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Share your experience with GoMarkets.Aud 3 replies

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GoMarkets Discussion

Quoting >Apocalypto<
if they hedge their exposure 100% then they make no profits from losses and therefor it makes no difference if you win or lose.
It depends on who the liquidity provider is and or the business relationship. Some brokers send orders to a Prime Broker or ECN who charge commission. GoMarkets have not been transparent with the details of their liquidity provider.
Quoting Hyper
It depends on who the liquidity provider is and or the business relationship. Some brokers send orders to a Prime Broker or ECN who charge commission. GoMarkets have not been transparent with the details of their liquidity provider.
they told me they hedge 100%........ so the relationship is covered yes? why don't you go straight to the source and call them, i did.
Quoting >Apocalypto<
they told me they hedge 100%........ so the relationship is covered yes? why don't you go straight to the source and call them, i did.
So now you say the liquidity provider hedges all orders? So how does the liquidity provider make money? Does the liquidity provider charge GoMarkets commission?
Quoting Hyper
So now you say the liquidity provider hedges all orders? So how does the liquidity provider make money? Does the liquidity provider charge GoMarkets commission?
I don't know nor do I care... I care about trading well and making more profits then losses. I suggest you call them and ask all the things your unsure about. I am not a FX hedger. I suggest you call them, that's the logical thing to do right? When you have a question.....

All i know is they're Australian, regulated by ASIC, have good spreads, fast execution, STP and don't profit from your losses, that's what's important to me.

cheers
Personally I have just about had enough of gomarkets, I am still getting slow order execution, no connections and common errors and the problem is definitely not at my end.

I can log onto any one of my other mt4 brokers when gomarkets drops out and it is fine.

Enough of the crap, if gomarkets cant get thier act together and operate properly then its goodbye from me.

I am starting to think they do it on purpose.
Quoting pipsnapper
Personally I have just about had enough of gomarkets, I am still getting slow order execution, no connections and common errors and the problem is definitely not at my end.

I can log onto any one of my other mt4 brokers when gomarkets drops out and it is fine.

Enough of the crap, if gomarkets cant get thier act together and operate properly then its goodbye from me.

I am starting to think they do it on purpose.
There has been zero downtime for a long time now other than the daily restart. Is this what you are referring to when you talk about dropouts? If so, are you aware that this is a MetaTrader4 feature and every MT4 broker will have it, just at different times.

We have not had any other client report a loss of connection, so it cannot be from our end. Have you spoken to anyone from here about your problem? I think you are in Melbourne, so no reason why you would get slow connection when we have a a data centre in Melbourne.

You also have to ask, why would we turn off the server on purpose? What possible benefit could there be to us to do that? As an STP broker all we want is trading volume, but I do not understand why any broker would turn off their trading server, whether STP, dealing desk or so called 'bucket shop'.

Give me a buzz and I will have a look at your account. I assume you will be able to call me today?
I think thats interbank fx

Quoting GoMarkets
There has been zero downtime for a long time now other than the daily restart. Is this what you are referring to when you talk about dropouts? If so, are you aware that this is a MetaTrader4 feature and every MT4 broker will have it, just at different times.

We have not had any other client report a loss of connection, so it cannot be from our end. Have you spoken to anyone from here about your problem? I think you are in Melbourne, so no reason why you would get slow connection when we have a a data centre in Melbourne.

You also have to ask,...
Annoying Precision
Quoting GoMarkets
There has been zero downtime for a long time now other than the daily restart. Is this what you are referring to when you talk about dropouts? If so, are you aware that this is a MetaTrader4 feature and every MT4 broker will have it, just at different times.
Perfect... Zero downtime has been my experience since the new servers and ECN-styled pricing has been implemented and like a lot of traders my platform runs 24/5.
Quoting GoMarkets
There has been zero downtime for a long time now other than the daily restart. Is this what you are referring to when you talk about dropouts? If so, are you aware that this is a MetaTrader4 feature and every MT4 broker will have it, just at different times.

We have not had any other client report a loss of connection, so it cannot be from our end. Have you spoken to anyone from here about your problem? I think you are in Melbourne, so no reason why you would get slow connection when we have a a data centre in Melbourne.

You also have to ask,...
Wow you are quick to respond to any negativity, thats good.

10.50 am Melbourne time today it lost connection for about 5 minutes and came up common error, is this the daily restart time ??

I will ring you after I keep a note of days and times I get problems, as its never the same time of the day.

Thanks for the reply.
Quoting pipsnapper
Wow you are quick to respond to any negativity, thats good.

10.50 am Melbourne time today it lost connection for about 5 minutes and came up common error, is this the daily restart time ??

I will ring you after I keep a note of days and times I get problems, as its never the same time of the day.

Thanks for the reply.
Yes, 10.50am Melbourne time is the scheduled daily restart. I will be honest and say that today's restart was around 90 seconds longer than usual which will have caused the common error to appear. This was because overnight we configured additional data centres, and any major configuration in the MT4 adds time to the restart.

Please also note that the MT4 can also perform a restart at 10.05am. (The demo server will do its restart at 12.32pm Melbourne time).

I would appreciate it if you can keep me posted as to if you experience downtime at any other point and we can check the logs etc.

Thanks.
Quoting GoMarkets
Yes, 10.50am Melbourne time is the scheduled daily restart. I will be honest and say that today's restart was around 90 seconds longer than usual which will have caused the common error to appear. This was because overnight we configured additional data centres, and any major configuration in the MT4 adds time to the restart.

Please also note that the MT4 can also perform a restart at 10.05am. (The demo server will do its restart at 12.32pm Melbourne time).

I would appreciate it if you can keep me posted as to if you experience downtime at...
Ok, Thank you, that explains that one, I didnt realise there was a daily restart, and I must say I posted just after the dropout while I was a tad cheesed off with it.
Quoting pipsnapper
10.50 am Melbourne time today it lost connection for about 5 minutes and came up common error, is this the daily restart time ??
The good thing about them doing server restarts at that time is that does not affect the Daily, 4 hour, 1 hour, 30 min and 15 min timeframes when looking at candle formations and price patterns.

This is something that has been improved since I first started with GoMarkets. A smarter time for restart... ...much better of them.
I must say, in all fairness, that of all the broker/dealers I have dealt with over the years, GM shows the greatest propensity to quickly address issues as they arise.

The very fact that they have a rep here, addressing questions as they arise and are repeatedly offering to find solutions to problems and questions that are raised, no matter, in some cases, how rudely they are presented, is impressive and reassuring to me.

So far, all in all I am impressed with GM, mainly because I have to measure them against some of the other very poor retail broker/dealers out there. I am hoping that over time they prove to be outstanding on their own without being compared to some admittedly very despicable competition. But at this point, I like what I see.

This probably reads like a left-handed compliment. It is not meant to be. It is just an attempt at a realistic appraisal of a service provider in an arena that has been, at times, woefully inadequate, and in too many cases, dishonest. It is really going to be refreshing if we have found a truly professionally run organization that is attempting to give real customer service in exchange for our business.

I wish GoMarkets every success in the endeavor and pray that they are earnest and sincere in that effort. I can't and won't ask for perfection, but I will expect honesty and integrity in their dealings with me. Believe me if they are for real, the word will be spread and they will prosper.

Rich
Got a few questions for GoMarkets:

So GoMarkets say they have installed servers in the U.S.
Has this actually happened and has it improved the speed of orders placed by U.S. users??
Where are the U.S. servers located?
Earlier post here indicate poor latency / excessive delay in order processing..(for U.S.) hey I realize it is a long way from U.S. But has that been addressed? and what are the actual results for U.S. users now..?

The cost of funding seems a bit high to me....
Does GoMarkets anticipate taking personal checks for funding ?
Heck you can walk in to their bank and hand over CASH...
I really really dislike Bank Wires.. I mean I really do..
And 3% is a bit much imo.
We did not actually say we had a server in the US, we have said that shortly we will have a Data Centre in North America. Once this is in place we will provide more details including the exact location.

This will to improve connection for people in that region, but as you will see from most recent posts, most clients get a good connection, even in the US.

As for the cost of funding. Credit card is a little expensive, but that is what the bank charges for processing overseas card payments. Wire transfer is of course a much cheaper way. Clients in Australia can use cheques and walk into a branch, but obviously that cant be done from the US!
Thank you for your response....
Hi,

Just as an addition to what I posted earlier the North America Data centre is just being finalised now so should be online within about 2 weeks so will enhance things even further. I will post its location when it comes online.

Cheers
I opened an account three weeks ago and have done 128 trades in that time. I was suspicious and did not trust their claim to be stp. All stop and limit orders were executed without delay. Market entries were usually pretty fast but not always. Sometimes they hung there for more than 3 seconds. I noticed that sometimes the slippage works in my favour. So long as that is the case than I have no reason to accuse them of pip stealing. Overall the execution is pretty good.
I did have one problem where I was not able to manually close or alter an open position. no matter what I tried I kept getting a "trade context is busy" message. The profitable trade went on to lose and there was nothing I could do about it. That was scary but only happened once in 128 trades

All in all I was impressed. The tight variable spread gives a true ecn style experience. The problems I have mentioned I regard as part and parcel of trading on a p.c

I would say Oanda beats them on spread and execution but not by much. Go Markets has higher leverage and hedging. I do not need the extra leverage or hedging so Oanda would be my first choice however, Go Markets claim to be STP and Oanda is not. Thats a big difference and means we are not really comparing apples with apples. I personally trust Oanda from experience so I am happy for them to take the other side of my trade. I have no such trust in Go Markets and remain unconvinced about their stp claim but I will give them the benefit of the doubt for now.

I live in Melbourne so transferring funds is very fast and at no cost for me. It takes about a week to get funds from where I am into an Oanda account and I have to pay to do the international transfer. The difference between the two brokers is close enough that because of this advantage, I am happy to stay with Go Markets for now. You wont have that advantage if you are an international customer so if you need the leverage and hedging, or just like the mt4 platform - I am happy to recommend Go Markets. If not, I recommend Oanda. Ill keep you posted if things change

I have made a 20% profit on my invested funds with Go Markets so far
I'd like to join the chorus of GoM customers praising their service. I use a small live a/c with them for 4 mos, about 250 trades. Never a single problem. Low cost of trading, at least comparatively to several other ECN/STP MT4 brokers spread+commish, tested with a spread recording indy. Fast execution, although I live in the other end of the world. Minimal slippage that can go either in my favor or against me, mostly in my favor due to my trading style. No disconnections I'm aware of. Lightening fast customer service/support. I don't need the 1:500 leverage or hedging, but it's nice to have them just in case. In sum, I'm very happy with GoM so far - especially when I compare them to the other 3 MT4 brokers I had experience with.
sans peur et sans reproche
Dear Gomarkets,

different users in various forums and review sites, including review site http://www.forexpeacearmy.com/ , and two people in this same thread in the first pages, denounced the emergence of some very large abnormal spike that caused them great loss or account reset, and they spike up to 50-100 or 150 (!) pips or more would not be present in the historical graphs of other brokers with MT4.
How do you explain this fact, have you investigated on the issue, and if these abnormalities occur and these large abnormal spikes appears, guaranteed in some way users recasting their capital lost because of these spikes? (according to some comments on a forexpeacearmy FXPRO user claims to have been repaid after the appearance of a spike)

Best regards
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