RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
1. Safety of Funds
GO Markets is the brand of GO Markets Pty Ltd., a Melbourne-based company, regulated by the Australian Securities and Investment Commission (ASIC). The broker offers online trading services in more than 50 currency pairs, indices and commodities CFDs, as well as binary options.
Australia has become one of the main forex hubs in the world due to the favorable conditions for both brokers and traders: scalping and hedging are allowed, the FIFO rule is not applicable, and there is no leverage cap.
The Australian watchdog applies certain rules and requirements to license holders, the most important being the minimum capital requirements and clients’ money rule: Client funds must be kept in segregated trust accounts (separated from the companies operating funds), and forex brokers must hold at least $ 1 million as a proof of good financial standing.
Australian FX broker regulation, however, does not include any compensation scheme in case a licensed company becomes insolvent.
Go Markets also has a UK-based unit, GO Markets UK Trading Limited, which is licensed and authorized by the Financial Conduct Authority (FCA).
2. Go Markets Trading Conditions
Go Markets provides its clients with a choice of two account types: Standard and Pro. Both account types offer maximum leverage of 1:300 and trading in micro lots on the most popular trading platform MetaTrader 4 (MT4).
The minimum initial deposit is $200, however, if you want more bells and whistles on the Standard account, you have to deposit $500 (for MT4 Genesis, Autochartist and Trading Central access).
Clients of Go Markets may use the following payment methods: Credit/debit cards, bank transfer and e-wallets POLi, Skrill, BPay, Paypal.
Trading costs on the two accounts are similar. The spreads on the commission-free Standard account start from 1.2 pips on EUR/USD, and the minimum spread on the Pro account is 0.5 pips, however a commission of AUD 3.5 per side applies, so basically the trading costs are again around 1.2 pips on EUR/USD. Such spreads are considered average for the forex market.
What is more, at the time of writing this review, GO Markets runs a promotion covering net trading losses up to $250 AUD generated on any account in the first 30 days, which surely looks like an attractive offer for newbies.
3. User Reviews of Go Markets
After going through a couple of websites with user reviews, we noticed that great many of the negative ones complain of fake prices during news releases. For instance, a US client shares on EarnForex.com that GO Markets opened his order on a price with 800 pips difference, claiming that the liquidity provider confirmed it. According to the trader, however, this price of was fake, because he trades with 4-5 different brokers at the same time and the price with the other ones was not 800 pips different.
Other traders are pleased with this broker. One of them shared on ForexPeaceArmy.com website that he is with this broker for 5 years now and the customer support is helpful, the spreads are low and you can get higher leverage if you want. He warns other traders not to trade the news.
A New-Zealand trader also shares positive impressions of Go Markets’ support on ForexPeaceArmy.com. He says he has been watching a three-way hedge with a positive net swap on a demo account and when he took the position live, the swaps were altered overnight. Nonetheless, after he contacted the support team, they immediately fixed the problem at no cost for him and reversed the open positions based on the incorrect data.