GOMarkets.com Review Visit site

Updated: Feb 24, 2020
Formerly GoMarkets.com.au
2.815 · 221 REVIEWS
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Other websites of this company include GoMarkets.com.au, GoMarketsAus.com

About GOMarkets.com

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

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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2.815 · 221 REVIEWS
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Consumer Reviews

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
 
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.
 
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
 
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...
 
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.
 
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
 
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!
 
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
 
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....
 
saeed,
Australia,
Apr 23, 2010,
Guest

Go used to be good then the service slowed, it seems to be fixed now and my slippage has stopped, i will give them 3 stars and if it is permanently fixed i will upgrade later
 
david,
melbourne,
Apr 17, 2010,
Guest

good product, good for my EA trading, spreads are favourable but need more products like cfds to make them my desired broker but good for fx and mt4 rocks compared to some other platforms
 
barnsey,
Kingston ,
Apr 9, 2010,
Guest

go really went the extra mile to help me get started in forex trading, good platform and I like the charting features.

 
Khalifa,
Dubai,
Apr 3, 2010,
Guest

best broker I have used so far, I have not had any problems with slippage and execution speed is great for me.
Spreads on majors are very good but I prefer the minor spreads they are great.
The daily market reports are a bit non commital but I trade on my own ideas so not that bothered.
 
Tony,
Australia,
Mar 27, 2010,
Guest

Everything has been good since I started with Go about 2 months ago. Only got few grand on the account as just starting, but would be nice to see my account go in the right direction! Spreads good and customer service has been first rate. Read some harsh and negative stuff which is why I am responding with a positive review. Keep it up Aussie!!
 
Mohammed,
LONDON,
Mar 25, 2010,
Guest

fine service, like the style and happy to recommend.
Swap free accounts would be better if more pairs available.
Spreads are fantastic
 
brucewhain,
New York,
Mar 20, 2010,
Guest

Believe the problem with delayed execution is the same as was experienced with the preeminent US broker Interbank FX (IBFX) about 5 years ago. They finally notified us that work would be done and shut down for a few days after which the old high speed obtained. (Prior to the shut-down they would never admit in private correspondence that anything was wrong.)

This is probably an indication that GoMarkets is swamped with large orders do to expanding customer base and in need of expensive overhaul to allow liquidity in high volume... also that they're well liked and will be around for a while if not regulated out of business.

No rating since have not tried GoMarkets but am scoping new brokers with the aim of fleeing US regulatory environment which, leverage-wise at least, has already spread its debilitating effects to Canada. Bet ya England's next.
 
Anna Fairhold,
Australia,
Mar 11, 2010,
Guest

It takes upto 3-7 seconds everytime for fills (whether entering or exiting the markets). I called them up and they said its a problem on my side. Ive got 5 different brokers and have absolutely no problem with anyone else. I have a very fast 24 megabit adsl2 connection, and after speed tests i have absolutely no problems. I tried researching on the net whether anyone else was having these problems with GOMARKETS, and looks like i an NOT the only one - lot of people out there are complaing about their fills.

Anyways, this has been ongoing for the last 3 months. SO even if their spreads are fairly ok, by the time you enter the market, u've been slipped upto 2-3 pips (or more) from your entry.

Recently they emailed us clients saying they have recognised this issue and are going to do an upgrade in 24 hours, but after their upgrade, nothing has changed - same fills, same slippage.

Not happy!
 
Luke D,
Melbourne,
Mar 11, 2010,
Guest

I have been using go markets for about 11 weeks on the live account. No dramas so far, I have my own Ea running on two of my accounts, and manually trade on the third and had no issue setting those up. Haven't suffered from any latency so far, and I'm on ADSL+2 which is not the best connection so a plus there. Up about 14% so will keep updated if performance changes.
 
Guest,
Melbourne,
Feb 23, 2010,
Guest

This broker is ok. In normal market conditions spreads are far higher. I have compared it with truefx.com spreads several times and it fails to deliver interbank rates.
 
Kym,
Oz,
Feb 19, 2010,
Guest

I sort of chuckle when i see comments like Johns - every broker seems to have those comments! I called go about 1 month ago cos it seems to be taking about a second or so to get a fill when they had no dealing desk so I wondered what was going on... they told me there was no probelm at their end and after doing some tests on my connection they recommeended trying a VPS, so I did. I tried both of the vps they mentioned and when i finally got setup with Crucial i realised that it must have been me! Getting instant fills and cant really moan. I have been trialling FXCM demo as well as my live Go account since the slowness started, but the spreads are much wider - eurus is about a pip bigger when i am tryng to trade - at least they dont buff up the spreds like some!! As much as i am happy with them, i would prefer to get the samefills on my own laptop rather than a vps, so cant really give them top marks as much as I would love to give the Aussies a 5!
 
Bill,
US,
Feb 9, 2010,
Guest

Their L Plate accounts are a scam.... Their account executives will say anything you want to hear in order to get the account open.... But their L Plate (nano) is totally worthless.... after I opened it I was told it's only really for testing....not real ongoing trading...
 
Jesse Smythe,
Perth,
Feb 3, 2010,
Guest

Been with Go markets for about 2 years now.. No complaints at all they are very good. Nice tight spreads and always reliable.
 
nabeel,
australia,
Jan 12, 2010,
Guest

l used gomarket com.for more than 9 mounth
it is the best company since l have trade for 7 years with multiple trading companies
 
Mr Yan,
Auckland,
Jan 7, 2010,
Guest

I have been trading with gomarketau more than half year, I never have any problem with them. Fast to open account, fast excution, good backoffice support and low spread, all in all I am very happy with them.
 
Riki,
Gold Coast Australia,
Jan 6, 2010,
Guest

I am with this broker over one year, and is true what Troy said, I have installed on my MT 4 " Spread Detector" software, and the spread in normal market condition is all the time wide. Today is Wednesday 6 January 2010 5.30 Pm, Australian time. Eur/Usd 2,5pips should be 1pip Aud/Usd 3.0 pips should be 1,5 pips, Usd/Chf 3,5pips shoud be 1,5 pips. That's only few pairs. I was complained one or two times , but they done nothing about. I am swing trader with 12 years experience in Forex trading. I can tell you, wide spread can eat your account very fast. Go Market is another not promising broker.
 
The Johnson,
London,
Dec 28, 2009,
Guest

I find it really strange to see some of the negative comments on here. I have been trading with Go for about 5 months - the reason being that the main MT4 brokers in he UK are frankly rubbish!!

It was easy to open an account (apart form having to get certified ID, but that is not their fault) and the people I have dealt with seem good enough. The spreads for me have been excellent and fills have been mostly good. My one criticism is that the connection from me to the server is not that fast but I guess that is because of latency caused by my connection from London to them in Australia! It can occasionally cause a half pip of slippage here and there, but it does also go in my favour at times.

If they can somehow improve on this with a server in Europe then I dont see why I can't upgrade to 5 stars.
 
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.
 
J Morgan,
Red hill, Australia,
Dec 18, 2009,
Guest

Account opening procedure with Go markets was painless and have now been trading for 4 months with no real issues.
The MT4 server upgrade a couple of months ago left me without the ability to check my account status over the weekend but all was fixed on the Monday.
The spreads are very competitive especially during US and European trading and slippage is so far pretty much non existent but I dont really scalp , did get caught on 1 unusual spike but the spike was removed and trade reinstated which is a plus point but was annoying as it slightly upset my trading for the day.
Intrigued to learn more about the Pro platform they are advertising that is being released in 2010 so will write a review if I trade on it.
 
Dave,
Detroit, MI,
Dec 13, 2009,
Guest

Fred, I wonder if you compared Go pricing during news with another ECN such as Dukascopy non MT4 platform that shows market depth? Prices can change constantly during news time so a true ECN would show this and there could be instant spikes.
 
H Wallis,
Australia,
Dec 11, 2009,
Guest

I am an avid Mac user so its a shame MT4 is not yet fully compatible, luckily I also run a PC, very happy with Go Markets and the continued tight spreads , at first I thought it was going to be temporary to lure in new clients but I must say they have stuck to their word and yes I am impressed, I may also be biased as they are an Australian company.
Good customer service and support form my account manager but would prefer a few more payment options for very quick deposits of funds as paypal can be slightly limited
Keep up the good work Go
 
HIB,
Russia,
Dec 9, 2009,
Guest

Tried to get info about documents needed to open an account with these guys (sent scanned copy of my documents). Customer service is the worst I've encountered here. You hardly get reply to emails, and when you do after several days of waiting, all you get is a brief general phrase that barely addresses your issue. Maybe these guys are good, but considering my experience with them, I'd rather take my money elsewhere where I'll be treated accordingly.
 
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.
 
S Paris,
Oz,
Dec 3, 2009,
Guest

Not quite as good as Dukas copy and Interactive Brokers but spreads are good and genuine and they dont charge a comm. Prices move in line with the big ECN's so im satisfied, Very good all rounder if you want MT4 and a regulated broker.
 
Will Ng,
Singapore,
Nov 16, 2009,
Guest

They have excellent customer service. Most of the time should anything go wrong, they will call you up personally.
 
tony,
victoria,
Oct 23, 2009,
Guest

Traded on demo for 2 months and just moved to live. so far everything is ok but will write further after another couple of months of trading.
Things to point out in the early stages are the spreads are as advertised and remain narrow, funding account is fast.
giving GO 3 stars as havent had a chance to properly test yet.
 
JR,
Japan,
Oct 17, 2009,
Guest

Used Go for about 2 months about 6 months ago,when they the ES on their Meta platform. Found that the platform froze on me many times when I was in a trade. As with most brokers, when I was ahead in a trade I found it difficult to close the trade. This I can understand in fast moving markets. But this would happen when price had not moved for many minutes.
To answer Janusz's question, I opened an account with 60k and had no problem withdrawing $55k to my local Australian Bank AC. Can't comment on overseas transactions.
I left the 5k to test the platform out every now and then in the hope that the platform and spreads improve.
I'd give them a 2 and a half star rating for 6 months months ago, as it seemed they were really trying to improve. I wouldn't call them a bad/scammer type broker. Just a broker who needed time to iron out the platform reliability problems. I'm hoping things have improved, as its convenient for me being an Australian, and I'd rather my money in an Aust bank, as they are very safe, rather than certain other Countries around the globe.

I will update my review when I test out the platfrom again.
Anyone know of the broker with the best rollover rates these days?.
 
Rob,
Australia,
Oct 2, 2009,
Guest

Very good broker with good features.
Recent server upgrade could have been handled better, but performance has been great since.
I run 2 live accounts with them.
 
todd,
Oz,
Oct 1, 2009,
Guest

Go's new service has really turned around. Spreads have remained low and trades have entered the market with great precision.
highly recomended but dont do what other brokers have done and got greedy.

 
Y.C.,
Taiwan,
Sep 30, 2009,
Guest

I have the same experience as Claudia, Italy. That notary document would cost more than 250 euro in my nation because it has to be translated into English. Their staff are helpful and friendly, but the company policy is annoying.
 
Janusz,
Sydney, Australia,
Sep 20, 2009,
Guest

I opened my live account with GoMarkets about 7 months ago; just before they went to 5 digit pricing. The transition itself was a bit of a roller coaster. They had a few GOs at it before they finally succeeded. I have to admit, that during that time, I felt like this forex brokerage was run by a couple of amateurs from their spare bedroom. Didn't inspire me with a lot of confidence to put good money into their accounts. Only invested a couple of grand there and traded micro lots; of course lost it all, but not unhappy about that as it was always going to be used as an educational fund.
I do have a little bit of a gripe with them. Recently, my account suddenly went from +55$ to -98$... I always thought that a forex account can never go negative, as margin calls would prevent it. Well, explanation was, they ran a report that found that some winning trades that were credited to my account were found to be invalid, and thus my account needed to be re-adjusted... Now, the fact that my account is now in negative territory and that it took 2 months to discover 'invalid' trades would surely embarrass a serious broker, but not these guys, apparently :) I'm sure it will be resolved somehow... eventually.
Enough of the bad things tho.
I do have good things to say about them too. Yes, I lost all the money I invested there so far, but apart from that before-mentioned incident is was not their fault. It was just a novice trader making some bizarre decisions ... The spread was wide right after the 5 digit transition, but it is getting narrower; and I've seen 0.5 pip on EUR/USD at times and less than 2 pip on AUDUSD. MT4 works well and seems much more responsive now than a few months back. If anyone is looking for a MT4 platform then GoMarkets seems to be the best choice in Australia. There are a few other brokers that offer it, but no one else will give you good spreads, micro accounts(even nano now) and ability to run any EA out there.
What I would like to find out here is whether there are any professional traders using this broker; someone with some $30K+ accounts. I want to invest a decent amount, but hesitating whether to use them or some of the bigger players like fxcm or gft. Is GoMarkets being used by serious traders or just cater for wannabe millionaires with a 500$ accounts running the latest 'holy grail' EA?
Now the rating. I've been with them when 2 stars would have been very generous, but recently with all the improvements 3 stars+ is appropriate.
If I end up staying with them for my larger account, I'll post an update to this review in a few months. I still don't know how they fill orders bigger than a few microlots and how smooth is the withdrawal process... (yes I am positive...) :)
 
Claudia,
Italy,
Sep 17, 2009,
Guest

I have applied for a live account and afhter I click "send" they show me a message that they need a notary certification for no AU residents.
This is ok but they should give this information before somone send there personal informations. This cert costs 250 euros and i will not be interested to pay this to open a trading acocunt. I currently have live accounts with 5 brokers and never has been asked.
 
Flynn,
Melbourne,
Aug 27, 2009,
Guest

I used to use Go a few years ago for cfds but then i gave that up so closed my account. Just started back with them a month or so ago for forex and they had a few problems with spreads but thats seems to have been fixed so have no complaints so far. Will update if it all goes wrong!
 
Forex Maid,
Sunbury, Austria,
Aug 27, 2009,
Guest

I will review Go Markets because I have just joined adn am happy with them, especially the fast fast instant execution. i am new to online trading and I just came across a company called GoMarkets who helped me with all questions and go me online and trading in a snap and I love it!! I trade every day when Asian markets open. The service is good and I always get a person on the phone when I call. I am trading Euro Yen but would be nice a few more products too. its good cuz you can sign up for demo account too and if you call they help you. Go GoMarkets!
 
phreak,
Canada,
Aug 24, 2009,
Guest

Well, I'm gonna change my rating to 4 stars, which is a significant improvement from my previous 1 star rating. The major reason for that is new low spreads and execution speed.

I run a scalping EA during Asian session on EUR/CHF, and the spread is quite good, but what really impressed me - the execution is excellent at the same time. Most of orders are processed within 1 second, requotes are rare.

I'm still very concerned about problems, mentioned in recent posts, but I didn't trade with this broker for a while and resumed trading after the last price feed update. If anything like that happens to me, I'll let you know...

And hey, Chris, just keep up what you are doing now, and you won't need to submit fake 5 star reviews - for sure you'll get tons of genuine ones.

2009-01-14 1 star I was about to open live account after trading their demo for a while with FapTurbo EA. Right after I had emailed all the required documents I found out that the following email was sent to live GoMarkets clients:

'Dear Client,

As you may be aware, due to severe illiquidity in the FX markets there have recently been some spread increases. Our risk management team is currently reviewing the market conditions and is looking to reduce spreads on some of the affected pairs shortly.

Please note that due to a review of our hedging policies the use of some Expert Advisor systems have had to temporarily be restricted. The use of FapTurbo will temporarily be made unavailable whilst the review is completed. Once any new systems are in place which allows the use of this particular EA we will inform the necessary clients. Please do not attempt to open any new FAP Turbo trades but existing open trades will of course be allowed to continue until they have been closed.

We would like to apologise for any inconvenience caused and will attempt to resume normal service as soon as possible.

Should you have any questions, please do not hesitate to contact your account manager.'

So now it's really hard for me to choose between one star and scam rating. I'll give one star for now. But think about it: the broker bans a particular EA, which didn't break any of the their rules, without any advance notice and for the only reason that this EA really works and makes money for their clients. If they have basic hedging problems - that's THEIR problems, and they shouldn't be in the business in the first place. Now they want their clients to just stop trading and wait until they are able to resolve the problem, that they should not have had, at the clients' expense without any time frame provided. The bottom line: it seems GoMarkets can't survive without their clients losing money, and that's the worst case you can imagine. STAY AWAY! And moderators may consider changing the rating of this joint to 'scam', because it looks like it has all the signs of a typical unsophisticated forex broker scam.

 
Solomon King,
Melbourne,
Aug 22, 2009,
Guest

I HAD GONE TO THEIR OFFICE AND OPENED AN ACCOUNT. Met with their consultant and was assurred of very good spreads. I decided to demo trade their platform to see how they are operating plus to improve my skills, brfore I put any money into the account. Unfortunatrly the spreads expanded dramatically in some instance up to 15 even 20 pips.

When I CALLED NEXT DAY, all I got was an excuses. Luckily I GOT SNAPSHOTS OF SOME OF THEIR TRADES.

If I was trading live I WOULD HAVE BEEN REALLY IN GREAT TROUBLE.

I hAVE BEEN PROMUSED SIGNIFICANT changes. I will believe it when I SEE IT..

I am extremely disapoointed from what I have seen.Performance is significantly below expectations.

Will give it 2 stars only because it is regulated and appears
to be willing to improve at least in words, maybe it will be a reality, soon.

 
john,
Australia,
Aug 19, 2009,
Guest

Ok thanx mod for informing us of those fake review posts excellent job as usual .. but will go on to say that this isn't really a major concern to me as a an account holder at gomarkets.

What is a concern is the various issues I had in my previous post.I have given my review on this company before and will try to keep people posted with any improvements to the platform since my last post.

Since my last review in the past week, i will be honest and say fills are a bit better now. The spreads haven't got out of hand lately but still needs work (as i compare to well respected forex companies with good ratings that i have had experience with current and past) and slippage and rare occasion price freezing needs some attention.

If chris and crew at gomarkets can continue to improve the system and by this i mean back up server,requotes,invalid prices and better fills during all market hours and no silly spreads then i will slowly upgrade my rating for them.by all means this is not a "Green Light" yet for people to fork out thousands and thousands of dollars but based on the above i think there has been a little improvement which is good enough for me to mark up to a 3star.

Keep in mind i'm a professional trader and i have used a hell of alot of brokers and i know the common problems with mt4 platforms and associated dirty broker tricks.

Chris and crew have made some attempt but will monitor over a longer period of time if the issues are resolved and whether the platform is consistent over longer periods of time to the above issues.This review will be over months and my rating will only be upgraded over longer intervals possibly 6 months to 2years to get a 5star rating but keep in mind if there's any more nonsense then i will downgrade where i see fit.

The positives for gomarkets is
1.asic regulated
2.quick withdrawls within 24-36 hours
3. Money safe in Aussie banks
4. Potential to be a well respected broker

The negatives i have discussed.

2009-08-08 2 stars I agree with chris from sydeny on this one "gomarkets was a constant array of requotes and invalid prices" and definately a bucket shop case..I have an account with them but would think twice in putting big money into this one.I do get fills sometimes but when u try to buy bigger lot sizes the above mentioned is the case.The problem is gomarketsaus have requoted me to much during critcal market movement times..Ive seen silly spreads in the past and dont really recommend them to anyone until they can constantly allow execution of trades to profitable traders otherwise their costing me money each time i dont get in during an important trade when i need to ...As mentioned b4 requotes and invalid prices have really stopped me furthur from earning more profits...As far as im concerned they are not really honest in their operations..Since they are located in Australia and regulated by asic i will give them another few weeks and then start to shop for more honest brokers who are more than willing to help their customers make money.Since i know how to make decent money in forex and know the dirty broker tricks my rating for them is a 2star...1 = withdrawl processed 2=asic regulated

Other than that this is not a broker to consider if you have serious money to invest..
 
Pauline,
Australia,
Aug 18, 2009,
Guest

Horrible broker! Most of the negative comments i've read below are exactly what they say they do .. I made a couple of hundred dollars in the first week, and from then on my spreads were widened. I have a trading partner and her spreads were untouched. This proves that they are dodgy. Not only were my spreads widened, but thereafter i was unable to trade due to the amount of requote (even when prices were stagnant). Now finally they have closed my account stating that they cannot provide any brokerage services to me (what does that even mean?). That said, my trading partner can still trade in her account.

I would advise anyone serious about trading to stay away from this broker - they have a different agenda - having profitable clients is not one of them!
 
steve johns,
maidenhead uk,
Aug 18, 2009,
Guest

Go have been my preffered foex broker for about a year , i used them when they still had the Saxo platform, MT4 is a vast improvement and the spreads are now very good. My only concern is that they have no GBP bank accounts and would like them to have a local office if possible. I would rate them 4 stars but i will give them 3 for being cheeky about posting possitive reviews on themselves even though im sure every broker here has done that.
 
Chris ,
Go Markets,
Aug 18, 2009,
Guest

I represent GO markets ands would like to comment on a couple of points listed below.
Obviously we welcome feedback but I would like to clarify a couple of points when we believe them to be unfairly portrayed.

Firstly we dont have slippage on entering and exiting a trade on the MT4 platform, we have instant execution, if the price has moved considerably from the time you click and the time the system receives the click then an order may be refused but we do not slip and refusal of any trades is automated and extremely rare.

Secondly our MT4 platform does have a live news feed streaming through.

Thirdly we are a non dealing desk provider so all of our staff are not dealers for the company but must have a decent product knowledge, if you feel that a member of staff has a lack of knowledge then feel free to let us know as we have high standards and must satisfy our regulators.

Lastly I would like to point out that we do not change spreads for different clients , we run a feed that comes from a list of banks and institutions through Currenex and spreads can and do vary throughout the day as they do for most providers.

I'm not blinkered and I realise that you will find some clients have negative experiences with all providers and also some posts may be from competitors but we do seriously strive to be an honest Forex provider with complete STP of all trades, we also welcome feedback to us directly as we know that there are always things to improve on.

Review Moderation Team Note: We aren't blinkered either and go to great efforts to prevent fake reviews. In this case, we are more concerned that Chris seems to have left 4 and 5 star reviews for GoMarketsAus as...

James, Syndey
pipprofit, Australia
James, Melbourne,Vic,Aus
jake, Canada

Our screening for fake reviews caught these pretty quickly, so they were deleted.

 
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