Aspiring Forex and CFD traders in Australia frequently find themselves getting stuck on the first step in any digital trader’s career: selecting a brokerage. In part, this difficulty arises from the fact that there are many good brokerage firms that do business in the Australian market. Among the best of these brokerages is GO Markets. The following GO Markets review will explain the benefits and features of this Australian broker and illustrate why it is a contender for the best Forex broker in Australia.
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.
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.
Platforms for GO Markets Traders
Needless to say, no GO Markets review would be sufficiently thorough for traders to successfully evaluate the brokerage without an overview of the trading platforms it uses. GO Markets’ main platform is MetaTrader 4, the industry standard software for most major digital Forex and CFD brokers. With fast trades, a fairly intuitive interface and excellent price charts, MetaTrader 4 is a platform that delivers a reliably positive experience for traders of all kinds in lots of different markets.
Also available is a mobile binary options trading platform offered exclusively by GO Markets. Though more primitive than MetaTrader 4, this platform makes it extremely easy to trade from a smartphone. Since binary options traders can open new positions and have them close in as little as five minutes, this kind of mobile trading capability is essential to maximising their success. It should be noted that GO Markets’ binary options trading is somewhat basic, featuring only expiry times between five minutes and one hour and without advanced features.
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 300:1. 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 makes 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. For Forex traders in particular, GO Markets is a brokerage that is well worth consideration. 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.