GoMarkets Discussion

I heard that go-markets cancelled more than 1 million dollars in trading profits........ Sounds a bit crooked to me.

I signed up with Go Markets just the other day and shifted my funds from another broker to them. So far their support has been alright. So no complaints.

Hopefully the continue their operations, but will have to keep my deposits low until the dust settles over the issues that have been flagged in this thread.

Will keep you all posted on my progressions as a new client

Good luck to you. Hope that your fund there is really tiny. Will keep an eye for your progress.

I will never get it why someone risks a single dime voluntarily on a bucketshop as long as way better brokers are around in down under..

... totally agree with you ... a current bullshit Go Market's imposes on some traders isn't only a single issue they're facing day in and day out
but ... if, they're happy with all this crap or simply unaware of consequences ... that's equally theirs own fault as this incredibly shitty broker.
So, good luck to all those who're financially illiterate ignorants

So I decided to move broker. I got all my funds back from GoMarkets, took 3 business days to process and no profits/loss was hold. (I'm not a scalper anyway, each order is min 20-30pips... maybe thats why the didn't suspend)

Moved to Pepperstone and now happy with nice spread, even need to pay some commission per 1 lot but ok.

Any suggestions?

This thread intruiges me for many different reasons......There have been many things said here over and over. Im not one to get caught up in all the dramatics of stuff as i like to stay with the facts and not the emotional crap being stirred up in individuals for each of their own reasons.Personally i looked to venture into the forex broking world some years ago ( in Australia ) and decided not to for many reasons.....the main one being i couldnt be bothered with all of the compliance mumbo jumbo that is required to do so......so with all of that i have a pretty good understanding of what is required by any broker in aust to operate under and AFSL licence.Many people on here have stated that Go markets are a bucketshop ( and please i am in no way associated with these guys ). For all of us reading here, can all of you that have said they are please inform us with facts as to what a bucketshop is.....and also again with facts demonstrate to us how Go Markets are such a thing.....common guys for the quality of this thread lets not talk on frustrated anger.....all ive seen in this thread is the traders arch enemy..... out of control emotions.By the way i dont agree with what they have done either....but lets also take a look at from a different vantage point. Imagine that you logged into your bank account to see that you are missing one thousand dollars from your account....you ring your bank to find out why.......and they tell you....sorry sir we had a number of our ATM machines play up over the weekend......they managed to give out more cash from withdrawals than it was meant to.......so in order to balance out books we as the bank decided to take a bit of that from all of our customers to wear the cost of the faulty ATM's.Now apply this to the clients segregated account at a broker.......one bank account where all clients funds get pooled into. Lets say this client pool as 10 million dollars in it.......over the next month clients trade away taking advantage of a slow data feed on news time ( our faulty ATM ).....now as human nature kicks in..do we tell the bank hey your ATM isnt working or do we salivate in being able to take out free money?........hard earned money.......or merely capitalizing on something that isnt working right?........so over this month of trading the traders between them manage to collect 1 million in trading profits thanks to this data error........now the clients segregated account should show 11 million in client funds.........but heres the deal.......due to the error in data these trades are not being taken up by the liquidity providers so here in lies the hole.....in reality there is 10 mill in real cash but on the trading accounts it shows 11 mill........so whats really in the shit? ( yes i know its an operational error from GO markets......not disputing this just sheading a differnet light here ).........so how would you feel knowing that it could be funds you have taken from an innocent unknowing fellow trader?Maybe peoples anger and frustrations aren't really at the broker.....maybe it is due to the fact that this little gem of a free money making party has come to an end?...and peoples anger and questioning of GO markets honesty is no more than a direct reflection of the individuals honesty within themselves........ask yourself....if you went to an ATM to withdraw a thousands dollars and it gave you 5k....would you keep it or let the bank know??.....food for thought.So come on gang......for the buckshop referers.....the comments of heard they lost a mill.......they are going under...yada yada yada.....lets not shoot from the hip........hit us up with proof......the facts they are all of this. Its easy to get on forums like this and bash the shit out of something........where is the real due diligence?Happy trading

I would love to see what a regulator investigation would turn up. I think there will be increase pressure on Aussie brokers to put certain items in their PDS, such as maximum deal times. One positive thing that the CFTC did was enforce a max deal time in which a retail broker was allowed to say a deal is final. And if corrections were needed to be made, they had to be applied to all affected clients.

Now perhaps the ASIC does not have to mandate the exact cutoff, but can at least mandate that the broker state what the max cutoff is.

"whenever it fucking suits us, peons!"

and yet, i'll refer to one of my previous posts : http://www.forexfactory.com/showthre...29#post6150429

i think the janitor is the one running the shots nowadays.

Certain additions to a PDS would only be required if you are making the market. Most ECN's cover themselves for LP's mistakes through the PDS already. I am still shocked at the amount of money go-markets has cancelled out. Having been a decision making role before, risk should have been cut ages and ages ago if they are taking it all in house.

I am just totally confused why they would let things get that far out of hand.

Any of you guys that may be taken advantage of by Go, need to if you haven't already, save a copy of Go's PDS and documentation, particularly from the date your trades took place.

Are any of the trading functions (arbitrage, EA's etc) you use, listed in their PDS, and say it is illegal and against their companies policy to use?

They will update their policies to include it now, but that is current, your trades were historical. Simple really, if Finance Ombudsman Service or ASIC find you have been trading within their policies, it will not look good for Go, if you have been trading outside Go's policy there is no point sending your complaint.

You are well supported by F.O.S against unscrupulous acts, but you can't go in empty handed, make sure you have the facts.

From what I have been reading across the web, Go may or may not be acting outside their policy due to a few reasons that come to mind - financial stress from poor management, legal adjustments from Metaquotes and 3rd party plugins, or purely flexing their muscles due to smarter traders becoming more profitable.

I do hope this is a warning to all who are thinking of signing up with GoMarkets, that your profitable trades may not be well accepted by them.

I just wonder how one can clear his name for trades being done ages ago. For those who save and record of their trades, I bet that they would have deleted the records for trades that were made few months ago.

GoMarket dwelled into trades that made a long long time ago. I am beginning to wonder why they sent us the daily trade confirmation emails. I thought that were the final outcome of our trades which should act for both parties; traders and GoMarket. It looks as though they are the big bully, they can do anything that they liked,

For small fries like us, how many of us did really keep records of our trades (recording of trade clicks). How many of us know how to do it? How many of us can do it? But of course we should do it to protect ourselves but hmm......... I thought the regulators supposed to protect us?

Up till today, I still wondering how can one use internet delay to profit?Aren't the broker (supposed ran by professional instead of scammer) know how to detect and disable such trades? If they want to void such trades, why must they wait a month or two or longer to do so? They should handle such matters in hours if not days. Well, maybe that's the efficiency of bucket shop.

Someone might say don't sign up with bucket shops. Well, how many of us have the financial capabilities to sign up with the bluest brokers around?

The brokers I use, send out daily/wekkly statements and you can simply save the same yourself as you go, just due dilligence.

They have obviously just back dated suspiscious trades, it could have been from data feeds or similar they changed which has provided a date stamp, now they are back dating all of your trades.

If you want to clear your name of trades, you might as well just say good bye to the trades, admission of guilt isn't it? In my opinion.

All big guns, lawyers, and bluffers take out the big push to begin with, just like an auction, bid big first to clear the floor. Don't worry about it, fight back if you have legitimate cause, they are not counting on the pawns fighting back.

There are legitimate brokers (or mostly), even some bucket shops, Go may even be legit, I don't have a case against them, I stopped using them months ago when I experienced a lot of crazy data, pricing, trade fills etc. and that was without using monitoring tools.

Just my bit.

Does anyone have a complete list of EAs or Robots that are not allowed at Go Markets causing the account suspensions?

You know something? I didn't use the so called BTN Lightning EA in my trading in Go case and they just took away my money without even showing me any proof. Just their verdict and they are the judge and your head is chopped off. And worse still, I am still making loss with my account and they took off my my capital. So am I furious? Of course!!!

That's why I am curious how one can protect one's capital and profit. I start to realise that my capital and profit aren't safe till I have transferred it out to my own account. Money with the brokers is a big risk. No guarantee it will be there or belong to you even if the broker is regulated.

How can we fight back when we were accused of something we didn't do? What good are the daily/monthly statements they sent u? How to use it to show one didn't use BTN Lightning EA?

Best thing to do if you want to trade with Go and keep your proceeds :

Do manual trading and no EA, please. And don't do scalping! They will not be happy when you make money in such a short time frame.

Like Bruce Banner always says," Don't make me angry! You wouldn't like it when I am angry!"

^^^Or you could just change brokers. Last time I checked there was about 20 or so other brokers that would be just as "good" as Go to choose from. This wouldn't include Russian, Cyprus, British Virgin Island or whatever other unregulated country/island that have a long list of brokers with crap names, huge leverage and webites that a 10 year old could do a better job of creating.

I feel better now. Sorry for highjacking the GO thread.

To those affected by GO Market's (and VantageFX's) arbitrary theft of profits, if you guys are serious about getting back your money, you need to contact the regulators and Financial Ombudsman Services; I cannot stress this enough:

http://www.fos.org.au/centric/home_p..._a_dispute.jsp (Ombudsman, Australia)

https://www.edge.asic.gov.au/008/com...d84575eaf8458c (ASIC)

http://www.financial-ombudsman.org.u...complaints.htm (Ombudsman, UK)

http://www.forexpeacearmy.com/public...marketsaus.com