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
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Traders Reviews

Paul Stee,
New Zealand, New Zealand,
Oct 29, 2012,
Guest

Go Markets are not as bad as some brokers. But does that mean they are ok? Not at they will target your stops more often than not. Order placement is very slow. large slippage.

Customer service arrogant while they rip you blind.

STAY WELL AWAY.
 
Aaron,
USA,
Aug 25, 2010,
Guest

Their trading platforms regularly go down & if it's after normal business hours in Australia there's nobody to contact about this. Their after hours trading desk can't help. This is a huge problem.
 
James T,
Singapore,
Aug 25, 2010,
Guest

I was with gomarkets since March 2010, everything was fine and recently order execution is slow and lousy spreads. TOday 25 August, i was trading the US housing data, the server DIED on me and i can't log in after i placed my trade . IT was a bad trade and i wanted to cut my losses but the server is DEAD!! Not the first time it happened.

 
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.
 
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
 
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.
 
Wayne,
Brisbane, Australia,
Dec 6, 2011,
Guest

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.
 
Fair & Square,
Sydney,
Jan 12, 2009,
Guest

These guys turned out to be another broker who do not want to see you making a profit, a total disgrace. I wonder, how does a broker's business model work. They would get commission from every trade placed, on top of that they would need your money in some form or other to make their business work! I understand that some of the brokers have problem with scalpers but see no reason for them banning legitimate experts.

Please reconsider your decision before you sign up with these guys.
 
Rob Falconer,
Shellharbour, NSW, Australia, Australia,
Nov 7, 2011,
Guest

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.
 
sam,
australia,
Aug 16, 2009,
Guest

i was getting requotes in more then 75% of my trades. I have read in other forums that they change spreads on your platform if you are making $. Customer service is not good at all after you fund your account. Withdrawals are fast, so thats a good point but i would never trust this broker on their unfair tactics. Beware and stay away.
 
Daniel,
Sydney,
Aug 16, 2009,
Guest

ULTIMATE REVIEW (35 TRADES TOTAL)

CHEAP But you end up paying MORE!!!!! because of slippage and other factors?

Unstable, unethical behavior suspected, I got slippage of $300 on a $750 close (Explain why I ended up with $450?)

Anyways, after testing customer service (The guy had difficulty explaining to me the difference between bid/ask) he mixed them around and had primary knowledge of markets that I had about 10 years ago. He also tried to explain why the price of the CFD was no were near the equity price using any excuse of little relevance to explain himself.

Anyway, platform has many features which is Excellent, but again unstable(Crashed several times, once while I was attempting to close a position).

News feed stopped working permanently, the broker said it was under repair? ?(sure thing, it never came back, I'm guessing the broker had to pay from provider so they quit it for traders)

Prices are live, but not live? he mislead me at first into thinking it was live until I had to upgrade.

Price of graphs is "DUMMY DATA" (DIRECT Quote from the broker) He mentioned not to rely on graph and couldn't explain why it had no relation to stock price whatsoever. He recommended unless I pay for advanced user graphs, then these are inaccurate.


Trading experience 2/10.
I am not exaggerating or faking any of the above points. I do really believe unethical and inconsiderate behavior be dealt with and conclude an unfair and unreliable service.

I had a companion trading with Go Markets as well, he is training to become a certified financial analyst and says hes experience was "unbelievably disappointing".

Feel free to try yourself ... Regards, Daniel

 
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.
 
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
 
Alex,
NY, USA,
Oct 26, 2014,
Guest

Stay away from them, especially during the news releases. They may open your order on a faked price and you may lose ALL YOUR deposit!!! I lose 800 pips, because they opened my order on the FAKED price.

They told me blah-blah-blah, our liquid provider confirmed the price, but i'm not an idiot! I have 3y+ experience in news trading, and always trade on 4-5 different brokers at the same time. So on the 4 brokers price was the ok and only in their system price was in 800 pips different! This broker is scam don't trust them your money, better to spent your money in Vegas!=))
 
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.
 
troy,
sydeny,
Dec 20, 2009,
Guest

A friend of mine warned me about the manipulation during fast market times.As mentioned by a few here they are at it again.Gomarketaus are back to playing games with spreads during fast moving markets and announcements time.If they continue this then i will report this matter to the governing body whether asic,accc or apra. I will do my best to get in contact with the the right people and i will explain in detail to them how gomarketsaus manipulate the spreads during those critical seconds.My guess is they will be up for fines very soon and possibility of getting shut down as a business if they continue this type of dishonest behaviour and i have camtasia and other recording materials to live feeds at the time that will prove my case.

I will go as far as using my recording software and use this as evidence that the spreads are manipulated.Don't believe me then continue with your crazy spreads and dishonest behaviour.I will say that execution is good but don't believe their advertising about low spreads because its very rare that you will get them and when you click to buy and sell on what you thought was the right price then u might as well add more in their for slippage.

But if they are willing to be honest and no more silly spreads and i will definitely check on this by my recording software then i wont take the matter furthur.But from now on i will have a close eye on them and once i detect any funny business with spreads i wont hestitate this time.

Gomarketsaus you've now been warned!!!! I have many friends and close innocent ones that i recommended to you guys and they will all pull out their money if you continue with your dishonesty and please ive been around long enough to know when spreads are manipulated.
 
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.
 
Clements,
, New Zealand,
Nov 10, 2011,
Guest

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.
 
kakuk,
CA, USA,
Dec 6, 2009,
Guest

Spread is pretty tight on demo, mostly between 0.9-1.5 on EURUSD, then once I opened a live account. The spread is 2+, dunno why.
 
Andre,
Europe ,
May 20, 2011,
Guest

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!
 
Simon King,
Tasmania, Australia,
Jun 25, 2013,
Guest

I feel like I just had a denial of mt4. Then 30 minutes later I can see gold has moved against me closing 2 trades and trapping me......I wonder why. Have to admit I am on 4g wireless....

Further more to add to my story. A 4th credit card deposit has never showed up in my account after I received a receipt and confirmation via the website and email. I sent through a follow up email to cancel this after a delay of 48 hrs. There was some confusion over what I wanted even though these transaction were done through their webpage. I hope for gomarketsaus that the other complaints about profitable transaction being reversed is a legitimate one as it would scare me If this was just some random act. In all fairness they did credit my once as compensation for a delay and once for a MT4 error that they made in good faith.

2013-06-21 2Star I have had major delays in funds transfers. Costing me $$$ when I saw good trades, fund transfers took over 48 hrs. Once funds we never seen my gomarkets but later appeared in my account.
A 3rd delay happened today even though I had direct contact with a manager. Admittedly a trade was reversed when I explained MT4 had put me in a .09 trade when in options it was set to .01 as default. A $100 was offered as compensation but the company offer a $100 bonus this month anyway. I will also say that I have been with GMarkets for a few years with no trouble until now. Below is a summary of one problem and how it was handled. Later the manager rang me and apologised but again I had missed good opportunities and it ended up costing me money.
Please explain Matt -
Why the credit card transaction was not reversed immediately after out phone conversation.
Why there was a delay for the transfer of $417 to savings account as per the information on go-markets webpage.
I did close all the current open trades for you so you could do this.
It did not happen in a timely matter and I have found myself in a bad trade and unable to complete these transactions which I really needed to be done with some urgency.
Simon

Hi Simon,
As per our conversation you chose to deposit again and the withdrawal could not be processed due to the insufficient funds in the account. If you would like to withdraw now I would be happy to process this asap. Please advise if you would like this to happen.
Matt.
The time stamp on this email is - Wednesday, 5 June 2013 10:26:35 AM
What time did your office receive this information?
According to the website -
•Withdrawal forms received before 1pm AEST will be processed that day. Any forms received after this time may not be processed until the following day.
The Withdrawal was not processed by your office within that time. And it has made it difficult for me to manage the situation..
I also rang you.
And then followed up with a second email in the afternoon.
I am disappointed that gomarkets has not deducted the requested amounts on time.
This would have helped me manage my funds better. Can you please give me an explanation.
Thanks Simon
Could you please address this problem. A response by email would be appreciated.
Simon
P.S. I still haven't washed out this euraud trade and may have to put in even more funds. But would like this previous email responded too.
Hi Simon,
As per our conversation you chose to deposit again and the withdrawal could not be processed due to the insufficient funds in the account. If you would like to withdraw now I would be happy to process this asap. Please advise if you would like this to happen.
Sent: Tuesday, 11 June 2013 5:48 PM
To: GO Funding
Subject: RE: Matt - Problem withdrawing in good time
Matty. You were very polite and curt on the phone, but your email reply avoids my question, so
Please answer these 4 questions. - pre me depositing more funds...
1) Did you agree to refund me $500 on the 05.06.2013 as discussed on the phone early Wednesday morning. This was after I had alerted to you the fact that I had not received a receipt for the transaction and it happened 48 hrs later.
You then asked me to email you about withdrawing an extra $417 to my savings account If I replied with an email correct...
2) Considering I emailed you @ 10:30 am 05.06.2013, how long does it normally take you to with draw the funds as per you website information...
a) same day If you receive the information before 1pm
b) the next day
c) never
3) later that day I emailed you again with a request for both transactions to be completed as I had - 1) closed all open trades so you could withdraw the funds to my account.
Would these withdraws normally be done the next day in the
a)morning a 9.am
b) later that day
c) never
4)In hindsight do you agree that you did not respond in a timely manner.
If so can you explain why there was a delay with you receiving my emails. I would like to know the exact time your office recieved each email before you received the next final one @ Thursday, 6 June 2013 8:05:28 AM requesting you not withdraw funds as it was 24 hrs later.
As you know I was expecting the withdrawals to be complete on the 05.06.2013 as I had spoken to you and emailed you before the 1pm cut off time.
Please take your time to reply. There may have been some delays in you receiving emails . But If not I feel let down by your office for not responding in time.
Simon
A lot of these points I’ve spoken to you over the phone in relation to these I may have been unclear in our conversation. I would be happy to clear up any points via conversation to come to a quick resolution to any of these listed points again as not to drag out the confusion any further. If there are any withdrawals that you require please state in a reply to this email and I will be happy to process this for you. However be aware we require you to have sufficient balance to process this.
I am considering posting a review on forexpeacearmy.
You just wont answer my question.
 
indra,
indonesia,
Sep 22, 2011,
Guest

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
 
Asitejust4u,
Melbourne,
Aug 31, 2010,
Guest

I have to lodge a big thumbs down for gomarkets data. If you wander what is going on .. check their data feed and look in the journal. The journal is FULL and I mean FULL of Journal errors saying "old tic" and thats on the majors eg. EUR and GBP so god help the data integrity on the lesser known pairs. Im really, really pissed. My EA doesnt perform well and in some cases doesnt trade where its supposed to and this is a way brokers manipulate EAs by sending through old tic data where the market has moved since.
 
David Thomas,
Narrabeen, Australia,
Nov 24, 2015,
Guest

They are ok in the beginning, then they start doing fishy stuff, they freeze your platform and start making it difficult to get out of trades. Obviously this only happens after you start bagging pips, when you first start with them, all is good, then it goes sh!thouse, quick.

And to top it all off, they started asking me "Why do you want to make a withdrawal?" I told them it was none of their business and I started pissing in their pockets, and making up sh!t like "I am buying flowers" etc.

Don't do it, trust me.
  2 traders have found this review helpful
Fran,
Barcelona, Spain,
Mar 17, 2012,
Guest

Take care with this broker. Really, they are practicing very, very often the huntpips. I've wait 20 times untill I've decided to express my discontent with them. The last misdeed was yesterday, trading EurNzd with my stoplos beyond 10 pips -when they recognize that they're aoffering 8 pips- stopped out my trade. This actuation has happened between 20 and 30 times the last 5 month. So, be aware with this broker.