GO Markets introduced the GO Plus+ forex trading account to replace their forex broker pro account which now offers 0.0 pip spreads, the MT4 trading platform, strong customer support and a range of currency pairs backed by ASIC regulation including segregated clients’ funds.
Updated: 01/04/2021
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GO Markets has five key strengths that have led to its global growth, which are:
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The overall rating is based on review by our experts
GO Markets is an Australian forex broker that launched in 2006. The original trading account offered was the standard account. This account has no commissions with spreads set by the forex broker. In 2019 a different account is also offered that has a fixed commission of AUD $3.00 per side and market-based spreads. This means that spreads can be as low as 0.0 pips with the broker making their profit instead from the commissions charged. This is similar to competitors accounts such as the Pepperstone Razor account.
Intermediate and expert traders should only choose the new GO Plus+ trading account. This is because this account allows trading direct to market avoiding dealer intervention. Not only does this mean the lowest spreads available (as they are based on the market) but also faster trade execution. Trade execution speeds are critical because they help minimise slippage, which is when the amount made/lost on a trade exceeds the amount set. In volatile markets, slippage can be high, so execution speeds as well as tight spreads are critical for high volume and EA Traders.
Comparing ECN broker accounts our GO Markets review found the GO Markets was one of the best forex brokers. This is especially true when it came to offering the lowest commissions, with the 2021 average spread only slightly higher than IC Markets and Pepperstone.
The standard account is designed for those new to forex trading. This account has a low minimum deposit of $200, making it easy to trade on the market. There is also a demo account option allowing a trade to simulate trading on currency markets in real-time conditions. What really makes the account ideal for beginner forex traders is that the main charge is primarily through spreads. A trader, therefore, doesn’t need to factor in commissions when working out brokerage.
Regardless if you are using Go Markets Go Plus+ or Standard account, the broker offers rebates for traders the minimum monthly volume conditions within a calendar month for a single CFD type.
If you are a forex trader, then to qualify for a rebate, then you will need to trade a minimum $25 million in one calendar month. Once this level is reached, will receive $5 to $15 in rebates. These rebates will be credited to your trading account in the first week of the next calendar month.
In addition to their live account, Go Markets also offers a demo account.
Features of the demo account include:
The introduction of the new GO Plus+ trading account has made the forex broker competitive in Australia. The ECN broker trading account has competitive spreads and the lowest commission, making it ideal for traders looking for low brokerage. If you are a high volume trader, then you can receive rebates for further savings.
The key feature to understand when comparing spreads from the GO Markets Plus+ account with other STP/ECN pricing brokers is that GO Markets offers lower commissions than most competitors. While Go Markets Plus+ spreads compare very well against their competitors for most currency pairs, they may actually be cheaper when one takes into account the lower commission cost.
GO Markets commissions are $3.00 per side and $6.00 round-turn, which is among the best in the industry. A commission of $3.50 per side and $7.00 round-turn is relatively standard among most brokers. This means you are paying $1 for each standard lot when you close your position.
A pip is equal to $10 for each standard lot you trade, which means 0.1 pips costs you $1. Given GO Markets spreads for most currency pairs match or are close to the spreads other brokers have. Go Markets spreads compare very favourably.
Data taken from broker website. Accurate as at 02/04/2021
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The most popular forex trading platform provider in the world is MetaQuotes Software, which offers the MetaTrader suite. Of the suite, GO Markets offers the top two forex platforms, which are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). We explore these two forex trading platforms below and help explain which one is right for you.
If you want to social-copy trade, the broker offers Myfxbook for both MT4 and MT5. To get started with Myfxbook AutoTrade, you will need to make a minimum deposit of US $1,000. Another useful trading tool available on both MT4 and MT5 is Trading Central, a technical and fundamental analysis provider. No minimum deposit is required to access Trading Central.
The MT4 platform is the most popular forex platform in the world and has both a Windows and Mac version as well as:
The MetaTrader 4 interface is not athletically pleasing, but it’s functional. This combined with the fast execution speed is the founding reasons for the MT4 platform popularity. The other key strength is the Expert Advisors (EAs). This allows traders to buy and sell trading applications to automatically trade on the market. With the MT4 platform been the most popular, this marketplace has the most applications available worldwide.
A bonus for GO Markets forex traders is the use of MT4 genesis. This is available when a new account is opened with $500 or more deposited. From here, a forex trader simply needs to opt-in and fill out a short form to request MT4 genesis access. The key strengths of upgrading to MT4 Genesis are:
Overall, the MT4 platform is recommended for those primarily looking to trade currency markets. This is especially true if you’re a trader who is considering automation and purchasing algorithmic packages from developers. Choosing the MT4 platform also makes it easy to switch providers, as the best forex brokers mostly offer the MetaTrader 4 platform.
The MetaTrader 5 (MT5 platform) is available cross devices, including android and iPhone devices and offers:
While MetaTrader 5 is slightly newer than MetaTrader 4, it shouldn’t be viewed that this is an improved version of MT4. Rather, trader should view this a different trading platform where MetaQuotes have focused on an integrated trading experience. This means that instead of just focusing on forex trading, the platform has balanced trading experience for shares (stocks), futures and CFDs.
Overall, if you are looking to trade more than just currency markets on a regular basis, you may want to consider MetaTrader 5 rather than MT4.
Since a brokerage’s service model is paramount to its overall quality, it’s a great place to start any GO Markets review. Traders who have GO Markets accounts can reach out for help with any problem or question on a 24/5 basis via either phone or email. For questions that arise during off-hours or are fairly basic, there’s also an excellent and easy-to-navigate FAQ section on the GO Markets website. Between these two types of customer support, GO Markets does a good job of ensuring that customers can quickly find answers to whatever questions they may have if they need anything for informational purposes.
Go Markets do not charge any internal fees for deposits and waive all deposit fees incurred from payment providers. This makes GO Markets a great option if you are looking to save on funding fees.
Go Markets offers the following deposit methods and currencies:
All methods have instant processing with zero transaction fees except bank wire and BPAY which can take up to 3 business days to process.
Over 350 contracts for difference (CFD) products are available with GO Markets. TO help manage your risks when trading, it helps to have a diverse range of assets as some instruments do better when others falter. Trading instruments available include:
As one might expect from a candidate for the best Forex broker in Australia, GO Markets is principally based on Forex trading. Customers of this brokerage can, however, also trade in a variety of other asset classes. Indices, cryptocurrencies and commodities can all be accessed as underlying assets by any trader with a GO Markets account.
GO Markets spreads range considerably based on the account type a given trader is using. Standard accounts have spreads that start at 1.1 pips. The GO Markets Plus+ account, the brokerage’s highest account level, has spreads that run as low as 0.0 pip. The Plus account charges a flat commission of $3.00 (side-ways) per standard lot. Both GO Markets accounts can be opened with $200.
The final thing prospective GO Markets traders need to know about the basic working of the brokerage is the allowable leverage on trades. As with most brokers, GO Markets lets traders leverage different asset classes to different degrees. The highest leverage ratios are to be found in Forex, which can be leveraged by rates of up to 30:1. Next in line are indices and gold, which traders can leverage up to 20:1. The lowest leverage ratios are on cryptocurrencies, which are capped at 2:1.
Having been based in Melbourne since it was founded in 2006, GO Markets comes under the exclusive jurisdiction of the Australian Securities and Investments Commission (ASIC). They are rated as one of the top Australian forex brokers and hold an Australian Financial Services Licence (AFSL).
AFSL 254963 is registered to Go Markets Pty Ltd (gomarkets.com).
In Europe, GO markets trading name is GO Markets Ltd. It is regulated by the Cyprus Securities Exchange Commission (CySEC) with licence number 322/17. This makes them one of the top forex brokers for United Kingdom traders.
Both CySEC and the Australian and Securities Investment Commission (ASIC) enforce investor protections such as requiring brokers to hold client funds in segregated bank accounts to ensure traders account balances are protected.
With the basics out of the way, it’s time to turn to the question of why GO Markets is a contender for the best Forex broker in the Australian market. As you may have already guessed, the status of GO Markets as an Australian-based and regulated company contributes a great deal to its place among the top brokers. There are, however, many other things about this brokerage that recommend it.
Another of the positive points that make GO Markets one of the top five Australian Forex brokers is the availability of a tool called Autochartist. This tool gives users advanced price graphs and analytics that they can use to identify opportunities and make more profitable trades in the Forex market. Any trader with an account larger than $500 can access the Autochartist tool and use it to be more successful in Forex.
The range of different Forex currency pairs is also a major point in GO Markets’ favour. With 50 currency pairs, traders are left with no shortage of variety. These pairs include the major currency pairs, such as GBP/USD and USD/JPY, as well as several of the more minor common pairs. There are even exotic pairs available, which are generally best for risk-tolerant Forex traders who prefer the volatility of emerging market currencies. This sheer variety makes GO Markets an excellent place for experienced Forex traders, as well as for new traders who want to learn to trade the entire field of global currencies.
Finally, GO Markets rates a spot among the top five Forex brokers because of the educational resources it offers to new traders. If you’re new to trading online, GO Markets’ video training courses and webinars will help you get started in Forex faster than you otherwise could, as well as save you the expense of learning through trial and error. Even after you’ve learned to trade, GO Markets still supports you with a daily market news feed that will help keep you up to date with the economic events of the world.
Overall, GO Markets is an incredibly strong Forex and CFD broker for traders in Australia. Great customer service, full regulation and good spreads make it an attractive option for practically any trader. GO Markets is a broker that is well worth considering, especially if you are a Forex trader. If having read this GO Markets review, you’re interested in the platform but still not sure about it, you should consider opening a demo GO Markets account. The demo account offers the same basic functionality as a live trading account, but involves no risk of real money. You can also check this comparison between GO Markets and Pepperstone to find out more reasons to choose GO Markets.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
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