Our GO Markets review found the following strengths:
- Excellent customer service (24/5) + training program
- Use of the most popular Australian forex broker platform (MT4)
- The ability to trade other financial products
There were also the following weaknesses:
- Poor leverage levels
- Competitive but not ‘market leading’ spreads
- A lack of extra features (eg Guaranteed stops)
Key Strengths GO Markets Review
1) Customer Service & Training Levels Of GO Markets
GO Markets is one of the most recognised Australian forex brokers due to their multiple awards including their training and customer service levels.
GO Markets has won multiple awards in the past including the ‘Best Forex Broker’ at the Government Finance & Banking Awards. They also won the ‘Best Forex Broker In Asia Pacific’ by IB Times and Best Customer Service by Investment Trends.
What makes GO Markets stand out from other Australian forex brokers is that all traders receive their own personal account manager. These managers are not only there to help with the platform but also to help provide training on currency trading. They are an excellent resource for those new to currency markets or those looking to enhance their skills.
There is also an outstanding education section within the website with a free program that is even accessible when opening a trial account. There are also video tutorials online and even seminars held throughout Australia to help beginners learn to trade forex.
GO Markets has led their with with compliance being nationally certified holding Australian financial services licence 254963. This means that all client deposits are segregated into their own account within an Australian bank account. This combined with other conditions set by an Australian Financial Services Licence should provide Australian forex traders with peace of mind.
2) The Use Of MetaTrader 4 Forex Trading Platform
The most popular Australian forex broker trading platform is MetaTrader 4 (MT4) and this is offered by Go Markets. This will suit existing traders who already use MT4 or new traders who may want the option to switch Australian forex brokers down the track.
MetaTrader 4 has gained popularity due to:
- Advanced technical analysis and charting package
- A simple to use interface with fast one-click trading tools
- The ability to automate trades using ‘expert advisors’
- Indicators build into the interface to analysis market movements
- A comprehensive mobile trading system
Maximum points were not offered to GO Markets because this was the only platform offered. There are also advanced features that can be offered through MT4 which are not available through GO Markets.
3) The Ability To Trade Other Financial Products
GO Markets is more than an Australian forex broker. They also offer three other financial markets trading including:
a) Binary Options
Binaries allow Australian traders to speculate on the direction of the market or an individual instrument. The trader can either choose “Up” trade or “Down trade. A specified period for each trade also needs to be set. This can be applied to currencies such as AUD/USD such as a trader speculating the Australian dollar will move up in the next hour and place $100 “Up” trade. If the Australian dollar rises against the USD as predicted, a gain of 70% of the initial deposit will be made. On the downside, if the Australian dollar falls the trader will lose the initial outlay.
Using MetaTrader 4, these is the ability to trade Gold, Silver and both West Texas Cruise and Brent Crude Oil. You can trade these as a Contract For Difference (CFD). This means that your not actually buying and selling the commodity but speculating on the movement which is active 24/7. Leverage can be applied to commodity trading which make the relatively small movements of commodities amplified to lead to sizeable movements for trading purposes.
c) Indices Trading
MT4 allows trading on 12 Cash CFDs and two futures market. Some example Cash CFDs indices include the FTSE 100, S&P 500 and the S&P ASX.
As above highlights, there are no brokerage costs when trading indices and leverage can be applied.
Key Weaknesses GO Markets Review
1) Low Leverage Levels
GO Markets used to offer the highest leverage level of 500:1 but this was reduced to 300:1 in 2015. This is one of the lowest offered by Australian forex brokers.
While 300:1 is lower than some other Australian forex brokers it’s still very high by international standards. Beginner or intermediate brokers should find 300:1 highlighted in this GO Markets review is more than enough to align with their forex trading strategies. An example is 300:1 is if an Australian forex trader deposits $100 to an account. 300:1 would mean they can effectively trade with $30,000 worth of currency. A move therefore of 0.1% would mean a profit or loss of $30 or 30% of the initial deposit. This highlights how quickly leverage can impact profits or losses which is why you should understand currency strategies well prior to trading.
2) Spreads And Fees
GO Markets offers spreads from 0.5 pips for their pro account as of 2017 and 1.2 pips for their standard account. This is higher than some other brokers as you can view on the forex broker Australia comparison table.
An advantage of GO Markets can offer tight spreads is the platform used offers a 5 decimal place system (this means factional spreads are offered). The spreads comparison table below was completed on the 14/02/2017 for the AUD/USD and highlights how GO Markets has one of the lowest spreads of the major forex brokers.
The spreads highlights are applicable for the ‘Pro Account’ which has higher minimum deposits and commissions as highlighted below. Commissions can be avoided by choosing to have a standard account which is more suitable for those trading smaller quantities on currency markets.
It should be noted that there are other benefits of having a pro-account other from lower spreads as shown below.
Finally, GO Markets offers price improvement technology to ensure Australian forex traders receive the best possible execution price on each individual trade. What this means is that if the price improves when a trade is executed you will receive the improved price. Long term, this technology can lead to a significant profit advantage when compared to a broker without this feature.
3) Features Of GO Markets
There are a few features that GO Markets doesn’t offer. This includes guaranteed stops which ensure at a premium that slippage doesn’t occur. Another is no negative balance which protects brokers from losing more than their deposit. Finally there is ‘deal protection’ which allows a trader to cancel a trade in the initial minutes if the market moves in thew wrong direction. If you want to learn more about these feature look at the forex broker tables on this site.
GO Markets Review Conclusion
GO Markets is ideal for beginner/intermediate Australian forex traders. This is due to their leading forex education resources, platform and the fact that all traders received personalised customer service. Spreads are competitive but leverage is low which may mean advanced broker should consider another broker.
About This Forex Broker Australia Comparison
This comparison was updated on 14/02/2016 based on a comprehensive Australian forex broker comparison of nationally regulated firms. The criteria to make this forex broker comparison table was to have a financial services licence, low spreads, competitive leverage and an office in Australia. Based on these factors a final set of brokers were placed into a finalised table with a recommendation announced. The information for each broker came from their own website, third party sites and when required, the broker themselves. No automated tools were used to pull this information, rather the authors which are Australians collected the information themselves.
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