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

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.
 
Leroy,
Pacsoe Vale,
Aug 31, 2010,
Guest

Go refunded a spike on my trade without question, not many brokers do that for me so happy to stick with them.
 
Jeremy,
New York,
Aug 29, 2010,
Guest

I was trading with GoMarkets for about a month.
At first I was impressed with their fractional PIP pricing, to the 6th decimal point, and allowing hedging.
I had many open positions all hedged, and opened an additional NZD/JPY 10 K lot at 500:1 leverage. I had a stop in place to hedge my position at 10 PIPs below the market.
I woke up in the morning and all my open hedges about 30 positions were closed, and my NZD/JY position clsed as well.
The math doesn't add up 10 PIP's NZD/JPY with $60 in free margin upon entry....
I immediately contacted them but they are only open 9-5 Aussie time.
When they opened was told it was due to news.
This isn't a valid excuse. I still had a stop 10 PIPS away.

To me it seems that they offer you the world, but as soon as you aren't looking they pull the same tricks as all the other firms.


 
Frank,
Australia,
Aug 27, 2010,
Guest

Absolutely horrendous for trading. They dont have a backup server. Their servers went down a couple of days ago during prime trading sessions (US and London Sessions were open), and there was no way to manage your trades (no connection) for over an hour. No phone support was present either! And you would leave your money with them? Very annoyed. All i got from them the next day was a "sorry".
 
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.

 
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.
 
Brian G,
Staffordshire,
Aug 20, 2010,
Guest

Metatrader console is performing well, I have roadtested the MYFX demo to add to the MT4 and it adds some good features. GO Markets tend to listen to clients feedback which inspires some confidence. No problems thus far after using them for 9 months.
 
Luca,
Trentino Italy,
Aug 11, 2010,
Guest

Happiest using GO Markets for my FX trading, very good service , happy to recommend to you at all levels
 
pat,
england,
Aug 9, 2010,
Guest

Had a little chuckle at the comments below. I Can't believe someone identifies a daily restart as an indication of a scam. You obviously haven't traded with MT4 before - every broker has it! Go are definitely the best broker I have used in terms of spreads and execution and I have never had to question a trade. I'm not a heavy trader - I do around 50 lots a month, and I am about even on my account, but I wouldn't consider changing. My only criticism is that I would like to be emailed with statements or have a web login. No one is perfect, so it will have to be 4/5.
 
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.
 
SimonR ,
Surrey UK,
Aug 6, 2010,
Guest

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

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

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

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

I have to disagree with comments below, I have traded for quite a while with GO Markets without major issue. I happen to be a profitible grid trader and scalper ( Not News ) the price feed is reliable if not a tad erratic but my EA's like that and its similar to Interactive Brokers, I use both brokers but GO has MT4 which suits my trading and expert advisors.
 
Joan,
Estonia,
Jul 28, 2010,
Guest

Rather satisfied with them.
Deposit / Withdraw include bank costs which is not very nice. Otherwise, efficient broker (i.e. orders at put at said price, no slippage, spread rather small.
Customer service is very OK, with an answer before 24h in all cases.
 
Theo,
Australia,
Jul 26, 2010,
Guest

Having used many brokers before I have started using GO about 4 months ago. I have found the level of service to be of good standard , speed of funding account is good but have not yet tested withdrawals.
I have been satisfied with the spreads and accuracy of fills. I have not experienced any funny business even though I am a profitable scalper. I too have been caught out on a spike but Go did reverse the trade. I would not news trade as the feed does not seem to be smoothed like FXCM but for scalping and long term trading I am happy. will only give 3 stars at the moment due to still in testing phase but will update in 3 months when I have fully roadtested them.
 
Indonesian Trader,
Indonesia,
Jul 24, 2010,
Guest

This broker doesn't receive applicants from 20 or more countries. One of them is: Indonesia. They should state it in their website so won't waste anyone else time by trying their demo. What a waste!!!
 
martin,
poland,
Jul 22, 2010,
Guest

I Agree with "fred, sydney" with 100%
they simply use dirty tricks.
1 pips on EUR/USD belive me NEVER HAPPEN !!!
always when you close/open position platform freeze for 2-3 sec and its very, very often against you, result - you always open/close position a few pips against you
in importants moments on the market always, always you order freeze, they simply cheat
 
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!!!
 
Graeme Little,
Queensland, Australia,
Jul 17, 2010,
Guest

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

If a broker can apply spreads of up to 250 pips to an open position whenever they see fit, is that a scam? Well in my book it's a joke. You enter the trade believing that you are paying a fair 2-3 pip spread and then suddenly you get a margin call because your profit/loss position has changed dramatically.
GoMarkets blame low liquidity in times of major news announcements and then say it's the software that does this automatically. Not good enough!!!!!!
Who in their right mind would enter a trade with a 100+ pip spread?
Then there is the unexplained spikes in the market which don't appear on other brokers charts? Strange?
So effectively what you are seeing on your charts is not the market at all. It's GoMarkets interpretation of the market, in their favour of course.
They get their pricing from the banks and then their software makes the adjustments before giving you the delayed version of the market.
If you think this is reasonable and that is how you want to trade then go right ahead, but you will make some money and then you will lose it because they are controlling you.
The Forex brokers are unregulated, so it is buyer beware.
I think learning to trade is a tough enough thing to learn but if you add in delayed charts that are not even accurate reflections of the market and 100 pip spreads, what hope do any of us have?
Be very careful when choosing brokers. My suggestion is to compare their charts to other brokers and at least check that the daily prices are fairly indicated on your charts.
Then, be very wary of having open positions overnight, you are at the mercy of the brokers. Imaging have a full lot on a trade at $10/pip then the broker hits you with a 100 pip spread, the trade is now costing you $1000 just to close the position. But even worse, they can close it for you. WOW!!!
 
Rav,
Srilanka,
Jul 6, 2010,
Guest

i have opened a live account and using an scalping EA spreads are widen during asian session. but have managed to trade with my robot. if they could have fixed spreads for clients as an option. i have not withdrawn money so would rate average.
 
Stephen,
Sydney,
Jul 4, 2010,
Guest

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

2010-03-01 06:47AM 1 Star Heavy Spread Manipulation....expect spreads to widen 20 - 40 pips even with minor news announcements....be very careful!
 
Phil,
Nevada,
Jun 26, 2010,
Guest

Spreads rock and good service.
Funds seem secure
Happy
 
Grant,
USA,
Jun 19, 2010,
Guest

After experience with live accounts with U.S. brokers and rule changes, I decided to try GoMarkets in April 2010 with a small live account. After trying manual and EA trading, I can tell you that my experience has been excellent. The customer service is excellent and trade execution quick. Recently I requested a withdrawal of part of my profits, and the wire transfer showed up in my account in one day. Outstanding! Anyone looking for a reputable and consistent forex broker should give GoMarkets a try. Also their leverage options are great, I'm using 500:1 - well done GoMarkets.
 
Repeater,
Australia,
Jun 17, 2010,
Guest

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

Other than that, when it is working its good.