Forex trading is popular in all parts of the world which can be seen from the countries from which traders are coming from as well as from the fact that brokers for Forex trading are also coming from many different countries in the world. Australia and the entire region of Oceania are not excluded from this trend as well. Throughout the years, Australians have been part of the Forex trading market contributing to the popularity of this line of business in high percentage of traders. Many of them used Forex brokers from some other parts of the world such as Cyprus or the United Kingdom. However, more recently, one of the most popular brokers for Forex trading in Australia is actually the Forex broker from Australia called GO Markets. The GO Markets Broker Review will provide some basic information about the offer that this Forex broker can provide to its clients as well as information about the regulations influencing this Forex broker.
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Background and Regulation
As previously mentioned, GO Markets is the leader when it comes to providing the Forex trading services in Australia. One of the main reasons why this broker has become so popular in Australia is the fact that it provides very flexible options of leverage as well as low fees and fast processes. In 2004, the Australian Securities and Investments Commission registered this Forex broker into the register under the name GO Markets Pty Ltd. This fact does not imply only that this Forex broker is officially recognized by the Australian authorities but also that is able to fulfil all the legal requirements necessary for obtaining the required licences in order to operate in certain area. Besides that, GO Markets Forex broker is also a subject to regulations, control and inspection by the mentioned agency which also gives clients required information and support when it comes to the trustworthiness of the given broker for Forex trading. Traders who wish to use this Forex broker need to be very careful because there is another broker that operates under similar name, GoMarkets UK. However, the United Kingdom’s Financial Conduct Agency or FCA has characterized this broker as the clone and because of that traders should avoid that broker as much as they can. According to the officials, there is no connection between GO Markets and GoMarkets UK.
GO Markets Platform
GO Markets is broker for Forex trading that uses the MetaTrader 4 or MT4 trading platform in order to provide their services for the clients. The MT4 trading platform that GO Markets is using includes best feature of this platforms such as auto trade placements, Expert Advisors, custom made charts, alarm manager and many others. One of the biggest advantages of this trading platform is the fact that it does not limit the users in a sense that they have to use only computers when trading. Instead, MT4 platform has also been developed for the wide range of mobile devices that run either on Android or on iOS. Because of that, the GO Markets mobile version will enable users to trade wherever they are and whenever they want.
GO Markets Account Types
GO Markets Forex broker provides their clients with the opportunity to use two different types of accounts and those are:
- The Standard account
- The Pro account
Both of these types of accounts provide the client with the specific features that clients can use when trading with this Forex broker. Standard account is the account that is best suitable for the traders that want to access the global markets for Forex trading. It needs to be mentioned that this type of account does not charge any commission fees for the clients. The minimum deposit for this account is $200 while the maximum leverage for this account is 300:1. Different amounts of deposit are making different features of the MT4 trade platform such as MT4 Genesis, Trading Central, Autochartist and several others available to the clients. Pro account, on the other hand, is the account that will suit the best those traders who prefer pricing structure based on a commission. The minimum deposit for this type of account is $1000 while the maximum leverage for this type of account is also 300:1. Unlike with the Standard account, the commission for the Pro account is charged and the amount is 3.50 AUD per side. Just like with the Standard account, the bigger deposits, such as $3000 for example, will make feature such as MT4 Genesis, Autochartist, Trading Central and several others available for the client.
Bonus Policy
One of the best marketing strategies for Forex trading brokers are the bonuses and promotions that they provided to their clients. GO Markets uses that strategy and it provides some of the most lucrative bonuses and promotions that can be found with similar brokers in Australian but also in other parts of the world. One type of the bonus that GO Markets provide to their clients is the Cashback bonuses that clients can get after creating their account with this Forex broker and depositing given amounts of money.
Banking Options
For traders, another very important aspect of the Forex broker is what kind of banking options can traders use when they want to deposit or withdraw money from their accounts. In that regard, GO Markets provides the standard selection of the banking options that can be used for this purpose. These banking options or methods include many types of the Credit and Debit Cards, e-wallets such as Skrill, BPay, as well as the standard bank transfers. It is also very important to mention that GO Markets does not charge any fee when it comes to the payment but clients might get charged by the provider of the payment method.
Customer Support
According to the official web page of this Forex broker, the customer support services are available for the clients from Monday to Friday and 24 hours a day. Besides that, their web page also provides the address that clients can visit if they have some issues as well as the phone numbers that clients can call in case of some problems. Additionally, their official web page also provides the live chat option for the clients and they are replying to the client’s messages in a record time period.