Go Markets Review Of Fees & Spreads For Australian Forex Traders

On the 24th of January 2017 Compare Forex Brokers conducted GO Markets review.

View their fees and spreads based on our forex trading Australia comparison.

Our Go Markets review found the following key strengths when forex trading including that they:

  1. Uses price improvement technology
  2. Provides free online education and trading tools
  3. Has qualified account managers who offer premium, customised support to clients
  4. Does not restrict trading; clients get full use of the EAs
  5. Maintains a 24/ 5 customer support desk

The Go Markets review found the following weaknesses when forex trading including their:

  1. Low leverage of 300:1 (compared to 500:1 of some brokers)
  2. Lack of forex trading platform options (only MT4 is offered)
  3. Spreads which are competitive but not the lowest in market
  4. Limited funding options (for example, no Paypal)
  5. Lack of other core financial products such as share trading.

Forex Trading Platform GO Markets Review

Go Markets Review Of MetaTrader 4

Go Markets offers the worlds most popular forex trading platform, MetaTrader 4 (MT4).

MT4 popularity is due to the easy to use interface combined with the ability to use Expert Advisors (EAs) to automate trade. The forex trading platform is light with only a light download required and with a Mobile app across multiple platforms including Apple and Android.

A key feature noted in our GO markets review is MT4 Genesis. These are advanced additions for MT4 that can be applied when forex trading or Commodity and Indices trading. Some key features include:

  • The ability to use a Terminal Window to easily manage live trads
  • Mini Terminal option to trade directly from charts that traders can organise
  • Sentiment Indicator to gauge the market sentiment
  • Correlation Traders to reduce human error when making trades

MetaTrader 4 Genius For GO Markets Review

Editors Note About The Brokers Platform

While it’s great that GO Markets offers the leading platform, there are no other options. There also isn’t specific infrastructure to maximise the platforms speed such as Pepperstone which utilise Equinix New York server facility. This means that GO Markets is only ideal for those looking for only MT4 and are not concerned with slippage in volatile markets.

Spreads Review

GO Markets is known as having competitive spreads for forex brokers in Australia. This makes the company one of the best choices for traders who are particularly interested in low fees.

There are two account options. The standard account is for beginner traders with only spreads charged on trades but no commissions. The second is the Pro account which has lower spreads but with set commissions based on the side of the trades. The commission level is standard across similar pro accounts of competitors but the spreads are higher than some other forex brokers.

GO Markets Account Options

The following fee snapshot below was taken in January 2016. It looks at Pro Accounts for Australian forex traders with commissions been in addition to the spreads shown in the table. Commissions are relatively similar across all the accounts.

Average Spreads
(28/12/2016)
EUR/USDUSD/JPYAUD/USDGBP/USD
Standard Account0.500.900.501.20
Razor Account0.20*0.33*0.52*0.57*
IG Account0.263*0.293*0.512*0.992*
AxiTrader Account0.41*0.40*0.45*0.88*
IC Markets0.1*0.3*0.5*0.5*

Editors Note About Spreads

GO Markets has competitive spreads but not the lower. IC Markets True ECN account wins this award with the lowest average spread recorded at the time of the GO Markets review. If fees are not a major factor in making your forex broker choice, then GO markets spreads should be good enough to meet your needs though.

Visit Go Markets Website

Features and Services

a) Mobile Forex Trading Platforms

The forex broker offers mobile trading so that clients can maximise their trading and time. The MT4 account is accessible both on Android and iPhone mobile handsets. Clients can view open positions, pricing and execution (including placing buy and sell orders, profit and loss of trades among others) in the real time. The mobile trading platforms also enable clients to get the latest developments in financial markets irrespective of location, time or date. GO Markets’ mobile trading apps are also designed for individual phone operating systems. This way, clients are able to manage their forex trading accounts on the GO. Additionally, the mobile trading platforms are easy to use, have simple user interfaces and simulate the desktop trading experience.

b) AFSL Holder

The company holds an AFSL License and is regulated by within Australia. Therefore, clients are not bound in their trading to NFA restrictions. Those trading with the broker benefit from unrestricted trading, hedging and utilisation of pending orders (such as stop loss orders).

c) Personalised Service

Our GO Markets review found the the forex trading Australia provider offers outstanding personalised customer service. Their traders receive personal accounts managers who provide training and assistance through the MetaTrader 4 Platform. The customer support professionals working here are also available 24 / 7 to assist clients with all their needs. The company also processes withdrawals, funding and account applications fast. Based on these features they were are one of the most awarded traders listed on Compare Forex Brokers and has received the AFR Smart Investor Blue Ribbon award.

GO Markets Review Of Technology

In the current volatile currency market, latency or delays can have a mega impact on trading. Therefore, the trading platform you use and its environment are important in terms of time to market. As banks and markets move faster, it is vital that you trade on the most recent, accurate data and that trades execute quickly and reliably. Working using data that is even a couple of seconds old significantly increases your risk. With this in mind, GO Markets has addressed this issue in the following 3 ways:

a) Speed

Latency refers to the speed at which different trades are executed. Trades can be executed faster when the latency is low. This also lowers the chance of negative spillage and raises the trading accuracy.

b) Reliability

GO uses upgraded technology because server up-time is critical in forex trading. The technology is designed to provide low redundancy levels, minimal downtime and the peace of mind clients need while trading.

c) Security

Our GO Markets review found that security was a key feature of the forex broker as it stores the trader servers in ultra-secure locations to ensure that client data is safeguarded. At the moment, this data is stored in Equinix NY4 and Equinix LD4 data centres, the premier global FX liquidity hubs. These two centres are:

– Secure, fast and reliable
– Designed to facilitate low latency environments with ultra-fast data transfer and fast execution speeds

There net assets in 2015 is shown below.

Assets

Editors Conclusion

Our GO Markets review shows the fx broker has competitive spreads but not the lowest as you can view on our our forex trading Australia comparison table. What they do have is the market leading technology, fair leverage  of 300:1  and some of the most lucrative bonuses upon first deposit.

If your looking for a  medium leverage broker that offers low fees and spreads, then GO Markets will best suit you. If on the other hands only fees and spreads are your focus you should look at each forex broker on out comparison tables to find one that better suits your needs.

Visit Go Markets Website

About This Forex Broker Comparison

The authors of compare forex brokers have compared the leading traders in January 2016 based on fees, spreads and features. It’s critical to note that the forex broker comparison tables were made manually through the providers website information which may change from time to time. Therefore all recommendations send Australian forex trading users to the providers website so they can get the most up to date information. If you find any inaccuracies with any forex broker comparison table please contact the authors of the site through the ‘contact us’ table.

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