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GOMarkets.com.au (Was GOMarketsAus.com)

Discussion in 'Forex Brokers' started by Administrator, Feb 9, 2009.

  1. Administrator

    Administrator Just Administrator :-)

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    #1 Administrator, Feb 9, 2009
    Lasted edited by : Feb 23, 2018
  2. Chip4Pips

    Chip4Pips Recruit

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    With the good reviews, it's too bad GO Markets will not take U.S. resident clients.
     
  3. gpir

    gpir Private

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    Chip4pips, i am currently with these guys and will say a few things.First off payment was made to me thats great thanxs... but i would be very careful around news as there spreads are ridicoulous and one point i seen 38 pip spread gbp/usd.They claim to say its the markets but thats b.s as my other brokers at worst will see around 10 pip spread around news.Many times my order came up with a Invalid prices please verify operation parameters and try again later but when i first started with them this didn't occur.There has been a few times the platform has been down and this can be very dangerous to people in a current position.Slippage galore if your in profit but not so bad on your losing trades as it executes str8 away. Again they say they are a stp but i think they are a bucket shop...If they say different then i would say to them be more honest and stop manipulating the spreads around news and allow news traders to trade normally without these b.s issues that constantily happens...

    regards
     
  4. Stony

    Stony Sergeant

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    Very interesting information, thank you! I am/was considering to open an account with gomarkets. As they are new in the business, the problems you encountered might have to do with that. So we better giv them time to establish reasonable performance...:p

    Happy pipping, STony
     
  5. john999

    john999 Recruit

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    I am using Go Markets at the moment.
    I was using a few brokers and still sometimes use CMC but generally only Go now as have the best spreads. I also got sick of the dealer desk intervention at CMC, apparantly Go "passes all trades through" so at least i dont feel like i'm going to the casino and showing everyone my cards.

    Also they have one account that i can trade what ever lot sizes i want, i dont feel like i'm getting done over because i dont have a million bucks to kick around on FX. Apparantly you get the same spreads whatever size you trade.

    Only thing i dont like is that i can't directly put funds in my account on the platform, i know i can get them in the web site, but it's milidly inconvenient. Also they have swap free account but they would not let me have both a swap free and non swap free at the same time.

    They are chargin $8 round trip for a full lot on the swap free, which i think is pretty good value, if you want to hold longer term there will bo no swap rates. But as i said you will need to choose either swap free or not swap free.
     
  6. Forex Maid

    Forex Maid Recruit

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    new trader uses GoMarkets

    i am new to online trading and I just came across a company called GoMarkets who helped me with all questions and go me online and trading in a snap and I love it!! I trade every day when Asian markets open. The service is good and I always get a person on the phone when I call. I am trading Euro Yen but would be nice a few more products too. its good cuz you can sign up for demo account too and if you call they help you. Go GoMarkets!
     
  7. BHUVANESWARAN

    BHUVANESWARAN Recruit

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    Very Poor Customer Service

    There Not Answering My Email Or If Go Online Chat It Shows Not Available Now. I Am Having A Live Account , With 1:100 .but I Asked For 1:300 Leverage Which Was Advertised By Them On Mt4 Acounts. I Have Been Contacting Them For This Thru Emails Many Time There Is No Answer Yet,

    Note ; 1;300 Leverage Will Be Allowed On Req As Per Their Website
     
  8. jdx

    jdx Recruit

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    IB for Go Markets

    Is there an IB for this broker?

    Thanks,

    Joseph
     
  9. Phillip Warran

    Phillip Warran Recruit

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    These guys are shameful. I have attached a screen shot from Go Markets and another from FXCM here in Australia. The spikes are blatant and they claim it is due to incorrect price feeds from their liquidity providers (were we born yesterday???). I have lost money to Go Markets before due to spikes (not news related). I won't be using stops anymore but will just set at alarm at a certain price if it goes against me. I'll then monitor price on another broker platform and if their price is not travelling the same way, I'll just hold my trade and ride out their spikes as the candle CLOSING price is always comparable to other brokers, just the highs and lows are way out of normal. I imagine them laughing at us during these spike times. Just ride it out and laugh back guys:p
     

    Attached Files:

  10. glittle56

    glittle56 Private

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    Hi Phillip,
    I totally agree with you about Gomarkets requoting in their favour(spikes) and I have proof about increased spreads during news events.
    On the 2nd July 2010 I had a few positions opened and they had gone the wrong way on me, so I placed a reverse or hedge trade to stop any further loss effectively freezing the loss until the market turned back the other way. I have used this strategy to reduce losses quite effectively except for the Friday 2nd July, Non-Farm Payroll day.

    I went to work Friday night and Sat morning checked my account to find my account of $400 was now -$88. It had been wiped out by the broker, GoMarkets. All positions were hedged and therefore could not be affected, or so I thought.
    At 14:30 the price spiked over 109 pips in a one-minute time frame. If you check your M1 chart at 14:30 on 2nd July you will see what I mean.

    What had happened was the broker applied a spread of 109.8 pips to my open positions which then created a margin call. They effectively closed one side of the hedged position and let the other side run into massive loss until my account was wiped out.

    here's the email I sent them..........

    From: Graeme Little [mailto:glittle56@yahoo.com.au]
    Sent: 03 July 2010 9:18 PM
    To: info@gomarketsaus.com
    Subject: Re: Positions forcefully closed on acc# ---------

    Dear Sir,
    I would like an explanation of why my open positions were closed at 14:30 on 2/7/10?

    I do not believe that any margin call was warranted.
    If there was a need for positions to be closed, why wasn't I notified? I could have closed them myself without wiping out my account.
    Secondly, as all my positions were closed at exactly the same time, why was there such a discrepancy in the price at the time of the closure. For example...........
    GBPJPY

    Short pos #1 @ .07 lots opened at 134.258 closed at 134.008

    Short pos #2 @ .07 lots opened at 134.366 closed at 134.008

    Short pos #3 @ .07 lots opened at 134.413 closed at 134.008

    Short pos #4 @ .07 lots opened at 134.480 closed at 134.008
    Long pos #5 Hedging @ .28 lots opened at 135.147 closed at 132.919

    This is a difference of 108.9 pips??????????

    If the four short positions could all be closed at the same price, why wasn't the long position also closed at the same price of 134.008, seeing that the closure was at exactly the same time.
    This diference has effectively wiped out my entire account.

    I can see that on the M1 timeframe, price moved upward by 117.3 pips in the space of 1 minute, however my long position happened to be closed in that particular minute and at the start of that move.

    If it had been closed 1 minute later I would have been 50 pips better off at $2.80 per pip.
    Are you telling me that I am just unlucky. That the whole world market pushed the GBP upward by 117 pips in 1 minute and that my account was closed out at exactly the same time?

    Also that my corresponding short positions were closed out 108.9 pips later but in the exact same minute.

    Also that my short positions were closed at 134.008 and the high for that minute was 133.888, which means that the high never reached my closure point by 12 pips.

    So if the price high was 12 pips below 134.008, at 14:30 how was my position closed at that price?
    I have to say, things are looking very fishy here and I would like an investigation into this.
    All my other positions have significant differences in the price they were closed at yet all positions were closed at the same time(14:30).

    USDCHF had 4 positions closed (2 long, 2 short) with a difference of 39.9 pips at the time of the closure.
    GBPUSD had 2 positions closed with a difference of 13.8 pips
    EURUSD had 2 positions closed with a difference of 9.7 pips.

    I await your explanation,


    From: Go Markets <info@gomarketsaus.com>
    Subject: RE: Positions forcefully closed on acc# 502363
    To: "'Graeme Little'" <glittle56@yahoo.com.au>
    Received: Monday, 5 July, 2010, 1:20 PM

    Hi Graeme,

    As a gesture of goodwill I am happy to reinstate these hedged positions to your account, but you also need to understand a couple of things.

    Firstly, just because you are hedged it does not mean you have frozen yourself from further loss. Your account equity is defined by the cash balance plus or minus the floating profit and loss on your positions. The floating profit or loss when hedged will obviously be impacted upon as the spread fluctuates. Also, you need to consider that if you hold hedges for a long time the equity will fall as the swap fees accumulate. This is why holding hedged positions is no guarantee of ‘safety’.

    Another important thing to consider is that it is not a case of us as a broker “panicking”, it is an automatic procedure which is triggered instantly by the MetaTrader4. It involves nothing manual from our end. It also does not close one half of the hedges only, it closes every single position as soon as you have a negative equity.
    The situation with MT4 will not change, so this is always possible so it is important for you to understand the risks involved with hedged positions.

    You will see the hedged positions reinstated on your account within the next 30 minutes or so.
    Regards,

    Chris


    ===========================================

    From:
    "Go Markets" <info@gomarketsaus.com>
    Add sender to Contacts
    To:
    "'Graeme Little'" <glittle56@yahoo.com.au>

    Hi Graeme,
    It is all a learning curve! Around news announcements spreads can spike well over 100 pips. I think the largest genuine spread I have seen is around 240 pips!

    The best thing to do in such a situation like this is to email us as you have done. We pride ourselves on our honesty as a broker and we will always get back to you at the first available opportunity, but if you don’t hear from us, it doesn’t mean you are being ignored, so feel free to call in our email again.

    Thanks,

    Chris

    =====================================================

    So there you have it, spreads of 250 pips are possible and can be applied to overnight positions' profit/loss. What a joke this is. The reason I was given was one of low liquidity causing the spread difference.

    I have many examples where the "market" will just reverse enough to take out my stop loss and then continue back the other way. Or, when trading with the trend it will move down, take up the pending entry and then reverse suddenly to spike and take out my stop loss.
    I am not kidding, this is no better than a rigged roulette wheel at an online casino.

    What I need to find is a broker that can give real time quotes of the "real market" and then I am happy to take my chances but at the moment I'm playing against a stacked deck.
    I'll bet most people who read this are wondering why their system works on a demo account and then when they go to a real money account, it doesn't work anymore. We then blame our system as being faulty. It's probably not your system at fault.

    If anyone can help with a trust worthy broker, I would be grateful. Also a platform that is giving accurately quoted prices.

    Thanks,

    Graeme Little
     
    #10 glittle56, Jul 16, 2010
    Last edited: Jul 16, 2010

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