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GoMarkets Discussion

Quoting Peter-FX
Hi goldcourse, are you thinking of going to Singapore for a holiday?
If you do, make sure you have sufficient evidence of identity for the bank.
Also make sure you will be able to transfer money online from your account, to your trading account at GoMarkets, within seconds or at least minutes. In fact I would get that in writing from them before I went to Singapore.

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Peter-FX,

Not yet. I will be contacting the NAB Singapore branch before I decide to open account and obtain all necessary verification details together with all the questions you mentioned.

Thanks for your thought.
Quoting goldcourse
Peter-FX,

Not yet. I will be contacting the NAB Singapore branch before I decide to open account and obtain all necessary verification details together with all the questions you mentioned.

Thanks for your thought.

Let’s hope Chris comes back with PayPal because that will be the easiest way for everyone.

Quoting goldcourse
Peter-FX,

Not yet. I will be contacting the NAB Singapore branch before I decide to open account and obtain all necessary verification details together with all the questions you mentioned.

Thanks for your thought.
Perhaps you should also consider Bangkok, Thailand. There is a NAB there. but yes, verify all the required docs before spending the plane ticket money. Perhaps you can work it so that you leave the same day.

Thanks
Measure trends automatically with zero lag
Quoting ybfjax
Perhaps you should also consider Bangkok, Thailand. There is a NAB there. but yes, verify all the required docs before spending the plane ticket money. Perhaps you can work it so that you leave the same day.

Thanks
ybfjax,

Yeah, that will be my second choice after Singapore.

Thanks
As you are no doubt aware, living in Malaysia, you can get a return flight to Singapore from KL on Air Asia or Firefly for less than AU$100 inc taxes!
doubt that distance is going to make that much of a difference to price action.
Quoting GoMarkets
Hello,

You should be able to find the tick data on our website by clicking on 'forex' and selecting 'historical chart data'
this is by no means the finished article but at least it gives you something to be getting on with.

Cheers
Hello,
I cannot find history data on gomarkets website? Is it still downloadable?

Thank you
Pavel
Quoting maya007
Hello,
I cannot find history data on gomarkets website? Is it still downloadable?

Thank you
Within the next week or so we will be launching a new website, which should include the historical data. However, in the meantime, I can provide you with the required. Either email us or PM me with the pair, time and required period and I will get it sent over to you.

Cheers,
Chris
Chris

I hope you will include a table listing the pip values for all pairs?

Cheers
Quoting tradpat
Chris

I hope you will include a table listing the pip values for all pairs?

Cheers
On our site at the moment you can see some pip values for a few pairs: http://www.gomarketsaus.com/margin-and-pip-value.html.

Of course all pairs follow the same pattern, so for example 1 standard lot of EURGBP would equate to GBP10 per pip and 0.4 contracts of GBPNZD would be worth NZ$4 per pip.
Quoting GoMarkets
On our site at the moment you can see some pip values for a few pairs: http://www.gomarketsaus.com/margin-and-pip-value.html.

Of course all pairs follow the same pattern, so for example 1 standard lot of EURGBP would equate to GBP10 per pip and 0.4 contracts of GBPNZD would be worth NZ$4 per pip.
Chris

I am aware of the 4 tables... each has 11 for standard, mini and micro lots... making a total of 44 rows.

IMO, instead of 44 rows, a list of 1 standard lot for 28 pairs as per current GoM MT4 will ease us to look up for reference the pip values.

Cheers
Quoting maya007
Hello,
I cannot find history data on gomarkets website? Is it still downloadable?

Thank you
Could you be more specific on history data? I thought the MT4 automatically did backfill. Is this referring to a different platform?
Measure trends automatically with zero lag
Quoting tradpat
Chris

I am aware of the 4 tables... each has 11 for standard, mini and micro lots... making a total of 44 rows.

IMO, instead of 44 rows, a list of 1 standard lot for 28 pairs as per current GoM MT4 will ease us to look up for reference the pip values.

Cheers
Or just 3 different lots. Standard 1.00, mini 0.1, and micro 0.01. From there it is just a matter of multiplication for any derivative of these 3.
Measure trends automatically with zero lag
Go markets
You mentioned that you have a PI insurance that will cover client money in case of Fraud by your staff!
Are you absolutely sure? that the insurance covers fraud by staff directors?
Would you be able to upload the Insurance document?
Also you refer to PDS.. yes I read it and it still does not mean my money will be safe. Keeping it with NAB does not mean that I am protected in case of Broker default

PDS
This scared the xxx out of me .. sonray revisited!

Page 34 of your FX PDS

4.10 Holding your money in one or more client trust accounts may not afford you
absolute protection. The purpose of a client trust account is to segregate our clients’ money, including your money, from our own funds. If the amount held in a trust account for you does not satisfy or fully satisfy moneys we owe to you and we become insolvent, you will be an unsecured creditor in relation to the balance of the moneys owing to you.
4.11 Your funds will be kept together with the funds of other clients in our client trust account. Your funds kept in our client trust accounts can be used to meet the payment obligations of our other clients. This means that you may also potentially suffer a loss as a result of default by another client where money from the client trust account is applied to meet the payment obligations of that client and there is a deficiency in the client trust account. In the event of our insolvency, your entitlements as a creditor will rank equally with all other clients and you may not

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Very Good Question !

Quoting moksha
Go markets
You mentioned that you have a PI insurance that will cover client money in case of Fraud by your staff!
Are you absolutely sure? that the insurance covers fraud by staff directors?
Would you be able to upload the Insurance document?
Also you refer to PDS.. yes I read it and it still does not mean my money will be safe. Keeping it with NAB does not mean that I am protected in case of Broker default

PDS
This scared the xxx out of me .. sonray revisited!

Page 34 of your FX PDS

4.10 Holding your money in one or more client trust accounts...
Moksha / Philippe

Thanks for your posts, I can see Moksha that you are probably an ex Sonray client so I can quite understand your concerns.
Just to put 100% clarification on this our PI insurance covers $6mill per claim and covers fraudulent activities with client funds by all officers of the company and representatives including all directors.

Mandatory PI insurance is a recent thing so maybe Sonray didnt have the right cover or any cover. If any Go markets client wants clarification of our policy then we will be happy to disclose these documents by contacting our office directly but so we dont potentially give competitors a heads start on what kind of insurance to get or how to get it we will not post directly on this thread as it takes a lot of man hours and cost to prepare this insurance
Another thing to consider is the capital adequacy requirements in Australia are very stringent so clients are also afforded that protection aswell.

Cheers
You mention "capital adequacy requirements in Australia are very stringent so clients are also afforded that protection aswell."

In what form? As per law broker is not supposed to use Client Funds for business purposes but if you do and then if there is a shortfall in the Client Seg account then?

Also the co mingling of funds remains an issue means if your house account or you allow any trader to default then it affects the Client Seg..
So once again there is no differ acne in Risk as far as clients are concerned between people like Sonray and any other OTC provider ...

OUR MONEY IS NOT PROTECTED IN CASE OF BROKER DEFAULT LIKE IT IS IS IF YOU WERE ASX PARTICIPANT STATUS BROKER

Read your own PDS

And that is the truth.. but you won;t admit it
Rather ASIC than the FSA in the UK , the FSA don't even know their arse from their elbow and rather deal with a regulated firm than none at all and as for the CFTC they have screwed it up for loads of traders.
Chris,

Still waiting on the IPhone app, will it be available directly at the App store??
Quoting moksha
You mention "capital adequacy requirements in Australia are very stringent so clients are also afforded that protection aswell."
Gomarkets answered your question you just don't want to accept their answer. They have insurance over negligence of Gomarkets staff and the funds are in a segregated account. That's good enough for me. You can't blame Gomarkets for the regulations they have to follow and going the extra step in giving insurance. Why dont you go have a cry to ASIC instead of doing it on FF......

I also have funds with Interactive Brokers, I don't get much protection on my funds with them either if they go bust.

From one of, if not the biggest brokers in the world website.

How Does IB Protect My Money?
IB protects your money by following a variety of regulatory requirements and then taking a number of other steps that are well beyond the basic requirements. Here are the basics:

  1. First, for cash in your IB account, IB is subject to strict “reserve” and “segregation” requirements imposed by the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”), under which cash in IB customer accounts is kept in segregated accounts that are separate from the proprietary assets of IB. IB is required to perform daily (CFTC) and weekly (SEC) calculations to ensure that the proper amount of customer funds is set aside in these separate accounts.

Not so different to ASIC huh? and this is the largest financial regulators in the world the USA.

more...............

Beyond all of the above, cash and securities held in IB customer securities accounts are protected by SIPC (Securities Investor Protection Corporation) coverage of up to $500,000 ($100,000 for cash) per customer. Funds that customers deposit for futures trading are not covered by SIPC, but IB addresses this by sweeping excess margin funds daily from the customer’s futures trading account into the customer’s securities account, where the funds are eligible for SIPC coverage

Well to bad for me I trade futures and margin FX .

So paste ASIC and all Aussie brokers if you like but at least Go markets offer OTC traders insurance.


I also wish I could get 100% no risk on anything i do, but I live in the real world where I do my own due diligence.

I think this little crying witch hunt should stop cuz what you fail to see is ASIC is as good as any regulator out there.

Try blaming the directors of the company not the industry.

Cheers.

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