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

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!!!
 
Terry,
, Australia,
Sep 27, 2012,
Guest

Bad spreads , very poor customer service , got un professional and rude people on the line.

Their Zero fee credit card deposit will end soon. So c***

Don't know how they got their ASIC license? I don't believe they are a STP , more like market maker and bucket shop
 
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 !
 
Wayne,
Wellington, New Zealand,
Mar 21, 2013,
Guest

I have been with Go Markets for about 4 years. Had a problem early on where I was stop hunted for a 50 pip SL, but haven't had a further problem until today.

I got an email today from Go Markets Aus suspending trading in my account. They allege that my trading is "suspicious and in particular exploiting internet & connectivity delays in order to take advantage of arbitrage on the Trading Systems.". My account is now frozen for up to 90 days.

My account has been quite profitable of late & I have been trading news events which have yielded quite good profits & I feel that this is what has led to my suspension.

I would be interested to see if anyone else had had a similar experience with either Go or any other broker.

2011-11-20 1 Star Been with them 3 months. Very dissatisfied and will be closing account. Spread spikes are very large on certain days. Up to 70 pips and without a spread history indicator you will never know how you are losing so many trades. Happens in the blink of an eye and on a regular basis. Just checked a trade I have been running for a few days. Difference between sell price and current price is 70 pips. They are showing a deficit in price the equivalent of 105 pips. Could FPA please have a look at these people and give them a rark up. I wish the FPA could hire an honest brokerage firm using guidelines set by the FPA that we could use and know we have a chance to succeed without people thieving our money. I personally would be prepared to pay an reasonable annual fee for the FPA to organize this.
 
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!
 
Turkey,
May 10, 2019,
Registered user

I funded my account in 5 seconds, after a month I made some money and I wanted to withdraw it. At the first, I tried to withdraw via Neteller and it failed, because they have a licensing issue with both Neteller and Skrill even they did not mention that on their website. I didn't care that too much and I tried to withdraw via credit card. Guess what? It's also FAILED, the reason is unknown. So, I tried to withdraw via bank transfer. I do not live in Australia and my bank does not BSB code (which is required for domestic money transfer in Australia) that's why I can't even add my bank account to give a withdrawal order. If they won't going to give my money, I will go to ASIC, because they do not warn your about their unvalid both Skrill and Neteller license and also they do not have proper payment system for international money transfer. I sent an email to their funding team, I will let you know about result on Monday. Be careful, if you are an international trader. You could have a such a hard time to get your money.
 
avlis,
slovenia, Slovenia,
Mar 28, 2013,
Guest

Don't open trading account with GO MARKETS
They blocked the accounts and illegally stole my earnings
Broker GO MARKETS is a scam ... and I fell into their trap.
after several months of trading. They wrote me that I abused the market
If I really abused the market, it must be notified within 24 hours.
Daily Confirmation did not appear that the my trading is something wrong
GO Markets are regulated in Australia by ASIC and hold an AFS Licence (254963).
I believe that this is an institution that give permission to work, they would never forgive such theft
 
Pipslut,
Goldcoast, Australia,
Apr 26, 2012,
Guest

GO at it again, just had 25 pip spike on the audusd pair on 5min candle, 4/26, 10:45... My two other brokers did not spike. GO was once a great broker, just a scam and trade against you now,AVOID....

2011-11-09 2Star I was a big fan of gomarkets been using them for 2 years, however the last couple of days they have been blowing out the spreads 20-25 pips during news release. Sucks if you a news trader or scalper.. Time to move my money elsewhere... Just wanted to give scalpers the heads up.... AVOID....
 
Sam,
Manchester, United Kingdom,
Jun 17, 2019,
Guest

Over 1 month of trading - Deactivated my account

Service use: Live

Length of use: 0-3 Months

Signed up 1st week of May, deposited £150, as their minimum was $200AUD, £150 is well over their minimum required - started trading on the 8th.
Everything was great, overall I was on a loss, but I had no complaints about the quality of the Broker.

Came to trade today, 8 weeks nearly since I initially funded the account they've deactivated my trading ability stating I need to submit an extra £50.
They then link me to T&Cs which still clearly state $200AUD, at the time of writing £150 is nearly $300AUD.

Crazy shady practices - apparently its a "system error" - but no efforts have been made to turn my account back on until they receive the extra £50.

AVOID.
 
oz trader,
victoria, Australia,
Mar 21, 2013,
Guest

After months of trading with gomarket they have emailed me informing me that i have used an EA and they have frozen my account not letting me whithdraw any funds i have asked for proof and have recived nothing they have stolen all my funds not even the trades there questioning but the entire account . STAY AWAY FROM GOMARKET THERE THIEVES