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  • #1,301
  • Edited 10:41pm Oct 13, 2010 10:40pm | Edited 10:41pm
Quoting fxking
thanks for your prompt reply,just out of curiousity,u guys claim to be ECN/STP,using MT4 platform? any slippage,re-quotes,frozen platform,etc for LIVE acct,not DEMO acct? any problem for big amt funds withdrawal?
Hi,

All funds are held in a client trust account at the National Australia bank and therefore if you are based in Australia then most withdrawals should be cleared in your bank account either within the day of withdrawal or failing that the next morning.
If you are from overseas then it usually takes between 24-48 hours for you to receive the funds but it can be quicker depending on the relationship between the banks.

Your other questions regarding our service I can safely say that we use a market execution method so there are no - requotes and i'm sure most would agree that the service and spreads have improved vastly over the recent months due to upgrades etc.
I think for me to give a glowing reference on our service is wrong as i'm biased but happily allow others on the forum to answer that for you and fingers crossed i'm right and that in the main clients are satisfied with the service.

Cheers
  • #1,302
  • Oct 14, 2010 12:33am Oct 14, 2010 12:33am
Quoting GoMarkets
Hi,

It applies to the first 100 clients who are eligible (new or existing). After that it is going be charged at $99 by MYFX, but we may be able to arrange further discounts for clients.

Chris
But your email stated to deposit $2000 to enjoy the free MYFX?
Do we exiting clients have to make such extra deposit?
If so why?
I don't know if this amount meant for USD or AUD?

Cheers
  • #1,303
  • Oct 14, 2010 12:43am Oct 14, 2010 12:43am
Quoting tradpat
But your email stated to deposit $2000 to enjoy the free MYFX?
Do we exiting clients have to make such extra deposit?
If so why?
I don't know if this amount meant for USD or AUD?

Cheers
Hi,

To qualify for free MYFX as a new client then you must deposit at least 2k AUD or USD ( to be honest there isnt much difference anymore ) and place a trade, we will then cover the MYFX costs , subject to terms and conditions.

If you are an existing client and have in the past put an equivalent amount on your account at some point then we also will cover it and again subject to terms and conditions.

failing that its $99 for a licence but we may be able to arrange something so please email or call in to discuss.

Cheers
  • #1,304
  • Oct 14, 2010 1:39am Oct 14, 2010 1:39am
Got money fx is still accepting u.s. clients and will continue to do so.

Heres a link to their thread

http://www.forexfactory.com/showthread.php?t=257343
Annoying Precision
  • #1,305
  • Oct 14, 2010 3:17am Oct 14, 2010 3:17am
Although the client money is in a segregated account
at the end of the day is it not true
1) These are not individual account but co mingled with other clients
2)In case of GOM Australia going out of business ( no matter how unlikely and for whatever reason) the money in the pooled client account is AT RISK
We become normal creditors.

As on today irrespective of ASIC regulations THERE IS NO absolute safety of funds
Neither the Australian National Guarantee fund ( Similar to SIPC) covers OTC/ FX brokers.
IT ONLY covers "ASX Market Participant"

SO all those in US thinking that your money is safe with an ASIC registered Australian broker think again

READ the PDS ( Product disclosure Statement) IN FINE PRINT
recently we had a OTC/ FX broker go out of business with more than 70 million in Client funds.. called Sonray...
If you ask the brokers here thsi question about client money safety and Sonray example they will all claim that Oh yes but SOnray happened because of fraud.. etc ok BUT then ask them What is there to stop your director/ staff commiting similar fraud and in that sitaion WHAT happens ot teh shortfall in this "Pooled Client money "
I hope US and Australia also regulate teh FX broker industry in same way as they regulate stock brokers
  • #1,306
  • Oct 14, 2010 6:10am Oct 14, 2010 6:10am
Chris,

I have noticed that your website is now advertising the MT4 Iphone app coming soon.
Can you shed some more light as I have been holding off buying forex on the go Iphone app until I know more. If it is going to be months away then I will buy the FOTG app but would rather not spend the cash if I do not have to.
  • #1,307
  • Oct 14, 2010 6:16am Oct 14, 2010 6:16am
Quoting GoMarkets
As far as I'm aware as long as you meet the NAB's criteria then I dont see any reason why you wouldnt be able to open an account at the NAB.
Unfortunately I dont know what criteria is required but i'm sure the helpful chaps at the NAB will help.

If you need to know more details on what branch we use its on the account details we give you when opening an account.

Cheers
I got this email from NAB. It appears that you must visit one of their branches to confirm your identity, but you should be able to open an account online.

Quote
My comments are:

for either a savings or checking account, what are the
requirements for USA citizens to open an account there?
Do they need to physically present themselves at a branch,
or can they open it up online?

My name is Dennish. Thank you for writing to NAB about opening an account.

Upon reviewing your enquiry I can confirm that NAB has a range of products
and services that may be suitable to your financial needs.

For your convenience I have provided links below to NAB's Everyday Banking,
Savings and Investment products for your review.

Everyday Banking accounts
http://www.nab.com.au/wps/wcm/connec.../5/1/?ncID=ZBA
(Please copy and paste into browser address bar)

Savings accounts
http://www.nab.com.au/wps/wcm/connec.../5/2/?ncID=ZBA
(Please copy and paste into browser address bar)

Investment accounts
http://www.nab.com.au/wps/wcm/connec.../5/3/?ncID=ZBA
(Please copy and paste into browser address bar)

Upon applying and successfully having a new account opened for you, we'll
mail you a Welcome Pack with your account details which you'll receive in
the next few days. The Welcome Pack contains all the information you'll
need about the features and benefits of your new account, including the
terms and conditions and fees guide. You'll also find a guide about
identification requirements included.

As you're a new customer, you'll need to visit your nearest NAB branch to
complete the standard identity checks before you can access your new
account.

As part of NAB's Identification and Account Opening Procedure, upon
establishing a new account for you, a Debit Restriction will be placed onto
the account and can only be removed after you have attended a Branch and
provided your 100 Points of Identification.

You are able to credit funds into the account, however, these funds will
only be accessible once the Debit Restriction has been lifted.

I hope this information helps with you enquiry.

If you would like to speak with my colleagues from our Sales Department,
you are also welcome to call us on +61 3 8641 9083 between 7:00am and
9:00pm Monday to Friday (AEST), weekends between 8:00am and 6:00pm.

Yours sincerely,

Dennish Lopez
Online Service Advisor
Measure trends automatically with zero lag
  • #1,308
  • Oct 14, 2010 6:18am Oct 14, 2010 6:18am
Quoting GoMarkets
Hi Philippe,

We do offer the MetaTrader4 Multi-Terminal which allows you to trade multiple accounts at once. You can download it from our website and give us a call and someone will gladly show you how to use it.

Chris
mT4 multi terminal isn't very good. If you do not offer true pamm accounts, you can get the next best thing by using an mt4 trade copier.

The primary difference between the pamm account and the trade copier, is that the pamm account is doing everything from the broker server (internally). In other words, there's no additional software to run. Trades from the master account are automatically allocated to "slave" accounts. and you can automatically deduct commission on a fixed schedule. PAMM is actually an accounting, trade copier, and portfolio management in one. And it's almost as simple as opening an account.

With a mt4 trade copier, both the master terminal and the slave terminal need to be open and running usually on the same computer. Then you would need to manually ask the client to pay out any commissions due. fxopen has a good article on the subject.: http://www.fxopen.com/Pamm/ReadMore.aspx?num=1 the alphari one iis better organized: http://www.alpari-forex.com/en/help/pamm/
Measure trends automatically with zero lag
  • #1,309
  • Oct 14, 2010 6:40am Oct 14, 2010 6:40am
Quoting forextrader9
Dual passport is not an option as highlighted by GOM's above post. This law is applicable to all those residing in the US, citizens or not.

What is ECP, can you pls help clarify where we can find more information on this?
If you have a dual passport/citizenship, there is a 99% chance you can establish residency outside the USA.

ECP is Elegible Contract Participant. There are many different level of qualifications, but the most obvious one for individuals is having assets in excess of $10 million. There is a similar provision for the SEC for trading non-exchange fund products such as CFDs. I think it is called Sophisitcated Investor.

Quoting forextrader9
Just like GOM, they are also regulated by ASIC, so this is out of question for US clients.

From their website:

"Located and licensed in Australia, client funds are regulated by ASIC and held in accordance with the Corporations Act 2001 in Australian banks."
The MOU really doesn't mean anything in terms of what an Australian broker can and can't do. It's just that based on GoM's research and current business model, they simply don't want to deal with the perceived headache.

VantageFX, for example, aren't kicking out their US clients, only stopping accepting new clients after this friday. They will only discontinue serving a client if there is direct citation from one of their regulators saying so.

Other brokers are continuing unchanged.

You cannot take one broker's interpretation of what may happen in the future and assume that everyone will feel and act the same way.

Interestingly enough, GoM did provide at least one way to continue trading with them, if you can provide the necessary additional documentation. So they are trying.
Measure trends automatically with zero lag
  • #1,310
  • Oct 14, 2010 5:27pm Oct 14, 2010 5:27pm
Hi,

Just from reading some comments from people concerned about fraud in companies and from their staff. We have recently upped our professional indemnity insurance to A$6,000,000 per claim, which I would imagine would be more than enough for most clients. PI insurance is specifically in place to protect clients against fraud from the company and its officers.

Cheers
  • #1,311
  • Oct 14, 2010 5:28pm Oct 14, 2010 5:28pm
Quoting jointhepips
Chris,

I have noticed that your website is now advertising the MT4 Iphone app coming soon.
Can you shed some more light as I have been holding off buying forex on the go Iphone app until I know more. If it is going to be months away then I will buy the FOTG app but would rather not spend the cash if I do not have to.
Yes, you are correct. We will have an iPhone app available for free to all live clients in about a week. We are currently testing it at our end to make sure it is bug free etc. It shoudl also work on iTouch and iPad. For non-apple users, there will be an Android and Blackberry app coming soon as well..
  • #1,312
  • Oct 14, 2010 6:21pm Oct 14, 2010 6:21pm
Quoting ybfjax
I got this email from NAB....
ybfjax,

Thanks for the above info.
  • #1,313
  • Oct 15, 2010 12:44am Oct 15, 2010 12:44am
Quoting GoMarkets
Hi,
If you are an existing client and have in the past put an equivalent amount on your account at some point then we also will cover it and again subject to terms and conditions.
Cheers
I opened an account in November last year with $5000, are you saying that I can a copy of myfx for free, if so how do I arrange it.

Regards,
Kim
  • #1,314
  • Oct 15, 2010 1:33am Oct 15, 2010 1:33am
Quoting GoMarkets
Hi,
.....
I think for me to give a glowing reference on our service is wrong as i'm biased but happily allow others on the forum to answer that for you and fingers crossed i'm right and that in the main clients are satisfied with the service.

Cheers
Ok. GoM, for the mt4 platform, has the best combination of: Flexibility of leverage, low spreads (particularly exotic pairs), execution, deposit and withdrawal ease and speed, and overall customer service I've seen.

My main criticism with GoM is I wish they would send client emails when important info affecting all live clients is at stake. For example, they did this with the recent CFTC ruling, but what about when they are doing maintenance on their servers? Sending it to the MT4 platform is not enough.

Vantagefx is close and maybe surpases GoM, but I havent tested everything yet.

Most newbies ask "how low is the spread?" and will turn their heads the other way if they hear a number that is incompatible with their expectations. This is a legit question, but not the most important IMO. "Will this broker be around in the next few years?" Now that is a question that needs an answer.
Measure trends automatically with zero lag
  • #1,315
  • Edited 4:31am Oct 15, 2010 2:18am | Edited 4:31am
Quoting ybfjax
Ok....
I have to agree with you there. Today I was wondering if I was on their email list as I don't think I have ever received one that is unsolicited.(I think this is because someone else mentioned on this this thread having received one). I had a problem today with my main broker which is very rare. On the whole, I would say GO is a good broker. In the past 3 weeks there hasn't been a spike and their being upfront about rectifying a problem is reassuring.
FF journal: Peaks and Troffs
  • #1,316
  • Oct 15, 2010 5:44am Oct 15, 2010 5:44am
saw today on Go home page that they will be offering a I phone app..... I called to ask about it and I hear it's going to be free!

Well now I have an excuse to buy an I phone!

Chris any idea when it's going to be released?
  • #1,317
  • Oct 15, 2010 11:21pm Oct 15, 2010 11:21pm
Quoting goldcourse
ybfjax,

Thanks for the above info.

goldcourse,
I notice you’re in Malaysia and there may not be any NAB near you. However, the NAB will have relations with a bank in Malaysia that may allow you to take any proof of identity there and they will then inform the NAB.
You will need to confirm this with the NAB.
  • #1,318
  • Oct 16, 2010 5:13am Oct 16, 2010 5:13am
Quoting Peter-FX
goldcourse,
I notice you’re in Malaysia and there may not be any NAB near you. However, the NAB will have relations with a bank in Malaysia that may allow you to take any proof of identity there and they will then inform the NAB.
You will need to confirm this with the NAB.
Peter-FX,

Thank you for your suggestion. I will be asking NAB on this but I will not place too high a hope on this arrangement.
  • #1,319
  • Oct 17, 2010 12:46am Oct 17, 2010 12:46am
Quoting goldcourse
Peter-FX,

Thank you for your suggestion. I will be asking NAB on this but I will not place too high a hope on this arrangement.
I'm not sure if there is a branch in malasia, but there is one in Bangkok, Thailand.
Measure trends automatically with zero lag
  • #1,320
  • Oct 17, 2010 1:24am Oct 17, 2010 1:24am
Quoting GoMarkets
Hi,

Just from reading some comments from people concerned about fraud in companies and from their staff. We have recently upped our professional indemnity insurance to A$6,000,000 per claim, which I would imagine would be more than enough for most clients. PI insurance is specifically in place to protect clients against fraud from the company and its officers.

Cheers
If we had Barney Frank fraud insurance we wouldn't be in the situation we are in.
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