GO Markets is an Australia-based Forex and CFDs broker founded in 2006. The broker offers 1000+ tradable CFD instruments including forex, shares, commodities, indices, metals, and treasuries. GO Markets is regulated by ASIC in Australia, CySEC in Cyprus, FSC in Mauritius, and FSA (Seychelles).
It was one of the first Australian MetaTrader 4 brokers, later adding MetaTrader 5, WebTrader, and mobile apps to its suite of services. The broker is well known for its strict compliance and competitive spreads. Keep reading this GO Markets review to know more about this platform.
A Detailed Table on GO Markets
Features | Descriptions |
Founded Year | 2006 |
Regulation | ASIC (Australian Securities and Investments Commission) |
Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader |
Deposit Methods | Bank Transfer, Credit/Debit Cards, Skrill, Neteller |
Customer Support | 24/5 Live Chat, Email, Phone |
Where You Can Trade on GO Markets
Trading on GO Markets is available on their proprietary web-based platform, as well as the popular MetaTrader 4 and MetaTrader 5 software.
With GO Markets, you can trade CFDs on forex, commodities, cryptocurrencies, stocks, and indices. They offer over 200 tradable CFD instruments so you’ll have plenty of options to choose from. You can go long or short and even use leverage to increase your exposure.
Want to trade on the go? No problem. GO Markets’ mobile apps let you access your account and place trades directly from your smartphone or tablet. You can easily monitor the markets, open and close positions, set price alerts, and manage your account whenever and wherever using their intuitive mobile platforms.
Between their web, MT4, MT5, and mobile platforms, GO Markets gives you the flexibility to trade how and where you want. You’ll have all the tools you need to analyze the markets and capitalize on opportunities as they arise.
Commissions and Fees of GO Markets
When trading with GO Markets, you’ll pay both commissions and fees to use their platform and services. The good news is, their rates are very competitive.
For commissions, GO Markets uses a tiered structure based on your monthly trading volume. Most casual traders will fall into the “Standard” tier which charges $7 per lot for forex trades and 0.08% of the total trade value for CFD trades. If you’re a high-volume trader, you can qualify for their “Premium” or “VIP” tiers with even lower commissions.
In terms of fees, GO Markets does not charge any account opening, maintenance, or inactivity fees. They do charge a small withdrawal fee of $25 for wire transfers, but other methods like credit/debit cards and eWallets are free. Spreads at GOMarkets start from just 0.0 pips for major forex pairs and 0.8 points for commodities so overall, costs remain low.
While GOMarkets isn’t completely free, their competitive commissions and very low fees make them an affordable choice for most traders. The money you save on fees can translate into bigger profits in your trading account. If low costs are important to you, GOMarkets is worth considering.
Deposits and Withdrawals on GO Markets
Depositing and withdrawing funds from your GO Markets account is simple. You have several options to fund your account, including bank wire transfers, credit/debit cards, and e-wallets like Skrill and Neteller.
The GO Markets minimum deposit amount is $200. The GO Markets deposit methods are very easy. To deposit via bank wire, you’ll need to provide details like the bank name, account number, and SWIFT code. Expect the funds to be available in your GOMarkets account within 1-2 business days. Using a card or e-wallet is even faster, with most deposits processed instantly.
When it’s time to withdraw your money, bank wires and e-wallets are again options, in addition to checks. GOMarkets does not charge any fees for deposits or withdrawals, though your bank or payment provider may.
The minimum withdrawal amount is $100. Withdrawals are processed within 1-2 business days, though larger withdrawals over $20,000 may take additional time to verify for security and fraud prevention. GO Markets takes the protection of your money and data very seriously and complies with all industry regulations.
If you have any issues funding or withdrawing from your account, GOMarkets offers 24/5 customer support via live chat, email, and phone. Their team can walk you through the steps to resolve most problems quickly.
How to Create an Account on GO Markets- Step By Step Guideline
Creating an account on GOMarkets is a straightforward process, ensuring seamless access to forex and CFD trading. Follow these step-by-step guidelines:
Visit the GO Markets Website: Navigate to the official GOMarkets website using your preferred web browser.
Click on ‘Open Live Account’: Locate and click on the “Open Live Account” button prominently displayed on the homepage.
Fill in Personal Information: Provide accurate personal details, including your name, email address, and phone number.
Choose Account Type: Select the type of trading account that suits your preferences, such as a Standard or Pro account.
Verify Identity: Submit identification documents, including a government-issued ID and proof of address, to comply with regulatory requirements.
Agree to Terms and Conditions: Read and accept the terms and conditions presented by GOMarkets.
Account Funding: Deposit funds into your account using the available payment options, such as bank transfer or credit card.
Complete Registration: Verify your email address and complete the registration process.
Download Trading Platform: Download the GOMarkets app and install the trading platform compatible with your device.
Login and Start Trading: Use the credentials provided to log in to your account and begin trading on GO Markets.
What are the Alternatives of GO Markets
If GO Markets doesn’t seem like the right fit, you have other options. Two alternatives to consider are:
Pepperstone
Pepperstone is an award-winning broker that offers CFD trading on forex, indices, commodities, stocks, and cryptocurrency. Like GOMarkets, Pepperstone is regulated and has competitive spreads.
However, Pepperstone offers a wider range of platforms including cTrader, MetaTrader 4, and MetaTrader 5. Pepperstone is a good choice if you’re looking for more advanced platforms with automated trading capabilities.
IG
IG is a trusted global leader in online trading, offering CFD and spread betting on over 17,000 markets including forex, shares, indices, commodities, options, and cryptocurrencies. IG provides the popular MetaTrader 4 platform as well as its own IG platforms.
Spreads are low and leverage up to 200:1. An advantage of using IG is that it offers an even larger selection of markets to trade than GOMarkets or Pepperstone. The downside is that IG’s fees tend to be slightly higher.
Is GO Markets Legit or Scam?
Based on multiple reviews and first-hand experiences, GO Markets is a reputable and regulated broker. They are licensed and regulated by the Australian Securities and Investments Commission (ASIC), so you can feel confident trading with them.
GO Markets has been operating since 2006 without any major issues. They offer competitive spreads and commissions, a variety of advanced trading platforms, and helpful customer support. While no broker is perfect, GOMarkets takes regulation and security seriously.
Final Thought
GO Markets has been around since 2006 and offers a solid trading platform with competitive fees. While no brokerage is perfect, GOMarkets seems to be a legitimate operation that can meet the needs of most traders. If you’re looking for an affordable broker to trade CFDs and forex, GO Markets is worth checking out. Thank you all for reading this article.
