Australian (ASX) Stock Market Forum

Go Markets any good for forex?

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AbundantIncome said:
Is this a go zone or not ?

Apart from the faxing/emailing for withdrawals, what else do we need to be concerned about ? Is the ECN being implemented yet ? Do they provide the same spread using mini or micro trades ?

Their spread is pretty high on some of the pairs ??? only one pair is 2 pips, mostly 3 pips and they are not that big list either so mostly bigger than 3 pips.

Thanks
Click to expand...

i am very happy with gomarkets.

ECN? such a marketing ploy from some retail companies, that i personally dont buy.

gomarkets are apparently moving to a variable spread system (similar to OandA) so hopefully that results in better spreads, but time will tell.

they only have one account size. they do trade down to 0.01 lots however.

their list is fine for me. i dont plan to be trading the congo/libya cross rates, so the majors are fine by me.

the main reason i like them is theyre aussie and have deposit insurance for accounts up to $2mil.
 
Stormin_Norman said:
ECN? such a marketing ploy from some retail companies, that i personally dont buy.

they only have one account size. they do trade down to 0.01 lots however.
Click to expand...

Thanks Norman. I am wondering the different between account size versus trading .01 lots ? I thought .01 trades are actually micro/mini trades ?

Cheers
Al
 
IBFX has a mini account.

1 mini lot = 0.1 gomarkets lots.

0.1 mini lot = 0.01 go market lots.

0.01 mini lot = not offered by go markets
 
Stormin_Norman said:
IBFX has a mini account.

1 mini lot = 0.1 gomarkets lots.

0.1 mini lot = 0.01 go market lots.

0.01 mini lot = not offered by go markets
Click to expand...

Thanks Norm. I think .1 mini lot is great enough for me :D.

I think I might as well just set up with gomarket and see how we go from there.

What a nuisance, I may need to send them certified copy of ID ?

Thanks again ....
 
a new account i set up with them only had a leverage set of 100:1

i requested both in the application form and in the email i attached it to to have leverage of 200:1

the account ran out of leverage, luckily its survived but im not a happy camper this evening.
 
Stormin_Norman said:
a new account i set up with them only had a leverage set of 100:1

i requested both in the application form and in the email i attached it to to have leverage of 200:1

the account ran out of leverage, luckily its survived but im not a happy camper this evening.
Click to expand...

i think i asked that question over the phone . .that seems to be the case and they only allow 200 max apparently ! A bit misleading when the demo can go a lot higher !!!

i thought demo should be as close to the real thing as possible !

some of the spread is a killer, 10 pips lost when i got in !!! these are some of the things I keep forgtting to watch . i need more demo practice i think
 
Stormin_Norman said:
a new account i set up with them only had a leverage set of 100:1

i requested both in the application form and in the email i attached it to to have leverage of 200:1

the account ran out of leverage, luckily its survived but im not a happy camper this evening.
Click to expand...

Stormin'

Here's a little MT4 script which allows you to check your account details - - before you start trading. Save it to the \Experts\Scripts folder.

http://www.wabbit.com.au/tmp/AccountInfo.ex4

Hopefully a lesson learnt: always check up on the work of other when it's your posterior on the line!



I hope this helps.

wabbit :D
 
Wabbit and Norm......How long before they get their "new ecn" platform up and running??

Looking forward to seeing what the spreads are like.
 
thank you wabbit. i shall now be confirming the account is set up correctly with that simple script . you are a gentleman.

bent rod, im not sure. be interesting to see how it effects my EA.
 
Hi Wabbit,

I have tried to install that script but without success.

I am copying it into my scripts folder, I can actually see it in the folder. I close that down, start up MT4 but I don't get the script shown in my navigator section.

I have tried on IBFX and GO, what aren't I doing that needs to be done ?

Thanks
 
Hi macca,

I don't know what could be causing this. Try downloading the file again, save it to /Experts/Scripts, restart MT4 again. If that fails, then it's something at your end and/or your version of MT4 as other people don't seem to have had any problems? Or at least you're the first one to speak up.

If someone else did download the script and had the same problems as macca, how did you 'fix' it?


wabbit :D
 
BentRod said:
Wabbit and Norm......How long before they get their "new ecn" platform up and running??

Looking forward to seeing what the spreads are like.
Click to expand...

I wonder as a claimed ECN model how often they will have a 1 pip spread on the eur/usd? They're going to be marking up the quote in these cases....
 
>Apocalypto< said:
I wonder as a claimed ECN model how often they will have a 1 pip spread on the eur/usd? They're going to be marking up the quote in these cases....
Click to expand...

what does ECN stand for?

to me id say theyre going to a variable spread. ECN's are broker's which dont make money from the spread, and instead charge commissions as i understand it.

OandA use variable spreads, but are not an ECN.
 
Me again

This is weird, I save it to my desktop, Yes, there it is. I save it into Go or IBFX scripts, Yes, there it is, OK, close that and open GO or IBFX MT4.

Not in navigator script list, go back to program files open up GO or IBFX files and the EX4 icon has disappeared for this script.

Come on guys, you are all having me on :(
LOL

WT? ............ aarrggghhhhhhhhhhhhh
 
Stormin_Norman said:
what does ECN stand for?

to me id say theyre going to a variable spread. ECN's are broker's which dont make money from the spread, and instead charge commissions as i understand it.

OandA use variable spreads, but are not an ECN.
Click to expand...

hey Norm,

ECN stands for Electronic Communications Network Broker.

yeh they offer a straight quote from the whole sale market or their liquidity providers and charge a commission for the service.

I am also with u norm the term "ECN' is getting swung around now as a it/buzz word in fx. Yep it's basically a variable spread so the Market maker can save money. the market makers have to hedge all the positions in the wholesale market at normal market spreads. if you offer a fixed 2 pip on eur/usd and wholesale is 5-6 at the time they lose out.

variable spreads allow them to move more in line with the underlying wholesale market. This also means at times they can offer very tight spreads like 1 pip or under like Oanda has provided.

Most variable spread brokers mark up the quotes they receive before they move the quote on to you.

say the BorkerXYZ is getting an average quote with a .2 spread on the eur/usd they give u 1 pip and make the .8. this is a rough example of a mark up.

Cheers
 

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