Reviews:
SPREAD/COMMISSION: Well, comparable spread available at any broker, but see below about slippage which is chronic with this broker during morning tokyo session. So much for tight spreads on gbpusd!
WITHDRAWEL: Good, couldnt wait to get my money out fast enough.
CUSTOMER SERVICE: Theyre good at coming up with excuses, fire alarms, servers etc.. how many new servers can a company get?
SCALPING POLICY: Well theyve managed to work something out with the data feed that has serious differences between the said same EA trading on my chart and another broker. Try 9 trades to 2 (other broker vs gomarkets) so they can say they allow all the scalping EAs under the sun, if theres another way to stop the scalpers from working (eg. spread widening, some other system) they must have found it because some days the scalpers are trading at a drop of 70% turnover (compared to other broker figures)
Heres my honest two cents worth;
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 Alpari, 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?
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 on time and the 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
Linear Mode
