Go Markets any good for forex?

[Naked shorts]

Seems like you guys are dicing with death there.
Price widening,platform crashes,charting service unreliable.

Whats worse is that you continually use them in hope.
If thats a characteristic of your trading then the future could look a tad grim on the P/L front.

You are right which is why they are not my main provider, they are mainly just a backup.

 

[ISPIZ]

Yeah great point Lasty, thankfully I have my trading to a point where it doesnt really matter that much just a annoying thing to have happen all the time and I will be moving as soon as I get out of the last of my positions.
I did like the SPI when they had it tho very nice if they got that back I could even stay.
K

 

[Stormin_Norman]

yeah i think in the next week ill be looking at inducements to move.

with the futures going off mt4 after i had been working on automatic traders for them, i have no define reason to stay.

i had a data gap again this morning, which cause two of my traders to trade when they shouldnt have (as it messed with the indicators).

 

[el caballo]

Given the extent it appears to which Go have gone in order to be customer focused and helpful - and yet to still have all these issues -, I must ask if is there any hope for a reliable, locally based forex broker? I had seriously considered placing an account with them, following IG Markets all too regular platform issues. The critical comments of the last few days - particularly those from respected, long term forex posters - leaves me distinctly uninspired.

 

[roonapa]

well im using go from my chalet in austria (beutiful by the way)
no probs apart the server outage the other day.
i wouldnt rush from Go to FXCM as they have bloody awful spreads sometimes and execution.
IG arent bad but no MT4, obviously though if you guys arent happy you should go because you should concentrate on making money rather than postung negative comments all day on forums.

 

[el caballo]

Roonapa,

Hope you're enjoying the slopes!

It sounds to me that the criticisms posted are not unreasonable - making money can be severely inhibited if one's provider is not reliable, and given that Go appears to perodically read this thread, the comments should serve a useful purpose.

 

[supermatt]

It seems to be effecting some people more than others. Just like the ordering was effecting others. Apart from yesterdays gapping mine has been fine and the ordering is good and im happy with customer service so im staying put

 

[PR@GoMarkets]

Hi guys,

Allow me to introduce myself: I am Chris from Go Markets. Having read this thread and others on this forum we have decided it may be worthwhile setting up an account so we can address any comments or queries you may have. You can either type them on the main forum, or feel free to send a private message which can be responded to.

First, I would like to address a couple of recent topics that have been discussed regarding us and our service:

The situation with system generated requotes was one we were not happy with as we do not want clients to ever have difficulty entering/exiting a position. The requotes occur automatically when the market is moving fast, or if the internet connectivity at the client side results in a slow connection to our server. We decided to switch to market execution to combat this but after giving the option to our clients as to which trading style they would like, clients overwhelmingly decided that 'instant' was the preferred choice. We encourage clients to use the 'maximum deviation' function to further protect against these requotes.

A few posters have mentioned that we widen spreads or move prices. This is not the case. We do not have a dealing desk and do not monitor trades and move the market. We simply pass through a price feed which draws data from up to 70 institutions. Any spikes or wide spreads are from that end and are usually caused by periods of lower liquidity.

Any gaps in charts will be fixed to ensure that all data shows correctly meaning that any analysis or back testing will not be interrupted.

Another thing mentioned was an apparent lack of backup internet. This is not the case. Our servers are held in hosted environment with numerous backups including for connectivity and power.

Finally, someone mentioned getting caught in a trade if the server goes down. Clients are able to call in and execute trades over the phone, but if that is not possible, clients who get caught out in these times can have positions corrected by contacting us.

We continue to strive to listen to our client feedback and I encourage any questions that you may have.

Chris

 

[prawn_86]

We continue to strive to listen to our client feedback and I encourage any questions that you may have.

Chris

Hi Chris,

Welcome to ASF

Feedback of this kind is much appreciated and very constructive for our members. Thankyou for also alerting us to the fact that you work for GoMarkets.

Just to let you know that it is against ASF policy to use the site for commercial gain (which isn't what you have done here), so providing all your posts are factual and not trying to sign people up then it should be all good

Now your here im sure members will have many more questions.

Thanks

Prawn

 

[el caballo]

Another thing mentioned was an apparent lack of backup internet. This is not the case. Our servers are held in hosted environment with numerous backups including for connectivity and power.

Finally, someone mentioned getting caught in a trade if the server goes down. Clients are able to call in and execute trades over the phone, but if that is not possible, clients who get caught out in these times can have positions corrected by contacting us.

Thanks Chris for participating in this forum - it is much appreciated.

A number of posters mentioned the platform being down for approximately 1 hour on 29/6/09. Given that the most active time for currency trading is typically beyond normal Australian office hours - when Go staff will not be in the office - if your platform does fail, and there is no ability or an impaired ability to get phone support (ie. 5 minutes or longer, which can be an eternity for short-term currency traders), and subsequently results in a losing trade, is this the type of scenario where the outcome can be reimbursed? If not, how would you define "getting caught"? Many thanks.

 

[hyperseer]

Chris -

Having a public forum where we can address any issues to Go Markets directly is MOST appreciated!! I'm not surprised - I got a very good vibe right from the start from Dan who handled my sign up. You guys genuinely seem like you want to keep your clients happy!

In the sea of forex garbage and scams it is refreshing to find a broker who appears to realize that the easiest way to attract and keep clients and make consistent profits is to simply provide the best service you can!

Thanks!

 

[lasty]

Hi guys,

A few posters have mentioned that we widen spreads or move prices. This is not the case. We do not have a dealing desk and do not monitor trades and move the market. We simply pass through a price feed which draws data from up to 70 institutions. Any spikes or wide spreads are from that end and are usually caused by periods of lower liquidity.

According to your website.

"Go Markets receives its FX price feed from 70 leading banks and institutions. Most FX providers offering this style of price feed will levy a fee per trade but to keep clients trading costs down GO Markets places a very small spread markup to cover hedging costs and this is reflected in the difference between the price quoted."

So in reality you have an algorithm the sits between the client and the price feeder.

"We do not have a dealing desk and do not monitor trades and move the market."

Well you have in essence. The algo is the dealing desk and you do move the market as you are spreading.How much? Who knows?

However there isnt anything wrong with that.Price makers have to spread or charge brokerage as they are taking the risk and deserve an income.

There are other platforms out there who offer a wider spread but guarantee consistency,no latency and sturdiness.

If those 3 principles are embraced,I think you will find some contented punters.

 

[PR@GoMarkets]

Lasty,

It seems your perception of a dealing desk is different to mine. A dealing desk is where each trade runs through and they can choose to accept/reject/requote orders and potentially move the market to suit their own gains, which is something we definitely do not have!

As for the markup on spreads as you have quite rightly poined out, we do slightly markup the feed, that is how many brokers make money. But our method is really a lot simpler than you imagine. Rather than an algorithm or some fancy mathematical equation, we simply have a fixed markup for each currency pair which is added to the spread. It is quite simple to work out from the charts/market watch what these figures are, but if you want to call me, I will be happy to explain in greater detail.

For example, we have a fixed markup on EURUSD of 0.5 pips. This never changes regardless of the time of day, or liquidity.

I hope that clears up some of your concerns, but like I say, I will be more than happy to answer your questions in detail over the phone.

Chris

 

[ISPIZ]

Hey Chris,
Great to see you in here and great to able to have direct contact with what looks like timely responses.
I am happy with the way it is all going except for the time it takes for some orders to go through, please do not tell me that its my internet as I have been doing this for along time and believe me I know when my net is slow, I have ADSL2 with tls so they are pretty good too also some of the orders are taking like over 10 secs to go through which is a long time, if it was like 10% of orders I wouldnt really be concerned but I reckon its more like 40-50% of orders are slow, have you got any ideas of what it could be as you can imagine it can be a very annoying thing.
Also is there going to be any of the futures in contract or cfd guise any time soon?

Thanks for signing up.
Cheers
k

 

[el caballo]

Thanks Chris for participating in this forum - it is much appreciated.

A number of posters mentioned the platform being down for approximately 1 hour on 29/6/09. Given that the most active time for currency trading is typically beyond normal Australian office hours - when Go staff will not be in the office - if your platform does fail, and there is no ability or an impaired ability to get phone support (ie. 5 minutes or longer, which can be an eternity for short-term currency traders), and subsequently results in a losing trade, is this the type of scenario where the outcome can be reimbursed? If not, how would you define - as per your previous post - "getting caught"? Many thanks.

Chris,

The above was posted yesterday, and you may have missed it - could you please address the above when time permits. Thanks.

 

[PR@GoMarkets]

Chris,

The above was posted yesterday, and you may have missed it - could you please address the above when time permits. Thanks.

Sorry for missing your post, if I spend too much time on here I the bosses will probably think it is not as useful as they first thought!

When I say clients who get caught out would be rectified, I refer mostly to clients who may have had a stop which is gapped through during this downtime and then closed at a worse price then desired (although you don't often hear about the ones where slippage actually proves to be favourable). We do have numbers for clients to call, so if a trade needs to be closed manually it can be done. Saying all that, it is hard to give definitive rules on what is what, so we judge each trade on a case by case basis, and will then sort it out accordingly.

Hey Chris,
Great to see you in here and great to able to have direct contact with what looks like timely responses.
I am happy with the way it is all going except for the time it takes for some orders to go through, please do not tell me that its my internet as I have been doing this for along time and believe me I know when my net is slow, I have ADSL2 with tls so they are pretty good too also some of the orders are taking like over 10 secs to go through which is a long time, if it was like 10% of orders I wouldnt really be concerned but I reckon its more like 40-50% of orders are slow, have you got any ideas of what it could be as you can imagine it can be a very annoying thing.
Also is there going to be any of the futures in contract or cfd guise any time soon?

Thanks for signing up.
Cheers
k

Thanks for that. One thing I would be interested in is the 'ping speed' from your end to the server. I normally get a ping speed of around 58ms in our office and lower at home. The frustrating thing for me when people talk about these requotes is that I spent many hours testing the price feeds before their launch and executed thousands of trades, and I only ever received 2 requotes and one of them was near non-farms.

We are always looking to improve trade execution speeds of course, but many clients seem to be fine, whereas others are not.

As for Futures/CFDs, I cannot say for certain one way or the other, but we always look to offer something if that is what our clients want.

I hope that answers your questions, and I am sure there will be more for me to answer later today!

 

[el caballo]

Sorry for missing your post, if I spend too much time on here I the bosses will probably think it is not as useful as they first thought!

Thanks Chris. With respect your seniors, believe me, this type of service is very useful and well worth the investment of time.

 

[white_goodman]

As for Futures/CFDs, I cannot say for certain one way or the other, but we always look to offer something if that is what our clients want.

I hope that answers your questions, and I am sure there will be more for me to answer later today!

If you offered all cfd's etc that were available on ur saxoplatform on mt4 you'd have a lot more business i think.... imagine all instruments for a platform like mt4...

 

[Stormin_Norman]

broco offer a lot of instruments on their mt4. just a pity theyre russian.

 

[white_goodman]

broco offer a lot of instruments on their mt4. just a pity theyre russian.

yeh mainly just US stocks tho, no aussie stocks....no Ruski's for me please