GoMarkets Discussion

I'd like to know where the profit/loss statements of this company are. This would give everyone a better picture.

I don't think it would. And if I ran the company i would not show you... as then it would be asked of me to show day by day to get the best idea. that's crazy!

it's simple only hold funds with the comapny you can afford to lose!

Right-O. Nothing says your entire trading funds have to be in the broker's account. A conservative trader can keep a portion of his forex funds in the forex account--maybe 20%. Then base his trades on the entire 100% provided the other 80% is actually in a liquid account earmarked for trading.

It all depends on how much of your account you normally risk. If you never have more than 10% at risk, then there's no need to have more than 20% in the actual broker account. In case of a drawdown, simply reload. GoMarkets posts funds quickly enough.

That's just good sense no matter what broker is used.

O.K. , thats definatley not an intelligent reply. I'f you can take money from someone and cant guarentee that you'll be able to give the money back. You outta be able to show the health of your company, right?

Just like any other company thats traded on the stock exchange is required to do. Not being able to present these reports means your trying to hide something, plain and simple.

To clarify as well, I'm not singling out go markets. I hold a live account with them and I've been nothing but impressed from there competative spreads (2 pips on u/j ) to quick executiion (I live in the U.S.).

I also appreciate the fact they accept u.s. clients.

Have you asked to see them and been refused? I mean besides mentioning it here.

Edit: I wrote that before I saw your last post. Don't take it the wrong way.

I asked one of there associates via there live chat website service (which is helpful) and was told he didnt have the information but referenced me to an email. I emailed them an hour ago and I'm waiting on there reply.

Listen, i am not here to argue. Its naive people like you with hard-ons for their broker that think they are not here to make money or manipulate individual traders!

Before you ask/suggest your usual noob questions like "did u call them? did u check your internet connection? did u check if your computer is plugged into the power socket? did you turn on the power switch? and further dumb questions" etc etc; take a moment to think that i am not dumb enough to spend hours applying for an account, depositing funds, withdrawing, etc etc. I have nothing to gain from "reviewing" this broker on my experience. People need to know, so if it helps anyone now or in the future - yes i had the same problem and you were not alone (look at other people above still complaining).

Anyways i have nothing to do with GoMarkets anymore, so there is no point of me lingering here. I was just making a point above about the PDS and safety of client funds! My opinion on GoMarkets is as valid as yours since i had a live account too!

Good luck with your trading.

I have got agree with Apocalypto here....

I have traded with them since beginning of 2009 before the new ECN styled server came into being. Before the new server I had no significant problems with execution, however there were a few problems with continuity of data feed. I did imply to them that the new feed coming would need to be significantly better in its consistency if I were to remain with them. There was a massive improvement in this area by this Melbourne, Australia based broker. I am based in newer suburbs of western Sydney. The further you are from Melbourne the less true my comments are for you.

Since then, I was actually asked by a Sydney based Australian MT4 broker to do a comparitive study of trading on different Australian MT4 platforms. GoMarkets with their new feed came out on top compared to other MT4 platform providing brokers.



There was not one other MT4 platform based Australian broker that was better for:

1. consistency of data feed (very little down time).
2. tick data per second reaching the trading platform.
3. speed of execution of market orders (except this speed was not as consistent during NY market times)
4. stability of platform.
5. average spread on the major currencies and yen crosses.

for a person based in Sydney.

The reason behind this is that most of the other MT4 brokers are pawns to the bigger international brokers, where all trade execution is completed and data feeds are spawned from international networks near London or NY. I know that GoMarkets are GMT+2 servers whether that is where the trades are executed that is another story.

When it comes to spread I used an excel recording of all bid and ask quotes values that were received by the platform. It consistently showed that its spreads were better than all other Australian brokers and better than most international brokers too, during all 3 trading sessions (Asian, London and NY sessions). The funny thing is GoMarkets were completely unaware that I was analysing their feed. The only time they were not better was around midnight GMT+2. This is typical of a broker receiving a genuine ECN styled feed, as banks around the world do their calculations of rollover etc... then and therefore there are less offers on the market. This is especially the case at 17:00 NY time on Wednesday, which translate to Wednesday going into Thursday GMT+2 midnight time).

The above recording of the data can also be used to analyse the number of different (BID / ASK) ticks that are being received at your platform over a given period of time. GoMarkets came out on top with this too.

Stability of platform can be the result of poor data feed issues or the result or the platform not being able to handle your indicators, or your computer. My computer could be used by NASA (LOL) and most brokers were fine, however, there was one that was distinctly poorer than the others.

This analysis was performed during the Northern Hemispheres winter, and Australia's summer (last December 2009 through to February 2010).



Individual manipulation is a load of rubbish in a well regulated country (like Australia, Britian and USA (and the Swiss are becoming better). When someone claims 'individual manipulation because they would be profitable if they weren't manipulated against', that is the same as saying:

1. "I am a person who struggles to trade but maybe I'm yet to reach a point where I can admit it."

OR

1. "I don't fully understand trade execution dynamics"

This is the case for nearly anyone living and trading through a broker in a well regulated country.

GoMarkets have no need to manipulate, because they are simply not allowed to participate in the actual Buying or Selling of your currency. Slippage which should be more accurately called gappage in an ECN styled broker, allows the broker to Buy or Sell at a better price thereby allowing the broker to make more money out of you. However cause GoMarkets are not allowed to participate in the actual trade this cannot occur with them.

In other words GoMarkets really have no benefit out of delaying your execution. As a matter of fact they actually lose out of delaying your execution, because they get a currenex feed another trader with another broker may have gotten the better execution if GoMarkets delayed trade (you will be the unhappy customer and they have no additional financial benefit because they are not the ones buying or selling the currency).



In other words with GoMarkets if spreads widen it is because of:

1. there are less offers in the market
2. someone beat you to that offer, (if they widen in the time you mouse click and execution occurs).
3. you're imagining it.

Also if trades are delayed:

1. no offers available for execution (highly unlikely)
2. or you have a pathetic connection to their servers. (much more likely)

Now as GoMarkets do have customers that claim great execution speeds (including Americans) that suggests that people who claim otherwise are probably more likely to be at fault for the execution slowness. Either they have:

1. poor quality internet
2. a large distance from your internet provider's servers
3. they are not using Telstra (if based in Australia)
4. you are using wireless connection at home (slower than a hard wired connection)
5. you are using satelite from home (slower than optic or cable)

Hopefully you can work it out for yourself why all of those above matter.

A couple of years back I quit IBFX in protest of their trade execution. I trialled a few other brokers, then I learned about trade execution and so went with a broker that was local (Australian or at least Asian). The closer your broker's servers are to you, the better chance you have of good execution. GoMarkets are through Melbourne to a GMT+2 timezone.

The PDS point is also not a problem. This is the same for any financial business around the world (banks, insurance companies, brokers (retail or not), professional traders, superannuation companies etc..., plus any company that you could invest in through the stock markets).

What billflet said is true "Policies, promises and best of intentions are worthless if the company holding your money goes broke. Debating it here is an exercise in futility. In the event of bankruptcy, maybe GoMarkets will pay, maybe they won't. In the end, a judge will decide. Even if the decision goes in our favor, there is still no guarantee. If there is no money there, no one gets paid. That's the inherent risk."

And this is the same with the money you have in your bank, in your home loan etc.... The PDS point is really a non-point.

any way happy days

Learn and trade well...

aquaart....

Thank Aquaart

Nice, elaborate and informative text.

MT.

This tells me that you have not read many financial PDS's. As this will be in some way or another a part of just about every financial companies PDS's in Australia.


Trades are executed and prices are often not exactly the same as clicked because there is always only a certain amount on offer at a particular quote at any 1 point in time.
Even if u are using the same internet connection from the same home, with exact same computer set ups, indicators on platform etc... it is possible that the 1ms difference in clicks causes differences in quotes.

So your statements need a lot more depth before you can make your claims as being even remotely valid. Pls see my previous page's statements.

Not really necessary, ASIC does that for us here in Australia...

Though it is not to the same degree of USA regulators for retail forex.

Also segregated means that clients funds as a group are help separately to business funds. So if the company goes bust, as long as trades were executed properly up until close of business, clients overall funds should be known. What becomes of them in the event of bust is actually a legal thing, which with any company we have little control over. Again this would be the same with most financial institutions.

But agreed it would be nice to know...

Traders

Please remember ASIC ABC XFF or whatever, is not checking every single accounting book of all the companies reporting to them.
In Year 2010, with all the regulations in place there are still companies around practicing "cooking the books". That does not mean that GOMarket is practicing such accounting tricks but hey don't be fooled by shareholder statements or any nice little glossy brochure. Just in recent days there was again a nice example described in one of the major newspapers here in Australia of how a major company has cooked the books and I don't talk about Sonra, so keep dreaming that ASIC is looking over the CFO's or Accountant's to gurantee that nobody is changing figures around to please certain people
Another hint have you noticed that most of the time when there has been a failure it was already to late and all what will be done is winding up the joint.

You are very right Pipstrumpf.... Wise and weighted comments...

But this is still a lot better than countries that don't even have the checks...

Good, just because you can does not mean that you are.... Very true....

But also remember we are more likely to here about the ones that go bad for the people (clients, customers, shareholders etc....) rather than anything else. We can all say that it happens too often, but can be glad that it does not happen all that often.

I'm now experiencing the return of lost connections frequently.

Anyone getting the same experience?

Not here in Western Sydney...

I run 3 platforms at the same time all connected to GoMarkets.

1 is Demo.
2 are live.

Not in Northeast U.S.

i notice outages around early asian session which would be low volume for them - not wanting to upset too many clients i guess

all in all - a pretty good broker

Yep, I am in Melbourne and its still a joke, and especially frustrating when the markets are moving fast and choppy.

I am just not game to open any decent size orders with them, its just a pity they cant hurry up and get thier act together.