GO Markets is a great place to start for those new to the online trading world. GO Markets is a well-established company that was founded in 2006, is headquartered in Australia, and regulated by Australian authorities.
However, being well-established and licensed isn’t the only thing that should determine whether you start trading with GO Markets. In this GO Markets review, we’ll cover everything you need to know about the platform, its strengths and weaknesses, and whether it’s the best spot for trading online.
Read on and learn more about the opportunities available to you with GO Markets.
GO Markets Pros and Cons
- Tight spreads
- Over 50 currency pairs available
- Regulated by Tier 1 – ASIC Australia regulator
- Leverage up to 1:30 (ASIC license)
- MetaTrader 4 trading platform
- Basic Account Currencies: USD, EURO, PLN
- Minimum deposit $100
- Not available for USA traders
We love GO Markets for its exceptional educational tools, making learning how to trade online and understanding market insights manageable for newbies. With copyreading and social platforms, you can learn everything you need to know about how to trade. It also has low fees, good regulatory oversight, and a beautiful interface.
However, the product selection is limited.
The platform specializes in CFDs (contract for difference). These are ideal for short-term gains. While this specialization may be perfect for those who want to dive deep into CFDs, this is not the right choice for those looking for long-term investment opportunities.
GO Markets is considered safe. GO Markets Pty Ltd is regulated and licensed by the Australian Securities and Investments Commission (ASIC). Cyprus Securities and Exchange Commission (CySec), Financial Services Commission (FSC), Financial Services Authority (FSA).
The leverage for Australian and European traders on GO Markets is 1:30.
Leverage is what allows you to make greater profits on smaller deposited amounts. However, it also means you could lose more if things go wrong.
A great feature of this platform is the leverage customization.
While 1:30 is the maximum, you can change the leverage up to that point.
This means you could increase your profits if things go well or reduce your risk if things go wrong. You decide!
For traders who open their trading account under FSC or FSA regulated GO Markets entity, max. leverage is 1:500
|30:1||Forex currency pairs|
|20:1||Non-major currency pairs, gold and major equity indices|
|10:1||Commodities other than gold and non-major equity indices|
|5:1||Individual equities and any underlying assets not otherwise mentioned|
Not all traders are looking for the same perks and features from their platform.
That’s why GO Markets offers its users two account types. Based on your situation and trading habits, you can choose the account and benefits that work best for you.
The first account type is the standard account.
Standard Account has a lower minimum deposit, making it easy for anyone to get started. However, there is a wider spread. But with no commission, you won’t need to pay anything out as a commission fee.
GO Plus +
The GO Plus+ account is the exact opposite to Standard Account.
The minimum deposit is higher, and you will need to pay a commission fee. But with tighter spreads, you can potentially make much more from significant investments. So, while you pay more, you can also win more.
Beginners typically opt for the standard account, while trading enthusiasts and pro traders want the GO Plus+ account.
Comparison Standard vs. GO Plus+
|Standard Account||GO Plus Account|
|Max. Leverage||Up to 1:30||Up to 1:30|
|Spreads||from 1 Pip||0 Pips
2€ commision per Lot
|Minimum Trade Size||0.01 Lot||0.01 Lot|
|Minimum Initial Deposit||100€||250€|
We’ve addressed that there may or may not be a commission fee, depending on the account you choose.
But overall, you will enjoy low fees with GO Markets. There aren’t any fees for deposits or withdrawals.
Notably, there also isn’t an inactivity fee. That means if you need to step away, you won’t pay any fees for taking a break. So for those just wanting to try out the platform, this is a great choice.
The spread will depend on the account you have with the platform: Standard vs. Plus+.
The tighter the spread, the more favorable it is to the user.
If you’re looking for the tightest spread, go with a Plus+ account. Just keep in mind that you’ll need to pay a 2 USD commission per side.
If you’re willing to take a wider spread to avoid commission, you’ll find that with the standard accounts where spreads start from 1 pip.
Trading online has limitless possibilities. It’s not just stocks — CFDs, forex, and cryptocurrencies are more accessible than ever, just to name a few.
While GO Markets specializes in CFDs, it also allows users to trade in other commodities, allowing for portfolio diversification — a.k.a more ways to make money online.
Over 50 currency pairs are available.
At the moment there are 499 Share CFD’s available on GO Markets platforms (ASX: 201, NAS: 31, NYSE: 73, HKEX: 193)
Commodities and Metals
If you are a commodity trader, Oil, Gold and Silver is available as CFD.
GO Markets tries to keep the cost for commodities as low as possible.
15 Indices are available for trading>
|FTSE100||UK 100 Large Caps|
|US500||US Large Caps|
Deposits and Withdrawals
Like most other sites, GO Markets has a minimum deposit. However, the minimum for the standard account is less than half what it is for Plus+ account holders.
Both deposits and withdrawals can be made with various sources, including bank transfers, credit cards, debit cards, digital payments, and BPAY. While GO Markets doesn’t charge internal fees, you may run into different costs depending on where you live and your payment method. Take a close look at banking fees before making a deposit or withdrawal.
GO Markets goes above and beyond to deliver excellent trading platforms to its users.
Not only does it use standard trading technology, but it also has the extensions and support that all users love.
From social trading and copytrading to limitless strategies and trading ideas, you don’t need to be a seasoned professional to start making money on the site. It looks great, has tons of features, and is easy to use.
It’s simple to reach the customer support team — you can contact them via phone, e-mail, and live chat.
However, representatives aren’t available 24/7. So while there may be a delay in getting the answers you want, they’re easy to contact, and you’ll get friendly, informed answers when you do get in touch.
Is GO Markets Safe or a Scam?
To be considered a safe trading platform, sites need to meet all regulatory requirements for their country (in the case of GO Markets, that would be Australia), maintain security for their traders, have the right tools for traders to use, and meet audit requirements.
GO Markets is an entirely legitimate site. As with any trading, there is a risk, and traders may lose money. However, everything is carried out legally and safely to meet trader expectations and regulation standards.
Verdict: Is GO Markets Right for You?
After looking over this GO Markets review, you may already have a good sense of whether this is the right platform for your trading. This is a great place to start for newcomers to the trading market. If you don’t already have a favourite trading platform, give the GO Markets free demo account a try, and see for yourself if this could be your go-to for online trading.
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