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GO Markets Pty Ltd is not doing the right thing

Discussion in 'Scam Alerts' started by forexaustralia, Dec 6, 2014.

  1. forexaustralia

    forexaustralia Recruit

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    hi Guys,

    I have to let you guys know my bad experience about a broker "GO Markets".

    I am a customer of "GO Markets Pty Ltd." which is a Forex Broker in Australia with AFSL 254963
    and ABN 85 081 864 039. I am using its platform to do the Forex trading and stock index CFD trading.

    I have lots of existing CFD positions which is worth more than AU$10,000 and those existing positions
    should be kept rolling over and over based on the contract month by month until I close it. This
    rollover rules are based on the terms and conditions when I opened those positions.

    However I got an email from "GO Markets Pty Ltd." on 18/Nov/2014. It was telling me my existing
    "positions will not be rolled over to the next contract month.", "Any positions that remain open
    on client accounts will be closed on the last trading date and profits/losses crystallised" which
    is 17/Dec/2014. And my positions "will be switched to 'Close Only' on Monday, November 24, 2014.
    This means that it will not be possible to open new positions in these symbols but instead only
    possible to close positions that are already open."

    This big change from the broker side and in such a short notice would bring big loss (at least
    $10,000) to my portfolio. So I emailed them to ask them about it and they emailed me back to
    suggest me to change my current positions into their another new finance product called CFD2 which
    is very different from my current CFD positions and would charge daily swap fees on my positions
    which would bring big uncertainty and possible losses to my portfolio.

    In my opinion, broker has no right to change the customer's existing positions in any way against
    the original terms and conditions when those positions were opened, especially cancelling the
    rollover functions which is a basic function for CFD trading and close client's existing positions
    as broker's will and for broker's best interest.

    Please look into this issue and help me stop "go markets" do that ASAP. At the same time, please
    be aware of what "Go Markets" is doing if you are an existing customer or planning to open an account
    with them.

    Best Regards,
     
  2. Pharaoh

    Pharaoh Colonel

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    Get in touch with Go Markets and ask them to come here and explain what is going on.
     
  3. tomjersey

    tomjersey Corporal

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    I trade binary in go markets. No issues there apart from they reduced max trade investment for 60 sec for me from 250 to 5. The rest duration are okey so far but I don't place so many trades for longer durations. No issues with withdrawals, no manipulation, trades are accepted within a sec. Very good platform, company. One of the best which I come across. Far better than any techfinance like 24 option which accepts the worst possible price within 2-3 sec or spotoptions (gives you the prices which sometimes are not real market prices, adding spreads it is in the same direction, getting option suspended etc)

    When it comes to binary this company is on my top list.
     
  4. forexaustralia

    forexaustralia Recruit

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    hi Guys,

    After some serious negotiations, "Go Markets" gave me 2 months "no swap fees" for trading the "cash CFD". The whole thing should be settled in mid of Feb as our agreement specified.
    I appreciate the efforts of senior management of "Go Markets".
    Thanks for the forex peace army's help and I will keep your guys updated.

    Best Regards,
     
  5. Master Yoda

    Master Yoda Captain

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    What about the money you lost?
     

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