GO Markets is a Melbourne forex broker founded in 2006.
The broker is a favourite for beginner/intermediate Australian forex traders with:
– Strong Customer Service
– The leading forex platform
– Competitive Spreads (and price improvement technology)
Customer Service GO Markets Review
GO Markets is well known for their strong customer service winning an AFL Smart Investor Blue Ribbon.
The call centre (located in Melbourne) are available 24/5 to be open during all currency trading periods.
What made GO Markets one of the best forex brokers for customer service is that Australian forex traders are given their own account manager. These individuals not only provide assistance with getting an account setup but with training of their forex platform.
Go Markets Review Of The Forex Platforms Offered
The GO Markets Australia review also focused on the great software options available for Australian forex traders. The most basic is Go EzyTraders which is a web based program (no software needed) where you can login from any computer directly (and securely) and make trades with your account. This is great for traders on the go and can support weaker internet connections and be used on Mac and even Linux operating systems.
The next level of software that GO Markets Australia offers MetaTrader 4 which provides fast and automated trading and is considered the best forex broker platform by most traders. It has features which can be customised based on the individual trader’s strategies with the speed required to ensure the successful execution of trades. A free MetaTrader 4 demo account can be opened to provide an overview of the trading platform but this demo has a limit of 30 days.
This software needs to downloaded and a relatively fast internet connection is advised to enable the advanced charting and technical analysis tools. Some other key features include standard price alerts/signals, real time exports and build in indicators.
Go Markets Offers Competitive Leverage For Australian Traders
In 2015 GO Markets went from offering 500:1 leverage to 300:1 which is still high by global standards.
The graph above and table below highlight GO Markets now offer the ‘middle ground’ when it comes to leverage. This may exclude some expert forex traders who prefer a higher risk profile and require high leverage levels of 500:1 to implement their forex strategies. An example of 300:1 leverage levels on forex trading is a $500 deposit could result in $150,000 traded on currency markets. This would mean that a price fluctuation in a currency pairing of just 0.2% would lead to either a profit or loss of $300. That is a profit or loss of 60% of the initial deposit highlighting the upside and risk of high leverage.
The below shows our best forex broker table for high leverage and highlights how IC Markets & CMC Markets offers the highest leverage available. Please note, most brokers allow you to choose the amount of leverage you’d like to trade with. Should you decide to reduce your risk exposure you can always lower the amount of leverage you take on. Similarly, feeling like taking on a bit of risk? You can increase you’re exposure by selecting a higher leverage option.
GO Markets Has Low Spreads/Fees
While three forex brokers offer the same high level of 300:1 leverage one key element that led GO Markets to be awarded the fifth best forex broker Australia was their spreads/fees.
Below shows the spreads of AUD/USD on the 3rd of February 2017. As you can see, GO Markets (standard account) had the lowest spread of the published forex traders that are Aussie regulated.
Another advantage is that you can trade micro and mini lots that can be as low as a 0.01 lot. The minimum stop/limit order distance is 3 pips (30 points) away from the current market price.
A unique strength of GO Markets is not only does their Pro Account offer this high 300:1 leverage level but so does their standard account as shown below.
Bonus Offer Available
This GO Markets review also found that it was the best forex broker based on the 10% credit bonus offered when a new account is opened between $500 to $5,000. Please note you will need reach a certain turnover to convert the bonus into cash that you can withdraw.
With the explosion of Forex brokers on the market today, each company is vying for new customer acquisitions. The problems is product differentiation is not easy in the world of Forex brokerage as many companies boast similar features including leverage, trading platforms and 24/7 customer service. One such way brokers can stand out from the crowd and incentivise potential traders to join them is through bonus offers. Where companies such as Pepperstone offers new traders discounted brokerage, other providers award new users with sign up bonuses in the form of cash. Go Markets offers one of the strongest bonuses around with a 10% sign up bonus up to $10,000.
Background Of Go Markets
This GO Markets review was of their subsidiary in Australia of the parent “GO Markets” company and is based in Melbourne holding an Australian business license. The company has a payment agreement with Global Collect which means they work with leading banks worldwide and offer cross-border solutions.
For Australian’s funds are deposited into a NAB account providing peace of mind. Money can be deposited to this account through standard intra-bank payment methods including direct deposit and BPAY.
About This Best Forex Broker Comparison
Compare Forex Brokers created a comparison for locally certified currency brokers based primarily on leverage. Other factors that were compared include platforms, execution speed, customer service spreads & commissions. The information came from the brokers websites, forums and third party sites. It was created by real Australians who have worked with the forex industry for several years. If you have suggestions or feel that some elements may need to be enhanced, feel free to contact the authors. When individuals choose the best forex broker for them, they are sent to the brokers site. This is an opportunity to verify the information shown on this site prior to opening an account.
This page was last updated on 03/02/2017