets because you don't need to have special knowledge or be proficient in technical and fundamental analysis.
Passive income at GO Markets
If you don’t want to or can't trade on your own, you can become an investor at GO Markets. The broker offers several options for gaining passive income:
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PAMM trust management accounts. Investors transfer funds to an experienced manager, who uses them to make transactions. The manager gets an agreed percentage of profitable trades, and the investor gets all of the remaining income.
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Copying trades (social trading). An investor chooses a successful trader from a special rating of signal providers, sets copying settings, and makes the necessary deposit. The provider's trades are automatically copied to the account of the connected investor.
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Algorithmic trading. It is performed with the help of special programs, robots, and advisors. These applications can not only perform analysis but also make transactions themselves. Both paid and free versions are available.
None of the above services can guarantee 100% profit. The broker itself shall not be responsible for information obtained from third-party providers and doesn’t provide investment advice to clients.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
GO Markets’ affiliate program:
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White Labels is an offer for companies to provide brokerage services under their brand, but using GO Markets technology and liquidity.
White Labels have access to the MT4 platform, risk management, and help in setting up front and back-office infrastructure. GO Markets also provides them with materials and marketing advice to effectively increase the client base. The White Labels program is designed for businesses, not retail traders.
Customer Support
GO Markets' multilingual team is available to help traders around the clock, Monday through Friday.
Advantages
- Chat operators respond within a few minutes
- Telephone numbers for Cyprus, UK, and international calls are listed
Disadvantages
- Here you can only get answers to general questions.
- Personal manager ignores questions sent by email
- For more information about the trading terms, you can only contact your personal manager by phone
A representative of the company can be contacted via:
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online chat on the website and in the user account;
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telephone.
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email;
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the broker's LinkedIn, Facebook, Twitter, and Instagram profiles.
There is also a contact form in the Contact Us section. Enter your full name, email, phone number, and your question to a GO Markets representative.
Contacts
| Foundation date | 2006 |
|---|---|
| Registration address | GO Markets Ltd., 73 Agias Zonis and Tertaiou Corner, Dena House 3rd floor, 3090 Limassol, Cyprus |
| Regulation | CySEC, FSC |
| Official site | https://www.gomarkets.eu/ |
| Contacts |
+61 3 8566 7680
|
Education
The Education section on the website is for traders who need training in Forex trading. It describes the main points of working with currency pairs and offers video tutorials on MT4.
Also, there are forms for signing up for free webinars by specialists from the GO Markets Training Center in the Education block. A demo account is available to solidify theory in practice.
Comparison of GO Markets with other Brokers
| GO Markets | RoboForex | Eightcap | Exness | TeleTrade | IC Markets | |
| Trading platform |
MobileTrading, MT5, MT4, WebTrader | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MT5 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | MT4, cTrader, MT5, TradingView |
| Min deposit | $200 | $10 | $100 | $10 | $1 | $200 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:30 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:10 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0 points | From 0 points | From 0 points | From 1 point | From 0.8 points | From 0 points |
| Level of margin call / stop out |
80% / 50% | 60% / 40% | 80% / 50% | No / 60% | 70% / 20% | 100% / 50% |
| Execution of orders | Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed Review of GO Markets
GO Markets broker broadcasts prices of 22 liquidity providers. Its trading servers are located in London. This ensures order execution at high speed and low spreads on ECN accounts. GO Markets provides services all over the world, however, it doesn’t serve traders from the USA (because of the prohibition on cooperation with foreign brokers established by the CFTC Commission). The company offers several channels for an instant deposit, as well as extra commission-free ones.
GO Markets by the numbers:
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The parent company has been operating for over 15 years.
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Clients can trade 70+ financial instruments.
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The broker offers two of the most popular trading platforms among currency traders.
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The company broadcasts 9-12 trading signals daily for the most liquid currency pairs.
GO Markets is a broker for leveraged CFD trading
GO Markets is a broker that allows you to trade CFDs on different asset classes not only with your funds but also with borrowed ones. Forex is represented by 50 currency pairs. The leverage on the major currency pairs is 1:30; on secondary and exotic, it’s 1:20. Gold and silver are available: XAU/USD leverage is 1:20, and it is 1:10 for XAG/USD. You can also trade Spot Crude Oil (WTI and Brent), US and UK oil futures with leverage of 1:5-1:10. The GO Markets provides access to stock index trading via 12 Cash Index CFDs and 2 Futures CFDs. The leverage on major indices is 1:20, and 1:5-1:10 for non-major indices.
GO Markets clients can open an account and trade on the MetaTrader 4 and MetaTrader 5 platforms. There are Windows and Mac versions. The broker allows the use of expert advisors (EAs) and algorithmic trading, using applications and scripts from third-party software developers. Mobile applications for Android and iOS devices are available.
GO Markets’ useful services:
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Genesis. This is a comprehensive set of trading tools, which allows you to increase the efficiency of standard MT4 and MT5 platforms using market sentiment indicators, interactive session maps, Alarm Manager trade alerts, economic calendar, and other services that are available to all traders with deposits from €250.
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Daily Strategies. The a-Quant trading signals are based on algorithms of machine prediction and artificial intelligence. Subscribers receive 9-12 signals for the 10 most popular currency pairs daily by email.
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The news section of the site. It publishes market reviews, daily, and weekly summaries of events. There is also an economic calendar in this block.
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VPS. Free access to virtual private servers for MT4 is available to clients with a minimum trading volume of $1 million per calendar month (approximately 5 FX lots with a complete turnover).
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Forecasts and analytics from Trading Central. Every day traders receive technical and fundamental analysis, proven trading strategies, current market news, and other important information that allows them to stay in the loop of market movements.
Advantages:
Company clients can participate in free training webinars.
You can trade from desktop and mobile MT4 and MT5 applications.
Two-factor authentication is used to log in to the user account.
Client funds are protected by a compensation fund, which is controlled by CySEC.
Investment solutions such as PAMMs, social and algorithmic trading are available.
You can deposit by bank transfer, bank cards, and popular e-wallets.
The broker doesn’t prohibit any style of trading. Clients can open and close their positions as often as they want.
User Satisfaction