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Go Markets any good for forex?

Discussion in 'Forex' started by dhruv, Feb 24, 2009.

  1. dhruv

    dhruv New Member

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    Hey everyone,

    Does anyone here use Go Markets as an fx broker and if so, could you shed some light on the pro's/con's of their service?

    Currently with Oanda however I'm not a fan of their withdrawal fees and would much prefer an MT4 platform. Also the ability to trade other instruments with GM is appealing.

    I dug up an older thread about them here but that went off-topic pretty quickly and was a few months old, so just interested in hearing fresh new opinions.

    In particular, I'm interested in hearing about things like execution time/slippage, reliability, average deposit/withdrawal times, customer support etc.

    Cheers,

    dhruv
     
  2. Stormin_Norman

    Stormin_Norman Currency Trader

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    Re: Go Markets any good?

    spreads are wider then OandA and slightly wider then IBFX during some times of day.

    i havent noticed any requotes or slippage problems with them.

    i have 2 live accounts with them.

    i have not withdrawn money yet.
     
  3. Naked shorts

    Naked shorts Well-Known Member

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    Re: Go Markets any good?

    I have an account with them, but i will be leaving them soon. Gonna get into fx futures on the globex. Cant do any spot trading at prop firms! :)

    I think the are a good broker if you are starting out, and are a LOT better then the likes if IG and CMC.
     
  4. Naked shorts

    Naked shorts Well-Known Member

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    Re: Go Markets any good?

    One other thing i noticed as well, is they expanded their spread on the e/u to 3 pips a month or two ago, the market was really really choppy and guarenteeing such tight spread on certain pairs was loosing them money.

    The thing to note here is they reduced the spread on the e/u back to 2 pips promptly. I could imagine easily imagine other brokers keeping the spread at 3 pips for as long as possible to try and squeeze as much money as possible out of all the suckers they suck in.
     
  5. Bobby

    Bobby Well-Known Member

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    Re: Go Markets any good?

    Second that !
     
  6. AbundantIncome

    AbundantIncome Well-Known Member

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    Re: Go Markets any good?

    third that on cmc .. never used IGmarket yet .. although i have the accounts open . just to scared with market making platform ... trade against people with more power, knowledge and resources... might as well send them the cheque as charity !
     
  7. wabbit

    wabbit www.wabbit.com.au

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    Re: Go Markets any good?

    I have been with Go for just over a week now and have had no (major) problems. At about 14:00 each day I get a very short interruption to my connection through MT4, the cause remains unresolved but it has not affected my trading, yet. I have been trading using an EA which places many trades, sometimes in very rapid succession, without requote. I have only been trading microlots but each trade is executed within expectations, I have even had some slippage go my way!

    I have sent a couple or emails to their support and had prompt replies; I have spoken on the telephone with their staff in sales, accounts and support (they might all be one group) and they were all knowledgeable and helpful.

    Funding your account can be a little slow if you choose bank transfer, BPay etc. The fastest way is to use a credit card through PayPal (or just use your PayPal account) but their accounts people only work during "office" hours so it is not always possible to have newly-deposited funds immediately available for trading. The same can be said for the withdrawals: fastest if made at a reasonable time during office hours (you still need to fax them the withdrawal authorisation - - allegedly if regulatory rules change (in the near future?) this requirement will be abandoned in favour of electronic authorisation?) The delays were similar to the delays with my previous U.S. broker.

    Spreads on the major fx pairs are pretty competitive; the spreads on some of the other pairs are not so. As with any broker, choose your universe carefully.

    My high risk system took a battering (twice) in its first week of existence with this new broker, but I can say that the zero-balance protection kicked in when the EA went "berserk" without supervision (two 200+ point swings in a week will do that to this system, it's a fact of life) but as I said the broker's protection system worked like it should.

    So far, after a very short evaluation period, I have only good things to say about Go Markets and their MT4 provided platform. If there is more to say in the future, I will let you know.


    Hope this helps.

    wabbit :D
     
  8. Whiskers

    Whiskers It's a small world

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    Re: Go Markets any good?

    I've been using them a few months since I started forex and generally have little to complain about.

    I funded by ebay and got credited overnight. If you go after the cut off time for you bank to process overnight transfers it will take an extra day.

    The spreads widened a bit... pissed me off trading smaller lots to start off... but came back one pip the last few days.

    One bug I have is their internet connection dropping out, often at least a few times a day, and reconnecting a few seconds or half minute later. Is this normal? At first I thought it may be something to do with relogging in when other exchanges came on line :confused:... but figure that aught to be done seemlessly.

    Anyone else getting dropped out or is it my internet connection/service?
     
  9. wabbit

    wabbit www.wabbit.com.au

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    Re: Go Markets any good?

    ... Perth time (WDST, GMT+9)


    wabbit :D
     
  10. Felix Profound

    Felix Profound Active Member

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    Re: Go Markets any good?

    This is part of their TERMS & CONDITIONS.Does it mean you may lose more than your deposit?

    (I would have put the link here if I had not been afraid of getting shot by super scam finders)
     
  11. Stormin_Norman

    Stormin_Norman Currency Trader

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    im imagining its a standard part of most broker's contracts incase something happens and they cant stop you out at your margin call.

    wabbit wrote above:

    with gomarkets youll at least then you not have to worry about returning your USD trading account to AUD then felix, it will already be based in it.
     
  12. macca

    macca Well-Known Member

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    Every broker that I have read up on in Oz has a similar clause in their conditions.

    They will TRY to get you out but there are no guarantees that you can only lose your account balance.

    There are brokers overseas that do guarantee that your risk is limited to your account balance ( so I believe).

    It should not be a problem but in this weird financial environment that we are operating in now, who knows.

    Technically it is possible that the Euro collapses as it really is something that seemed like a good idea when everything was rosy but now things are very different and quite a few of the countries that use the Euro are technically bankrupt.

    I was reading that Iceland, Ireland, Italy and a few others are all in trouble, European bank exposure to Ex Soviet block countries is gigantic and could bring the whole thing tumbling down, what happens if Germany and France pull the plug.

    I don't want to be long the Euro when/ if it happens :(
     
  13. caribean

    caribean Well-Known Member

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    Re: Go Markets any good?

    Why not? do prop shops here only trade currency futures? they would not be anywhere near as "deep" as true interbank in spot.


    "The spreads widened a bit... pissed me off trading smaller lots to start off... but came back one pip the last few days."
    Wider spreads at certain times are part of the game, take a look at currency futures at different times of the day, and, or news announcements.
    Guaranteed no lossing more than your account would go hand in hand with bucket shops, IMHO
    But stiil, bucket shops offer reduced size for practicing live when account still small, you can certainly practice and get better and get ahead, even in a bucket shop, then you can worry about bringing you costs down and trading with a better broker, full contracts are too large for small accounts.
     
  14. Trembling Hand

    Trembling Hand Can be found on the bid

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    Re: Go Markets any good?

    Because thier systems are set up for index futs. And their experience.
     
  15. caribean

    caribean Well-Known Member

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    Re: Go Markets any good?

    I see, thank you.
     
  16. glenn_r

    glenn_r Well-Known Member

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    Go Markets – Changes to FX & Update on EAs
    Dear Client,

    In the coming days and weeks you will see changes with FX coming through the MetaTrader4 platform. The biggest change will be in the price feed. As you are aware we offer fixed pricing which does not fluctuate throughout the day. Whilst this can give transparency in the pricing it can mean clients do not always get the best prices on offer.

    We are in the final stages of implementing a new ECN-style price feed coming through from a combination of 70 banks. This will mean that clients get the absolute best bid/ask prices coming from the interbank market. During liquid times spreads can get as low as 1-pip on major pairs, and if spreads widen it can be a signal to a client that the conditions for trading are not favourable. As an indication of spreads, many majors including GBPUSD, EURUSD, EURGBP and AUDUSD can offer spreads as low as 1-2 pips, even during the Asian session.

    Offering the accurate interbank market prices means it is easier for us to hedge our positions. As part of this we will be able to accept ALL EXPERT ADVISORS including FAPTurbo. We will send an email to all clients as soon as this is fully implemented.

    If you have any questions about the above please do not hesitate to contact us.
     
  17. fapturbo

    fapturbo Well-Known Member

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    This is good news...
     
  18. tayser

    tayser Well-Known Member

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    hah, fantastic - another broker realising the market making bucketshop model sucks.

    Do they still offer opening an account at really low initial account funding?
     
  19. macca

    macca Well-Known Member

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    Hi Tayser,

    You can open with nil balance for a look and then fund with any amount of money via just about any method.
     
  20. tayser

    tayser Well-Known Member

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    dunno - I opened an account with them about 3 years ago and it's never been funded - this was pre-MT4 days.

    *shrug*
     
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