GOMarkets.com Review

2.819 · 221 REVIEWS

Formerly GoMarkets.com.au

Updated: Aug 31, 2020 · Visit site  · Is this your company?

GOMarkets is a forex broker. GO Markets offers the MT4, MT5 and WebTrader forex trading top platform. GOMarkets.com offers over 45 forex currency pairs, cfds, commodities, shares, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

GOMarkets.com

Other websites of this company include GoMarkets.com.au, GoMarketsAus.com

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $200
Established: 2006
Address: Level 22, 600 Bourke Street, Melbourne, VIC, Australia
Contact: support@gomarkets.com, 1800 88 55 71
Regional offices:
Regulators: ASIC #AFSL 254963
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (50+)
Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum
CFD: (200+) Gold, Silver, Stocks, Stock Indexes, Oil
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, BPAY, FasaPay, Neteller, Poli, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, BPAY, FasaPay, Neteller, Poli, Skrill

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2.819 · 221 REVIEWS
Forex Peace Army
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Traders Reviews

Lumps,
Australia, Australia,
Jun 6, 2013,
Guest

I must say I am super surpised to see so many bad reviews about this broker.I have been with for over three years now and have had nothing but good times. I have had multiple accounts including personal and company and they have been nothing but a pleasure to deal with in all dealings including deposit, withdrawal, account openings, trading etc Executions have been fast with limited slippage and any problems I have been contacted and they have been sorted by client manager. I have dealt with many brokers and although they are having a tough time getting their MT5 up and going which is sucking, they are up their for one of the best I have dealt with!
 
JAY D,
toronto, Canada,
May 6, 2013,
Guest

Personally, i have never had problems with them....but that may be because i have not been profitable. However, m last conversation with go, the REP told me that they have changed owners, hence the bad services. So better think twice before dealing with these guys now.
 
Luis,
, Portugal,
May 1, 2013,
Guest

I've seen here comments that this or that strategy is not "legal", but with no evidence that these people have any real kownledge of what they are talking about. Just nonsense comments with no real knowledge of the situation, becasue otherwise those people would be rating Go Makerts with 1 star as well.

Whatever GoMarkets claims are the plain and only real fact is that Go Markets wipes profits, many months after the corresponding trades have been exectuted at their sole and own discretion.

I've asked times and times again for GoMarkets to specify the trades they claim have problems and that justify the unconsented withdrawal in my account GoMarkets has made. GoMarkets is uncapable to deliver any proof or even trade list that can explain the unconsented withdrawal. I still wait for some kind of justification after more than 1 month and several requests.

When one financial company maks withdrawals in your account without your consent and with no justification whatsoever,is plain robbery.

On top of all this, GoMarkets took away an amount quite HIGHER than my overall and accumulated profits, so also this is a proof that their robbery action is no way connnected with reversed "illegal" trades.

How can someone trust a company where your money is exposed to like this ?

How can you trust someone that has made a contract with you (trade) and 5 or 6 months after comes after the money you have made with the contract, and robs you plainly just because they have the money on their side ??

GoMarkets is an horror movie, and since my more than 6 years of experience of Fx Trading I have never, never experienced such nasty behaviour...

A complaint is now running at the regualator, against this bad company, taht should not be allowed to take deposits from customers because they dont know what are their fiduciary duties.
 
Kerim,
Istanbul, Turkey,
Apr 28, 2013,
Guest

Following up with my deleted profits:
Have just filed a complaint to ASIC, asking them to review my case againt Gomarkets in order for them to restore back my profits worthing $3500. Would urge strongly anyone suffered to do so the same. The more poeple complain the stronger our case becomes and the more serious ASIC takes our case pressing Gomarkets as GoMarkets has failed to provide me with a valid proof of their accusations.

2013-03-27 1Star Being belong to the same parent company as VantageFX AUS, GoMarkets just like Vantage, deleted all profits I made for the period of 8 months of trading with them, and left losers untouched. Their BS reason is the same as other fellows posted: Suspicious activity-using Arbitrage Trading, both of which accusations are not true and absent of proof by them when asked. For now complaining to ASIC together with all other victims seems to be the next step. Would also like if FPA research about this case listening all these complaints posted here to label both GoMarkets and Vantage as scam bucketshops, so there wouldnt be new victims of scam
 
Tim Wilson,
, Australia,
Apr 23, 2013,
Guest

I have had an account with Go Markets since 2007. In the beginning there were a lot of server problems. They were eventually fixed and I have not had any significant performance problems for years. Support and administration has also been very good in my experience. On the few occasions that I have had a problem and contacted support the problem has turned out to be either the MT4 program on my own PC or the internet connection.

I spoke today (24th April 2013) to the current manager, Paul Hill, about claims that accounts are being frozen etc.

He advised me that certain types of EA’s (Btn Lightning etc) are being used by some to try and block or slow down the servers with high frequency attacks at critical times like major news releases. People using these EA’s then try to take advantage of these artificially induced lags. It is the people using these techniques, which Paul claims are illegal that are being targeted.

This seems fair enough to me because if these people are trying to effectively disable the servers the vast majority of legitimate traders are going to be affected or compromised.

Apart from being a client and having a current, active trading account, I have no other interest, connection or involvement with GoMarkets Pty Ltd and would not hesitate to close my account with them, as I have done with other brokers if I was not satisfied with their service.
 
Anthony Myers,
Aiustralia, Australia,
Apr 16, 2013,
Guest

GO MARKETS < GOTRADER, ,GOMARKETS will rip you off. ABOLUTELY KEEP AWAY ...DO NOT USE THEM MARKET MAKERS.

Contact ASIC:LINK for online. Australian Securities & Investments Commission.


https://www.edge.asic.gov.au/008/complaintV007?get/complaintDetails/t=1a217573e253e6fd8a229b153f0c6e5a418cabc

lawyers: http://www.gtlaw.com.au/services/competition-and-regulation/

T +61 2 9263 4000
F +61 2 9263 4111

Take them to court as they have commited Fraud misleading public and stole person funds illegally
 
Brian,
NSW, Australia,
Apr 16, 2013,
Guest

I have made and withdrawn over $50k of profit with GO Markets. They do allow you to trade and make money, just not try and beat the system. The BTN users are similar to card counters at a casino and its not legitimate trading.

I have only given 1 star as the last few days their server is offline for at least an hour last night and so far 2 hours tonight.

I am moving to another broker as these guys have significant server issues.

Stay away !!!
 
Oscar,
Argentina, Argentina,
Apr 15, 2013,
Guest

This broker is stealing me!, After months of trading they erased all my profits from NOV/2012 to date, and they say i was trading with some EA named BTN LIGHTNING, I traded since many years ago and always me and only me I have been trading with them since 2011. When i asked them for proof that i was doing something illegal they only avoid to give me a real answer. Here you can read what i wrote and what they answer.

I WROTE:
Dear GoMarkets support I am now in contact with FOS, I requiere you to give me proof of what you are saying. Give me the proof of what you are accusing me of doing not a two lines email or a templete, i ask you to provide me of each trade why it's invalid and why the trades before those are valid.

You erroneously accusing me of

1) "using an automated trading robot which had the below characteristics"

Causing systematic manipulation or abuse of markets
Interfering with the markets efficiency and integrity
Exploiting mispricing
Operating in Breach of our Terms & Conditions

Me: I do not use any illegal robot like they says, I always program my own EAs *robots to trade the market, i have been doing this for over many years in many brokers and this is the first time someone don't want to pay my profits. My robot trade news releases, previously get with Bloomberg software, i can provide you the bill. and make the decision in which direction to trade BUY or SELL and you accepted the trades. Also you canceled my trades from NOV/2012 to date and i have been trading with you since OCT/2011 exactly the same, how is possible for you to find only the last period trades illegal, i suppose you are not investigating my account only saying things to not pay my profits as you never gave me any proof of what you say only accuse me of doing something but with any proof.

2) also of "It is our understanding that many clients have downloaded an EA /Trading System (BTN Lightning) or given their Login and Password to a third party"

Me: I told you many times i don't use any EA/ROBOT from someone else or gave me login details to anybody but you keep saying i did, also you phoned call me very rude and accuse my by phone of that, i program my own EAs in MQL language, I know how to do it since many years ago, i learned in 2007. I am not a beginner i trade since 2005 an the forex market and i am a very experience trader so in my opinion you are not willing to pay because you are running a market maker broker and not going to buy or sell real currency only playing a game, after i submitted a withdrawal form you sent me an email saying this accusations. I can provide you with any proof you need.

I am fw all the emails you wrote me and i sent you to FOS and i commit myself to submit your aswer when i have it.

Best regards,

Oscar.

THEY ANSWERED:
Dear Oscar,

Your trades have been derived from the BTN trading system. I will however ask a member of our risk team to look over your account once again to ensure it has not been flagged in error.

Regards

GO Markets Trade Support

They are avoiding me and running away with my money! please help!

2013-04-05 1Star I've submitted a review before, this is to notify you that GoMarkets is still trying to run again with 65000 USD, I will also submit a 1 star review so other customers can be aware.
I just sent a formal complain with the regulation agency ASIC i will keep you updated about this matter, they accuse me of having a EA that take advantage of something illegal and I have every proof that I am a forex trader since many years ago, I never had any problem with any forex broker, I will provide ASIC and you if you need that information of everything you need to let you certify that this company is an scam.

2013-03-26 1Star Dear Forex Peace Army, this broker Go Markets it's stealing my funds they are saying i traded my account with an EA named BTN Lightning and because of that they are reversing my profits made since months ago, i can prove i always traded by myself with homemade EA programed by myself in MQL4, i am desperated they are stealing me and i don't know how to protect myself after i sent my withdrawal request the send me an email saying that i have all the emails recorded, statement, please let me know how to go further with this, thank you in advance, Oscar.
 
Adam,
, Canada,
Apr 10, 2013,
Guest

I'm also a victim of GoMarkets, with months of profitable trades (tens of thousands of dollars) being cancelled. The reasons put forth by Go being completely unfounded and ridiculous. They have been extremely poor in their communications. A shame after things started out so well, then went downhill fast once I was profitable.
 
Spencer,
Adelaide, Australia,
Apr 10, 2013,
Guest

Just spent ages writing a review only for it to not submit so if this comes through twice then I apologise

I have used BTN briefly and then moved to another EA. I have no issues receiving profits and withdrawing cash which leads me to believe this is an islolated incident.

BTN have gone underground and stoking up the users to take action but they know that this trading is suspect and they know that it only works with brokers who are dumb enough to have slightly off prices.

Wouldnt suprise me iof GO and the others are actually speaking to their lawyers to take further action against BTN and the users as if it genuinley slows down the server to take trades then thats really suspect.

I will be interested to see how this pans out but in the meantime I will give go 3 stars due to regulation, speed of funds transfers and helpful staff but no higher as this could have been handled better and privately
 
norseman,
, Australia,
Apr 9, 2013,
Guest

This Broker along with sister company Vantage FX have frozen my accounts and deducted profitable trades claiming that there was illegal trading activity on the accounts.
DO NOT USE THIS BROKER! You have been warned.
Get your money out while you can if you have an account.
 
JT,
London, United Kingdom,
Apr 8, 2013,
Guest

Please DO NOT open an account with GO. My profits were deleted after 4 months of uncontested confirmations stating that their liquidity providers reversed my trades. I do not know how that is even possible, if anyone knows please shed some light on this. Once they completed the investigation, they said that I would be able to withdraw my deposit, but now they have back tracked and said I would not be able to. I am stuck in limbo at the moment as it seems that I have lost all my funds. Having read more about past dealings with GO(I only wished I read this before opening an account with them), it became apparent to me that they were betting against their clients. So this goes against the fact that they claim that they are a STP broker. Please avoid GO at all costs.
 
Dave,
Albury, Australia,
Apr 5, 2013,
Guest

I've been Forex trading for 4 years now have had a number of accounts with GoMarkets. I don't know what all the fuss is about I haven't really had any issues, but in saying that haven't had much success so making too much profit isn't going to worry them.
I have never had a problem withdrawing except if you top up the account with a credit card you can't withdraw to a bank account for 3 months which can be annoying.
I have lost money on two ocasions when I was getting a error or no connection and they refunded me the money.
I'm not sure if they are a scam or not I haven't had a lot of issues, if they are I'll have to find someone else.
I have had strange things occur when using EAs or getting requotes for no reason I couldn't close a trade in profit but when it goes backwards it would allow it to be closed.
Overall I'd say it's been pretty good, with low spreads and good customer service. I've never had a problem doing withdrawals. And that's the honest truth.

2008-12-15 5Star I have used a number of providers and have found this Company to be very honest and upfront.

When I queried a withdrawal which was not processed overnight they responded by a direct realtime deposit into my account at their own cost which was unexpected and not requested.

I have had a number of queries and asked some searching questions to which I have always received a prompt, polite and satisfactory reply. Their spreads are reasonable and they don't make it difficult to trade profitably.
 
Al,
Toronto, Canada,
Apr 1, 2013,
Guest

GoMarkets along with VantageFX(who seems to be a white label of GO), have cancelled over $2000 of profits that I've made on 3 trading accounts. A total of 3 accounts, 1 with GO and 2 Vanatage have had all profits reversed.

The profits were made over a 6 month period, from October 2012 - March 2013.

Cancelling profits older than a few days is what I would consider a SCAM.

In forex if we don't know that the profits we made are safe at least after a reasonable amount of time, then what is the point of trading, when the broker can just decide to cancel all your profits.

The broker will not respond when I asked them to reverse all trade cancellations.

I am honestly surprised this broker is getting anything over a SCAM rating, it looks like there are many more like me who got their profits canceled.
 
Robert,
North Sea, Germany,
Mar 30, 2013,
Guest

Start up guys, it is a WAR now! Stand up and fight against these SCAMMERS in all possible ways! Do not let them to have an Exit, no matter where in this World! We have nothing (more) to lose!

2013-03-281Star Here the same! They have stolen me several thousand of EURO!

We will fight them, beat them, do not let them escape!
 
Samo,
Costabona, Slovenia,
Mar 29, 2013,
Guest

Very interesting!

http://beathespread.com/groups/profile/2024/secret-history-of-gomarkets-go-doesnt-want-you-to-find-out

2013-03-281Star When requesting a withdrawal, I recieved an accusatory e-mail from Go Markets, saying my trading was illegal? Well, I tell you, it is not illegal, I was just making profit. They freeze my account, and soon took all my profits I made. They took the profits I made months ago! Now my balance is showing less that I deposited. I am already in contact with my lawyer, and ASIC. My opinion: Go Markets is making money taking positions against their customers, so when there is a client making profit, they lose - this is a very known scam practice of market makers. When you will deposit some money to Go Markets, just know that they look at those funds as already their money. There will be no peace in my heart untill this company is shot down, and I will make all in my power to legally finished them.
 
avlis,
slovenia, Slovenia,
Mar 28, 2013,
Guest

Don't open trading account with GO MARKETS
They blocked the accounts and illegally stole my earnings
Broker GO MARKETS is a scam ... and I fell into their trap.
after several months of trading. They wrote me that I abused the market
If I really abused the market, it must be notified within 24 hours.
Daily Confirmation did not appear that the my trading is something wrong
GO Markets are regulated in Australia by ASIC and hold an AFS Licence (254963).
I believe that this is an institution that give permission to work, they would never forgive such theft
 
EJ,
, Indonesia,
Mar 27, 2013,
Guest

I opened an account with them almost a year ago, and now I have my trading account suspended due to EA usage that creates "problem", which is not true.
I have used the very same EA and trading strategies on other brokers without problem. If the EA really created the problems they said the EA did, I don't think it will last for almost a year.
They won't listen to my e-mails, and took a huge chunk of my money away. I don't think it is fair for them to remove transactions that already happened many months ago.
Here I thought I was the only one, and I was actually surprised to see this happened to many others too, is this how regulated brokers do their work?
Please stay away at all cost. I have lost almost a year's worth of work.
 
Jake,
Auckland, New Zealand,
Mar 27, 2013,
Guest

I have been watching this thread with interest. I have been trading with GoMarkets since last year and became worried after learning of all the accounts that had been frozen.

I put in a withdrawal request last week to withdrawal a portion of my account balance. My concerns grew when I did not recieve a reply and my funds never arrived after a couple of days.

I have now received an email from GoMarkets advising that my account has been frozen. They have also stated that even my initial capital is frozen and that I am prevented from making any withdrawals from my account.

My advice to everyone who has an account with GoMarkets is GET YOUR MONEY OUT NOW AND LEAVE THIS SCAM BROKER. I received nothing but excellent service up until now, but I was misled and have been ripped off. Get out now while you can and warn as many people as you can about this scam broker.
 
Thomas,
Munich, Germany,
Mar 26, 2013,
Guest

They suspended my account for some investigation. Today I got an email of their investigation results. They canceled all my profits and left alone the loser trades. Now my balance is negative! This should be a warning for you. Stay away from this broker.
 
William,
Singapore, Singapore,
Mar 26, 2013,
Guest

This GOmarkets and the sister company Vantage is total SCAM. When you a reasonable profit from them, they will declare your trades were illegal. All the trade are opened and closed at target prices. Furthermore, their severs allows all these trades to be opened and closed. To all the traders out their, please join hand to find these SCAM brokers. It is to protect ourselves.
 
Steve,
Victoria, Australia,
Mar 25, 2013,
Guest

Been with Go for years, made profits on the account, building it up slowly slowly over time. Now they freeze the entire account, deposit the lot. Pending some investigation that will take 3 month, unless I sign a form that says they are obsolved of all responisbility and giving up my profits to them.

Trouble is the FX industry with these kind of brokers is that even when you win, you still can't win.
 
Martin Jones,
Melbourne, Australia,
Mar 24, 2013,
Guest

GO BROKE -Use GO markets, i am a long term client of GO markets and have lost a substantial amount of money with them in the past, did i ever get a phone call to ask if they could assist, No , but hey thats OK as trading is my responsibility and i accepted the risks . Fast forward to 2013 , i have started making profits - they then call me and say they are going to review all of my trades and annul the ones they say i gained using some sort of EA, they keep asking about an EA ,and claiming that it is illegal. I do use a tool that can place multiple trades, during News events but i press the button. DO NOT DO NOT DO NOT , open an account with GO markets EVER , unless you wish to donate your hard earned money to them. I am engaging private legal services and also reporting to ASIC, As far as i am concerned " THIS IS THEFT" From the comments below it looks like they are not paying anybody who makes money with them. GO MARKETS = GO BROKE.
 
Kyle,
Toronto, Canada,
Mar 22, 2013,
Guest

Froze my account and all of my money with them, including my deposit, over a bogus accusations of, and I quote, 'using internet and connectivity delays in order to take advantage of arbitrage on the Trading Systems.' Pending a rubber stamp formality of an investigation (which will _not_ be conducted by an independent party or regulator), they said they will annul my trades and profits.

These arbitrarily and almost surely criminal actions are those of a bucketshop looking to excuse itself from paying out legitimate profits, not a respectable, regulated broker.

Let it be known in no uncertain terms that GO Markets is a scam broker and a bucketshop. I have filed a complaint with ASIC against it and encourage everyone who has been wronged in this way to do likewise via the following link:

https://www.edge.asic.gov.au/008/inquiryV001?get/inquiryDetails/t=186fcbe2062d6318db9187e59fdb84bf0e776c

Select from the dropdown box: On-line Complaints and Misconduct Reporting.

State your name, national identity and MT4 account number with GO Markets, as well as the amount of money subject to GO Market's freeze/suspension. Explain the situation and refer to the attached PDF of GO Market's suspension notification.

GO Market's ASIC profile is here:

https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_adf.ctrl-state=1acyh58nyk_4
 
Nicolas Rouiller,
Lausanne, Switzerland,
Mar 22, 2013,
Guest

Broker froze my funds without explanation. I was profitable but nothing out of the ordinary (avg monthly profit of 4%). Broker to avoid if you want to make money trading...