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

Live discussion

Join live discussion of GOMarkets.com on our forum

Go to forums

Video

Your company video here? Contact ad sales

2.819 · 221 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

Pedro Roque,
Lisboa, Portugal,
May 5, 2010,
Guest

Since I am fed up with my current broker (Alpari UK, or should I say requote, requote, requote...Because that name would suit them better), I downloaded the demo of GoMarkets. At first sight it looked ok, but, as I trade very quickly on the 1 minute charts I noticed some interesting stuff. When I am winning and I enter the closing order the spread always changes against me and when I am losing the orders are immediately closed with no issues...Hummm....
 
Shinty,
India,
May 8, 2010,
Guest

Gomarkets shows tight spread margin as per it website, EUR/USD = 1pips, but in real why spread margin high with 2 pips

if company show original spread margin 2 pips so why it show in its webside that spread margin is 1 pis
it is not good
 
Darren,
Australia,
May 10, 2010,
Guest

I have been using Go Markets (http://www.gomarketsaus.com/) for about 6 months now and I can say without any hesitation that they are the best MT4 broker that I have used. I am extremely happy with the stability of their platform; their spreads (obviously much better during the London and US open times which goes without saying); and their customer service. I have only ever needed to contact customer server a few times in 6 months and that has generally been about opening new accounts, increasing leverage and funding my account. I probably could have got all the answers from their web site, but I called them instead and my enquiries were dealt with instantly and professionally, not from some outsourced call center in India!. Unlike US brokers, Go Markets fully supports hedging which is a function I need for my trading strategy. In a market where it can prove to be very difficult to find an honest MT4 broker, this broker is one of only a very few that I am aware of that is definitely worthwhile considering. The other point I make is that I am profiting and have sometimes had up to 100+ trades opened at the same time and everything runs smoothly and I have never had a problem with the platform going down during market hours. Some people have experienced slow execution speeds etc. I have not experienced that in the 6 months I have been with them and in any event, they updated their servers recently which apparently fixed any issues with executions speeds etc. If you are fed up with shonky MT4 brokers, then I definitely recommend giving Go Markets a try. If you are not happy with them, then I doubt you will ever find a MT4 broker that you are happy with. Happy trading!
 
fred,
sydney,
May 15, 2010,
Guest

Takes long time to execute market orders. Many orders take upto 5-6 seconds to fill. The platform disconnects many times too. Very poor customer service after you go live. I know more then 6 traders personally who all have delayed executions. I wonder how many else !
STAY AWAY

2009-12-03 12:00AM 2 Stars Since its recent establishment in 2006 as a smalltime retail broker GoMarkets has come a long way; from bad to bigger - and worse.

No disadvantages? In June this year they tried removing dealer intervention requote dialogue boxes to 'remove risk of requotes' i.e. immediate slippage on market entry. Thought you entered at the market price you clicked buy/sell on? Wrong. You'd end up with a price order that is filled almost arbitrarily seconds later prety much at the end of the nearest S/R region, get left there leaving you gaping when price reverses. Faced with an overwhelming number of complaints and no doubt potential loss of clients they soon replaced it with the default mt4 'enable maximum deviation' box (making it sound like they came up with the idea). In early September they issued an email and MT4 messages informing clients of an upgrade to both server and Metatrader platform that "vastly improved connection speed and also improves order execution." An entire paragraph was dedicated to telling you how fantastic their server upgrade was, how much faster and stable MT4 connectivity would be, how using the old MT4 would leave you at high risk of intermittent disconnections - and barley mentioned that they were changing order execution. Warning bells began to ring - when your service provider begins losing their transparency as an indication of honesty and trustworthiness, you know it's time to bail. You can guess what the changes where; again, removal of the confirmation of whether you want to take the poorly requoted price. Exactly what they tried to implement in the first place to stall the scalpers, only this time they disguised it in the form of an 'upgrade'.

While requotes and dealer intervention can be manually harnessed by a broker to prevent a possibly damaging entry (from their perspective), Gomarkets began and continues to market itself seemingly to the small retail trader - to which there is far more potential to be made and far more advantage in putting the poor slob in a ridiculously negative and unintended position leaving him with no choice but to exit on his own (or get stopped out) at a loss, than to stop him from entering in the first place. Moreover there is far less effort and far less to lose by removing confirmation requote boxes to allow a small-time scalper/breakout trader (EA or not) to eat his own equity out since not only are these the kind of guys that go for at least 3 refills before moving on to the next broker, their equity contribution to the overall fund present a close to zero collateral and there's always fresh blood for 'easy money' so it doesn't really matter whether they go bust or not. High roller position/carry on the other hand need to be taken care of - as a broker you wouldn't want that 500k guy walking (what's left of) his equity out on you, not before you're done with it anyway. But trade execution slippage isn't such a bad thing for these guys, they got money to burn anyway.

If Gomarkets was purely or at least moderately dedicated to the prosperity of their clients, would they pull off cheap tactics like these? Obviously there were some traders out there costing them alot of money possibly from their small variable >0.5 pip spreads or they just figured they could make do with more of it.

Their marketed arbitrary tiny spreads do not come without a certain advantage however. They may be small spreads, but it does not mean they will stay that way. REMEMBER THAT THEY ARE VARIABLE. And very much so. The typical retail broker with market-made feeds will increase spreads during low liquidity. Gomarkets are no different, but are so inconsistent they essentially con you into getting stop hunted, not that they need to in the first place. Particularly prior to news releases - or whenever they want really - they will the jolt their amazingly small 1-2 pip spread that never seemed to go more than 3 to 10-20 pips for a MILLISECOND to knock the news trader out senseless without warning. Whereas other brokers will transparently show an increased marketmade feed, Gomarkets essentially market their tight variable spreads in order to take full advantage of arbitrarily removing pain-in-the-ass orders that eat at their equity. FXCM have used the same - albeit worse - dirty tactics (albeit more) and have been fined by the NFA for it; Gomarkets is just a touch away.

At any rate, bottom line is if you're a news breaker or EA scalper you WILL lose (or stall profits at any rate) with them. Again, if you like having uncancellable orders with 3-5 seconds of delay during high activity periods before a slipped entry at the bottom or top of a move so that you bear the absolute brunt of the retrace then by all means go for it. Although typicial of marketmaking tactics they will nonetheless stop hunt with their variable spreads when it suits them, particularly in typical S/R stop loss houses.

Having learnt this the hard way, it's the least I can do for the fellow little guy trying to beat the exchange to emphasise that a) they will stop hunt with spreads - NEWS TRADERS BEWARE b) they will slip your market entries - SCALPERS BEWARE and c) they are devious and will do whatever it takes to keep themselves afloat even if it means implementing - or even deceptively hiding and sliding in - any changes ('improvements') that will cost you your hard earned pips - EVERYONE BEWARE.

Of course you won't have too much of an issue with medium-long term trades - but then why would you risk using a self-serving and scandalous broker that prides itself on tiny spreads when you don't need them? The sad fact is that there are many retail brokers out there using devious tactics to take your hard earned money, and Gomarkets unfortunately seems to be just another one of them.

Forex is hard enough to beat without unscrupulous brokers making it harder. Here's a chance for you to learn from someone else's mistakes. Do yourself a favour a choose someone else.

2009-11-30 2 Stars Good thing is they use MT4, have USUALLY small pip spread, and fast execution

BUT...

BEWARE THEY HAVE REMOVED THE MT4 REQUOTE DIALOG BOX - FOR BREAKOUT TRADERS THEY WILL GIVE YOU THE LOWEST/HIGHEST PRICE AVAILABLE, THEN LAUGH AT YOU WHEN IT RETRACES

THEY WILL ALSO STOP HUNT YOU BY WIDENING PIP SPREADS WITHOUT WARNING SEVERAL MILLISECONDS DURING A NEWS RELEASE, FROM 2 PIPS TO 10 PIPS AND KNOCK OUT ANY TIGHT STOPS
 
Zen,
Australia,
May 24, 2010,
Guest

I have been using Go Markets for about a year now and all is good. Yes, it does take 1-3 seconds to execute an order, but i don't really care since

1. I don't scalp or trade on low time frames (well not anymore)
2. I don't trade the news

As for those who blame brokers for stopping them from trading news, maybe you should try reading more about how brokers operate. I used to think they are scammers too when I first started, but you would think differently once you read more.

Last but not least, I think you cannot call yourself a trader if all you know how to trade is news. It felt more like gambling to me when I only traded news.

I would give them a 5, but because I have never had too much money in my go markets account, I can't say for sure if they operate differently when you have more money. And plus the slight delay in fills I would give it a 4.

VERY VERY happy about not having to pay fees to transfer my $ to brokers in other countries.
 
Max,
Russia,
Jun 1, 2010,
Guest

When they used platform SAXO it there was a magnificent company!
Now I tried them and was convinced of justice of negative reviews...
Inconvenient platform MT4 for fast trade, very slow execution of orders (2-7 seconds)!
The usual broker waiting for your errors and using filters for elimination of profitable transactions. It is a pity. To be disappointed...
 
martin,
ireland,
Jun 2, 2010,
Guest

hard to open an account. limited funding and only one withdrawing option. forcing you to visit public notary with your documents, no matter that the notary statement will be also just an emailed (faxed) copy for them. giving up
 
Andrea,
Queensland,
Jun 2, 2010,
Guest

I have had my fill of bs bad brokers but I started using Go Markets live about 3 months ago and I must admit I am pleasantly suprised.
At last I have found a broker that has actually listened to gripes and chosen to fix them rather than ignore.
Go markets have won awards for service and I am not suprised, maybe other brokers should take a leaf out of their books.
I trade Eur/Usd and regularly the spread is less then 1 pip but normally it lies around 1.2 pips , the slippage is evenly distributed between possitive and negative. I can live with this as I know that the customer is not getting screwed unlike some other bucket shops.
Happy to recommend and to keep using , Australia seems to be good at something else other than cricket.
 
Skiman,
Australia,
Jun 12, 2010,
Guest

Spreads good, platform good.
Support is good but would like Go to add AutoChartist, many brokers offer this and really offers good trading alerts to help my trading so if you read this i'm sure other clients would agree
Apart from that i'm happy
 
Repeater,
Australia,
Jun 17, 2010,
Guest

I have been using Go Markets since October 2009. The system is good when their server is healthy. All I can say is look out when (1) they regularly restart their server at approx 11am AEST - you lose everything for a few minutes, and (2) when they have server issues there is shoestring level (at least from my perspective) support - you need to call some other broker's outside line (Im guessing - they dont say who they are), and they need to then wake someone up to fix it. Just beware that e.g. when trading in Europe/US if something goes wrong expect to be on your own for a while....

Other than that, when it is working its good.
 
Grant,
USA,
Jun 19, 2010,
Guest

After experience with live accounts with U.S. brokers and rule changes, I decided to try GoMarkets in April 2010 with a small live account. After trying manual and EA trading, I can tell you that my experience has been excellent. The customer service is excellent and trade execution quick. Recently I requested a withdrawal of part of my profits, and the wire transfer showed up in my account in one day. Outstanding! Anyone looking for a reputable and consistent forex broker should give GoMarkets a try. Also their leverage options are great, I'm using 500:1 - well done GoMarkets.
 
Phil,
Nevada,
Jun 26, 2010,
Guest

Spreads rock and good service.
Funds seem secure
Happy
 
Stephen,
Sydney,
Jul 4, 2010,
Guest

Is anybody else experiencing split second extreme jump in spread? Spreads were fluctuating between 10 and 50 pips during the minute of low priority news announcements..this is terrible for someone with tight stops...has anybody else been caught out????

2010-03-01 06:47AM 1 Star Heavy Spread Manipulation....expect spreads to widen 20 - 40 pips even with minor news announcements....be very careful!
 
Rav,
Srilanka,
Jul 6, 2010,
Guest

i have opened a live account and using an scalping EA spreads are widen during asian session. but have managed to trade with my robot. if they could have fixed spreads for clients as an option. i have not withdrawn money so would rate average.
 
Graeme Little,
Queensland, Australia,
Jul 17, 2010,
Guest

GoMarkets are very approachable by phone and seem very helpful. No wonder, while they are offering this great personal service, behind thew scenes they are ripping you off every single trade, with a smile of course.
You just have to compare the GoMarkets MT4 charts against other MT4 brokers to see that the Forex market highs and lows are very different in the world of GoMarkets. Do you think this will affect your trades, you bet.
It's really like playing roulette in an online casino. The software is rigged to ensure that over the long term you lose.
Please read the Forum for examples of what I am talking about.

If a broker can apply spreads of up to 250 pips to an open position whenever they see fit, is that a scam? Well in my book it's a joke. You enter the trade believing that you are paying a fair 2-3 pip spread and then suddenly you get a margin call because your profit/loss position has changed dramatically.
GoMarkets blame low liquidity in times of major news announcements and then say it's the software that does this automatically. Not good enough!!!!!!
Who in their right mind would enter a trade with a 100+ pip spread?
Then there is the unexplained spikes in the market which don't appear on other brokers charts? Strange?
So effectively what you are seeing on your charts is not the market at all. It's GoMarkets interpretation of the market, in their favour of course.
They get their pricing from the banks and then their software makes the adjustments before giving you the delayed version of the market.
If you think this is reasonable and that is how you want to trade then go right ahead, but you will make some money and then you will lose it because they are controlling you.
The Forex brokers are unregulated, so it is buyer beware.
I think learning to trade is a tough enough thing to learn but if you add in delayed charts that are not even accurate reflections of the market and 100 pip spreads, what hope do any of us have?
Be very careful when choosing brokers. My suggestion is to compare their charts to other brokers and at least check that the daily prices are fairly indicated on your charts.
Then, be very wary of having open positions overnight, you are at the mercy of the brokers. Imaging have a full lot on a trade at $10/pip then the broker hits you with a 100 pip spread, the trade is now costing you $1000 just to close the position. But even worse, they can close it for you. WOW!!!
 
Lou,
Miami, FL,
Jul 20, 2010,
Guest

I used their demo for about 2 months and it was excellent. BUT. . once I opened a live account everything changed. Executions are slower than slow (2-5 secs average). Their platform freezes continually and specially against you. If demo would have been the same then perhaps it's my location but not so. Manipulation is the name of the game. I've been profitable despite by adjusting my strategy but as soon as i get my account where i want it I AM GONE!!!
 
martin,
poland,
Jul 22, 2010,
Guest

I Agree with "fred, sydney" with 100%
they simply use dirty tricks.
1 pips on EUR/USD belive me NEVER HAPPEN !!!
always when you close/open position platform freeze for 2-3 sec and its very, very often against you, result - you always open/close position a few pips against you
in importants moments on the market always, always you order freeze, they simply cheat
 
Indonesian Trader,
Indonesia,
Jul 24, 2010,
Guest

This broker doesn't receive applicants from 20 or more countries. One of them is: Indonesia. They should state it in their website so won't waste anyone else time by trying their demo. What a waste!!!
 
Theo,
Australia,
Jul 26, 2010,
Guest

Having used many brokers before I have started using GO about 4 months ago. I have found the level of service to be of good standard , speed of funding account is good but have not yet tested withdrawals.
I have been satisfied with the spreads and accuracy of fills. I have not experienced any funny business even though I am a profitable scalper. I too have been caught out on a spike but Go did reverse the trade. I would not news trade as the feed does not seem to be smoothed like FXCM but for scalping and long term trading I am happy. will only give 3 stars at the moment due to still in testing phase but will update in 3 months when I have fully roadtested them.
 
Joan,
Estonia,
Jul 28, 2010,
Guest

Rather satisfied with them.
Deposit / Withdraw include bank costs which is not very nice. Otherwise, efficient broker (i.e. orders at put at said price, no slippage, spread rather small.
Customer service is very OK, with an answer before 24h in all cases.
 
Mark Anderson,
Sydney,
Jul 30, 2010,
Guest

I have to disagree with comments below, I have traded for quite a while with GO Markets without major issue. I happen to be a profitible grid trader and scalper ( Not News ) the price feed is reliable if not a tad erratic but my EA's like that and its similar to Interactive Brokers, I use both brokers but GO has MT4 which suits my trading and expert advisors.
 
alexander,
brisbane AUS,
Jul 31, 2010,
Guest

I have been with GO for about 10 months. Initially I thought this was a promising addition to the FX industry - they also have an award for best FX broker by the Aust Financial Review publication.

But sadly, I have to retrace my recommendations for this broker as now I am leaning towards an impression that makes this broker a bit of a scam.

Reasons are:

1. the server gets re-booted around 11am AEST for about 2-5mins. This is not good if you trade the asian session this time.

2. Spreads increase dramatically during and around news events and around the changover between the NY close and tokyo open - increases of between 10-20 pips are something I can deal with but when they are 100pips+, one starts to wonder what is actually going down here :) (screenshots to prove this)

3. It seems a guy called Chris has been caught out on this forum posting fake reviews. It's interesting that when I confronted GO with this issue of spikes, a guy called Chris arrogantly replies my email with a reason is due to 'true' market data being fed straight from the interbank market sources. I wonder if this is the same person?

4. Executions can take up to 5-7 secs on some occasions - this is another concern due to the fact I have 2 ISP services running to my laptop and run no firewall while trading.

Bottomline - technically they are a market maker as explained in their PDS form and not true ECN as what I initially expected.
From what I thought was a promising newcomer into FX, they now have left me a very bad impression. I will be closing my account in the coming days with them and move towards a broker with better ethical behaviour. Dukascopy may fit that bill !
 
John ,
Sydney,
Aug 3, 2010,
Guest

This is an update from my review of last february. Since then things have gone from bad to worse with this broker. Trade execution delays can be up to 7-8 seconds and spreads have become even wider up to 150 pips spread. And this broker Go Markets seem to think this massive spread is ok as when you confront them about it they tell you this is market spreads when clearly it is not since my other brokers don't widen spreads. I had a small amount of funds left in my account which I have withdrawn and closed the account. Avoid if you care about your money.

2010-02-12 02:42AM 2 Stars You have to wonder who is posting the good reviews here for Go Markets. This broker has been caught posting good reviews for themselves on here before. See the earlier post from Chris at Go Markets on this thread. But this is a broker that started well but eventually went the wrong way. From good execution, barely any slippage or delayed fill a year ago they have now done a complete about turn.
Recently they have introduced a 3 seconds delay for execution which means in fast markets you will fill exactly at the end of the spike with big slippage. You are even slipped in quiet markets. And that's not all. As stated by others here they widen spread by some 30-40 pips for a fraction of second at news to hunt all stops on both side of the price.
You know what, Chris from Go Markets, us traders are not blinkered either. We know you are using bucket shop tactics against us. We know that every time you introduce your dealing desk tactics, you camouflage them as a supposed 'improvement'. Just like when you changed from instant to market execution to elimiminate requotes even though after you conducted a survey that shows that no one wanted this change to happen. The end result was massive slippage for your clients.
Those of us who are not blinkered have already moved their accounts away from this broker.
 
SimonR ,
Surrey UK,
Aug 6, 2010,
Guest

I reveiwed GO Markets back In March when I had used them for a few months.
I did say I would re review after using them for at least 6 month.
I am happy to say that the service has remained consistent and my strategies are still working with GO Markets.
I wont give them 5 stars but I will stick with 4 stars as no broker is perfect but GO do have a tendency of fixing any issues with the minimum of fuss.

2010-03-24 01:45AM 4 Stars Go markets are a new addition to my list of brokers. I have been trading live with them for 3 months alongside 2 others namely FXCM and Oanda.
There are goods and bads with all brokers but im happy to continue with GO as the spreads remain consistently lower than FXCM and the execution speed for me here in the UK is great but we do have very fast internet connection.
Very minimal slippage and some fat finger spikes have been reversed without an argument.
Go do have a happy knack of not realising they have a technical issue until hundreds of clients mention it but eventually they address it.
I will award them 4 stars so far and will re review after 6 months of trading to see if they have lived up to my expectations
 
Frans,
Melbourne,
Aug 8, 2010,
Guest

I was caught last friday, by the sudden spike in spreads (NFP news). GBP/JPY. My SL was at 137, while actually the highest point on the chart was only 136.58. So at least the spreads has increased at least 42+ pips.