GO Markets Review 2020

GO Markets review
GO Markets Fees Explained

• GO Markets withdrawal fees varies on payment method
• GO Markets does not charge a fee for inactive accounts.
• GO Markets does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company, brokers may charge clients various fees.

How GO Markets Fees Compare Against Other Brokers

GO Markets review
GO Markets Minimum Deposit

GO Markets require a minimum desposit of 1 GBP/USD when opening an GO Markets trading account.

A minimum deposit is the minimum amount of money required by GO Markets to open a new online brokerage account with them.

Dont be scared off by brokers like GO Markets charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

GO Markets review
GO Markets Withdrawal Fees

GO Markets withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees and processing times.

GO Markets for example allow you to withdraw your funds to to a verified PayPal account, a UnionPay account, and a bank account via a wire transfer.

GO Markets review
GO Markets Inactivity Fees

GO Markets does not charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

GO Markets review
GO Markets Desposit Fees

GO Markets does charge deposit fees.

Some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

GO Markets review
GO Markets Commission Fees

GO Markets does not charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

GO Markets review
Trading on GO Markets web platforms and other applications

GO Markets offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

GO Markets also offer mobile apps, for Android and iOS making it easier to keep an eye on and execute your trades while you’re on the move.

See GO Markets's platforms

GO Markets Trading benefits :

• Allows scalping
• Allows hedging
• Offers STP
• Low min deposit

GO Markets Trading Accounts Offered :

• Mini account
• Standard account
• ECN account
• STP account

Can I try GO Markets before I buy?

GO Markets offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Losses can exceed deposits

GO Markets withdrawal and funding methods.

Please note that the list of payment methods below depend on the GO Markets Entity and the Clients Country of Residence.

GO Markets offer the below funding payment methods. learn more about GO Markets

• Credit cards
• Bank Transfer
• PayPal
• UnionPay

How can I start trading with GO Markets?

When opening a trading account with GO Markets, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on GO Markets trading platforms here.

Losses can exceed deposits

Performing trades with GO Markets

With GO Markets, the minimum and maximum trade requirements vary depending on the trader and the instrument. As GO Markets offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the instruments.

GO Markets Leverage and GO Markets CFDs Explained

let's take a look at some of the basics of using GO Markets leverage.

GO Markets offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

GO Markets leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the GO Markets trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The GO Markets leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

GO Markets CFDs are typically used for short to medium term trades. For example GO Markets intraday trading.

Education resources at GO Markets

To trade effectively with GO Markets, it's important to get a have a good understanding of the GO Markets trading tools and the markets.

GO Markets offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with GO Markets.

Take time to look around the GO Markets platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at GO Markets

GO Markets support a wide range of languages including English, French, Chinese, Spanish, Arabic

GO Markets have a triple AAA grade support rating because they offer a wide range of languages, live chat, email and phone support.

GO Markets customer service support multiple languages from all over the world. Having a broker that can hire people from various locations in the world who can better communicate with you in your local language is a huge advantage well trying to deal with issues.

Livechat Support at GO Markets

We tested the GO Markets live chat and it works well. We sent messages to GO Markets livechat through their app and website and recieved a response within 3 minutes.

We tested communicating with GO Markets support in multiple languages in multiple countries. GO Markets where able to quickly resolve our customer issues.

Email Support at GO Markets

We sent several emails to GO Markets and answer times overall were excellent. The fastest response from GO Markets was less than 2 minutes and the slowest response was 3 hours. Support response times may vary for you with GO Markets, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall very good email support from GO Markets.

Phone Support at GO Markets

We called GO Markets and the call was answered very quickly. The call was answered in less than 1 minutes.

The GO Markets phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual GO Markets team by calling in varying languages. GO Markets made an effort to make sure our queries were answered.

Overall great phone support from GO Markets.

See how GO Markets Support Compares Against Other Brokers

What you will need to open an account with GO Markets

As GO Markets is regulated by Australian Securities and Investment Commission (ASIC), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under GO Markets Brand may be different.

• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore GO Markets's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with GO Markets you can visit the GO Markets trading platform here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.gomarkets.com.au/ on 12th August 2018.

GO Markets review written by Andrew Blumer and Mark Hansen