Go Markets Broker Review

Is GO Markets Safe?

Yes, GO Markets is a safe broker for Filipinos to trade with.  It maintains regulation from some of the world’s top regulators, including ASIC of Australia, CySEC in Cyprus, the Financial Services Authority of Seychelles, and the FSC of Mauritius.  

Founded in 2006  and headquartered in Melbourne, GO Markets is regulated by the Australian Securities and Investments Commission (ASIC),  the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Services Authority (FSA), and the Financial Services Commission (FSC) of Mauritius. 

• GO Markets Pty Ltd is authorised and regulated by ASIC, afsl licence number: 254963.
• GO Markets Pty Ltd (MU) is a Global Business Company (Company No.170969), authorised and regulated by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer (Discount Broker) Licence No.GB 19024896.
• GO Markets is authorised and regulated by CySEC, Licence Number: 322/17
• GO Markets is authorized and regulated by the Seychelles Financial Services Authority, Securities Dealer Licence Number SD043.

Filipino traders will be trading under the subsidiary, GO Markets Pty Ltd, authorised and regulated by the Financial Services Commission (FSC) of Mauritius, which allows brokers to offer their clients higher leverage.  

Unlike top-tier regulators such as the FCA and ASIC, the FSC does not mandate that companies segregate client funds, provide negative balance protection, or participate in investor schemes. GO Markets does, however, segregate client funds from its operating capital in various banking institutions, and will not use customers’ funds in its operation or any other investment, ensuring their protection at all times.  Note that negative balance protection is only available on a discretionary basis, and requests are evaluated case by case.

GO Markets has won numerous awards, including Best Customer Service 2019 (Investment Trends), and Best Educational Materials/Programs 2019 (Investment Trends).

Overall, based on its long track record of responsibility, the segregation of client money, and the high level of regulatory oversight, it is clear that GO Markets desires to provide a safe and secure trading experience for Filipino traders.  

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Trading Fees

GO Markets’ trading fees are lower than other similar brokers.

Unlike other brokers that offer a range of account types with lower spreads linked to higher minimum deposits, GO Markets offers only two accounts with minimum deposits starting at 200 AUD. The Standard Account has the trading costs included in the spread while the GO Plus+ Account offers tighter spreads and a small commission per trade. For more detail on GO Markets’ trading accounts, click here.

Unfortunately, GO Markets fee structure is not transparent and it does not publish the spreads alongside each instrument.  

GO Markets’ accounts were assessed to compare the costs to those of other brokers. When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread. 

The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:

Spread x Trade Size + Commission = Total Trading Cost (USD):

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As you can see from the table above, the trading costs on the GO Plus+ Account are lower than the costs on the Standard Account, which has the trading fees included in its variable spreads.  Spreads tighten or widen depending on market volatility and trading volume.  

Overall, the trading costs on the GO Plus+ Account are lower than average – the trading costs at most other brokers tend to be around 9 USD per lot traded, but slightly higher than average on the Standard Account.

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

FXCC

5/ 5

EUR, USD, GBP

0.60 pips

USD 6

0.40 pips

0.40 pips

0.40 pips

USD 0

InstaForex

2/ 5

USD, EUR, RUB

3.00 pips

USD 30

3.00 pips

3.00 pips

3.00 pips

USD 0

Swap Fees

Another important cost to consider is the swap rate charged on positions held overnight.   Interest is paid (or received) for each night a position is held. Unfortunately, GO Markets does not publish the swap fees on its website.  Traders can find an indicative Swap on the platform, by right-clicking on a currency pair and selecting ‘Specification’ 

Overall, GO Markets’ trading fees are lower than other similar brokers, but GO Markets is not transparent about the spreads nor the swap fees associated with each financial instrument.  

Non-trading Fees

GO Markets‘ non-trading fees are lower than other similar brokers.

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers.  These fees can significantly affect your profitability and so should be carefully scrutinised.  

GO Markets charges no fees for deposits or withdrawals, and does not charge inactivity fees. This is a welcome development in an industry that charges extra fees on almost every transaction. 

Opening an Account at GO Markets

The account opening process at GO Markets is as per the industry standard – the process is fully digital and accounts are ready for trading within one business day.

Filipino traders are eligible to open an account at GO Markets as long as they meet the minimum deposit requirement of 200 AUD.

GO Markets offers both corporate and individual accounts, but we will outline the process for opening an individual account:

1. Click on “Open Live Account” at the top right-hand corner of the page.  You will be directed to register an account with your name, email address, date of birth, and telephone number.  You will also be asked to select your trading platform (either MT4 or MT5).

2. The next step requires filling in your residential address and selecting your preferred base currency, trading account, employment status, and financial status.

3. GO Market requires at least two documents to accept you as an individual client:

1. Proof of Identification – GO Markets accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID.

2. Proof of Address – Proof of residence/address document must be issued in the name of the GO Markets’ account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.

4. In order to be accepted as an individual client, GO Markets requires traders to agree to the following documents: 

• GO Markets Disclosure Statement
• GO Markets Terms and Conditions
• GO Markets Privacy Policy

5. Lastly, to enable GO Markets to verify your identity, it may disclose personal information such as your name, date of birth, and address to a credit reporting agency (CRA) to obtain an assessment of whether that personal information matches information held by the CRA. 

Once the above information is verified, traders can log in to their trading accounts and begin trading.

Overall, GO Markets’ account-opening process is fully digital and hassle-free, but the account-opening process may be delayed if client information deviates from what is on record at the CRA.  

GO Markets Trading Accounts

GO Markets offers two account types, which is average when compared to other brokers. Both account types are suitable for beginner traders. 

A market maker with ECN account options, GO Markets, offers trading on over 350 instruments, including Forex, shares, indices, metals, cryptocurrencies, and commodities (click here for more on GO Markets’ trading instruments).

GO Markets has two simple account types that are both suited to beginners and experienced traders. Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year.  Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek. 

Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders. Usually, spreads on these accounts are wider than those with higher minimum deposits, but that is not the case at GO Markets as both accounts have a minimum deposit of 200 AUD.   However, trading costs on the Standard Account are higher than those of the GO Plus+ Account, which has spreads that start at 0 pips (EUR/USD) in exchange for a commission of 6 USD (round turn) per lot.    

In general, experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. Again, at GO Marketsthis trade-off does not occur as both accounts have a minimum deposit of 200 AUD, but lower trading costs on the GO Plus+ Account.  

Filipino traders can access leverage of up to 30:1 on major currency, up to 1:20 on share CFDs, and up to 1:100 on indices.  However, client accounts are set up with a default leverage rate of 1:100.  

Clients can choose between the MT4 and MT5 platforms (click here for more on GO Markets’ trading platforms), and GO Markets allows hedging, scalping, and copy trading.  Unfortunately, GO Markets does not offer Islamic swap-free accounts.  See below for account details:

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Standard Account

The Standard Account is the dealing desk, commission-free account option, created with the beginner in mind. Spreads start at 0.00 pips on this account, and it requires a minimum deposit of 200 AUD.  

GO Plus+ Account

The GO Plus+ account is designed for the professional trader and requires a minimum deposit of 200 AUD. A commission of 6 USD round turn per lot is charged, and spreads are tight, starting at 0.0 pips (EUR/USD).

Demo Account

GO Markets offers a free demo account that allows traders to practice trading on all 350 CFD instruments, with real-time spreads on the MT4 and MT5 platforms.  Traders receive 50,000 USD in virtual funds that can be topped up on request.  Demo accounts are a great way for beginners to practice trading risk-free before opening a live account.  

Deposit & Withdrawal Fees

GO Markets offers an average range of payment methods compared to other brokers, but it charges no fees for deposits or withdrawals.  

In line with Anti-Money Laundering policies, funds can only be returned to a bank account in the same name as your GO Markets account.  GO Markets does not charge any deposit or withdrawal fees, but withdrawals to non- Australian banking institutions may be subject to bank fees from any intermediary bank involved in the transaction.  Deposits are processed instantly and withdrawal forms received before 1 pm AEST will be processed on the same day.  Payment methods include bank transfers, debit cards/credit cards, and various online and e-wallet transfers.  See below for more details on deposit and withdrawal methods:

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• Visa/Mastercard: Zero transaction fees and transactions are processed instantly. Accounts are denominated in AUD, USD, GBP, EUR, NZD, SGD, CAD, CHF, and HKD.
• Skrill: Zero transaction fees and transactions are processed instantly. Accounts are denominated in AUD, USD, GBP, EUR, NZD, and SGD.
• Neteller: Zero transaction fees and transactions are processed instantly. Accounts are denominated in AUD, USD, GBP, EUR, and SGD.
• Bank/Wire Transfer: Zero transaction fees (but may be subject to fees from your banking institution), and transactions are processed in 1 – 3 business days. Accounts are denominated in AUD, USD, GBP, and EUR.

GO Markets’ Base Currencies (Trading Account Currencies)

Compared to other brokers, GO Markets offers a wide range of base currencies.

Accounts can be denominated in the following base currencies: AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, and HKD. 

While most Filipino traders will want to have their trading accounts denominated in USD, some traders may want to have multiple accounts with different base currencies so as not to pay conversion fees when trading. The wide range of base currencies available at GO Markets allows for traders to do this and is welcomed.

Trading Platforms

GO Markets’ trading platform support is average compared to other similar brokers.

GO Markets is a MetaTrader broker, offering full support for both MT4 and MT5.  As the first Australian broker to start using the MetaTrader suite of tools in 2017, GO Markets was recognised as the Best Forex Platform Australia at the FX & Broker Awards hosted by the Global Market Financial Review.

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Broker

Platform Choice

Copy Trading

Platforms

FXCC

4/ 5

No

MT4

InstaForex

4/ 5

Yes

MT4

MT5

Metatrader 4

The MetaTrader 4 (MT4) trading platform has long been considered the industry standard for Forex traders worldwide.  Though it is now showing its age, MT4 is still very popular for its auto trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots).  Features of MT4 allow traders to:

• View real-time pricing & execution
• Open & close positions
• Access the full range of Expert Advisors (EAs)
• Place buy/sell orders
• Access over 25 technical indicators
• Access the economic calendar

MetaTrader 5

MetaTrader 5 delivers a powerful trading platform with Market Depth and a separate system for accounting orders and trades. It supports both order accounting systems: the traditional netting system and the hedging option system. Four order execution modes are available to meet various trading objectives: Instant, Request, Market, and Exchange execution. The platform supports all types of trade orders, including market, pending, and stop orders, as well as trailing stops.  It allows you to open up to 100 charts in 21 time frames and access over 80 technical indicators and analytic tools.  

While MetaTrader is the industry favourite because it offers fast execution, advanced charting, expert advisors, and VPS options, GO Markets supports an additional add-on called MT4/MT5 Genesis. This add-on installs an extra set of trading tools that enhance specific features that already exist on the platform (click here for more on GO Markets’ trading tools).

One of our favourite features is an advanced order management system that gives traders the ability to multi-task by keeping the trades active on the screen while doing other tasks. It is also possible to trade from the terminal view.

Overall, although GO Markets’ only offers the Metatrader suite of platforms, which are not as beginner-friendly as the proprietary platforms offered at other brokers, MT4 and MT5 are considered some of the best third-party platforms in the industry.

GO Markets Mobile Trading

GO Markets‘ mobile trading applications are average compared to other similar brokers.

MT4 and MT5 are available on all mobile devices, including tablet applications for your Android or IOS device.  These platforms integrate with the broker in the same way as the desktop versions of the software, so all trading activity is synced.  

However, traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.

Trading Tools

GO Markets’ offers an excellent range of trading tools compared to most other brokers.  

GO Markets also offers a wide range of trading tools, including Metatrader Genesis, Autochartist, Myfxbook, a-Quant, a VPS hosting service, and Trading Central.

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

FXCC

Yes

No

No

No

Yes

InstaForex

Yes

No

No

No

Yes

Autochartist

Autochartist is one of the most widely used MT4 charting tools among the GO client base. Autochartist removes the complex and time-consuming process of analysing charts for patterns by scanning and monitoring the markets on your behalf.  It sends audio and visual alerts when emerging and completed patterns are identified.  Traders gain access to this chart pattern recognition software when opening and funding a live trading account with 500 USD or more.

Trading Central

Trading Central is a collection of programs that offer actionable investment support with 24-hour multi-asset coverage, technical and fundamental analysis, and back-tested trading strategies.  Actionable market news can be delivered to you through WebTV or email, and trading strategies can be built from within the platform.   Trading Central is available for free for all GO Markets’ clients.  

VPS

VPS services ensure that trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure, which is a benefit to algorithmic traders who need to be connected to a server 24/7 to maximise uptime. With a GO Markets VPS, you can optimise the MT4 & MT5 trading platforms’ features and capabilities.  A service fee of 30 USD will be charged for the service, but the fee will be waived should the client trade a minimum of 5 lots per calendar month.  

MetaTrader Genesis

MT4 & 5 Genesis is a comprehensive suite of MetaTrader trading tools to enhance the power of the standard MetaTrader platform.  Benefits of using the MetaTrader Genesis tool include:

• Access to a professional suite of MetaTrader add-ons.
• Use of the sophisticated order management system.
• Access to trading alerts.

Myfxbook

Myfxbook is a cross-broker copy trading tool for traders of all experience levels and is used by 90,000 traders worldwide. It is similar to using EAs, but instead of following an algorithmic pattern, traders can mirror the trades of other Forex traders.  By connecting a GO Markets Standard Trading Account to Myfxbook, traders can take advantage of this system. Myfxbook also provides its users with a broad range of statistics and analytics.

a-Quant

a-Quant aggregates millions of data points and uses machine learning algorithms for regime detection, sentiment analysis, clustering, co-integration, and Hidden Markov Models development. a-Quant essentially produces high probability trading signals of certain risk/reward characteristics on various trading instruments.  

Daily Strategies is a signal service created for FX Traders. It produces large numbers of signals for high-frequency trading of major FX currency pairs. a-Quant generates 9-12 signals per day on average, for the 10 most popular FX currency pairs. These can be delivered straight to your inbox.

Overall, GO Markets offers a comprehensive range of useful trading tools to help traders make better trading decisions.  

GO Markets’ Trading Instruments

The choice of financial assets offered by GO Markets is average compared to other similar brokers. 

GO Market’s range of financial instruments for CFD trading includes Forex, share CFDs, commodities, and indices:

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• Forex: GO Markets has over 50 currency pairs available for trading, a broader range than most other brokers.  These include majors (EUR/USD, GBP/USD, and USD/JPY), minors (NZD/JPY, GBP/JPY, and USD/ZAR), and exotics. 

• Share CFDs: GO Markets offers 270+ share CFDs, which is average compared to other large international brokers.  The selection available includes some of the major US, UK, and European Exchanges.   

• Indices: There are 14 indices available for trading at GO Markets, which is around the average available at other similar brokers. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.   

• Commodities: GO Markets offers trading on 6 commodities, which is around the average available at other brokers.  Most brokers offer between 5 and 10 commodities. Commodities include metals such as gold and silver, and energies such as oil.

Overall, GO Markets’ CFD offering is average compared to other similar brokers.  

GO Markets for Beginners

GO Markets provides a reasonable selection of basic education material, but better educational materials can be found at other ASIC-regulated ECN brokers.  GO Markets also provides a good selection of market analysis materials produced by a team of in-house market analysts. 

Note that registration is required to unlock the complete set of information. 

Education Material

GO Markets’ educational materials are good, but not the best as other brokers in the space.  

GO Markets offers downloadable handbooks, a structured Forex course, educational videos, and technical instructional videos to assist with the MetaTrader software.

• Handbooks: GO Markets provides two downloadable handbooks covering Forex trading – one for beginners and another for more advanced traders. The beginner book covers basic terminology, chart reading, and trader psychology. The advanced eBook requires registration and covers technical analysis and trading strategies.
• Videos:  The handbooks complement the videos, and while a few of the videos are available for public consumption, one will need to register an account to view its extensive video library.   
• Courses: A two-part structured Forex course in the form of a webinar is open to the public and only requires that you register your name and email. One of the courses covers the Forex market and trade entries and exits. The second course covers technical analysis, how to read charts, using technical indicators to understand data, developing a profitable trading plan, and advanced order types.
• MT4/MT5 Tutorials: There are also 18 technical MT4/MT5 videos to assist traders with everything from setting up charts and layout on the platform, to placing the first trade on the market.

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

FXCC

Yes

No

Yes

Medium

No

InstaForex

No

No

No

Medium

No

Analysis Material

GO Markets regularly publishes news and analysis on its website.  These include a daily review at the close of the US markets, a weekly look at major talking points in the week ahead, frequent blog posts on important financial topics, tips for trading improvement, an interactive economic calendar, and a regular podcast featuring experts in the Forex market.

All of the analysis and news is available for free, even if you are not a registered customer of GO Markets.

Customer Support

Support is available 24/5, which is in line with the Forex trading week, via email, live chat, and phone (with local numbers in Australia, China, and the United Kingdom).  GO Markets also has a Quick Support tool that allows their technical support team to remotely access your desktop and fix any issues with your platform/software.

For the purposes of this review, we found the customer service responsive, knowledgeable, and polite.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Go Markets offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

GO Markets Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about the complexity of financial products and also disclose the extent to which traders can lose their money.  GO Markets wants you to know:  Trading Forex and Derivatives carries a high level of risk, including the risk of losing substantially more than your initial investment. Also, you do not own or have any rights to the underlying assets. The effect of leverage is that both gains and losses are magnified. You should only trade if you can afford to carry these risks. Trading Derivatives may not be suitable for all type of investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.

Overview

GO Markets is a well-regulated market maker broker with an ECN account that offers a reasonable range of tradable instruments on the MT4 and MT5 trading platforms.  GO Markets’ most notable feature is the number of trading tools on offer, including a VPS hosting service, Autochartist, Trading Central, MT4/MT5 Genesis, and a-Quant – providing numerous trading daily trading signals.  Trading conditions are average on GO Markets’ Standard Account but are highly competitive on its GO Plus+ account, with spreads of 0 pips in exchange for a reasonable commission of 6 USD (round turn).    

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.