GO Markets has five key strengths that have led to its global growth which are:
- Low fee trading accounts with spreads from 0.0 pips
- The choice of the MT4 or MT5 forex trading platform
- Range of markets including CFD trading and binary options
- Leading customer support including dedicated account manager
- High leverage of 500:1 (starting at 100:1)
GO Markets Trading Account
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
Who Should Choose The Standard Account?
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. 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. The same tradable products across the CFD broker are also available including binary options which are unique to Go Markets.
Who Should Choose The GO Plus+ 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 are critical for high volume and EA Traders.
Comparing ECN broker accounts our GO Markets review found the GO Markets was arguably the best forex broker. This is especially true when it came to offering the lowest commissions with the 2019 average spread only slightly higher than IC Markets and Pepperstone.
|2019 FX Data||Commission||Avg AUD/USD Spread|
|GO Markets||AUD $3.00 per 100k||0.3|
|IC Markets||AUD $3.50 per 100k||0.2|
|Pepperstone||AUD $3.50 per 100k||0.16|
|AxiTrader||USD $3.50 per 100k||0.42|
In addition to their live account, Go Markets also offers a demo account.
Features of the demo account include:
- $50,000 in virtual funds
- 30-day trial period
- Choice of MetaTrader 4 and MetaTrader 5
- Ability to practice with over 350 trading instruments
- Leverage up to 500:1
- Live spreads
- Apps for Android and iOS mobiles and tablets
- Over 80 tools for technical analysis
Conclusion Of GO Markets Spreads And Fees
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. The only exception is high volume trader who would benefit from Pepperstone active trader program which further discounts commissions to levels lower than GO Markets.
Trading Platforms Offered By GO Markets
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.
The MT4 platform is the most popular forex platform in the world and has both a Windows and Mac version as well as:
- 90+ trading instruments
- Trading across forex, commodities, indices and binary options
- Automated trading through Expert Advisors (EAs)
- Indicators that monitor market movements
- Trading across a range of mobile devices
The MetaTrader 4 interface is not athletically pleasing but it’s functional. This combined with the fast execution speed are 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 need to opt-in and fill out a short form to request MT4 genesis access. The key strengths of upgrading to MT4 Genesis are:
- Access to MT4 add-ons that enhance a trader MetaTrader 4 experience
- Enhanced order management setup
- Alert system based on existing trades or market conditions
Overall, the MT4 platform is recommended for those primarily looking to trade currency markets. This is especially true if your 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 device including android and iPhone devices and offers:
- 80+ technical analysis objects
- Market depth insights
- 90+ Trading Instruments
- Share and binary options trading
- One-Click trading
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 your looking for looking to trade more than currency markets on a regular basis you may want to consider MetaTrader 5 rather than MT4.
Customer Service & Support
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.
Deposit and Withdrawal
Go Markets do not charge any internal fees for deposits made by debit cards or credit cards (Visa/MasterCard), Neteller, Skrill, POLi, FasaPay, BPAY or bank transfer though there may be costs from the payment service provider.
If you are making deposits with a debit card or visa card then you will incur the following handling fee from the issuer
- 1.8% for deposits made with AUD
- 3% for deposits made with all other currencies
- Go Markets accepts the following currencies – HKD, AUD, USD, GBP. EUR, NZD, CHF, SGD and CAD
If you are using BPAY, then the fees charged for BPAY transactions will depend on the type of bank you are using. Debit accounts don’t have fees but Visa and MasterCard will entail a 2% handling fee.
One of the things about GO Markets that attracts many traders to it is the fact that the company is entirely regulated under Australian financial law. 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, or ASIC. This fact lets Australian Forex traders open, fund and use their accounts with the assurance that all trades and transactions are properly regulated and conform to the highest standards of law.
What and How Do You Trade on Go Markets?
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. For traders who prefer trading in binary options, GO Markets also offers a wide range of underlying assets as binary derivatives.
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, while Pro accounts offer spreads that start as low as 0.1 pip. The GO Markets Plus account, the brokerage’s highest account level, has spreads that run as low as 0.0 pip. It should be noted, though, that both the Pro and Plus accounts charge flat commissions on traders. The Pro account charges $3.50 per side, while the Plus account charges $3.00. A standard account can be opened for $200, but you will need $1,000 to open a Pro account and $10,000 or more to open a Plus account. For most newer traders reading this GO Markets review, the Standard account will be the most accessible option.
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 and commodities, which can be leveraged by rates of up to 500:1. Next in line are indices, which traders can leverage up to 200:1. The lowest leverage ratios are on cryptocurrencies, which are capped at 10:1.
Why is GO Markets Rated as One of the Best Forex Brokers?
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.