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GoMarkets Discussion

  • #181
  • Mar 22, 2010 9:48pm Mar 22, 2010 9:48pm
I have used Go Market for over a year now. Yes there were some problems (had a 60 pip spike in G/U during non-news time) but it was quickly resolved.

They have good customer service, emails were answered quickly, and sometime they follow up with a phone call. Depositing and withdrawing funds is no problem, I have an ANZ account and most time funds clears within 24/48 hours (for both withdrawal and deposit).

Spread a fairly low compare to others (I have also FXCM and Forex.com live account).

The more you do your research on web about FX broker, they more confused you will be. Just like when you book a hotel for holiday, you can read all the comments on tripadvisor, but you never know what you will get until you check in.

For me, Go market is worth checking out with real money.
  • #182
  • Mar 23, 2010 10:56am Mar 23, 2010 10:56am
Quoting Search1ng
Why was the last GoMarkets thread sent to the rubbish bin?

Either way, I've recently opened a live acc with them but before i invested some money i wanted to ask all you great sages for your experience/opinions.

reviews at
http://www.forexpeacearmy.com/ (forex peace army - broker review site) have recently listed Gomarkets(AUS) as a pretty decent Broker
....
i am using fx trade oanda. spreads are very low and its easy to handle
  • #183
  • Mar 24, 2010 4:55am Mar 24, 2010 4:55am
ive been with this broker for few months.

I have my own journal in the JORNAL SECTION of ff

I have a skype trading chat room with over 175 traders. There are quite a few in there who use GoMkts for trading spot fx.
i trade with 5 brokers and gomkts has been a recent addition.

heres the conclusion:

this broker company is taking the piss

they have been promising better execution speeds for ages now. They are taking sometimes more then 5-7 seconds to fill me in a trade.
How unethical is that??
They tell traders to check their internet speed and cx--BS

I have just gone over the reviews in many other broker review sites--and i have seen that im not the only one. Moreover numerous traders in my skype chat group are facing the same issue.

I wouldnt go far in calling this brokerage firm as being scadalous -- but i wont hesitate if they keep on pulling these tricks. And NO i wont call in because ive alreday done that twice and the execution speed remains ridiculous.

I ENCOURAGE EVERYONE TO STAY AWAY FROM THIS FIRM--TILL THEY GET THEIR ACT TOGETHER.
BLOODY OATH !!
  • #184
  • Mar 24, 2010 5:00am Mar 24, 2010 5:00am
ps-- these folks from gomkts have been caught in other forums posting their own glorious reviews. So ignore any positive review from anyone. Like i said -- i have over 175 traders in my skype chat and many with gomkts-- so i have collective info on their fx spot service. Much more then a single person giving a review. I sincerely hope they can get their act together. Would love to have a decent OZ broker
  • #185
  • Mar 24, 2010 7:54pm Mar 24, 2010 7:54pm
Quoting wisdomfx
ps-- these folks from gomkts have been caught in other forums posting their own glorious reviews. So ignore any positive review from anyone. Like i said -- i have over 175 traders in my skype chat and many with gomkts-- so i have collective info on their fx spot service. Much more then a single person giving a review. I sincerely hope they can get their act together. Would love to have a decent OZ broker
Hi Wisdom,

Of course everyone is entitled to their own opinion and is allowed to post their own review. We encourage coversation between genuine and prospective clients, but to say that people should ignore positive comments is a bit unfair. Do you say the same for every broker?

Let me say again as I have said on numerous occasions any execution delays are not through intent, but are usually down to latency. We have discussed this with MetaQuotes and they have confirmed that the geographical location of our server is the main reason for clients experiencing problems. The majority (obviosuly there are exceptions) of clients with problems are in Europe and the US as they are further away from the server or their execution is routed by their ISP through additional hops.

It is usually the first trade since login that is slower if any. I think it was gamma who said he had a delay on his first trade and then all the others were instant. That is a clear indication that it is an unfortunately natural delay - if we were delaying orders, why would it always be the first of the day?

We are STP. We do not touch client trades and we generate revenue through pip rebates. End of story.

I know that people will have opinions on brokers and there are some out there who may not be reguated and use underhand tactics, but as a regulated broker who states that we have no delaing desk and straight through processing, we have to have no delaing desk and straight through processing.

Claims to the contrary are factually incorrect.
  • #186
  • Mar 24, 2010 11:27pm Mar 24, 2010 11:27pm
Quoting GoMarkets
Hi Wisdom,

Of course everyone is entitled to their own opinion and is allowed to post their own review. We encourage coversation between genuine and prospective clients, but to say that people should ignore positive comments is a bit unfair. Do you say the same for every broker?

Let me say again as I have said on numerous occasions any execution delays are not through intent, but are usually down to latency. We have discussed this with MetaQuotes and they have confirmed that the geographical location of our server is the main reason for clients...
Does your PDS disclaim any possible conflicts of interest (for instance, if the price moves drastically a requote will be issued in order to prevent broker loss), how you are remunerated, and how all orders are executed, who via, and whats in it for you.

If it doesn't, it should.. Under regulation of course.

I just finished my ASIC compliance, so feel free to argue with me all you like .

P.S I only wrote this after searching your site, and being unable to find required regulatory documents as per the RG146 guidelines
  • #187
  • Mar 24, 2010 11:33pm Mar 24, 2010 11:33pm
Quoting GoMarkets
Hi Wisdom,

Of course everyone is entitled to their own opinion and is allowed to post their own review. We encourage coversation between genuine and prospective clients, but to say that people should ignore positive comments is a bit unfair. Do you say the same for every broker?

Let me say again as I have said on numerous occasions any execution delays are not through intent, but are usually down to latency. We have discussed this with MetaQuotes and they have confirmed that the geographical location of our server is the main reason for clients...

listen mate: dont you realise that there are many traders in many many forums who complain about the same issue. The delay in execution is getting worse and worse just like your excuses. Stop with the same rambling. Even in an aussie based forum moderator finally realised what other traders in that forum were constantly complaining about and you ended leaving the forum. Execution speed is very important. Your advertised low pip spreads means nothing if there is constant slippage as execution takes 3-5 seconds. Even the worst bucket shops ( which have dealer intervention) have better execution speeds. Go figure Go mkts !
Either pull up your socks or let the shit hit the fan.
So i quote your statement:

"Claims to the contrary are factually incorrect"

As wisdomfx mentioned, there are many of us in his chat group who are facing the same problem. Together we compare even better.
  • #188
  • Mar 24, 2010 11:39pm Mar 24, 2010 11:39pm
Quoting GoMarkets
Let me say again as I have said on numerous occasions any execution delays are not through intent, but are usually down to latency. We have discussed this with MetaQuotes and they have confirmed that the geographical location of our server is the main reason for clients experiencing problems. The majority (obviosuly there are exceptions) of clients with problems are in Europe and the US as they are further away from the server or their execution is routed by their ISP through additional hops.

It is usually the first trade since login that...
That is not true. The majority of people who complained to you and who posted the delayed execution problem on forums are located in Australia. Many of those post on ASF which is an aussie forum. For your information, those located in Europe and the USA have a ping delay of about 200-300 ms not a whole 5 seconds (5000 ms). So you can't call this a 'natural delay'. If you genuinely want to solve this problem you may have to look closer to home at your own system of (delayed) trade execution.
  • #189
  • Mar 25, 2010 12:16am Mar 25, 2010 12:16am
ASIC Defines financial advice as information used to influence the decision of an investor client or potential client.
It can be direct, indirect or unintentional.
All these guidelines are part of section 146 and include many other 'duties to clients'.

As far as I can see, the posts by gomarkets in the FF forums are a breach of ASIC regulation, until their PDS disclaims that they have a conflict of interest in clients trades, by 1) providing sub standard STP spreads (claiming to be STP) 2) Providing delays in trade execution (I have traded on multiple mt4 platforms with multiple bucketshops and supposed ECN's none of them have this apparent first trade issue).

There is an obvious conflict of interest between client and broker that has not been disclosed.

If anyone has had an issue with this broker, either by them providing advice regarding the platform, or their services, please register a complaint at www.asic.gov.au

Have fun!

P.S remembering that ASIC was created FOR clients of the financial services industry, regulation with this broker generally means clients come first. In this occasion I can not see them being put first one bit.
  • #190
  • Mar 25, 2010 1:20am Mar 25, 2010 1:20am
Quoting Takisd

As far as I can see, the posts by gomarkets in the FF forums are a breach of ASIC regulation, until their PDS disclaims that they have a conflict of interest in clients trades, by 1) providing sub standard STP spreads (claiming to be STP) 2) Providing delays in trade execution (I have traded on multiple mt4 platforms with multiple bucketshops and supposed ECN's none of them have this apparent first trade issue).

There is an obvious conflict of interest between client and broker that has not been disclosed.
Our PDS does not show a conflict of interest as there is no conflict. By stating facts, we cannot be in breach of regulations. Our legal documents, which are visible on our site, state that we enter into back to back transactions, not take on client positions. As you obviously have some knowledge of ASIC and the industry you are probably aware that ASIC have been reviewing a number of PDSs over the last 6 months or so (apparently over 300). They have recently completed a review of all our legal documents also and if there were the so called conflicts that you speak of they would make us change them.

I would be happy to invite you to come and take a look at our systems and show you that there ire no dealers or automatic systems in place here.

You and any other trading client of ours is of course welcome to talk to our legal team and ASIC if you feel we have breached any regulations.
  • #191
  • Mar 25, 2010 1:28am Mar 25, 2010 1:28am
Takisd,

Thank you for your invaluable input and section 146 interpretation.

I will exercise my right and will definitely put forward a complaint to ASIC if the requote is more than 2 seconds in the future.

Thanks



Quoting Takisd
ASIC Defines financial advice as information used to influence the decision of an investor client or potential client.
It can be direct, indirect or unintentional.
All these guidelines are part of section 146 and include many other 'duties to clients'.

As far as I can see, the posts by gomarkets in the FF forums are a breach of ASIC regulation, until their PDS disclaims that they have a conflict of interest in clients trades, by 1) providing sub standard STP spreads (claiming to be STP) 2) Providing delays in trade execution (I have traded on...
  • #192
  • Mar 25, 2010 1:36am Mar 25, 2010 1:36am
Quoting GoMarkets
I would be happy to invite you to come and take a look at our systems and show you that there ire no dealers or automatic systems in place here.
- The dealers may well not be in your premises but they can be found wherever your liquidity provider is located. Same applies to all brokers who claim to be STP.

- The automatic systems or delays if not at your end may also well be with your sole liquidity provider. Have you thought about this and did you investigate this with them? In any case the problem is yours to fix.
  • #193
  • Mar 25, 2010 2:57am Mar 25, 2010 2:57am
Im currently in the UK on business but still trading, my execution speed in Oz has been great , here in the UK I agree with Gamma, my first trade took 4 seconds and then subsequent trades were instant.
I did notice that if I switched from the datacentre connection to the main server it speeded things up considerably so maybe worth a try.
On another note I worked for a leading UK and Oz broker for 5 years and can safely say that all review websites like peace army are useless as most possitive reviews are usually affilaites and most negative ones are competitors thats the reality.
always best to do your own research.
  • #194
  • Mar 25, 2010 4:17am Mar 25, 2010 4:17am
Quoting goldcourse
Takisd,

Thank you for your invaluable input and section 146 interpretation.

I will exercise my right and will definitely put forward a complaint to ASIC if the requote is more than 2 seconds in the future.

Thanks
Same here- will report to ASIC if this continues. No harm to me ! ill take videos as well of execution speeds. That should be proof enough.
  • #195
  • Mar 25, 2010 4:23am Mar 25, 2010 4:23am
Quoting GoMarkets
Hi Wisdom,

Of course everyone is entitled to their own opinion and is allowed to post their own review. We encourage coversation between genuine and prospective clients, but to say that people should ignore positive comments is a bit unfair. Do you say the same for every broker?

Let me say again as I have said on numerous occasions any execution delays are not through intent, but are usually down to latency. We have discussed this with MetaQuotes and they have confirmed that the geographical location of our server is the main reason for clients...
U post so much crap. I ve been trading spot fx for last 5 years. Dont tell me BS . Your execution speeds are ridiculous. Moreover there are more lies advertised on website such as 500:1 leverage etc. Some have complained about that too as you dont offer it.
lol--like someone mentioned- even bucket shops have better execution speeds.
Can u not get it?? U folks have been on many forums and seen that so many traders are complaining of the same thing. I have read reviews of hundreds of brokers and come to think of it you are winning in the respect to the most pathetic execution speeds. Get it??
Get it sorted quick or the fat lady will sing -lol
  • #196
  • Mar 25, 2010 4:25am Mar 25, 2010 4:25am
Quoting jointhepips
Im currently in the UK on business but still trading, my execution speed in Oz has been great , here in the UK I agree with Gamma, my first trade took 4 seconds and then subsequent trades were instant.
I did notice that if I switched from the datacentre connection to the main server it speeded things up considerably so maybe worth a try.
On another note I worked for a leading UK and Oz broker for 5 years and can safely say that all review websites like peace army are useless as most possitive reviews are usually affilaites and most negative ones...

Dude - u have 12 posts here in FF and 6 of them are from this thread --thats 50%. Are u chris??
  • #197
  • Mar 25, 2010 4:33am Mar 25, 2010 4:33am
Quoting wisdomfx
Moreover there are more lies advertised on website such as 500:1 leverage etc. Some have complained about that too as you dont offer it.
I got my 500:1 but must request for it.
  • #198
  • Mar 25, 2010 5:04am Mar 25, 2010 5:04am
err i think your going down the wrong track mate.
I worked for IG and am now on holiday in the Uk if you must know.
But I do know alot about the industry and run a CFD/FX website but wont mention it here as dont want to advertise it.
but it would seem that you are on a personal attack about Go markets so i will leave you to it.
  • #199
  • Mar 25, 2010 5:07am Mar 25, 2010 5:07am
how did you get 500:1? I can only get 300:1
  • #200
  • Mar 25, 2010 6:43am Mar 25, 2010 6:43am
Quoting jointhepips
......but it would seem that you are on a personal attack about Go markets so i will leave you to it.
It's not a question of personal attack against Go Markets.

Fact: Go Markets have unacceptable delayed execution and there is a chorus of traders experiencing it.

It is strange that some people new to FF and with few posts always seem to come out of the woods just to post on this thread and they have a good experience to tell while the majority are having problems. Any reasonable person will see this as suspicious.
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