Types of Accounts and Their Features

GO Markets offers two account types. The major differences between these accounts are the spread, commissions, and opening balance since the maximum leverage offered on all accounts can be up to 1:30 for ASIC and CySec jurisdictions and 1:500 for all other jurisdictions.

A dedicated account manager is also assigned to all account holders.

The standard account is intended for new traders and has a low minimum deposit of US Dollar $200. There is also a demo account option that offers simulated trading on currency markets.

The main charge is through spreads on a standard account.

Intermediate and expert traders choose the new GO Plus+ trading account because it allows trading direct to market, avoiding dealer intervention. This means the lowest spreads available (based on the market) and faster trade execution.

GO Markets introduced the GO Plus+ forex trading account in 2018 to replace their forex broker Pro Account.

It offers 0.0 pip spreads, the MT4, and MT5 trading platforms, great customer support, and a range of currency pairs backed by ASIC regulation. GO Markets is also required to hold client funds in a segregated client money account.

ASIC entity offers Trust and Self-Managed Superannuation Fund (SMSF) forex trading account where you can open a trading account to trade the CFDs markets with a proportion of your fund.

A Corporate Account is available for those who want to trade with GO Markets as a business, company, or corporate entity.

GO Markets’ MetaTrader 4 and 5 demo accounts start with virtual funds of US Dollar $50,000 and use the same price feed as the live MT4 and MT5 accounts, so traders can experience real-time spreads and fast execution.

Applicants from outside Australia must check their local laws and regulations before applying for an account.

GO Markets does not accept applications from clients in countries such as; Israel, Belgium, Japan, Turkey, and the United States of America (among others).

Deposits and Withdrawals

GO Markets deposits, withdrawals, and internal transfers can be performed from the Client Portal and credit cards, Bank Transfer, Poli, Fasapay, and BPAY.

GO Markets does not charge deposit fees for Visa or Mastercard, Skrill, Neteller, Faspay, and Bank Transfers. Third-party payments and over-the-counter cash payments to GO Markets are prohibited.

Withdrawn funds can only be returned to a bank account in the same name as your GO Markets account, due to third-party transaction regulations.

GO Markets does not charge any fees for withdrawals, but withdrawals to non-Australian banking institutions may be subject to bank fees.

Cost and Fees, Commissions and Spreads

The cost of trading depends on different factors like commissions, spreads, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions will vary between different brokers and also depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which is a broker that does not involve in any personal investment advice and gives traders complete control over how they trade the markets, tend to have lower commissions.

While contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur commission.

CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

Due to its global presence, GO Markets clients may experience different fee structures according to their country or place of residence.

GO Markets offer raw spreads on GO Plus+ accounts, but charges AUD3 or US Dollar 2.5 commission per side. All spreads are variable as they are aggregated from over 22 liquidity providers.

A commission of 0.08%, with a US Dollar 10 minimum is charged when trading Australian share CFDs. Like most brokers, GO Markets takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

Leverage

The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course, also increase the potential loss.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has US Dollar 1,000 in his or her trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will equate to 500:1.

GO Markets client accounts are set up for using a leverage rate of 100:1 (1%). According to the account balance, a client may choose a rate from 1:1 (no leverage) to a maximum of 500:1. Jurisdictional regulations apply in ASIC and CySEC entities.

Traders should remember that certain currencies attract a higher margin rate irrespective of your account leverage. Some currencies may have a fixed leverage rate, while others (such as exotic currencies), may require up to five times the margin rate of a major currency.

Bonuses

Forex brokers tend to lure new traders with offers of attractive deposit bonuses. This can be useful, but it is essential to discern what a proper bonus is.

Such a bonus is but a way to compensate traders for choosing a certain broker since once the account is opened, the trader will have the same expenses as any other.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Customers should note that no deposit bonuses are a great way to help you start trading, but it often comes with ridiculous terms so that even if you do make a profit, you have to trade such a high volume before you can do any form of withdrawal.

GO Markets on occasion offers bonuses, like a credit bonus to existing and new MT4 clients.

When a GO Markets MT4 Trading Account gets credited with any amount between US Dollar 1,000 and US Dollar 20,000 a trader could receive up to 30% of the original deposit back as a trading credit bonus.

Not available in ASIC and CySEC entities.

Trading Platforms, Software, and its Features

The forex trading software provided by a broker company to its clients is called the platform and is used to carry out their trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The decision about which platform to choose will depend on what a client would like to trade, therefore it will be one of the criteria when choosing a broker too.

GO Markets offers both MetaTrader 4 and MetaTrader 5 as desktop and mobile trading platform options, due to its efficient trading prospects for traders at all levels.

MT4 for mobile allows traders to trade anywhere at any time, analyze trading markets, and easily access expert advisors. MT4 is predominantly a Forex trading platform, while MT5 is a multi-asset CFD trading platform.

Markets, Products, and Instruments

Most brokers offer all or some of the following kinds of market instruments for trading:

Forex

Forex trading, also called currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

Commodities

As with currency exchange markets, commodity markets offer different investment opportunities for traders. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of inflation or economic uncertainty.

Indices

Equity or stock indices are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific set of the largest companies of a nation or they can represent a specific stock market.

Precious metals

The trading of gold and other precious metals involves hard commodities that are contract-based tradable goods.

Energy

The high volatility of energy prices due to political and environmental factors, supply and demand, extreme weather conditions and global economic growth is a typical feature of this product, making it another popular trading choice.

Cryptocurrencies

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels since its inception in 2008. It dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability. Litecoin is another very popular altcoin and LTCUSD is a fork of Bitcoin (BTCUSD), copied from Bitcoin’s code and with some alterations and launched a new project.

Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system. It allows instant cross-border fund transactions at very low costs.

Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Bitcoin Cash (BCH) was created by the Bitcoin hard fork in 2017 as a new version of the blockchain with different rules.

GO Markets offers more than 600 products including Forex, Share CFDs, Commodities, Indices, and Metals for trading, including:

• Forex – 50+ currency pairs available
• Share CFDs – trade 200 ASX Share (CFDs) with margin requirements from 5%
• Indices – access a wide range of Index CFD trades via MT4 & MT5 platforms
• Metals – access a range of precious metal pairs
• Commodities – trade one of the most heavily traded products in global markets
• Cryptocurrencies – trade cryptocurrencies as leveraged CFDs with competitive spreads.

Safety and Regulation

One of the first things a potential trader needs to establish is whether a broker like GO Markets is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

GO Markets is licensed by the Australia Securities and Investment Commission (ASIC), AFSL 254963.

GO Markets’ servers are located in the Equinix LD4 data centers providing a low latency environment to execute trades. Client funds are held in separate trust accounts at top-tier Australian banks like the National Australia Bank and Commonwealth Bank.

Trading transactions on its wide range of products like Forex, Share CFDs, Indices and Commodities, can all be done from one account, which can be securely funded by using 3D Secure for extra protection on online payments.

Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

In the case of GO Markets, they offer QuickSupport, a remote support application. It is accessed by clicking on the appropriate link on your system and clicking on the ‘TeamViewQS’ application.

After providing an ID and Password to the GO Markets support staff member, they can then temporarily and securely connect to your computer and remotely solve the issue.

Research

Potential traders should always do as much as possible research about speculative trading before commencing to do it.

Trading with confidence and success relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part its features when choosing the right company to trade with.

At GO Markets traders can sign up for a newsletter and daily commentary to receive updated market news. Monthly newsletters for which they are signed up, will also be delivered directly to their inbox.

A downloadable Forex Smart Guide gives traders an insight into trading CFDs and Forex. This information should be considered in conjunction with their Product Disclosure Statement and Financial Services Guide.

Education and Training

Before starting to trade, potential clients of GO Markets should avail themselves of all possible information and trading skills needed to be successful in the world of forex and CFD trading.

If GO Markets’ website itself does not provide enough means, a trader should explore other information sources and means to obtain skills and knowledge.

GO Markets provides their clients with education and market analysis to enable them to be as informed as possible before starting to trade the currency markets.

GO Markets’ Forex demo account remains one of the first and best ways to experience the real trading environment. It is aptly supplemented by a full set of educational material, including video tutorials.

GO Markets further runs a Forex Education Centre providing traders with options to learn basic and advanced features of the business. Other education courses and training sessions are offered through live webinars.

Conclusion

GO Markets is a company worth being tested by potential traders since it has positioned itself firmly as a trusted and leading Australian regulated broker and has maintained consistent growth.

Both its MT4 and MT5 platforms are perfect for analysis, manual and auto trading, strategy development, and all trading styles.

Disclaimer

GO Markets warns all potential traders that Forex and CFDs trading always carries a high level of risk and may not be suitable for all investors.

Before clients decide to trade the products offered by GO Markets, they are advised to carefully contemplate their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.

When traders use GO Markets’ margin leveraged accounts, they should maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin carries a high level of risk.

While GO Markets usually makes all efforts to fill a trade at the price requested, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement.

Potential traders should first acquaint themselves with all the risks associated with trading on margin and seek advice from an independent financial advisor if they have any doubts.