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GoMarkets Discussion

  • #121
  • Mar 5, 2010 8:07pm Mar 5, 2010 8:07pm
Have you ever seen what happens to the spread of a liquid pair like EUR/USD or 6E on the real futures market during big news ???
Let alone an illiquid pair like AUD/NZD...
What exactly do you want from a broker like Go markets?
Instant execution, no wide spread during news, no "dealing desk", tight spreads, and all that with a $250.00, 500:1 account....

LOL
Biggest joker
  • #122
  • Mar 5, 2010 11:54pm Mar 5, 2010 11:54pm
Quoting Hyper
I'm quite sure that they'd get plenty more new clients if they put a data center in the US, as everything else is positive.
..not to mention reply to emails, return phone calls and actually acknowledge receipt of personal documents required to open an account. Everything about these guys is a giant red flag with the words, "No Go Markets
!"
  • #123
  • Mar 6, 2010 12:36am Mar 6, 2010 12:36am
Hmm, They answer my phone calls and return my emails. Their customer service has been excellent in my opinion. My live account was opened in less than a week and I am from the USA.

Regards,
Jeff

Quoting Slack
..not to mention reply to emails, return phone calls and actually acknowledge receipt of personal documents required to open an account. Everything about these guys is a giant red flag with the words, "No Go Markets
!"
  • #124
  • Mar 6, 2010 6:42am Mar 6, 2010 6:42am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting azjeff
Hmm, They answer my phone calls and return my emails. Their customer service has been excellent in my opinion. My live account was opened in less than a week and I am from the USA.

Regards,
Jeff

I second that. Fast email response and my live acc. was opened within two days.

---------------------------------------------
http://www.myfxbook.com/members/pc8multifx
  • #125
  • Mar 6, 2010 9:48am Mar 6, 2010 9:48am
I have a live account with GoMarkets as well. Emails have been answered promptly. Deposits have been fairly smooth. The only negative for me is the execution speed.

The issue earlier in this thread with someone getting their 10K account blown out was due to a very high spread. The thing is we all know when trading at an ECN that the spread will reflect the real market and we have to always be sure our risk is low enough that our account(s) will be able to withstand xxx amount of draw down plus occasional 150 pip or larger spreads. I think some newer traders don't realize huge spreads at news time can take out stops, cause margin calls, etc. Having said that, it would really suck to loose a 10K account to a huge spread like that and I feel bad for the person this happened to. I'm sure he will use lower risk in the future.
  • #126
  • Edited 2:20pm Mar 6, 2010 2:10pm | Edited 2:20pm
Quoting compujock
I have a live account with GoMarkets as well. Emails have been answered promptly. Deposits have been fairly smooth. The only negative for me is the execution speed.

The issue earlier in this thread with someone getting their 10K account blown out was due to a very high spread. The thing is we all know when trading at an ECN that the spread will reflect the real market and we have to always be sure our risk is low enough that our account(s) will be able to withstand xxx amount of draw down plus occasional 150 pip or larger spreads. I think some...
Yes i too, do feel sorry for him losing his account, i got "done" a few times by a MM when they changed their spreads a few years back, surprisingly many times the "spread" took me out of a trade almost to the pip before reversing.
Let me tell you something i observed with GO, i have seen the price come within the bid or ask on my stops and not get taken out many times by only fraction of a pip, call it just luck if you wish, but it's a good sign to me.
The biggest problem i have with this broker, or rather, with MT4 is the fact that you can't enter an order with a "generic" bracket, say every order enters with a 20 pip SL and 50 pip TP which could be adjusted later at your discretion, that is the safest way IMO, unless someone here knows of a better way please let me know, my knowledge of MT4 is limited.
Certainly, trading futures with a DOM i have a 19" monitor display on portrait so i can see 50 pips either side of the market that makes adjusting my levels a simple and very fast, click and drag operation, i beleive the new MT5 has a DOM? but not hedging, which is a great tool, if you know how to use it.
The other thing i like about GO is the mobile trader on my PDA, i love it! and i can see with longer term trading it's going to free me from the ball and chain of the desktop.

If, and when, i do have proof of foul play by this broker I'll not hold back on posting my experiences.
Biggest joker
  • #127
  • Mar 6, 2010 4:36pm Mar 6, 2010 4:36pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Recently I've seen OLD TICK on live and demo accounts. My VPS provider CNS writes regards this issue:

"Old ticks is a sign of a problem on the MT4 server, likely an overloaded server. "
  • #128
  • Mar 7, 2010 8:38pm Mar 7, 2010 8:38pm
Hi Everyone,

This is Chris from Go Markets. We have been given special permission to post on here, not for sales or promotion, but to answer your queries and address your problems. We are also proud to announce that we are now a Forex Factory preferred broker.

We do not intend to post regularly, but will regularly review the thread and comment if there are any questions etc.

The reason we have decided to do this now is down to the current discussion topic relating primarily to the delayed execution that some clients are experiencing. Whilst the majority of our clients are seemingly trading with no delays it is clear that some clients are getting a delay in execution by a couple of seconds, and for some unfortunate clients, it is taking longer than that. We can understand that delayed execution can be frustrating – it certainly is for us – especially when there is no tangible reason for it. We would like to reiterate again that there is no deliberate delay on order execution – we are 100% Straight Through Processing. There is no benefit for us to delay order execution as in reality it may cause you to trade less and therefore reduces our revenue, which we of course do not want.

Whilst we can understand the frustration of getting delayed execution, it is also frustrating for us to see numerous posts from clients insinuating that there is a motive to delaying orders or that there is a dealing desk in operation. We pride ourselves on the fact that we have no trade interference and instead prefer to concentrate on sales and marketing. Whilst we understand that there are and have been brokers who make false claims on the way orders are managed, it is important to refer to our legal documentation. As we are heavily regulated in Australia by ASIC, we have to strictly comply with what it states and we have regular audits to confirm this is the case. Put simply if there was wrongdoing, it would be impossible to hide!

We have recently been in discussions with MetaQuotes and made some enhancements and you should be seeing some better execution speeds already, and we are continuing to discuss with MetaQuotes further changes and improvements to improve connection speeds for all clients.

One thing we do encourage is that if you have had a problem with execution call us up and we can look to run a trace to your IP etc and see if there is anything we can do or if there is a fault that can be pinpointed. We are relying on the feedback of live clients to ensure that whatever this problem is, it will be rectified. Unfortunately forum comments do not always get through to us with the full facts so it is hard for us to look into it fully.

If there are any questions, please feel free to contact me or anyone else here.

Chris
  • #129
  • Mar 7, 2010 9:10pm Mar 7, 2010 9:10pm
Quoting onu
Recently I've seen OLD TICK on live and demo accounts. My VPS provider CNS writes regards this issue:

"Old ticks is a sign of a problem on the MT4 server, likely an overloaded server. "
Onu I can not lookup your vps from the information in forex factory. Please open a support ticket and we will examine your VPS. GoMarkets is best from our San Diego datacenter. You could be getting more old ticks if you are hosted in another datacenter due to the increased latency in a fast moving market.

We host a large number of GoMarkets traders in our SDCA datacenter and do not have an unusual number of complaints. In fact traders seem quite happy with GoMarkets. We have approached them with the option to colocate a MT4 server in any of our datacenters to bring latency down to zero but so far no reply.

Please open a support ticket so we can assist you. thank you
BarrySDCA Commercial Network Services
  • #130
  • Mar 8, 2010 2:10am Mar 8, 2010 2:10am
Hi Traders

English is not my main language.

As much as I am closed to open a live account using the MT4 broker, GoMarkets is one of 3 in my list. But just read this thread and spotted the attached news as posted no. 39. I think it is something unpleasant about the GoMarkets owners? Pls. tell me more. or pls. advise should I open an account with GoMarkets?

Thank you very much for your times.

P.S. Any comment, Barry?
Attached Image
  • #131
  • Mar 8, 2010 2:18am Mar 8, 2010 2:18am
I've seen that article before (in a readable size) and it doesnt implicate GO Markets in any way that should have you worried about trading with them. Basically its guilt by association (with a very weak association at that) - Everything I've ever seen about GO paints them as a decent broker. I keep reading about slow trade entry/exits so you might want to see if they resolve that issue. - This seems to be their ghost issue. Users complain and they cant seem to solve it once and for all.
  • #132
  • Mar 8, 2010 9:49am Mar 8, 2010 9:49am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting BarrySDCA
Onu I can not lookup your vps from the information in forex factory. Please open a support ticket and we will examine your VPS. GoMarkets is best from our San Diego datacenter. You could be getting more old ticks if you are hosted in another datacenter due to the increased latency in a fast moving market.

We host a large number of GoMarkets traders in our SDCA datacenter and do not have an unusual number of complaints. In fact traders seem quite happy with GoMarkets. We have approached them with the option to colocate a MT4 server in any of our...
Thx.
The best solution for this issue, IMHO, would be Gomarkets set up trade servers on the continents where probably most of their overseas clients live. Europe and Northamerica. As long as their server sits in Down under or NZ the latency/ old tick problem don't get fixed for oversea clients.
  • #133
  • Mar 8, 2010 10:54am Mar 8, 2010 10:54am
The better solution is to locate the GoMarkets servers near the liquidity providers' servers. Since there's only one liquidity provider (Currenex), that should be a very simple task. I presume the Currenex servers are in the US, so latency should then no longer be a problem for US clients. Those who are outside of US can subscribe to a VPS service.
  • #134
  • Edited 7:31pm Mar 8, 2010 7:17pm | Edited 7:31pm
Quoting Hyper
The better solution is to locate the GoMarkets servers near the liquidity providers' servers. Since there's only one liquidity provider (Currenex), that should be a very simple task. I presume the Currenex servers are in the US, so latency should then no longer be a problem for US clients. Those who are outside of US can subscribe to a VPS service.
The liquidity provider for their MT4 platform is not currenex and never has been I believe. Could be they are just using the price feed if anyone with currenex can compare which would explain the huge spreads at volatile times.

From their website they did intend to offer currenex thru their Go Trader Pro but I don't know whether this is up and running yet.
  • #135
  • Mar 9, 2010 12:31am Mar 9, 2010 12:31am
Quoting GoMarkets
Hi Everyone,

This is Chris from Go Markets. We have been given special permission to post on here, not for sales or promotion, but to answer your queries and address your problems. We are also proud to announce that we are now a Forex Factory preferred broker.

We do not intend to post regularly, but will regularly review the thread and comment if there are any questions etc.

The reason we have decided to do this now is down to the current discussion topic relating primarily to the delayed execution that some clients are experiencing. Whilst...

Thanks for coming to FF and welcome. I really like your spreads and other conditions and have been monitoring this thread to see if the latency issues are fixed. Some of my techniques involve scalping that require low latency to get a good entry even though my exits can take several minutes but either way latency can negatively impact on my profitabilaty. Plus if you guys are truly STP, you don't mind scalpers since you would get more income from the spread, everyone wins! Also it would be good to know that server names that you guys are using so we can do some more troubleshooting with our service providers. Please include the demo servers as well. I dont think there should be a problem making this public as many of your competitors list this information on their sites.

Regards
  • #136
  • Mar 9, 2010 1:37am Mar 9, 2010 1:37am
Quoting fxpip8
Hi Traders

English is not my main language.

As much as I am closed to open a live account using the MT4 broker, GoMarkets is one of 3 in my list. But just read this thread and spotted the attached news as posted no. 39. I think it is something unpleasant about the GoMarkets owners? Pls. tell me more. or pls. advise should I open an account with GoMarkets?

Thank you very much for your times.

P.S. Any comment, Barry?
I can't read the image unfortunately. My experience with GoMarkets has only been through the numerous traders we host in our San Diego datacenter that use them. I have not seen any bad feedback regarding GoMarkets, maybe the occasional "old tick" due to increased latency from San Diego to down under during a busy market. We do not invite every broker to colocate a MT4 server in any of our three datacenters (San Diego, NYC or London). The liquidity providers tend to be in the major financial centers like NYC and London. We have invited GoMarkets to colo a server on two occasions. Only one brief reply (not from mgmt.) and no progress unfortunately. But that does not indicate anything negative. I am not sure I can add any more as we have had little interaction with them. but definitely do not have any information to indicate there is anything unscrupulous going on from what we see here at CNS. We tend to pickup patterns with individual brokers at our helpdesk. Nothing negative to report with GoMarkets. This is all the information I have.
BarrySDCA Commercial Network Services
  • #137
  • Mar 9, 2010 2:35am Mar 9, 2010 2:35am
Quoting BarrySDCA
I can't read the image unfortunately. My experience with GoMarkets has only been through the numerous traders we host in our San Diego datacenter that use them. I have not seen any bad feedback regarding GoMarkets, maybe the occasional "old tick" due to increased latency from San Diego to down under during a busy market. We do not invite every broker to colocate a MT4 server in any of our three datacenters (San Diego, NYC or London). The liquidity providers tend to be in the major financial centers like NYC and London. We have invited GoMarkets...
Thanks, Barry, for taking time to reply.
Thou there are technical jargons being used which I do not understand, overall I got your message.
Have a nice day there.
Cheers
  • #138
  • Edited 3:04am Mar 9, 2010 3:00am | Edited 3:04am
1. seriously, wtf is anyone doing trading through gomarkets from outside of aus / nz? that's like flying around the world twice to go to the cinema just down the road!

aren't there like, other brokers in your own countries? particularly americanaverse? i... i just don't get why any of y'all outside of aus and nz would pick what would surely be the furthest broker on the face of the earth from you :/

2. being on ff should be a somewhat different experience for GoMarkets than it was when they were on asf... bunch of old farts trading stocks talking crap for the most part. at least here it is relevant crap

3. this talk of "why don't they set up shop down the road from me blah blah"... i think you assume this is no big deal to gomarkets. have a think about the fact that they are an aus / nz broker, possibly don't own a castle filled with gold, and setting up further servers anywhere is a risk not necessarily worth taking. more customers, more problems to deal with, differing rules to cater for, more staff required... more more more.

:S
Congratulations ScalaFX for coming out of the closet!
  • #139
  • Mar 9, 2010 5:07pm Mar 9, 2010 5:07pm
Hi,

Just to address a couple of the points about server location etc...

Firstly the thought that slow execution is derived from the distance between our server and the liquidity provider is not accurate. Firstly, whilst our feed comes from Currenex, they are not our hedging provider. Also, when placing a trade it does not have to wait for the hedging partner to accept it. The procedure is much simpler. The client places a trade on the currenex price and the hedging partners simply draw the data down from our server and then hedge accordingly.

Second, the reason that our systems are locate din this part of the world is because that is where the vast majority of our clients are located. When we started out virtually all our clients were from Australia/New Zealand, so it would have been foolish to locate the server elsewhere. However, over the recent months we have seen our international client base increase rapidly, which is why we are now looking into servers and data centres internationally. We are also taking advice on the best possible locations for these to be located in order to give the best connection and execution to all clients. This may include a US solution and Barry, if this is the case, we will definitely be in contact.

Cheers.
  • #140
  • Mar 9, 2010 5:36pm Mar 9, 2010 5:36pm
Hi Chris,

I quote the post you left us with on ASF

Hi Ladies and Gents,

I just wanted to drop a quick note to say that we will no longer be posting on Aussie Stock Forums in a PR capacity. We joined originally to give helpful assistance to clients and to add a further method of communication, but we have recently seen a diminishing value of doing this. With various forum posts containing inaccuracies and misinformation it becomes difficult to argue our positions without further misinformation/misunderstanding being given by so called clients.

It has become clear to us why other companies do not join in with online forums and we have decided that it would be worthwhile us taking the same position.

We of course encourage discussions regarding trading with Go Markets and if anyone has questions or requires more information we recommend they contact us directly.

Regards,
Go Markets

Will you abandon users here too due to "diminishing value" when the complaints pop up again and you can't just keep saying "it's a problem on your end"? Will ASF have to promote you to "preferred broker status" before you re-grace us with your presence there?

If anyone here wants to know, by "inaccuracies and misinformation" Chris actually meant "a bunch of users discovered they all had the same big execution problem - even though we told each of them that they were the only one with the issue".

Anyone interested in finding out why Go suddenly decided forums were "diminishing value" and then suddenly appeared on forexfactory forums...should check the last few pages of this thread

http://www.aussiestockforums.com/for...ad.php?t=14503
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