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GOMarkets — Australian Broker with CFD, Shares and Futures Trading

November 27, 2008 (Last updated on February 20, 2009) by

GOMarkets is a regulated Australian Forex broker that offers not only Forex market, but also CFD, shares and futures trading. Information about this broker was added to my site today. It offers MetaTrader 4 platform and also its own trading platform — GOTrader. They started offering the on-line Forex trading services in 2008. They support accounts with just $100 starting capital and offer micro-trading lots. Wire transfer, BPAY, credit cards and PayPal can be used for the funds transfers. Overall, if you are interested in Forex, CFD and shares trading in one broker, along with the low minimum, MT4 platform and PayPal deposits, GOMarkets is a good choice for you. If you are from Australia then it will be even better for you.

7 Responses to “GOMarkets — Australian Broker with CFD, Shares and Futures Trading”

  1. Raghbir Gill

    Hellp there,I am interested to find out more about your platform as i was looking for a MT4 and beleive you are offering this service.

    Thank You

    Rags

    Reply

  2. Kate Dixon

    I am interested in using GoMarkets as a Broker – Grateful if you could get back to me

    Reply

  3. clyde lawson

    why are margins so low.asx futures brokers ask for $10,000today trade the spi futures which is ridiculous

    Reply

  4. Charley Xie

    If you plan to open an account with them check this IB out: Sky-Fx . c om they pay US3 per 1 traded lot on currencies, I am getting that benefit and I am really happy.

    Reply

  5. Liam

    To all you guys starting off, take this from someone whos been in the industry some years. Gomarkets – These guys are rank amateurs.

    If your serious about trading, then dont go with gomarkets. Im telling you this from 20 years trading and testing multiple brokers and platforms. There are brokers all offering Metatrader .. but thats where it stops, different feed, rates etc are also an issue..

    If your the occassional manual trader then these guys are ok but be prepared to put up with the usual broker BS and f**cking around trying to get their s**t together.

    Since Ive been with them ive endured downtime (waking up to systems off) only to be told its a fire alarm problem shut down the server, spiky data caused by illiquid price feed, numerous attempts to upgrade the servers having to recode the EAs from different price feeds to make them work, poor chart data quality, constant dropouts, slow tics (a lot of guys overseas that use scalpers wont touch go because their data feed is poor)

    My transactions on my scalpers dropped 70% compared with that of AlpariUK, thats a fact, i have the settled transaction sheets. I ran the same EA over the same time over the same chart and had one broker do 9 trades vs 2 trades on gomarkets. Something is definitely fishy about the data feed. This company promises a lot but delivers very little. They are constantly fluffing around with services, data, bs after bs and each time i have to get my EAs altered to reflect changes etc. When i first joined fapturbo was banned and then spreads were maxed out .. its like a second hand lawn mower… one days its one thing .. another day its another… LACK OF CONSISTANCY.

    Ask major EA providers and you will see very few of their clients use Gomarkets.

    So the spread .. half a pip? so how do they make money? The answer might lie in the terrible slippage which is 4-10 pips on occassions in the morning. The old broker BS is hard at work, we offer half a pip spread but little do you know youve just paid the extra on the slip,,, if half a pip were going through where does everyone get a cut including your IB’s?

    Speaking of broker BS, these guys have been active in the forums but were caught red handed posting under different nic’s
    check
    http://www.forexpeacearmy.com/public…aus.com?page=1
    Review Moderation Team Note: We aren’t blinkered either and go to great efforts to prevent fake reviews. In this case, we are more concerned that Chris seems to have left 4 and 5 star reviews for GoMarketsAus as…
    James, Syndey
    pipprofit, Australia
    James, Melbourne,Vic,Aus
    jake, Canada
    Our screening for fake reviews caught these pretty quickly, so they were deleted.

    As for having the money in Australian bank accounts.. come on fellahs ..get real! the guarantee is up to a $1m and there is no where on the site that said your deposits are guaranteed only that its in a segregated bank account .. which let me say is comingled with other client funds…therefore if your $$$$ are in a pool of $5m and something happens …will you be in the $4m that the government doesnt pay out? Not that im worried about Aussie banks going under …then again .. Refco with its 1,000s staff and many offices going under some years ago doesnt provide any comfort as well…

    Leverage is an ordinary 1:200, … lets face it .. 1:400 or 1:500 is available elsewhere and so is metals, oil and indicies which this company doesnt offer.

    LATENCY: Check the commercial network services company latency chart and find comparison ie.
    gomarkets is up to 5 times slower in latency than some of the other brokers … Slow order processing will cost you, this in turn will experience requoting .. but they keep mucking around with the order flow processing to try and stop requoting so i dont get trying to execute an order 3 times to get out these days thank god.

    No dealing desk. Look guys, it really doesnt matter if your a small time trader .. but go say they dont have a dealing desk .. but can anyone confirm whether theyre a white label (to a broker that does)?

    More questions than answers and I would seriously look at other brokers …

    try FXCM, FXOPEN, AXIS FOREX, Tadawul etc…
    your EAs will thankyou for it.

    PS: As a parting thought .. if your thinking of becoming an IB for Gomarkets.. forget about it .. I’ve done some due diligence amongst other IBs and these guys never pay and the IB’s have to chase for their money which is eventually paid a couple of months late. IBs have to constantly be chasing up asking where their payments are. What are these fu*ks doing with the IB funds? out shopping for new servers? that seems to be the constant EXCUSES that are trumpted around especially on the forums so its just not me saying that.

    PPS: So think about it? if GO say their spread is half a pip (thats on their main site: “fx spreads from 0.5” and Go pay their IBs 0.5 … how do they make money I will leave that thought with YOU to calc

    Quite frankly.. GO somewhere else.

    Reply

  6. Liam

    Different brokers …using the same EA
    This only reinforces why i say gomarkets are crap for trading using EAs …have a look below
    ** at the time of writing there were significant differences using the same EA running at the same time. Gomarkets pretty much was near zero where other accounts had seen solid capital gains.

    SAME PAIRS
    SAME EA
    SAME TIME
    **Whats wrong with Go…. dont waste your time trying to work it out.. just try another broker …

    Forex Collective
    http://www.forexhope.com/mt4/report/Bling-CollectiveFX.htm

    FX open
    http://www.forexhope.com/mt4/report/Bling-FXOpen.htm

    Now check Gomarkets performance…..

    Check Gomarkets
    http://www.forexhope.com/mt4/report/Bling-GoTrader.htm

    Reply

  7. Fred

    Since its recent establishment in 2006 as a smalltime retail broker

    GoMarkets has come a long way; from bad to bigger – and worse.

    No disadvantages? In June this year they tried removing dealer

    intervention requote dialogue boxes to ‘remove risk of requotes’ i.e.

    immediate slippage on market entry. Thought you entered at the market

    price you clicked buy/sell on? Wrong. You’d end up with a price order

    that is filled almost arbitrarily seconds later prety much at the end

    of the nearest S/R region, get left there leaving you gaping when

    price reverses. Faced with an overwhelming number of complaints and no

    doubt potential loss of clients they soon replaced it with the default

    mt4 ‘enable maximum deviation’ box (making it sound like they came up

    with the idea). In early September they issued an email and MT4

    messages informing clients of an upgrade to both server and Metatrader

    platform that “vastly improved connection speed and also improves

    order execution.” An entire paragraph was dedicated to telling you how

    fantastic their server upgrade was, how much faster and stable MT4

    connectivity would be, how using the old MT4 would leave you at high

    risk of intermittent disconnections – and barley mentioned that they

    were changing order execution. Warning bells began to ring – when your

    service provider begins losing their transparency as an indication of

    honesty and trustworthiness, you know it’s time to bail. You can guess

    what the changes where; again, removal of the confirmation of whether

    you want to take the poorly requoted price. Exactly what they tried to

    implement in the first place to stall the scalpers, only this time

    they disguised it in the form of an ‘upgrade’.

    While requotes and dealer intervention can be manually harnessed by a

    broker to prevent a possibly damaging entry (from their perspective),

    Gomarkets began and continues to market itself seemingly to the small

    retail trader – to which there is far more potential to be made and

    far more advantage in putting the poor slob in a ridiculously negative

    and unintended position leaving him with no choice but to exit on his

    own (or get stopped out) at a loss, than to stop him from entering in

    the first place. Moreover there is far less effort and far less to

    lose by removing confirmation requote boxes to allow a small-time

    scalper/breakout trader (EA or not) to eat his own equity out since

    not only are these the kind of guys that go for at least 3 refills

    before moving on to the next broker, their equity contribution to the

    overall fund present a close to zero collateral and there’s always

    fresh blood for ‘easy money’ so it doesn’t really matter whether they

    go bust or not. High roller position/carry on the other hand need to

    be taken care of – as a broker you wouldn’t want that 500k guy walking

    (what’s left of) his equity out on you, not before you’re done with it

    anyway. But trade execution slippage isn’t such a bad thing for these

    guys, they got money to burn anyway.

    If Gomarkets was purely or at least moderately dedicated to the

    prosperity of their clients, would they pull off cheap tactics like

    these? Obviously there were some traders out there costing them alot

    of money possibly from their small variable >0.5 pip spreads or they

    just figured they could make do with more of it.

    Their marketed arbitrary tiny spreads do not come without a certain

    advantage however. They may be small spreads, but it does not mean

    they will stay that way. REMEMBER THAT THEY ARE VARIABLE. And very

    much so. The typical retail broker with market-made feeds will

    increase spreads during low liquidity. Gomarkets are no different, but

    are so inconsistent they essentially con you into getting stop hunted,

    not that they need to in the first place. Particularly prior to news

    releases – or whenever they want really – they will the jolt their

    amazingly small 1-2 pip spread that never seemed to go more than 3 to

    10-20 pips for a MILLISECOND to knock the news trader out senseless

    without warning. Whereas other brokers will transparently show an

    increased marketmade feed, Gomarkets essentially market their tight

    variable spreads in order to take full advantage of arbitrarily

    removing pain-in-the-ass orders that eat at their equity. FXCM have

    used the same – albeit worse – dirty tactics (albeit more) and have

    been fined by the NFA for it; Gomarkets is just a touch away.

    At any rate, bottom line is if you’re a news breaker or EA scalper you

    WILL lose (or stall profits at any rate) with them. Again, if you like

    having uncancellable orders with 3-5 seconds of delay during high

    activity periods before a slipped entry at the bottom or top of a move

    so that you bear the absolute brunt of the retrace then by all means

    go for it. Although typicial of marketmaking tactics they will

    nonetheless stop hunt with their variable spreads when it suits them,

    particularly in typical S/R stop loss houses.

    Having learnt this the hard way, it’s the least I can do for the

    fellow little guy trying to beat the exchange to emphasise that a)

    they will stop hunt with spreads – NEWS TRADERS BEWARE b) they will

    slip your market entries – SCALPERS BEWARE and c) they are devious and

    will do whatever it takes to keep themselves afloat even if it means

    implementing – or even deceptively hiding and sliding in – any changes

    (‘improvements’) that will cost you your hard earned pips – EVERYONE

    BEWARE.

    Of course you won’t have too much of an issue with medium-long term

    trades – but then why would you risk using a self-serving and

    scandalous broker that prides itself on tiny spreads when you don’t

    need them? The sad fact is that there are many retail brokers out

    there using devious tactics to take your hard earned money, and

    Gomarkets unfortunately seems to be just another one of them.

    Forex is hard enough to beat without unscrupulous brokers making it

    harder. Here’s a chance for you to learn from someone else’s mistakes.

    Do yourself a favour a choose someone else.

    Reply

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