Introduction
One of the most important decisions a trader can make is choosing a broker. With hundreds of choices available, it can be difficult to find a trustworthy platform that fits your trading style. GO Markets has a strong reputation in the industry, but is it right for you?
This GO Markets review will give a clear and honest account of the platform and discuss the good things, what types of accounts they offer and what aspects they need to improve. We are hoping to provide you the information to determine if GO Markets suits your level of trading sophistication and your trading aspirations.
What is GO Markets?
To begin, a little background on GO Markets is necessary. GO Markets is one of the original Australian MetaTrader 4 brokers, starting up in 2006. It is a regulated broker with multiple top-tier financial authorities, including ASIC in Australia. Being around for a long time and being well-regulated basically means that GO Markets can be considered a generally reputable company and safe broker to trade with.
Offering a significant amount of trading instruments, including Forex, indices, commodities and shares, we will explore the specifics in our official GO Markets review.
What Account Types Does GO Markets Offer?
GO Markets makes it easy to make choice right choice by offering only two account types.
1. Standard Account
This is the most common type of account that is used, typically by beginner traders. It is designed to be a quick and easy account.
- Best For: Beginning and casual traders.
- Spreads: Wider, since the broker’s fees are included in the spread.
- Commissions: $0, there is no additional commission charged on trades.
2. The GO Plus+ Account
This account is designed for more experienced, active traders who want lower cost of trading.
- Best For: Experienced and high volume traders.
- Spreads: Very tight, starting from 0.0 pips (raw spread).
- Commissions: A small commission is charged for each trade, in exchange for lower spreads.
Which account to choose depends on the custodial company’s investment strategy. The Standard Account is easier for new traders to comprehend, and experienced traders may be able to save money with the GO Plus+ Account.
The Pros: What We Like About GO Markets
Any broker will have strengths and weaknesses. Here are a few areas where GO Markets really shines.
- Regulation and Trust
As stated above, it is regulated by top-tier agencies, which is a massive point. Your funds are kept in segregated accounts and brokers must follow certain regulations. This guarantee of system security provides you with valuable peace of mind.
- Great Platform Availability
GO Markets offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) which by far, are the world’s most popular trading platforms. The are well known for having a comprehensive range of trading tools and they provide a reliable working environment. This is likely the most important point found in any GO Markets review.
- Great Educational Content
Education is an important factor for new traders. GO Markets does a great job here with the ‘GO Trade Academy’ which is a core part of the broker’s content. Other educational focused brokers you may find are Capitalix and Trade EU Global as they have a comprehensive range of educational tools.
The Cons: Areas for Improvement
No broker is going to be flawless. A fair GO Markets review needs to consider the negatives too.
1. The Standard Account has higher spreads
- The Standard Account has wider spreads. This is quite simple to understand, but for cost-sensitive traders, there may be better options.
- The GO Plus+ account is an improvement, but it does require a higher deposit level than the Standard Account, which is valuable.
2. Missing Some Niche Advanced Tools
- MT4/MT5 platforms are great, but some traders just need more niche trading tools.
- For Ai/Algo-Traders: Traders who consistently use algorithms would probably like the more advanced tech available to them with brokers like Algobi or SuxxessFx.
- For Social Traders: If you are looking for copy trading, you might prefer the community aspect on the SmartSTP or even CapPlace; the community may suit your goals better.
- For Mobile First Traders: While GO Markets does have an app, brokers like FX Road and Tradgrip have seemingly more favorable reputations based on their primary focus on mobile first designs and communities.
- For Speed Traders: If you are an active trader that needs the highest levels of execution speed, you may go see other brokers such as the ones like FirstECN.
GO Markets Review Summary
So, is it a thumbs up or a thumbs down for our GO Markets review?
GO Markets is a solid choice for:
- Complete beginner traders who want robust educational support.
- Traders looking for the safety of a highly regulated broker.
- Those who love to trade on the classic MT4 and MT5 platforms.
It may be less ideal for traders who want to have highly customized tools or to trade for the absolute lowest possible spreads with a standard account.
Conclusion
This GO Markets review concludes that the platform is an effective and trustworthy broker. Their account structure makes it easy to understand and their focus on education should provide new traders a safer starting point when beginning their trading journey. We hope this review is helpful in assisting you in making an informed decision!
Frequently Asked Questions (FAQs)
- Is GO Markets a safe and legit broker?
Yes. GO Markets is very safe. It was founded in 2006 and is regulated by top-tier financial authorities like ASIC. This makes it a legitimate and trustworthy choice.
- What are the main GO Markets account types?
GO Markets primarily offers two accounts: the Standard Account (commission-free with wider spreads) for beginners, and the GO Plus+ Account (commission-based with raw spreads) for experienced traders.
- What is the minimum deposit for GO Markets?
The minimum deposit for a Standard Account at GO Markets is typically around $200 AUD or the equivalent, making it accessible for new traders.
- Does GO Markets offer a demo account?
Yes, they offer a free demo account. This is a great way to practice your trading strategy and test their platforms without risking any real money.
- How does GO Markets compare to other brokers?
This GO Markets review finds that it stands out for its regulation and educational content. While other brokers might specialize in areas like AI (Algobi) or social trading (SmartSTP), GO Markets is a very strong all-around choice.
