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.


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
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Traders Reviews

Harry M,
Oz, Australia,
Jan 4, 2012,

Erratic spreads and generally bad service have for forced me to look at joining another broker
I don't recommend these guys at all anymore
Brisbane, Australia,
Dec 6, 2011,

I have had an account with this broker for over a year - my experience has seen numerous spread increases (eg. eurjpy 100+ pips) during news and end of day times.

I'll be honest to say I've had various 'heated' discussions with their customer service during this time - this resulted in better spreads for a short time going forward - only to then discover spread increases of around 30 pips creeping back in.

They have fudged the prices too often for my liking - comparing real-time feeds with other brokers.

I have now pulled the plug with this broker - and now see better trading performance of myself in doing so.

I hope one day, ASIC will investigate their activities to see what they're actually up to.

I lost well over $6k trying to trade with them - but enough is now, enough:)

All brokers carry some element of risk trading forex - but some take advantage of that 'greyspot', more times than not.

GoMarkets is probably the worst performance I have experienced, within my 5 years of trading.

Use at your own risk.
Terry J,
Auckland, New Zealand,
Nov 23, 2011,

Been using gomarkets for over a year to test out my strategies. unfortunately, trade execution times have deteriorated and there are too many issues with server outages. Customer Service is fine and not an issue but it would be a good idea for Go Markets to deliver a better product/service for the serious trader.
, Malaysia,
Nov 13, 2011,

Overall is fine.
But the spread has been terrible since last two weeks...
, New Zealand,
Nov 10, 2011,

I have been trading a live Account with Go Markets for a year. Been wondering why my stops have been continually hit when price is always running in my favor. A week ago I installed a spread history indicator and now know why.
It shows (MASSIVE) spread spikes as high as 70 pips on the daily chart. Every day there are spikes averaging 20-30 pips. This makes it impossible to run tight stops and make consistant money.
Can FPA please investigate this company on our behalf . It's time some of these fraudulent companies were taken to court and stopped from trading. I will be looking for another broker.
Medan, Indonesia,
Nov 9, 2011,

Bad broker, on Nov 3 you can see a spike at NZD/USD between 18:15 and 22:15. Just chek it guys...
Rob Falconer,
Shellharbour, NSW, Australia, Australia,
Nov 7, 2011,

I got ripped off $800.00 by these guys,
i sent the money to my account,
i showed them the invoice from my bank,
rang at least 6 times, got passed from 1 department to another.
They've done nothing - be careful if u won't to withdraw funds.
I'm not whinging - just telling the truth.
Oct 6, 2011,

The best broker I've come across so far (and I tried quite some). Execution is the best I've seen so far (400-600ms), Spreads are great, Withdrawals have been totally without fees (no banking fees also) to Europe, customer service good.
Oct 4, 2011,

I wanted to withdraw my funds. It took me 3 e-mails and one phone-call, until they have initiated the wire. It took one week. Would you like to trade with a broker where you must be afraid to get your money back? And they ask two times, why you want to withdraw... It seems they like only customers who loose all money.
Sep 24, 2011,

I have left a few less than glowing reviews about this broker and how I have found they manipulate prices etc. I would now like to take a glass half full approach since as hey say, adversity brings opportunity. The last hourly candle at this weeks close on the GBP pair (according to GO MARKETS plaform) created a low of 1.5389. On other broker platforms I watch, the low was around 1.5423, 33 pips difference. Well, whenever these guys manipulate the prices in a particular direction (in this case - short), I guess we just go long since Go Markets feels this is where price is going and hunts the stops on long positions. Vise versa for long manipulations. Now that's what I call a price action strategy, the purest form of market forcasting. Thanks Go Markets, you're awesome

2011-06-16 1StarI love these guys, they just keep doing the same thing over and over on regular pairs, make it very easy to trash them. They widen spreads (thanks Joel for telling me of your intentions earlier this year . On the NZDUSD Asian session, they produced a huge blatant spike down to 0.79656 On my other broker, the lowest point was 0.80255. That's 60 pips difference. I have attached more screen shots in the discussion section of this wonderful website that's attempts to keep them honest.

2010-12-26 1Star I spoke with Joel on the phone the other day to place a trade as I didn't have my personal computer with me showing my live platform, just a work computer with a demo account. He then asked for a stop loss and a take profit. I declined the request and he sounded just a little dejected. He then said if I want to set them later, just give him a call and he will "adjust the spreads, oh, uh, I mean make the adjustments I request". Talk about a Freudian slip Joel. Just read some of the comments in the live forum to get a real feel for this BS Broker. They have no shame or conscience. Spreads of 100, 200 pips whenever it is needed to take out your stop loss. Myself and others have attached screen shots.
I recently saw a Go Markets advertisement that said "there are good spreads and then there is Go Markets". I couldn't agree

2010-09-07 1 star These guys are a sad excuse for a broker. If they are not trying to Psych you out or take out your stops by widening their spreads dramatically for just a single 1minute bar (they say it is around news time during low liquidity, but this should last more than 1 minute), they are disconnecting the server during important market turning points or giving off quotes during these same turning points. I just recently tried 50 times to execute a sell trade off a 61.8% retracement with no luck. Price is stangnant so their are no slippage issues. I personally don't use stops with this broker as they will ruthlessly hunt them. I set an alarm and if it triggers, I check prices on other platforms and if they don't come close to matching I just ignore it, ride out the spike and claim my profits when spreads return to normal.

2010-07-19 No Rating Well, Go Markets are at it again and seem to be on a continual basis. Spikes everywhere even during the supposedly quiet Asian Session on GBP/USD pair. No news announcements so no excuses from Go Markets. Try going to the forum on this website to see attachments of spikes. These guys will just lie and tell you they move all trades onto the open market, and their variable spreads are suppose to confirm this. I wish it would but unfortunately the proof is in the pudding. If you use stops tighter than 100 pips, be very careful. As i mentioned earlier, try having 2 platforms open and follow prices on the other brokers platform. If they are not following Go Markets price movement, just ride it out as the closing price of the candles are very similar. Happy Hunting for a good broker guys, 'cause Go Markets are sure hunting you.

2010-07-11 No rating I have been with Go Markets for a couple of years, and while they are OK, I have one big gripe with them. I used to use an EA and noticed a 40 pip spike which took out my stop that was not present on other broker platforms I watch. It looked unusual and random particularly since it was on a EUR/GBP pair during the quiet Asian session. They gave me a refund on my loss but did not credit me the profit I would have made and sounded sheepish (guilty) on the phone when I complained. Recently I also noticed a big spike on the NZUSD pair producing a candle low about 70 pips lower than present on other broker platforms during the same session. The spikes look random and way out of place. It also spiked lower on the same pair at the end of the session on the 9th July about 45 pips more than on any other broker platform I watch. I have a news indicator telling me about news events and neither were during news items. I watch other platforms, and if price is not moving the same way, I just ride the spike out and hold onto my money. I'm too lazy to change brokers, I like my money in Australia and like the freedom against new US regulations, otherwise I would have changed brokers ages ago.

Sep 22, 2011,

For indonesia trader, better save your time and look for another broker, as they are not accept OUR legal document i.e. passport, national identity(KTP). Unless you want bother to go to public notaries to legalized it
New Zealand,
Sep 20, 2011,

I have an account with GoMarkets for over 3 years. During that time, my impressions of GoMarkets have gone from good to not so good.

Deposit and withdrawal processes are relatively no fuss, particularly if you are in Oceania, except that you have to print, fill out, scan and then email the withdrawal form to them. If you really struggle to do the above, they will accept email requests if you provide the required information. Faxes are also accepted. All in all, the processes are ok but not as convenient as other brokers that allow online requests.

Customer service is generally good. I do like the online chat. Also, at one time, I had to phone them to manually close my position in the middle of night due to a problem on my side. My request was handled well.

However, trade execution has been increasingly and steadily getting worse. Their data feed often pauses, lasting up to 5 minutes at times. The server I was assigned to use often experience network problems, as shown in the frequent pin losses and login activities. This has been going on for the past 2 years. They are supposed to have just installed a third server to cope with the increased demand. Time will tell if the situation improves.

For a long time I could not understand why my EAs could work on other brokers MT4’s but not GoMarkets’. Finally I discovered that their platform is set up in such a way that any EA that has a stop loss or take profit level to go with a market order cannot be executed. In other words, if you EA is setup to make a market order, it cannot have a SL or TP. Otherwise, the order will not be accepted. The way to get around this problem is by entering the SL or TP after an order is placed. However, this defeats the purpose of running an EA that places market orders. I have no idea how EAs that use pending orders will behave as I have never tried them.

All in all, after 3 years with GoMarkets, I find myself disappointed and dissatisfied by the lack of reliability and the issue with some EAs. I will be moving to another more reliable broker with better EA acceptance.
Sep 16, 2011,

They seem to be a perfect broker, until yesterday when they revoked all IB and cash back contracts and agreement. If you plan to use cash back or rebates with this broker, just find another broker not this one. GoMarkets does not accept cash back or rebates IB anymore.
Sep 5, 2011,

Spreads seem to play fair with my trades, very little slippage . about 50/50 positive and negative.
Customer support is consistent . I like the fact I can now deposit into European bank account.
Rafael Mattes,
Aug 25, 2011,

Good Broker. I was a customer from Alpari and changed to GoMarkets. GoMarkets have great spreads, great customer support and so far i have no complains. I wont give them 5 stars because of the funding/withdrawn metods and fees. Would like to see Paypal in the future.
Aug 12, 2011,

So far I have good relationship with them. I have made withdrawl for 1000USD. It took less than 6 hours to receive the money. Their spread seems to be fine. Customer service very responsive. Execution is also good. A recommended broker.
Lee Rees,
Aug 2, 2011,

I've been with Go Markets for 2 weeks now. I have one account with go which I use for trading my EA. I've noticed some people complain about spreads widening, widening spreads do not effect my EA, it simply won't take the trade if the spread is too high.

Slippage seems to be very low. I scalp for 2 - 3 pips and I have about 3 trades out of 100 that have closed -1pip loss due to slippage. That is amazing.

Obviously there is some slippage on all the trades but the fact that I'm getting 1.9 - 2.5 pips makes me happy, I understand that forex brokers need to make money thus they use plugins like virtual dealer, I suppose they are either going to create slippage (virtual dealer) or just rob you blind with stop hunting, I'll take virtual dealer any day.

Based on this I would recommend go markets, it is early days and I will be keeping an eye on all my trades, but for now I can give them the green light.
Tracey R,
Jul 15, 2011,

I opened an account with these guys a few weeks ago after doing some research on MT4 brokers and reading some reviews. They seemed like a good company to open with as they are based in Australia so I was pretty sure my money would be safe in their banks. So far they have been good, always email straight back and are helpful when you call them. I did a bank transfer and i had the funds in my account in 2 days and that was from overseas so I was happy with that. So no problems with anything so far, I will let people know if that ever changes but i dont reakon it will.
Jul 7, 2011,

I think GO markets is very reliable. Their spreads are fantastic to me. I've been on demo for some time now. The only thing is that I waited for quite a long time before I could speak with a representative on their help desk then ended the call when i got none. I really wanted to ask some questions and also know how sure it is to get them in time of need.
Simon H,
Jun 27, 2011,

Mt4 good method , other broker not the same. GOMarkets feed streams very well . seem to be honest broker.
Jun 22, 2011,

I tried GO on a micro account for about 3 months now so I could see for myself what they were like. I had no real complaints. I only trade the majors mostly, but spreads on EUR and GBP were as good as anyone else out there. Did a few deposits and withdrawals to test and all was fine so I am now going to deposit a bigger chunk and make them my mian broker.
May 25, 2011,

Follow-up to my review on 2011-05-22

On 23 May, Go Markets contacted me with a sincere apology and reinstated my equity to the position prior to the outage. Great service! 4/5 stars

2011-05-22 1StarGo Markets servers (all of them!!) went down for more than 1 hour on 20 May during the busy US session. Had open positions, but couldn't call through, couldn't get their live chat. No announcement from them at all on their website during the outage. Totally unprofessional and irresponsible behavior! When finally got through on their live chat, was told there was technical issue and they trying to solve asap, then disconnected from the chat. Till now, no explanation from them at all. Who knows whether it's really a technical issue, or could be something else.
Europe ,
May 20, 2011,

GOMarkets server went down for about 20-30 minutes today ,very angry ,my echuity is very low ,have hegde the trades ,can't do nothing with my account!
May 18, 2011,

Been with those Aussies for 5 months now. Like other clients, I did notice a crazy widening of the spread for a few minutes of panic selling one day in March during the asian session because of the earthquake. I think that GoMarket does that because there is no requote with them; so, they give themselves a good safety margin at news time. With other brokers, I did experience the ( very ) frustrating experience of trying to exit a position that is moving fast against you and getting requotes after requotes because they did not widen the spread enough. I dont know what is more dangerous between widening the spread or not being able to close when you need to...
I do not believe Go Markets is manipulating the feed against their clients because, when there is slippage, it sometimes play in my favour and not always at my expense as with other brokers.
I never used an EA in my life, so I cannot have any opinion about the way EAs perform with their platform.
They are regulated by ASIC and I appreciate the fact that I do not have to worry about those real nighmare stories that do happen with unregulated brokers. Clients money goes to a segregated account.
One critic that I had was the 3% fee their bank charged me for VISA deposits. I recently received an email saying those fees were now waived.
Their service is friendly and professional, but you need to catch them during Aussie business hours: after those hours, I m not sure ( I never had to call them in emergency after regular hours ).
Execution is reliable and reasonably fast. Their server was down at one occasion since I opened my account ( they sent an email asking me to file a claim if I thought I incurred any loss because of it. I hadn t, so I didn t test their good will ).
That said, I give them 4 stars ( 1 star removed because of that really crazy widening of the spread during the earthquake ).
Ivica Simonovic,
May 10, 2011,

I still dont use this broker.Want to try some STP or ECN broker but when i tryed to open account with them they ask from be copy of back side of my credit card along with 3 digit secret nuber.I didnt even try to fund deposit they alredy asked for it.I don't know little strange to me to send that by email to someone.It is ok to enter it when paying for something on internet but this way ....

Other thing i use a windows mobile platfor a lot.I am away from computer often but non of the links they provide on site cant be installed.That mobile platform is not working good.i will need some time to complete my account opening and funding because of all of this.