Is GO Markets Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with GO Markets try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether GO Markets is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker 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.
💰 Account currency: | EUR, USD, PLN, GBP, AUD, CAD, SGD, HKD, CHF, NZD, etc. |
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🚀 Minimum deposit: | From 100 euros |
⚖️ Leverage: | 1:5-1:30 |
💱 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% |
Pros and cons of GO Markets
👍 Advantages of trading with GO Markets:
•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.
👎 Disadvantages of GO Markets:
•Small maximum leverage of 1:30 on currency pairs.
•There are no cent accounts.
•Low-quality support in online chat.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is GO Markets Regulated? Broker’s license
Security (Protection for Investors)
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
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by GO Markets, which you can see below.
There are no commissions for making a deposit and withdrawing funds. Clients pay the fees of payment systems on their own. Banks may also charge a payment processing fee for the withdrawal of small amounts. The amount of the trading commission depends on the type of account. For the Standard account only, floating spreads are applied (from 1 pip); for GO Plus, the spread is from 0 pip + commission per lot (€2 per side).
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 |
Brokers that are similar to GO Markets
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of GO Markets conditions with its closest competitors.
Comparison of GO Markets with other Brokers
GO Markets | RoboForex | Pocket Option | Exness | FxGlory | 4XC | |
---|---|---|---|---|---|---|
Trading platform |
MobileTrading, MT5, MT4, WebTrader |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MobileTrading, MT5 |
MT5, MT4, WebTrader |
Min deposit |
$200 |
$10 |
$5 |
$10 |
$1 |
$50 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
8.00%% |
No |
Spread |
From 0 points |
From 0 points |
From 1.2 point |
From 1 point |
From 2 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Instant Execution, Market Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
$50 |
Cent accounts |
No |
Yes |
No |
No |
No |
No |
GO Markets terms are more for experienced traders who prefer to trade CFDs with a little leverage.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FxGlory is a universal broker for active trading that is likely to be interesting for European traders.
The broker is suitable for traders with a basic trading experience, who are prepared to start trading on a real account right away.
Conclusions
GO Markets is a quite reliable broker for trading. GO Markets operates on the license of a reliable jurisdiction and its operation is regularly monitored. However, the company does not offer the best trading conditions compared to competitors. You can choose this broker and not worry about the safety of your funds, but there are better options in terms of trading conditions.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.