GOMarkets.com Review Visit site

Updated: Jan 9, 2020
Formerly GoMarkets.com.au
2.824 · 221 REVIEWS
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Other websites of this company include GoMarkets.com.au, GoMarketsAus.com

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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2.824 · 221 REVIEWS
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Consumer Reviews

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.

 
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!
 
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!
 
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.
 
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...) :)
 
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.
 
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.

 
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.
 
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?.
 
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.