GO Markets Review 2023

How we ranked fees

We ranked GO Markets's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of GO Markets for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared GO Markets's fees with those of two similar brokers we selected, Fusion Markets and Vantage. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of GO Markets alternatives.

To have a clear overview of GO Markets, let's start with trading fees.

GO Markets trading fees

GO Markets trading fees are low. The pricing is different based on the account type you choose. At Standard accounts, there is a wider spread but no commission, while the spreads are tight and there is a commission at the GO Plus+ account. In this review, we checked the GO Plus+ account. 

We know it's hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compared brokers by calculating all the fees of a typical trade for selected products.

We chose popular instruments in each asset class usually provided by forex brokers:

• Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
• Stock index CFDs: SPX and EUSTX50

A typical trade means buying a leveraged product, holding it for one week and then selling. For volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used was:

• 30:1 for forex
• 20:1 for stock index CFDs

These catch-all benchmark fees includes spreads, commissions and financing costs for all brokers. Let's see the verdict for GO Markets fees.

Forex fees

GO Markets forex fees are low compared to its main competitors. The commission charged is €3 per lot per trade.

CFD fees

GO Markets has average CFD trading fees.

Non-trading fees

GO Markets has low non-trading fees. There is no account or inactivity fee and deposits and withdrawals are also free of charge. However, your bank might charge some fees when making transfers.

Can you open an account?

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62% of retail CFD accounts lose money

GO Markets accepts customers from all over the world with some exceptions, including the US, Belgium, Canada, Japan, and New Zealand.

What is the minimum deposit at GO Markets?

The required GO Markets minimum deposit is:

• €100 for the Standard account
• €250 for the GO Plus+ account

Account types

GO Markets provides two account types that differ in terms of minimum deposit and pricing structure. 

*If you open an account under the Australian or Mauritius-regulated entity, the minimum deposit is AUD 200 for both account types.

** A standard lot represents 100,000 units of any currency.

How to open your account

The account opening process is fast and fully digital. It's also quick as our account was verified within one business day.

The main steps of GO Markets account opening:

• Account registration
• Add personal data
• Add your trading preferences
• Verify your identity
• Fund your account and trade!

To verify your identity and residency, you have to upload the following documents:

• Proof of identity: passport, driver's license, identity card, residence permit
• Proof of address: bank statements, utility bills not older than 3 months, internet/cable TV/house phone line bills, tax returns, council tax bills, government-issued certifications of residence

Although the process itself was seamless, we felt that the sales team was pushy. Whenever we asked questions about the service, the agent wanted us to open an account but didn't help with the request.

Account base currencies

At GO Markets, you can choose from 10 base currencies. However, not all currencies are available to all clients. For example, if you open an account under the CySEC-regulated entity, you can choose only between EUR, USD, and PLN.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

GO Markets doesn't charge any internal deposit fees. However, your bank or the payment providers you use might charge some fees.

Besides bank transfer and credit/debit cards, you can use the following electronic wallets: 

• Skrill
• Neteller
• DotPay
• Checkout.com
• FasaPay

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

GO Markets withdrawal fees and options

GO Markets doesn't charge any internal withdrawal fees. However, the broker states on its website that "payments to and from international banking institutions may attract intermediary transfer fees and/or conversion fees from either party which are independent of GO Markets."

How long does it take to withdraw money from GO Markets? We tested the bank transfer withdrawal and it took 1 day.

You can only withdraw money to accounts in your name.

How do you withdraw money from GO Markets?

• Log in to the Client Portal
• Click on withdrawal
• Select the payment method
• Add amount
• Click on 'Confirm'

GO Markets doesn't have its own proprietary trading platform. Instead, it provides MetaTrader trading platforms. The available platforms depend on which legal entity you're onboarded with. 

In this review, we tested MetaTrader 4 due to its high popularity.

The MetaTrader trading platform is designed primarily for forex trading. The platform was developed by MetaQuotes, a financial software developer, and it was released in 2005. It uses the MQL4 programming language and makes algorithmic trading available to traders all over the world. MetaTrader 4 became the de facto standard in forex trading, which is available for retail clients through several brokers.

MetaTrader 4 is available in several languages.

Look and feel

GO Markets' web trading platform has great customizability. You can easily change the size and position of the tabs. However, the design feels outdated and some features are hard to find. 

Web trading features:

• Trading directly via a browser
• Compatibility with Windows, MacOS, Linux
• Data protection
• All types of trading orders and MetaTrader 4 execution modes
• One Click Trading
• 30 indicators and 24 graphical objects for technical analysis
• 9 time-frames, from one minute to one month
• Real-time quotes in Market Watch
• History of trading operations

Source: metaquotes.net

Additional services on MetaTrader 4 include the 'Trading Signals' and the 'Market'. The 'Signals' service allows you to copy trade while the 'Market' feature provides various robots and technical indicators that you can buy. It is basically a store of forex trading applications. Note that all trading robots and indicators can be tested before the purchase in the platform. You just have to download the trial version and run it in the Strategy Tester. If you are a novice trader, start with free Expert Advisors. 

Login and security

GO Markets provides only a one-step login. We missed the two-step authentication. 

Search functions

The search functions are OK. You can find assets grouped into categories, but we missed the usual search box where you can type asset names or other keywords manually.

Placing orders

You can use the basic order types:

• Market
• Limit / Stop
• Stop-loss / Take-profit

To get a better understanding of these terms, read our overview of order types.

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til time (GTT).

Alerts and notifications

You can't set alerts and notifications on the MetaTrader web trading platform of GO Markets. This feature is available on the mobile and desktop trading platforms.

Portfolio and fee reports

GO Markets has clear portfolio and fee reports. You can easily find your profit-loss balance and the commissions you paid under the 'History' tab.

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GO Markets provides MetaTrader mobile trading platforms. Similar to the web trading platform, we tested MetaTrader 4. 

MetaTrader 4 is available for both iOS and Android. We tested it on iOS.

After you download the MT4 mobile trading platform, you have to access the server.

Just like on the web trading platform, you can choose from many languages on the mobile trading platform. Changing the language is a bit tricky on Android devices, though; you can do it only if you change the default language of your mobile.

Look and feel

The GO Markets mobile trading platform is user-friendly. You will easily find all the features.

We liked the platform's clear, simple design and user-friendliness.

Login and security

Similarly to the web trading platform, the app provides only a one-step login. A two-step login would be more secure.

You can't use fingerprint or Face ID authentication, even though these are highly convenient features.

Search functions

The search functions are good. You can search by typing the name of a product or by navigating the category folders.

Placing orders

You can use the same order types and order time limits as on the web trading platform.

Alerts and notifications

You can set alerts and notifications on the GO Markets mobile platform although only through the desktop trading platform. Enabling these features on the mobile trading platform as well would provide a higher degree of convenience to users.

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GO Markets offers the MetaTrader 4 desktop trading platform.

It has the same design, is available in the same languages, offers almost the same order types (trailing stop is also available), has the same search functions, and provides the same portfolio and fee reports as the web trading platform. These reports can be found under the 'Account History' tab: right click on one position, then choose 'Save as Detailed Report'.

One major difference is that you can set alerts and notifications on the desktop trading platform, in the form of mobile push and email notifications. To set email or mobile notifications, you must add your email address and mobile MetaQuotes ID (you can find it in the settings of the MT4 app). You can add them under 'Options' in the 'Tools' menu.

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62% of retail CFD accounts lose money

GO Markets is primarily a forex broker with a good selection of other CFD products like indices and commodities. To learn more about CFDs read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

GO Markets' product selection is average vis-a-vis its closest competitors. Note that not all products are available at every location. 

*Share CFDs are available for clients under the Australian and the Mauritius-regulated entity,

You can easily change leverage levels at GO Markets, which is great. To do so, go to your 'Client Portal' and click 'Edit' where you see the leverage in the account section on the left side of the screen. The maximum amount of leverage you can use is 30:1. Besides that you can choose a leverage of 5:1, 10:1 or 20:1 in the dropdown menu.

Changing the leverage is a useful feature if you want to lower the risk of your trade. Be careful with forex and CFD trading, as preset leverage levels may be too high.

Australian real stocks

Clients from Australia can also trade real stocks listed on the ASX exchange.

GO Markets research tools come from different sources:

• 'Tools' section after you log in to Client Portal
• MetaTrader platform
• 'News' section on the website

Trading ideas

GO Markets provides trading ideas based through Trading Central. These trading ideas are based on technical indicators and chart pattern recognition.

There are also signals for the most popular FX pairs provided by a-Quant.

The Trading Central and a-Quant and Trading Central services are not available to clients registered under the Cyprus entity. 

Fundamental data

GO Markets doesn't provide fundamental data. On the other hand, there is an economic calendar, but historical economic data is not availalble. 

Charting

GO Markets has OK charting tools. You can use 31 technical indicators and other tools, such as trendlines, Fibonacci retracements and channels.

News feed

On MetaTrader platforms, we haven't found news feed. GO Markets has its own 'News' page on the website, however, the content has not been updated for a while. 

Other research tools you will enjoy

GO Markets has a wide set of technical tools. You can access them through MetaTrader 4 or 5 Genesis. Just to mention a few tools:

• Alarm Manager: this allows you to set up more sophisticated alarms, like a news alert.
• Correlation Matrix: shows the correlation between the assets

Compare research pros and cons

You can contact GO Markets via:

• live chat
• phone
• email

We received relevant answers on live chat, but the response time was slow. Also, when we tested the live chat on the CySEC-regulated entity, the chat was not really live. We were asked to give the name and e-mail address and leave a message. After, we had to wait for responses, which did not always arrive. 

We were struggling to download the Meta Trader 4 Mac version from the GO Markets website. First we asked the designated account manager, who told us in a WhatsApp message to update the operating system and clear the cache. As we still couldn't download MT4, the agent promised to speak with customer support and get back to us. We haven't received any response back. So we asked for help in the chat on the website and finally received a special link to download the platform. 

GO Markets phone support was fast and we got OK answers.

We sent four emails during our testing, but we haven't received any answers to our questions.

We missed the 24/7 availability.

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At GO Markets you can learn in the following ways:

• Demo account
• Platform tutorial videos
• General educational videos
• Webinars
• Quality educational articles
• E-books

You can use demo accounts to get familiar with the platforms. We think this is the best way to learn how trading platforms work and get the hang of forex trading before you start using but hopefully not losing real money. 

You can also participate in webinars, access quality educational content, learn from platform tutorial videos and attend forex trading courses. 

In addition, you can join the Inner Circle, a group coaching program designed to provide on-going weekly education and market reviews. The program also allows you to connect with other forex and CFD traders.

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Is GO Markets regulated?

GO Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission of Mauritius (FSC). ASIC is a top-tier regulator but CySEC and the FSC are not in the top-tier category.

Is GO Markets safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

GO Markets operates several subsidiaries. This matters, because the amount of  investor protection you're eligible for differs from entity to entity.

GO Markets provides negative balance protection. This means that if the balance on your account goes into negative, you will be protected. Negative balance protection does not apply to clients onboarded under the Mauritius legal entity.

Background

GO Markets Ltd’s parent company, GO Markets Pty Ltd was established in Australia in 2006 as a provider of online CFD trading services. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

Note that GO Markets doesn't have a banking background, doesn't disclose its financial reports and is not listed on any stock exchange.

Find your safe broker

Below you can find links to all aspects of GO Markets in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our GO Markets fees article.

What about the minimum deposit?

Our ultimate guide to the GO Markets minimum deposit is updated regularly.

How to start your GO Markets account?

Look no further than our evaluation of the GO Markets account opening.

How's their trading app?

Here's our expert view after checking the GO Markets trading app.

Is the quality of customer service satisfactory?

All you need to know about the GO Markets customer service.

Legit or scam?

Is GO Markets legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether GO Markets is really free.

Is this broker good for beginners?

We checked it in Is GO Markets good for beginners.

Should you buy your silver bullets on GO Markets?

Research for silver bugs in the Silver buy on GO Markets guide

I want to trade options, are they available at GO Markets?

We explored the topic in Can you trade options on GO Markets?

What is the minimum account balance at GO Markets?

Check out the current account balance requirements at GO Markets in our What is the minimum account balance at GO Markets article.

Looking for commission and fees data for GO Markets?

We collected them in GO Markets commission and fees.

How do you withdraw money from GO Markets?

We tested it and collected the options and costs in How to withdraw money on GO Markets.