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Last Updated On May 10, 2023
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
A well-regulated broker, GO Markets will appeal to traders looking for a simple account structure and a broad range of trading tools on the MT4 and MT5 platforms.
GO markets offers trading on multiple CFDs, including Forex, share CFDs, indices, metals, and commodities and traders can choose between two accounts, both with competitive trading costs. The commission-free Standard Account has spreads that start at 1.0 pips (EUR/USD), while the GO Plus+ ECN Account offers spreads of 0 pips in exchange for a commission of 6 USD (round turn). Both accounts have a reasonable minimum deposit of 200 AUD, making them accessible to beginner traders.
With full support for MT4 and MT5, GO Markets also provides an extensive suite of trading tools. These include a free VPS service, Autochartist, Metatrader Genesis, Trading Central, a-Quant, and the Myfxbook copy-trading service. Most of these tools are available for free to live account-holders. Traders will also appreciate the fact that no extra fees are charged for deposits, withdrawals, or on inactive accounts.
Overall, GO Markets is a dependable, straight-forward broker that ticks all the boxes.
🏦 Min. Deposit | USD 200 |
🛡️ Regulated By | ASIC, CySEC, FSA-Japan, FSC |
💵 Trading Cost | USD 4 |
⚖️ Max. Leverage | 30:1 |
💹 Copy Trading | No |
🖥️ Platforms | MT4, MT5 |
💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, Bonds, Shares |
Yes, GO Markets is a safe broker for Nigerians to trade with. It maintains regulation from some of the world’s top regulators, including ASIC of Australia, CySEC in Cyprus, the Financial Services Authority of Seychelles, and the FSC of Mauritius.
Founded in 2006 and headquartered in Melbourne, GO Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Services Authority (FSA), and the Financial Services Commission (FSC) of Mauritius.
Nigerian traders will be trading under the subsidiary, GO Markets Pty Ltd, authorised and regulated by the Financial Services Commission (FSC) of Mauritius, which allows brokers to offer their clients higher leverage.
Unlike top-tier regulators such as the FCA and ASIC, the FSC does not mandate that companies segregate client funds, provide negative balance protection, or participate in investor schemes. GO Markets does, however, segregate client funds from its operating capital in various banking institutions, and will not use customers’ funds in its operation or any other investment, ensuring their protection at all times. Note that negative balance protection is only available on a discretionary basis, and requests are evaluated case by case.
GO Markets has won numerous awards, including Best Customer Service 2019 (Investment Trends), and Best Educational Materials/Programs 2019 (Investment Trends).
Overall, based on its long track record of responsibility, the segregation of client money, and the high level of regulatory oversight, it is clear that GO Markets desires to provide a safe and secure trading experience for Nigerian traders.
GO Markets’ trading fees are lower than other similar brokers.
Unlike other brokers that offer a range of account types with lower spreads linked to higher minimum deposits, GO Markets offers only two accounts with minimum deposits starting at 200 USD. The Standard Account has the trading costs included in the spread while the GO Plus+ Account offers tighter spreads and a small commission per trade. For more detail on GO Markets’ trading accounts, click here.
Unfortunately, GO Markets fee structure is not transparent and it does not publish the spreads alongside each instrument.
GO Markets’ accounts were assessed to compare the costs to those of other brokers. When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread.
The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:
Spread x Trade Size + Commission = Total Trading Cost (USD):
As you can see from the table above, the trading costs on the GO Plus+ Account are lower than the costs on the Standard Account, which has the trading fees included in its variable spreads. Spreads tighten or widen depending on market volatility and trading volume.
Overall, the trading costs on the GO Plus+ Account are lower than average – the trading costs at most other brokers tend to be around 9 USD per lot traded, but slightly higher than average on the Standard Account.
Swap Fees
Another important cost to consider is the swap rate charged on positions held overnight. Interest is paid (or received) for each night a position is held. Unfortunately, GO Markets does not publish the swap fees on its website. Traders can find an indicative Swap on the platform, by right-clicking on a currency pair and selecting ‘Specification’
Overall, GO Markets’ trading fees are lower than other similar brokers, but GO Markets is not transparent about the spreads nor the swap fees associated with each financial instrument.
GO Markets‘ non-trading fees are lower than other similar brokers.
Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.
GO Markets charges no fees for deposits or withdrawals, and does not charge inactivity fees. This is a welcome development in an industry that charges extra fees on almost every transaction.
The account opening process at GO Markets is as per the industry standard – the process is fully digital and accounts are ready for trading within one business day.
Nigerians are eligible to open an account at GO Markets as long as they meet the minimum deposit requirement of 200 AUD.
GO Markets offers both corporate and individual accounts, but we will outline the process for opening an individual account:
1. Click on “Open Live Account” at the top right-hand corner of the page. You will be directed to register an account with your name, email address, date of birth, and telephone number. You will also be asked to select your trading platform (either MT4 or MT5).
2. The next step requires filling in your residential address and selecting your preferred base currency, trading account, employment status, and financial status.
3. GO Market requires at least two documents to accept you as an individual client:
Proof of Identification – GO Markets accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID.
Proof of Address – Proof of residence/address document must be issued in the name of the GO Markets’ account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.
4. In order to be accepted as an individual client, GO Markets requires traders to agree to the following documents:
5. Lastly, to enable GO Markets to verify your identity, it may disclose personal information such as your name, date of birth, and address to a credit reporting agency (CRA) to obtain an assessment of whether that personal information matches information held by the CRA.
Once the above information is verified, traders can login to their trading accounts and begin trading.
Overall, GO Markets’ account-opening process is fully digital and hassle-free, but the account-opening process may be delayed if client information deviates from what is on record at the CRA.
GO Markets offers two account types, which is average when compared to other brokers. Both account types are suitable for beginner traders.
A market maker with ECN account options, GO Markets, offers trading on over 350 instruments, including Forex, shares, indices, metals, cryptocurrencies, and commodities (click here for more on GO Markets’ trading instruments).
GO Markets has two simple account types that are both suited to beginners and experienced traders. Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year. Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek.
Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders. Usually, spreads on these accounts are wider than those with higher minimum deposits, but that is not the case at GO Markets as both accounts have a minimum deposit of 200 AUD. However, trading costs on the Standard Account are higher than those of the GO Plus+ Account, which has spreads that start at 0 pips (EUR/USD) in exchange for a commission of 6 USD (round turn) per lot.
In general, experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. Again, at GO Marketsthis trade-off does not occur as both accounts have a minimum deposit of 200 AUD, but lower trading costs on the GO Plus+ Account.
Nigerian traders can access leverage of up to 500:1 on major currency, up to 1:20 on share CFDs, and up to 1:100 on indices. However, client accounts are set up with a default leverage rate of 1:100.
Clients can choose between the MT4 and MT5 platforms (click here for more on GO Markets’ trading platforms), and GO Markets allows hedging, scalping, and copy trading. Unfortunately, GO Markets does not offer Islamic swap-free accounts. See below for account details:
Standard Account
The Standard Account is the dealing desk, commission-free account option, created with the beginner in mind. Spreads start at 0.00 pips on this account, and it requires a minimum deposit of 200 AUD.
GO Plus+ Account
The GO Plus+ account is designed for the professional trader and requires a minimum deposit of 200 AUD. A commission of 6 USD round turn per lot is charged, and spreads are tight, starting at 0.0 pips (EUR/USD).
Support is available 24/5, which is in line with the Forex trading week, via email, live chat, and phone (with local numbers in Australia, China, and the United Kingdom). GO Markets also has a Quick Support tool that allows their technical support team to remotely access your desktop and fix any issues with your platform/software.
For the purposes of this review, we found the customer service responsive, knowledgeable, and able to answer most of our questions.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Go Markets offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money. GO Markets wants you to know: Trading Forex and Derivatives carries a high level of risk, including the risk of losing substantially more than your initial investment. Also, you do not own or have any rights to the underlying assets. The effect of leverage is that both gains and losses are magnified. You should only trade if you can afford to carry these risks. Trading Derivatives may not be suitable for all type of investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.
GO Markets is a well-regulated market maker broker with an ECN account that offers a reasonable range of tradable instruments on the MT4 and MT5 trading platforms. GO Markets’ most notable feature is the number of trading tools on offer, including a VPS hosting service, Autochartist, Trading Central, MT4/MT5 Genesis, and a-Quant – providing numerous trading daily trading signals. Trading conditions are average on GO Markets’ Standard Account but are highly competitive on its GO Plus+ account, with spreads of 0 pips in exchange for a reasonable commission of 6 USD (round turn).
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Find out how Go Markets stacks up against other brokers.