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  • #821
  • Edited 10:32am Aug 20, 2010 10:19am | Edited 10:32am
Whats the deal with the huge gap on usd/cad m5!? I checked on interbankfx and they dont have a gap on their feed. Up until the point I checked my interbankfx feed I was under the impression that the market had gapped up...
Annoying Precision
  • #822
  • Aug 20, 2010 3:34pm Aug 20, 2010 3:34pm
Quoting GoMarkets
Our price feed comes from Currenex with additional liquidity plugged in to it from numerous other institutions. The nature of such a price feed is that any time that one of these contributors sends through a bid or ask, it comes through to us and therefore to our platform. This means that if a wrong price is entered by someone at one of those banks, it comes through to you. It is the same principle as when someone puts through a wrong trade/price on the stock market, the price is visible to everyone, bit it is not always correct. There are tools...

Maybe most of time your price feed is from Currenex, but in the Currenex platform you don't see such spikes, also you don't charge commissions, only the spread, these are the proves that you are really market makers, you make money taking the other part of the trades because 95% of traders fail in the long term. It doen't matter because you admit it, a lot of people trade with market makers, there are still reliable MMs out there.
  • #823
  • Aug 20, 2010 7:33pm Aug 20, 2010 7:33pm
Quoting Trad3r
Maybe most of time your price feed is from Currenex, but in the Currenex platform you don't see such spikes, also you don't charge commissions, only the spread, these are the proves that you are really market makers, you make money taking the other part of the trades because 95% of traders fail in the long term. It doen't matter because you admit it, a lot of people trade with market makers, there are still reliable MMs out there.
Most the time it's from Currenex sometimes it's not? ok you know this how......

Do you know how an STP works? They mark up the spread that's the commission. If they state it's 100% hedged which they have told me on calls I have made then they don't make profits from losses.

Now, I may seem soooooo pro Gomarkets but what i pro is keeping the level of info on here (FF) accurate.

Your just making blind assumptions as you got spike on a 5 min chart. Chris has gone over spikes on so many posts do you read back on threads?
  • #824
  • Aug 20, 2010 8:18pm Aug 20, 2010 8:18pm
Quoting >Apocalypto<
Most the time it's from Currenex sometimes it's not? ok you know this how......

Do you know how an STP works? They mark up the spread that's the commission. If they state it's 100% hedged which they have told me on calls I have made then they don't make profits from losses.

Now, I may seem soooooo pro Gomarkets but what i pro is keeping the level of info on here (FF) accurate.

Your just making blind assumptions as you got spike on a 5 min chart. Chris has gone over spikes on so many posts do you read back on threads?
I understand you, really, it must be harsh being an introducing broker when you know that your broker is lying
  • #825
  • Aug 20, 2010 8:33pm Aug 20, 2010 8:33pm
You want to keep information in FF accurate, OK, you can begin bringing here useful information. For example from ForexPeaceArmy:

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


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John , Sydney

Rating:http://www.forexpeacearmy.com/images/red_star.gif
 Date of Post:2010-08-03
 Review:This is an update from my review of last february. Since then things have gone from bad to worse with this broker. Trade execution delays can be up to 7-8 seconds and spreads have become even wider up to 150 pips spread. And this broker Go Markets seem to think this massive spread is ok as when you confront them about it they tell you this is market spreads when clearly it is not since my other brokers don't widen spreads. I had a small amount of funds left in my account which I have withdrawn and closed the account. Avoid if you care about your money.

2010-02-12 02:42AM 2 Stars You have to wonder who is posting the good reviews here for Go Markets. This broker has been caught posting good reviews for themselves on here before. See the earlier post from Chris at Go Markets on this thread. But this is a broker that started well but eventually went the wrong way. From good execution, barely any slippage or delayed fill a year ago they have now done a complete about turn.
Recently they have introduced a 3 seconds delay for execution which means in fast markets you will fill exactly at the end of the spike with big slippage. You are even slipped in quiet markets. And that's not all. As stated by others here they widen spread by some 30-40 pips for a fraction of second at news to hunt all stops on both side of the price.
You know what, Chris from Go Markets, us traders are not blinkered either. We know you are using bucket shop tactics against us. We know that every time you introduce your dealing desk tactics, you camouflage them as a supposed 'improvement'. Just like when you changed from instant to market execution to elimiminate requotes even though after you conducted a survey that shows that no one wanted this change to happen. The end result was massive slippage for your clients.
Those of us who are not blinkered have already moved their accounts away from this broker.

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alexander, brisbane AUS Rating:http://www.forexpeacearmy.com/images/red_star.gif
Date of Post:2010-07-31
Review:I have been with GO for about 10 months. Initially I thought this was a promising addition to the FX industry - they also have an award for best FX broker by the Aust Financial Review publication.

But sadly, I have to retrace my recommendations for this broker as now I am leaning towards an impression that makes this broker a bit of a scam.

Reasons are:

1. the server gets re-booted around 11am AEST for about 2-5mins. This is not good if you trade the asian session this time.

2. Spreads increase dramatically during and around news events and around the changover between the NY close and tokyo open - increases of between 10-20 pips are something I can deal with but when they are 100pips+, one starts to wonder what is actually going down here
(screenshots to prove this)

3. It seems a guy called Chris has been caught out on this forum posting fake reviews. It's interesting that when I confronted GO with this issue of spikes, a guy called Chris arrogantly replies my email with a reason is due to 'true' market data being fed straight from the interbank market sources. I wonder if this is the same person?

4. Executions can take up to 5-7 secs on some occasions - this is another concern due to the fact I have 2 ISP services running to my laptop and run no firewall while trading.

Bottomline - technically they are a market maker as explained in their PDS form and not true ECN as what I initially expected.
From what I thought was a promising newcomer into FX, they now have left me a very bad impression. I will be closing my account in the coming days with them and move towards a broker with better ethical behaviour. Dukascopy may fit that bill !


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Chris , Go Markets Rating:No Rating
Date of Post:2009-08-18
Review:I represent GO markets ands would like to comment on a couple of points listed below.
Obviously we welcome feedback but I would like to clarify a couple of points when we believe them to be unfairly portrayed.

Firstly we dont have slippage on entering and exiting a trade on the MT4 platform, we have instant execution, if the price has moved considerably from the time you click and the time the system receives the click then an order may be refused but we do not slip and refusal of any trades is automated and extremely rare.

Secondly our MT4 platform does have a live news feed streaming through.

Thirdly we are a non dealing desk provider so all of our staff are not dealers for the company but must have a decent product knowledge, if you feel that a member of staff has a lack of knowledge then feel free to let us know as we have high standards and must satisfy our regulators.

Lastly I would like to point out that we do not change spreads for different clients , we run a feed that comes from a list of banks and institutions through Currenex and spreads can and do vary throughout the day as they do for most providers.

I'm not blinkered and I realise that you will find some clients have negative experiences with all providers and also some posts may be from competitors but we do seriously strive to be an honest Forex provider with complete STP of all trades, we also welcome feedback to us directly as we know that there are always things to improve on.

Review Moderation Team Note: We aren't blinkered either and go to great efforts to prevent fake reviews. In this case, we are more concerned that Chris seems to have left 4 and 5 star reviews for GoMarketsAus as...

James, Syndey
pipprofit, Australia
James, Melbourne,Vic,Aus
jake, Canada

Our screening for fake reviews caught these pretty quickly, so they were deleted.

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It seems that FPA is not the only forum in which they troll, maybe they use now a proxy to post good reviews without being caught.
  • #826
  • Aug 20, 2010 8:53pm Aug 20, 2010 8:53pm
From their legal documentation (have you read it?):

http://gomarketsaus.com/Forex/legal-documentation.html

Terms and Conditions:
Attached Image (click to enlarge)
Click to Enlarge Name: gomarkets terms and conditions.png Size: 33 KB
  • #827
  • Aug 20, 2010 9:01pm Aug 20, 2010 9:01pm
Well I can tell you from personal experience (I trade everyday) that I've only had 1 issue with go markets and that is on occasion execution can be delayed 5-7 seconds, but I've had similar issues with fxcm and other brokers.

Considering the fact that I live in the Northeastern United States and 98.5% of the time I recieve instant execution and have never had ANY slippage of my SL even during times of huge volume I'd say im pretty impressed. I also find their staff have been very friendly and curtious.




Quoting Trad3r
You want to keep information in FF accurate, OK, you can begin bringing here useful information. For example from ForexPeaceArmy:

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


--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

John , Sydney

Rating:http://www.forexpeacearmy.com/images/red_star.gif
[i][b]Date...
Annoying Precision
  • #828
  • Aug 20, 2010 11:31pm Aug 20, 2010 11:31pm
Quoting Trad3r
From their legal documentation (have you read it?):

http://gomarketsaus.com/Forex/legal-documentation.html

Terms and Conditions:
Tell me a Forex provider that is not a market maker by definition? There is no forex market, so a provider of forex has to be a market maker.

I have never had a problem trading and have never had any reason to question anything.

It is quite simple, when open an account with someone you agree to the terms, if you dont agree dont sign up, it is the same with all brokers. If you have an account and have a problem deal with them, if you dont have an account then what benefit is it for you to come on here moaning about them and the details of their legal documents?

You come on here accusing people of being introducing brokers to them just because they have a good experience, perhaps you are just from another broker trying to make them look bad.

Why does every post you make have to be moaning? I bet if you won the lottery you would be upset because you only got $5 million and you were hoping for $6 million. Stop your moaning, you sound like a little girl.
  • #829
  • Aug 20, 2010 11:34pm Aug 20, 2010 11:34pm
Quoting erikte279
Whats the deal with the huge gap on usd/cad m5!? I checked on interbankfx and they dont have a gap on their feed. Up until the point I checked my interbankfx feed I was under the impression that the market had gapped up...
I havent got a gap? when is it?
  • #830
  • Aug 20, 2010 11:50pm Aug 20, 2010 11:50pm
Quoting Steph

Why does every post you make have to be moaning? I bet if you won the lottery you would be upset because you only got $5 million and you were hoping for $6 million. Stop your moaning, you sound like a little girl.
When you make 6 million can I have 1 million? Don't moan

It's natural for people to react badly to reports of bad brokerage. You're placing a lot of trust in someone when you fork over thousands of dollars to trade. In forex you already have a tonne of market risk, so its not unreasonable to say you don't want to add on brokerage risk too.

Once a mistake is done its done. Regulators won't be concerned with tiny amounts of money like $1000 but naturally you would be. You worked for that $1000. If you're a good trader you've studied hard for a long time. I dont' see why you wouldn't want your pay in full?

I havn't met a brokerage who told me they'd give back 1/6 of my losses. Why should I be happy giving them 1/6 of my gains? 0.o
  • #831
  • Aug 20, 2010 11:53pm Aug 20, 2010 11:53pm
Chart
Attached Image (click to enlarge)
Click to Enlarge Name: 180.gif Size: 12 KB
Annoying Precision
  • #832
  • Aug 21, 2010 12:12am Aug 21, 2010 12:12am
I can see that now. It is a bit weird, but all the bars are there. If you notice the bid volume there are a lot less ticks in that minute. Can anyone shed any light? Chris?
  • #833
  • Aug 21, 2010 12:35am Aug 21, 2010 12:35am
Erik on my fxcm marketscope I've got a lot of upward candles in that gap
  • #834
  • Aug 21, 2010 2:48am Aug 21, 2010 2:48am
Quoting Trad3r
You want to keep information in FF accurate, OK, you can begin bringing here useful information. For example from ForexPeaceArmy:

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

It seems that FPA is not the only forum in which they troll, maybe they use now a proxy to post good reviews without being caught.
If you base your evidence off Felix at FPA then you need to get your head read that place is a absolute joke. Please please please, I tend to think FF members are normally a smart bunch but here you are putting up proof from that chop site. It's common knowlage that Felix always puts up favorable posts to comapnies that advertise more. On top of that he was investigated for for marriage fraud by the FEDs.....

Forex Peace army is a joke Trad3R come on lets get serious.

On your second post about the terms and cont.

Banks in the interbank market make prices they're market makers, so any ECN or prime brokerage is also a Market maker or pass on MM prices.

What the difference is which you have missed is DEALING DESK Market maker... please learn a little more. On top of this any STP that marks up the spread is technical a market maker. so which market maker are u implying?

I can tell u right now if Go markets ran a DD I would never trade more then .01 on testing with them!

Make your definitions a little more clear please.

Cheers,
  • #835
  • Edited Aug 23, 2010 2:47am Aug 22, 2010 5:47am | Edited Aug 23, 2010 2:47am
Quoting GoMarkets

I am all for people posting experiences on forums as thats what they are for, but I will always be baffled that people would rather whinge on a forum than at least first try and fix it. Oh well, good luck with your trading elsewhere.
I can say that i definetly shoot an email to brokerage first. And i get a reply usually within an hour from my assigned account manager.

I have a live account with GoM fo a little over a week and have pushed through $1 million in volume without a hitch (2 million of you count offsetting as volume like in futures.). I have vps in the same host as their live server, so latency is < 1 ms. Trades appear to open and close quickly. Works great for eas that trade continuously with many small trades.

I did have a few questions/comments that i wanted to address in the open as other people may feel the same way.

1) I notice there is no secure online "client login" that allows for withdrawal or deposit requests, or other administrative tasks. Is this something that will come soon?

1b) will there be a way to at least submit withdrawal request completely online?

2) i noticed that there is a disconnect of the live server around 1400 mt4 server time. Is this the maintenance window? I checked the account welcom email and website and it mentioned nothing about this. Things like this should be in bold print for live clients. Also, every server should be taken offline

Is there any reason why if this is the maintenance window that it is not in line with the end of the NY session or the end of any of the major trading sessions? . Why was that particular time picked for rebooting? Is there a way to posrpone the reboot until the weekend?

3) I emailed gomarkets about offering CNS vps service to their clients. I specifically pointed out that GoM has a live server with CNS, and that the vps's that were currently being recommended on GoM website (forexvps) did not have live servers closeby. This is not advantageous to either the broker or the trader. It seemed odd that you would trust one company to host your server reliably, and another to host EAs on. But why not host your server there also where you would recommend placing live trades? The response was odd in my opinion. "we are a brokerage company, not an IT company. We offer an affordable solution to our clients (paraphrasing)"

I got similar apprehension when i asked for the live server address so that i can ping the server to test the latency. I was told that pinging was disabled and that the ip address would not be disclosed. I was later told if I wanted to test live market conditions, to open a demo account and place a few trades to test latency. Clearly my account manager is not an actual trader, especially a live automated trader, but I suppose we all do our best. But still, WTF?

I later realized that i could simply look at my own firewall to see what programs were trying to contact what ip address.

It seems like whenever i email my account manager about a technical question about their server, he becomes very apprehensive and insist that "we are a brokerage company, not an IT company....We run our business as we see fit."

If he didn't know the answer, he could have asked someone who did and came back with a more precise answer. Or forwarded my request to the correct person.

4) any plans to offer spread rebates to high volume traders?
Measure trends automatically with zero lag
  • #836
  • Aug 22, 2010 6:19am Aug 22, 2010 6:19am
ybfjax , that was one awesome review. It's rare to find something that credible.
  • #837
  • Aug 22, 2010 7:21am Aug 22, 2010 7:21am
Quoting supermatt
well finding an fx broker that does everything you want is so hard. it sucks.
MB is real close, though.
Measure trends automatically with zero lag
  • #838
  • Aug 22, 2010 1:04pm Aug 22, 2010 1:04pm
Quoting ybfjax
3) I emailed gomarkets about offering CNS vps service to their clients. I specifically pointed out that GoM has a live server with CNS, and that the vps's that were currently being recommended on GoM website (forexvps) did not have live servers closeby. This is not advantageous to either the broker or the trader. It seemed odd that you would trust one company to host your server reliably, and another to host EAs on. But why not host your server there also where you would recommend placing live trades? The response was odd in my opinion. "we are...
I can shed some light on this. It is true, we have the only go markets server in north america, so anyone on "the other provider" would actually be traveling across the continental united states and connecting to the Go MT4 server in our SDCA datacenter! ehehe

in regards to the "recommended brokerage" you see on their site, this is because the other vps company is offering a discount is all it means. It does not mean they are necessarily recommended. I'm sure Chris can add to this. We do not unfortunately have the flexibility to set prices rock bottom low becuase we use hardware virtualization and it does not permit us to oversell resources, which is required for prices to be very low or have an insane amount of RAM by default... note we have a KB article detailing the benefits of Hyper-V over Virtuozzo. this is not necessarily CNS specific, just how the virtualization architecture works. [read it here]

And in regards to the broker bundling, we are talking to a number of brokers about this, including Go. I expect there will be some pleasant suprises when our new web site is published live. we have a list of brokers who bundle our vps's in free with live accounts. I hope Go Markets will be on that list!

all in all, go is definitely one of the better brokerage companies out there or we would not have entertained the MT4 server colo.
BarrySDCA Commercial Network Services
  • #839
  • Aug 23, 2010 12:20am Aug 23, 2010 12:20am
Well, it has been a busy weekend in here!

Just to clarify and hopefulyl end the argument between our clients, here is an extract from our Product Disclosure Statement:

"Back to back” derivatives arrangements
When you enter into a Margin FX Contract with us, we will immediately enter into a ‘back to back’ transaction (in our own name and on our own behalf) with our OTC derivatives providers to hedge our book with the intention of ensuring that we have no direct market exposure and to maintain a neutral market position (although we will be exposed to the credit risk posed by the OTC derivatives providers).
Under our Australian Financial Services Licence, we are also able to act as market makers and enter into Margin FX Contracts with you without entering into back to back transactions to hedge our exposure. We will only act as a market maker if our hedging provider is not able to take trades for any reason, technological or otherwise. In those cases, we may act as the counterparty for trades on a temporary basis to ensure that our clients are able to continue trading.


As others outlined, as a Forex provider, we are by definition a market maker because there is no actual market and we offer an OTC product.
  • #840
  • Aug 23, 2010 1:01am Aug 23, 2010 1:01am
Hi ybfjax,

Let me answer your questions as best I can.

1 - There is a new website coming, hopefully we can integrate a client area or a way to submit withdrawals online.

2 - The server had to be restarted on Friday at that time for maintenance. The daily restart actually happens at 02:50 server time.

3 - The VPS thing is something we are currently reviewing. As Barry said below, we do not recommend any VPS providers, but those on our site are just a couple that have agreed to give rebates to our clients. Perhaps the answer you got wasn't worded that well, but it is correct in a way. We try to focus on running our own brokerage, not worry about third party systems like VPS. However, as I said we are currently looking at adding further value to our clients.

4 - We try and keep our markups on spread very low which means there isnt as much we can do to reduce them, but if clients contact us directly, we are always happy to look at such matters.
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