GO Markets Review: Pros and Cons Revealed - Share Trading
Introduction
Navigating the world of forex trading can be a daunting task for both beginners and experienced traders alike. With an abundance of brokers to choose from, each offering a unique set of features and trading conditions, it's crucial to conduct thorough research to find a platform that aligns with your individual needs and trading style. In this comprehensive review of GO Markets, we'll delve into the key aspects of this popular forex broker, highlighting its pros and cons to help you make an informed decision.
GO Markets: An Overview
Established in 2006, GO Markets is a regulated forex and CFD broker headquartered in Australia. The company has garnered a reputation for its competitive trading fees, user-friendly platforms, and extensive educational resources. GO Markets caters to a global clientele, offering a wide range of trading instruments, including forex pairs, indices, commodities, and shares.
Pros of GO Markets
1. Competitive Trading Fees: GO Markets stands out for its competitive trading fees, particularly in the forex market. The broker offers commission-free trading on its Standard account, with spreads starting from 0.1 pips for major currency pairs. This structure is particularly beneficial for high-volume traders who can capitalize on the reduced costs.
2. User-Friendly Trading Platforms: GO Markets provides traders with access to two industry-leading trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms are renowned for their user-friendly interface, advanced charting capabilities, and extensive array of technical indicators. Additionally, GO Markets offers a proprietary mobile app that allows traders to manage their accounts and execute trades on the go.
3. Extensive Educational Resources: GO Markets recognizes the importance of education in empowering traders to make informed decisions. The broker offers a wealth of educational resources, including webinars, video tutorials, and market analysis reports. These resources cater to traders of all experience levels, from beginners seeking to grasp the basics to experienced traders looking to refine their strategies.
4. Award-Winning Customer Support: GO Markets is committed to providing exceptional customer support to its clients. The broker offers 24/5 multilingual support via phone, email, and live chat. Additionally, GO Markets maintains a dedicated FAQ section on its website, providing quick and easy access to answers to common queries.
5. Copy Trading Service: GO Markets offers a copy trading service, AutoTrade, that enables traders to follow the strategies of experienced traders. This feature can be particularly beneficial for beginners who are still learning the ropes of forex trading or for traders seeking to diversify their portfolios.
Cons of GO Markets
1. Limited Product Range: While GO Markets offers a variety of trading instruments, its product range is somewhat limited compared to some of its competitors. The broker primarily focuses on forex and CFDs, with a smaller selection of shares and other asset classes.
2. No Guaranteed Stop-Loss Orders: GO Markets does not provide guaranteed stop-loss orders, a feature that some traders may find essential for risk management. Guaranteed stop-loss orders ensure that trades are closed at a specified price level, even in volatile market conditions.
3. No Direct Global Market Access: For traders seeking direct access to global markets, GO Markets may not be the ideal choice. The broker primarily facilitates trading in ASX stocks, with global stocks only accessible through CFDs.
Conclusion
GO Markets is a reputable forex broker that offers a compelling combination of competitive trading fees, user-friendly platforms, and extensive educational resources. The broker's award-winning customer support and copy trading service further enhance its appeal. However, it's important to consider the limited product range and the absence of guaranteed stop-loss orders before making a decision. Ultimately, the suitability of GO Markets will depend on the individual trader's specific needs and trading style.
