GO Markets Review South Africa – Unbiased Pros & Cons Revealed ( 2020 )

GO Markets Review

WHAT IS GO MARKETS?

 

According to research in South Africa, GO Markets was established in 2006 in Australia as a provider of online CFD trading services.

As the industry and clients’ expectations keep evolving, GO Markets has positioned itself as a leading and trusted Australian regulated broker, committed to refining its technology and client education to provide tailored services.

GO Markets currently offers a spread-based and a commission-based trading account with more than 350 tradeable CFD instruments including Forex, Shares, Indices and Commodities and Cryptocurrencies.

GO Markets was widely recognised as the first MT4 broker in Australia and has since added MT5, mobile trading and a web-based platform to its suite of platforms. GO Markets has offices in Melbourne, Australia, London, Taiwan and Hong Kong.

 

SAFE OR SCAM?

 

One of the best benchmarks to measure the safety of a broker like GO Markets, is to establish which regulating authorities act as watchdogs over its operations.

GO Markets is licensed by the Australia Securities and Investment Commission (ASIC), AFSL 254963.

The broker further offers tight spreads on its range of Forex, Share CFDs, Indices and Commodity markets, and has proven that it is capable of fast execution of trades.

GO Markets’ servers are located in the Equinix LD4 data centres providing a low latency environment to execute your trades.

All client funds are held in separate client trust accounts at top-tier AA-rated Australian banks like the National Australia Bank and Commonwealth Bank.

Clients are not left on their own as GO Markets’ friendly customer support team is available 24/5 to help them with their trading needs.

Trading transactions on the company’s wide range of products like Forex, Share CFDs, Indices and Commodities, can all be done from one account, which can be securely funded by using 3D Secure which provides extra protection for online payments.

 

GO MARKETS REVIEW OF PRO AND CONS

 

PROS

CONS

1. Used by over 10,000 traders 1. Limited range of instruments
2. Regulated by ASIC 2. Not FCA Regulated
3. Minimum deposit from $1 3. Clients from many jurisdiction not accepted
4. Allows scalping 4. Only two account types available for all traders.
5. Allows hedging 5. Swap free offered in MENA region only
6. Offers STP
7. Deposits, withdrawals processed in 2-3 days

 

LEVERAGE

 

Leverage is a facility that enables you to get a much larger exposure to the market you are trading on than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.

Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.

By default, all GO Markets client accounts are set up for using a leverage rate of 100:1 (1%). According to the account balance, a client may choose a rate from 1:1 (no leverage) to a maximum 500:1.

Clients should understand the concept of leverage and how it may impact on their trading and carefully consider which leverage rate is appropriate for their needs.

Traders should also note that certain currencies attract a higher margin rate irrespective of your account leverage. Some currencies may have a fixed leverage rate, while others (such as exotic currencies), may require up to five times the margin rate of a major currency.

 

ACCOUNTS

 

A forex account at GO Markets is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.

Go Markets offers the following accounts:

Individual Account

The Individual Account caters for individual use where a client can get the GO Markets experience with great spreads, up to 500:1 leverage, and 24/5 multilingual support.

Trust and SMSF Forex Trading Account

If you have a Self-Managed Superannuation Fund (SMSF), you can open a trading account to trade on the CFDs markets with a proportion of your fund.

Company / Corporate Account

Choose this account type if you want to trade with GO Markets as a business, company, or corporate entity.

GO Markets also offers a free MT4 & MT5 Forex demo account that allows novice traders to experience the world of trading.

Potential traders can trial GO Markets’ MetaTrader4 & 5 demo account and start trading in a practice environment with virtual funds of $50,000.

This live MetaTrader demo trading platform uses the same price feed as the live MT4 & MT5 accounts, so you can experience real-time spreads and fast execution. Other benefits of the demo account include:

  • Practice on the move on your portable devices and desktop.
  • 24/5 multilingual and dedicated client support.
  • Over 80 technical analysis tools.
  • Apps for iOS & Android.

 

MARKET INSTRUMENTS

 

The most popular market instruments available from brokers for trading include:

Forex

Forex trading, currency trading, or FX trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities

Along with currency exchange markets, commodity markets offer many investment opportunities for traders. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of inflation or economic uncertainty.

Indices

Equity indices, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

GO Markets offers more than 350 products including Forex, Share CFDs, Commodities, Indices, and Metals for trading, including:

  • Forex – 50+ currency pairs available
  • Share CFDs – trade 200 ASX Share (CFDs) with margin requirements from 5%
  • Indices – access a wide range of Index CFD trades via MT4 & MT5 platforms
  • Metals – access a range of precious metal pairs
  • Commodities – trade one of the most heavily traded products in global markets

 

Read the Fondex Review here

 

FEES

 

Due to its global presence GO Markets may offer various account types that may differ according to the regulation entity to which it complies, therefore clients may experience different fee structures too, according to their country or place of residence.

GO Markets offers raw spreads on GO Plus+ accounts, but charge AUD3 or $2.5 commission per side. All spreads are variable as they are aggregated from over 22 liquidity providers.

A commission of 0.08%, with a $10 minimum is charged when trading Australian share CFDs. Like most brokers, GO Markets takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

 

DEPOSIT AND WITHDRAWAL

 

GO Markets makes it simple to move your money. Deposits, withdrawals, and internal transfers can be performed from the Client Portal.

Credit cards, Bank Transfer, PayPal and UnionPay can all be used for depositing funds. GO Markets does not charge internal deposit fees using Visa or MasterCard, Skrill, Neteller and Bank Transfer.

After opening your trading account, you can deposit funds using any of these transfer methods and you can hold your funds in several base currencies. Third-party payments and over-the-counter cash payments to GO Markets are prohibited.

Withdrawal forms received before 13:00 AEST will be processed on that day. Any forms received after this may not be processed until the next business day.

Withdrawn funds can only be returned to a bank account in the same name (or joint) as your GO Markets account, due to third party transaction regulations.

GO Markets does not charge any internal fees for withdrawals, but withdrawals to non-Australian banking institutions may be subject to bank fees.

 

TRADING PLATFORMS

 

A forex trading platform is the software provided by GO Markets to its clients to carry out their trades.

A multi-asset trading platform is one that allows clients to trade forex but other asset classes, including CFDs on stocks, stock indices, precious metals, and cryptocurrencies as well.

The decision about which platform to choose will always depend on what a client would like to trade.

When it comes to trading, the right CFD trading platform is needed to carry out your trades. GO Markets offers both the powerful MetaTrader4 and MetaTrader 5 as desktop and mobile trading platform options, due to its efficient and high-quality trading opportunities.

MT4 for mobile allows traders to trade anywhere at any time, analyse trading markets and easily access expert advisors. MT4 is predominantly a Forex trading platform, while MT5 is a multi-asset CFD trading platform.

Other handy trading tools offered by GO Markets include:

  • MT4/MT5 Genesis – a suite of trading tools that help to enhance trades and can be used for Forex, indices and commodities.
  • Autochartist – helps traders with its pattern recognition tool, simplifying technical analysis and identifying trading opportunities based on key support and resistance levels. It alerts traders of new opportunities.
  • Myfxbook – a popular trading tool able to copy trades from successful trading systems.
  • Trading Central – a collection of programmes that offer investment support with 24-hour multi-asset coverage, technical and fundamental analysis and back-tested trading strategies.
  • GO Markets Virtual Private Servers (VPS) for MT4 & MT5 allows you to execute trades using Expert Advisors (EAs) fast and easy, allowing more efficient trading.

 

HOW TO OPEN AN ACCOUNT

 

The GO Markets review is simple and easy.

Similar to a bank, if you want to register a forex trading account with GO Markets for the first time, you will be required to go through a basic “know your customer” process, which will allow GO Markets to make sure that your submitted personal details are correct.

This will also ensure the safety of your funds and your account details are ensured. After the initial registration you will normally be emailed your login details that will correspond to a login on a trading platform matching your type of account.

The process to open a new live trading account with GO Markets is quick and easy, with dedicated support to help you on your way.

Applicants from outside Australia must check their local laws and regulations before applying for an account.

GO Markets does not accept live account applications from clients resident in Israel, Belgium, Canada, Japan, New Zealand, Turkey, United States of America and Vietnam. Clients who feel that they might be exempted, should enquire from GO Markets.

GO Markets also does not accept applications from the following countries:

  • Afghanistan
  • Azerbaijan
  • Botswana
  • Bosnia and Herzegovina
  • Burundi
  • Central African Rep
  • Congo
  • Cote D’Ivoire
  • Ethiopia
  • Eritrea
  • State of Palestine
  • Ghana
  • Guinea Bissau
  • Haiti
  • Iran
  • Iraq
  • Lebanon
  • Libya
  • Myanmar
  • Nicaragua
  • North Korea (DPRK)
  • Pakistan
  • Serbia
  • Sierra Leone
  • Somalia
  • Sudan
  • South Sudan
  • Syria
  • The Bahamas
  • Trinidad and Tobago
  • Tunisia
  • Venezuela
  • Yemen
  • Zimbabwe

 

CUSTOMER SUPPORT

 

Potential traders need to make sure the broker company they choose will offer support and help whenever they may need it, in order to help customers to easily find the exact answers to their questions and offer them the best user experience.

In the case of GO Markets, they offer QuickSupport, a remote support application. It is accessed by clicking on the appropriate link on your system and following these steps:

  • Allow Remote Control Access
  • Run GO Markets QS
  • Double click on the ‘TeamViewQS’ application
  • Accept the disclaimer
  • Read the disclaimer and click ‘accept’.
  • Provide ID and Password
  • Provide your ‘TeamViewer ID’ and ‘Password’ to GO Markets support staff every time you need help.
  • GO Markets support staff can then temporarily and securely connect to your computer and remotely solve the issue.

 

EDUCATION

 

Before starting to trade, potential clients of GO Markets should avail themselves of all the possible information and trading skills needed to be successful in the world of forex and commodity trading.

If GO Markets’ website itself does not provide enough means, a trader should explore other informative websites and means to obtain that knowledge.

GO Markets provides their clients with education and market analysis to enable them to be as informed as possible before trading the currency markets.

GO Markets’ Forex demo account is one of the best ways to experience the real trading environment and it is supplemented by a full suite of educational material, including video tutorials.

GO Markets also has a Forex Education Center which provides you with options to learn basic and advanced features of trading. Other education courses and training sessions are offered through live webinars.

 

RESEARCH

 

To be able to trade with confidence and success, potential traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal.

This will ensure that they don’t lose money unnecessarily but are able to make their trade as profitable as possible.

At GO Markets traders can sign up for a newsletter and daily commentary to receive daily market news and monthly newsletters, delivered directly to their inbox.

A downloadable Forex Smart Guide gives you a greater level of transparency into trading CFDs and Forex. This information should be considered in conjunction with their Product Disclosure Statement and Financial Services Guide.

 

AWARDS

 

In Investment Trends December 2019 Australia Leverage Trading Report, GO Markets was rated first for customer service and their educational programmes achieved the highest satisfaction award.

 

CONCLUSION

 

GO Markets is a worthwhile option for potential traders, as it has maintained consistent growth to become one of Australia’s leading brokers.

Both its MT4 and MT5 platforms are perfect for analysis, manual and auto trading, strategy development and all trading styles. The company’s provided tools are invaluable to trade forex and CFD assets efficiently.

 

Read the FXCC Review here

DISCLAIMER

 

GO Markets warns customers that Forex and CFDs trading always carries a high level of risk and may not be suitable for all investors.

Before deciding to trade the products offered by GO Markets, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose, according to research in South Africa.

 

FREQUENTLY ASKED QUESTIONS

 

What is Go Markets Overall Review Rating?

8/10

What is the minimum deposit to start trading on Go Markets?

$100

Is Go Markets safe and secure?

Yes, 100 %

Does Go Markets offer a demo account?

Yes

Is Go Markets legitimate?

Yes, they are

 

Regulated By FSB-SA

Your money is safe with us  |  Enjoy fully segregated accounts