GO Markets Review 2021
For this GO Markets review, we opened a live account and deposited over €4,500.
We traded the popular instrument in every market to discover the actual spreads and placed a total of 12 trades.
We reached out to the broker’s customer support team to resolve the challenges we faced.
Finally, we withdrew our funds to determine if the withdrawal process was smooth.
What is GO Markets
GO Markets is a global forex broker founded in 2009 with its headquarters located in Australia.
The broker is licensed in Australia, Cyprus, the UAE and Seychelles.
GO Markets offers hundreds of tradable instruments in the following categories, Forex pairs, indices, metals, commodities and shares.
The broker offers a limited number of tradable instruments as compared to industry leaders.
Here’s a summary of GO Markets’ main features:
|🗺️ Authorised & Regulated in||Cyprus, Australia, UAE, Seychelles|
|🛡️ Is GO Markets safe||Yes|
|💰 EUR/USD Spread||1.02|
|💳 Minimum deposit||AUD$ 200|
|💰 Withdrawal fee||$0|
|🖥️ Trading Platform||MT4, MT5|
|📈 Markets offered||Forex, Indices, Metals, Commodities, Shares|
|📉 Number of Products||378|
Licenses and Regulations
Go Markets is licensed by 4 global regulators, including the top-tier Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the UAE Securities & Commodities Authority (SCA) and Seychelles’ Financial Services Authority (FSA).
Here’s a full list of the licenses held by GO Markets’ subsidiaries:
|Legal entity||Registered in||Regulator||License Number||Accepting Clients From||Compensation Scheme Amount|
|GO Markets Ltd||Cyprus||Cyprus Securities & Exchange Commission (CySEC)||322/17||EU||€20,000|
|GO Markets Pty Ltd||Australia||Australian Financial Services License (AFSL)||254963||Australia, Globally many countries||No compensation scheme|
|GO Markets MENA DMCC||UAE||UAE Securities & Commodities Authority (SCA)||Middle East||No compensation scheme|
|GO Markets International Ltd||Seychelles||Seychelles Financial Services Authority (FSA)||SD043||Seychelles||No compensation scheme|
Is GO Markets Safe
Yes, GO Markets is safe to trade. The broker is regulated by the top-tier Australian Securities and Investments Commission (ASIC), which has strict rules and enforcement procedures.
The broker is also licensed by Cyprus’ CySEC, the UAE’s SCA and Seychelles’ FSA. The CySEC guarantees investors’ deposit compensation of up to €20,000 if the broker goes bankrupt.
We had a smooth experience when trading with GO Markets.
For this review, we opened an MT4 standard account with GO Markets Limited, licensed by the Cyprus Securities and Exchange Commission (CySEC). We deposited money into the account, placed trades, and later withdrew our funds.
We recommend that you open your account with the Australian or Cypriot entities if they are available to you. Australia’s ASIC does not offer deposit compensation but is regarded as a tier 1 regulator because of its strict rules.
Meanwhile, the CySEC offers deposit protection of up to €20,000 if the broker becomes insolvent.
Fees and Commissions
GO Markets charges both low and high fees for trading the main assets on offer. The fees charged for trading Forex pairs, and commodities, are lower than industry benchmarks.
However, the average fees charged on indices such as the FTSE 100 are much higher than industry averages.
Two of the three accounts offered by GO Markets charge both a commission and a spread on trades. Only the Standard MT4 account charges a spread only with zero commissions.
Spread Charged in our Trades
For our tests, we traded the most popular instrument in each market. We placed 3 trades per instrument to get an accurate estimate of the average spread. We tested GO Markets’ Standard Account on the MT4 platform, which charges a spread on all instruments.
|Markets||Instruments||1st trade||2nd trade||3rd trade||Avg. Spread|
We executed all our trades via the MetaTrader 4 mobile app on our iPhone.
A deeper look at the spreads charged in our trades revealed that they were mixed. The spreads on Forex and commodity trades were lower than industry averages. However, the spreads on indices were much higher than industry benchmarks, as shown below.
|Markets||Instruments||Avg. Spread Charged||Industry Avg. Spread|
GO Markets does not charge any other non-trading fees such as deposit and withdrawal fees or account inactivity fees.
GO Markets offers 3 account types with slight differences. The accounts are known as the Standard account, the GO Plus+ account and the Pro account.
Here are the differences outlined below:
|GO Plus+ Account||Standard Account||Pro Account|
|Trading Platforms||MetaTrader 4 & 5||MetaTrader 4 & 5, CTrader||MetaTrader 4 & 5|
|Account Currency||AUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/ |
|AUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/ |
|AUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/ |
|Commission||A$3.00 per side on standard lots||Zero||US$3.5 per side on standard lots|
|Order Execution||Market Execution||Market Execution||Market Execution|
|Spread||From 0||From 1||From 0|
GO Markets offers swap-free Islamic Accounts to Muslim clients only. These accounts do not attract a swap fee for positions held overnight but charge an administration fee for trades held for more than 3 nights.
For our tests, we chose to open the Standard MT4 Account.
GO Markets account opening is quick and seamless. We went through the entire process and completed it digitally.
Here are the 5 steps to opening a GO Markets account:
- Enter your country, first and last name, email, referrer ID, promo code, and phone number.
- Provide your date of birth and tax details, including clarifying if you are a US citizen or a politically exposed individual.
- Enter your education level, employment status, and the nature of your business.
- Answer detailed questions about your trading experience covering topics such as different order types, the margin required for different lot sizes, and the impact of market moves on profits and losses.*
- Enter your income sources, estimated annual income, net worth, the purpose of your trading, how much money you intend to invest.
- Verify your account.
The registration process took 27 minutes, and our account was approved in 2 hours.
GO Markets is the only broker we have found asking detailed trading questions to verify your trading experience.
We provided our ID and a bank statement to verify our account.
For this test, we opened the Standard MT4 Account with GO Markets Limited, which the CySEC regulates.
Deposit and Withdrawal
GO Markets offers free and fast deposits and withdrawals. Traders can deposit and withdraw from their accounts via bank transfers, credit and debit cards, and e-wallets such as Skrill, PayPal, and Neteller.
GO Markets has a minimum deposit requirement of A$200 on its GO Plus+ and Standard accounts. The Pro account has requires a minimum deposit of US$3,000.
GO Markets’ clients can deposit funds into their trading accounts via bank wire transfers, debit and credit cards, and e-wallets such as Skrill, PayPal, and Neteller.
The table below shows the details of our deposits:
|Payment Method||Submitted Date||Funded Account Date||Funding Time||Fee|
|Skrill||19 March 2021||19 March 2021||Instant||€0.00|
|Credit Card||19 March 2021||19 March 2021||Instant||€0.00|
We were unable to fund our account using Neteller as our deposit attempt failed. We got the following error message from Neteller: “Unfortunately, we could not process the payment.”
GO Markets allows its clients to make withdrawals via the same payment methods available for deposits making it easy for investors to access their funds.
GO Markets does not charge a fee on withdrawals.
|Payment Method||Submitted Date||Funds Released Date||Funds Arrived Date||Withdrawal Time||Fee|
|Credit card||22 March 2021||24 March 2021||24 March 2021||2 working days||zero|
|Skrill||19 March 2021||26 March 2021||29 March 2021||7 working days||zero|
|Note||Our 1800 EUR Skrill withdrawal was on hold for many days and we had to send an email to follow up.|
We had a few challenges while withdrawing our funds. We made an 1800 EUR withdrawal via Skrill and a 3030.25 EUR withdrawal via credit card. We received EUR 3,000 to our credit card and EUR 30.25 to our Skrill account.
However, our EUR 1800 was pending for several days until we sent a follow-up email, and the broker released the funds on the same day.
Markets and Products
GO Markets offers various tradable instruments in the Forex, indices, stocks, and commodities markets.
Here’s the complete list of GO Markets’ product offering:
The broker’s collection of stock CFDs is adequate, but some competitors offer thousands of tradable instruments. However, traders located in the European Union do not have access to stock CFDs.
The trading conditions at GO Markets are great. Traders can execute most trading strategies since the broker allows high-risk strategies such as hedging and scalping.
GO Markets also allows traders to run automated strategies powered by Expert Advisors (EAs). Traders can use the VPS service to run non-stop automated strategies remotely.
There are no time limits for how long traders can keep their hedging positions open.
*Traders registered under GO Markets International Ltd cannot deploy scalping strategies as the strategy is not allowed.
GO Markets offers its clients various leverage levels based on the entity under which their account is registered.
Traders are also allowed to change their account’s leverage levels after registration.
The table below shows the different leverage levels available to clients:
|Markets||GO Markets Ltd||GO Markets Pty Ltd||GO Markets International Ltd|
|Major Currency Pairs||30:1||30:1||300:1|
|Non-major Currency Pairs||20:1||20:1||200:1|
|Other Commodities (except gold)||10:1||10:1||100:1|
GO Markets does not offer bonuses to its clients.
GO Markets offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms to its clients. Clients can access the two platforms via the desktop and mobile MT4 and MT5 applications.
The broker’s WebTrader platform offers the premium MT4 and MT5 Genesis advanced plugins available only on Windows computers. Clients also have access to social trading features via the Myfxbook integration.
We found the MT5 platform to be a bit more modern than the MT4 platform, which feels a bit dated.
Research and Tools
GO Markets provides market research via the features found on the MetaTrader platforms such as Trading Central., which provides trade insights from analysts, pattern recognition indicators and much more.
Traders also have access to Autochartist for real-time trading alerts and volatility analysis on both the MT4 and MT5 web platforms. Algorithmic traders also get access to a Virtual Private Server (VPS) and a-Quant daily trading signals based on machine learning/artificial intelligence.
The broker also provides the advanced MT4 and MT5 Genesis add-ons, a series of expert advisors (EAs) that can be easily added to a live trading account. The add-on helps traders who are not coders to use automated strategies.
MetaTrader’s charting resources are okay, but the platform’s design and functionality are a bit outdated.
The broker also provides news, podcasts, an economic calendar and much more.
GO Markets offers several learning resources within its education centre. The broker provides over a Forex Trading Handbook that offers an introduction to the Forex markets for beginner traders.
The broker also offers a series of MT4 tutorials that explains all the platforms features helping new traders understand how to use the platform.
Traders also have access to a series of free Forex education courses split into two tracks, with the ‘First Steps in Forex’ course catering to beginner traders. The ‘Next Steps in Forex’ course caters to intermediate traders.
GO Markets’ customer service team was very helpful and gave us direct and accurate answers to our questions. Our first contact with the team was via live chat, where we asked about the 30% bonus, the order execution types and withdrawal fees.
We received a fast response from the agent, who clarified that there was no ongoing promotion. The order execution type is market execution, and the brokers do not charge a fee on deposits and withdrawals.
You can reach the GO Markets customer support team via email and live chat. We asked our second query via email to know how long it would take to receive our Skrill and credit card withdrawals.
We got a response in four hours saying that Skrill and Neteller withdrawals are instant and should take a maximum of 10 minutes, while credit cards withdrawals are processed within 24 hours and should reflect in our account within three days.
Here are the results of our test below:
|Question||Response Time||Quality of reply|
|Live chat||We asked if the 30% bonus still live? What’s the order execution type? Do you charge any withdrawal fees?||We reached a support agent within 2 minutes.||It was direct, fast and accurate.|
|How long time it will take to receive fund withdrawn via Skrill and Credit card?||We received feedback within 4 hours.||It was direct and accurate.|
Overall, our experience with GO Markets was good, from the account opening to the deposit and trading process.
The broker doesn’t charge a deposit or withdrawal fee, but we could not use Neteller as a payment method despite the broker offering it as an option. Our Skrill withdrawal was delayed due to technical issues.
The broker’s customer support team was accommodating and responsive, as evidenced by the swift live chat responses. The email response times were average.
We recommend the broker for traders who run scalping, hedging, and automated trading strategies.
We also recommend GO Markets to all traders from beginners, intermediate and advanced traders who can all benefit from its services.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology