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 and CFDs 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:

πŸ—ΊοΈ Authorised & Regulated inCyprus, Australia, UAE, Seychelles
πŸ›‘οΈ Is GO Markets safeYes
πŸ’° EUR/USD Spread1.02
πŸ’³ Minimum depositAUD$ 200
πŸ’° Withdrawal fee$0
πŸ–₯️ Trading PlatformMT4, MT5
πŸ“ˆ Markets offeredForex, Indices, Metals, Commodities, Shares
πŸ“‰ Number of Products378

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 entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
GO Markets LtdCyprusCyprus Securities & Exchange Commission (CySEC)322/17EU€20,000
GO Markets Pty LtdAustraliaAustralian Financial Services License (AFSL)254963Australia, Globally many countriesNo compensation scheme
GO Markets MENA DMCCUAEUAE Securities & Commodities Authority (SCA)Middle EastNo compensation scheme
GO Markets International LtdSeychellesSeychelles Financial Services Authority (FSA)SD043SeychellesNo compensation scheme
GO Markets ASIC License

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.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD11.0511.02
IndicesFTSE 1004444.00
CommoditiesGold2.42.552.352.43

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.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD1.021.6
IndicesFTSE 1004.001.5
CommoditiesGold2.433.8

Other fees

GO Markets does not charge any other non-trading fees such as deposit and withdrawal fees or account inactivity fees.

Account Types

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+ AccountStandard AccountPro Account
Trading PlatformsMetaTrader 4 & 5MetaTrader 4 & 5, CTraderMetaTrader 4 & 5
Account CurrencyAUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/
HKD
AUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/
HKD
AUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/
HKD
Minimum DepositA$200A$200US$3,000
CommissionA$3.00 per side on standard lotsZero
US$3.5 per side on standard lots
Order ExecutionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 0From 1From 0
Note

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.

Account Opening

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:

  1. Enter your country, first and last name, email, referrer ID, promo code, and phone number.
  2. Provide your date of birth and tax details, including clarifying if you are a US citizen or a politically exposed individual.
  3. Enter your education level, employment status, and the nature of your business.
  4. 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.*
  5. Enter your income sources, estimated annual income, net worth, the purpose of your trading, how much money you intend to invest.
  6. Verify your account.
GO Markets Account Opening

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 Credit Card Deposit

Minimum Deposit

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.

Deposit

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 MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill19 March 2021 19 March 2021Instant€0.00
Credit Card19 March 202119 March 2021Instant€0.00
NetellerN/AN/AN/A€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.”

Withdrawal

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 MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Credit card22 March 202124 March 202124 March 20212 working dayszero
Skrill19 March 202126 March 202129 March 20217 working dayszero
NoteOur 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:

MarketsInstruments
Forex52
Indices14
Stocks306
Commodities6
Cryptocurrencies0

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.

Trading Conditions

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.

Trading MethodAllowed
HedgingYes
ScalpingYes*
Change LeverageYes

*Traders registered under GO Markets International Ltd cannot deploy scalping strategies as the strategy is not allowed.

Leverage

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:

MarketsGO Markets LtdGO Markets Pty LtdGO Markets International Ltd
Major Currency Pairs30:130:1300:1
Non-major Currency Pairs20:120:1200:1
Gold20:120:1150:1
Other Commodities (except gold)10:110:1100:1
Indices5:120:1100:1
Stocks5:15:15:1
Cryptocurrencies1:12:120:1

Bonus

GO Markets does not offer bonuses to its clients.

Trading Platform

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.

GO Markets MT4 Platform

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.

Go Markets MT4 VPS

The broker also provides news, podcasts, an economic calendar and much more.

Education

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 Webinars

Customer Service

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.

GO Markets Customer Support Live Chat

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:

QuestionResponse TimeQuality of reply
Live chatWe 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.
EmailHow 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.

Conclusion

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.

I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets.

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

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