Go Markets any good for forex?

[ChuckyDucky]

Great job Go Markets. Customer service is top notch here:thankyou:

 

[sinner]

Hi Go

i am not trying to be antagonistic when i day the demo is instant and my cash account is delayed by up to 4 secs. this is my honest experience. i wish you could look over my shoulder and see this for yourself.

i have had a patch test done, apparently, but no one has come back to me to tell me the results.

my trading preference is to use limit orders, so the delay is not driving me bonkers, but i would prefer no delays on at market orders in case i have a need for them

Hi James Austin,

Seems multiple people are reporting this identical issue over at forexfactory, all have been told by GoMarkets that "they are the only one experiencing the problem" without any resolution provided by Go.

The last page on this thread has two people complaining of the issue

http://www.forexfactory.com/showthread.php?t=201161

 

[Trembling Hand]

The last page on this thread has two people complaining of the issue

Interestingly that the ones complaining have only a few post. It seems that go markets, although they have their share of technical problems just like any other provider, they also seem to attract more than their fair share of trolls from other brokers who clearly have a great deal to gain in discrediting a very good competitor.

In fact a few have been kicked out of here over the history of this thread as they where court doing that very thing. Probably the same ones trying to discredit this thread on FF???

 

[professor_frink]

yep have noticed this a little bit. If you try and use a market order and the market spikes a little just as you are trying to get in, the order seems to crap out and not fill instantly. Of course with these types of small spikes you will get a pretty dodgy fill, followed by the spike reversing and much swearing and cursing!

Most of the time when I limit or stop in to a trade I'm filled instantly, and at the price I ask for.

A pretty simple solution to get better execution IMO

 

[professor_frink]

http://www.forexfactory.com/showthread.php?t=201161

just in regards to one of the comments that was made about us on the FF thread(I'd respond over there but aren't a member):

I have also noticed in the past that those who have seriously questioned this broker on that particular thread at aussiestockforum were quickly despatched out by the forum admin. Which leads me to believe that there is not much freedom of expression over there.

The people seriously questioning this broker weren't actually "people", but 1 person who signed up multiple accounts, which is why he was sent packing

 

[PR@GoMarkets]

Hi Guys,

Just thought I would comment on the above and the FF thread. We are aware that some people on forums have been talking about a slow execution but as always we encourage people to contact us directly rather than just posting on forums. Of the probably 10 total forum posts from individuals about slow execution, we have had about 2 or 3 people contact us which seems strange. We encourage people to contact us as there are tests we can run and then look to diagnose any problems.

Unfortunately the nature of this kind of business means that there are always going to some clients who connect slower than others - especially when you factor in where people are connecting from globally. Imagine you are trying to access a website - it won't always be the same speed for everyone, especially if you are 5,000 miles away and another client is only 200. Individual ISPs also have an impact because of the route they take to find the connection. In our office we use an ISP which doesn't get a very good conenction all the time (it sometimes goes from Melbourne to Asia then to New Zealand!), and this can happen to anyone. No matter how fast your computer is, or how reliable your internet connection is, you are not guaranteed to get a perfect connection, same for every broker.

One viable alternative is using a VPS, and preferably one local to the trading server. This is why we have on our website details of VPS providers that we have agreements with to give discounted rates to our clients.

If you are getting slow connections I would ask you to call in and if you can run a tracert to the server, even better!

Cheers,
Chris

 

[lasty]

The problem could be the 5th decimal point.
Since its introduction the volatility in pricing and able to hit has become harder.
Sure its meant to be a benefit to the end user but its a hinderance.
In the wholesale market there have been complaints about some platforms moving to 5 decimal placings or 1/2 pip pricing.
Algo's calculating to the 5th decimal place will constantly move it and you'll need a shotgun to hit a price.

 

[Alpha_Bet]

I hear you Lasty. OANDA pioneered the introduction of pipettes.
CME FX Futs still work to 4 decimals.

 

[professor_frink]

Thanks for not replying to my private message Chris

Ok so it looks like I'll be closing my account with Go markets soon.

Was trading the Euro last night and got screwed by, apparently it was my fault, as my request to have the trade adjusted was just denied

Just before 9pm I placed a limit order to buy the Euro @1.3641. 26 seconds later I went to modify the order and place a stop @ 1.3637. At this stage the initial order hadn't gone off.The order now sat there and did nothing for the next 23 seconds, before flashing up that the trade had been disabled. By the time that the trade disabled message showed up, price had traded through the initial order AND the stop loss, but nothing had shown up on my end saying I had a position. The pending order was still sitting in the trade screen so I tried deleting it(even though it hadn't gone off), which caused MT4 to have a full blown hissy fit and it then proceeded to log me off.

Cracking a wobbly, I went and tried to log into MT4 from another computer to see if I could get in that way(which I could) so I went back and re logged into GO on my main computer, which it was nice enough to let me do this time. When I've logged back in, I had somehow managed to get a fill on the trade, but the stop had not been executed, so I ended up having to take a 3R loss on the trade.

Not Impressed

This morning, after being told by the person in chat on "live help"(turns out it's only actually live customer service that do not do "technical things", their words, not mine) to call them, I spent the better part of an hour going back and forth with Go trying to get a resolution to the whole situation, only to be told that even though my original entry hadn't been executed at my end when I modified the order to place the stop(and did prove it by emailing them a copy of last night's log to them that showed no execution whatsoever), the trade I'm now told had been executed by Go almost instantly when I placed it. It was 26 seconds after the original order had been placed before I executed the order modification to attach the stop. So if my order had been executed "almost immediately"(as the go rep on the phone had told me), then why wasn't I seeing that nearly half a minute later?

This is a real concern, and why I think it might be time to go elsewhere and send out a warning to all the potential customers out there that will be reading this. The price you are seeing on your platform may not be even close to the price go are using to execute your working orders.

There are implications in this for go clients who may use stops on MT4, so consider yourself warned.

Cheers

 

[Trembling Hand]

So if my order had been executed "almost immediately"(as the go rep on the phone had told me), then why wasn't I seeing that nearly half a minute later?

This is a real concern, and why I think it might be time to go elsewhere and send out a warning to all the potential customers out there that will be reading this. The price you are seeing on your platform may not be even close to the price go are using to execute your working orders.

There are implications in this for go clients who may use stops on MT4, so consider yourself warned.

I have noticed the dropping out and hanging of MT4 platform with 3 brokers. It seems to be not anywhere near as robust as the fans make it out to be.

 

[professor_frink]

I have noticed the dropping out and hanging of MT4 platform with 3 brokers. It seems to be not anywhere near as robust as the fans make it out to be.

according to go there was no problem at their end last night. Must have been my internet connection

It was the fact that they stated that I was trying to modify an order that they had executed and was no longer pending that caused the drama.

That they told me the order was executed "almost immediately" when I couldn't see that price or an executed order on the platform is a real concern

 

[professor_frink]

Actually, I have to retract a little bit of my previous comment. After looking at some of the daily logs from prior trades I've made with them, the log from last night does state that the trade was executed.

Now the question I have is how can go execute an order and not have it show up on my platform

 

[Wysiwyg]

That they told me the order was executed "almost immediately" when I couldn't see that price or an executed order on the platform is a real concern

That happened to me a few times with IG too. The trade was executed when I wanted it to but the Open Order did not appear for 10 or more seconds (when usually "almost" immediately). The event occurring when this delay happens is the buying/selling activity is very high. Like the server overloads or something because the whole platform responds slowly.

 

[professor_frink]

That happened to me a few times with IG too. The trade was executed when I wanted it to but the Open Order did not appear for 10 or more seconds (when usually "almost" immediately). The event occurring when this delay happens is the buying/selling activity is very high. Like the server overloads or something because the whole platform responds slowly.

Wys,

this trade wasn't executed when I wanted it to in this instance. I placed the limit order below the spread and then went back to the pending order to attach a stop to the limit order. The tick chart was still showing the bid above my original limit order on the platform when I hit the modify button to put the stop through. This was nearly 30 seconds after go are telling me that my original order was executed.

What go were telling me this morning doesn't add up.

If the trade was executed on my platform, then there wouldn't have been a pending order to modify!

 

[PR@GoMarkets]

Thanks for not replying to my private message Chris

There is a very good reason for not replying to your private message, one of my colleagues spoke to you before I saw the PM. I did not see the need to reply when the issue had already been dealt with. Also, to be honest as I do not get email notifications form ASF about private messages they may not be noticed straight away. Is this something that ASF offer?

To give further detail on the situation for all those other traders interested who need the situation explained it is as follows:

A pending order was placed and then shortly after you wanted to add a stop loss price. In between this time the initial pending order had been filled meaning when you tried to edit it, it could not be edited as it was no longer a pending order. It had become a trade and then it involves a different trade box for adding the pending order. All this is visible in your journal.

When my colleague spoke to you earlier, I was of the belief that you understood the situation as it was visible in your logs?

 

[PR@GoMarkets]

Hi Guys,

Just thought I would comment on the above and the FF thread. We are aware that some people on forums have been talking about a slow execution but as always we encourage people to contact us directly rather than just posting on forums. Of the probably 10 total forum posts from individuals about slow execution, we have had about 2 or 3 people contact us which seems strange. We encourage people to contact us as there are tests we can run and then look to diagnose any problems.

Unfortunately the nature of this kind of business means that there are always going to some clients who connect slower than others - especially when you factor in where people are connecting from globally. Imagine you are trying to access a website - it won't always be the same speed for everyone, especially if you are 5,000 miles away and another client is only 200. Individual ISPs also have an impact because of the route they take to find the connection. In our office we use an ISP which doesn't get a very good conenction all the time (it sometimes goes from Melbourne to Asia then to New Zealand!), and this can happen to anyone. No matter how fast your computer is, or how reliable your internet connection is, you are not guaranteed to get a perfect connection, same for every broker.

One viable alternative is using a VPS, and preferably one local to the trading server. This is why we have on our website details of VPS providers that we have agreements with to give discounted rates to our clients.

If you are getting slow connections I would ask you to call in and if you can run a tracert to the server, even better!

Cheers,
Chris

Just to follow on from this post, I thought I would let you all know tlhat we are currently inviting MetaQuotes to look into our trading server to see if there is any problem which may be causing execution issues for some.

We of course endeavour to give clients the best possible execution as it benefits us to have the best execution for our clients!

 

[Trembling Hand]

We of course endeavour to give clients the best possible execution as it benefits us to have the best execution for our clients!

That of course is simply BS. If that was the case you would without question have the feature to send bracket orders WITH the entry.

I wouldn't touch anything with serious money that didn't enable this feature.

 

[professor_frink]

There is a very good reason for not replying to your private message, one of my colleagues spoke to you before I saw the PM. I did not see the need to reply when the issue had already been dealt with. Also, to be honest as I do not get email notifications form ASF about private messages they may not be noticed straight away. Is this something that ASF offer?

Yes. Go to user control panel, edit options and it will be about half way down the page.

To give further detail on the situation for all those other traders interested who need the situation explained it is as follows:

A pending order was placed and then shortly after you wanted to add a stop loss price. In between this time the initial pending order had been filled meaning when you tried to edit it, it could not be edited as it was no longer a pending order. It had become a trade and then it involves a different trade box for adding the pending order. All this is visible in your journal.

Sorry Chris but that's just nonsense. Have a think about this from my end here. You guys are claiming that the order was filled and I was trying to modify an order that supposedly no longer existed. Why would I try and do that? To intentionally lose money or because no trade had shown up at my end and it was still a pending order?

If you look at the log that your colleague has, it shows me still trying to delete the pending order nearly a minute later. How could that be if I was already in a trade and it was showing up in the trade window?

If the trade had been executed at my end and was showing up in my platform then there would be no pending order for me to try and delete a full minute after the trade was executed.

When my colleague spoke to you earlier, I was of the belief that you understood the situation as it was visible in your logs?

I completely understood that you company were going to ignore my complaint that the trade never moved beyond being a pending order, and take the log entry showing a trade being made as the only part of that log that was worth paying attention to.

 

[professor_frink]

J
We of course endeavour to give clients the best possible execution as it benefits us to have the best execution for our clients!

Really

Even though my go account is more of a plaything than anything serious, I still managed to get through more than 1 million in turnover on Monday alone. For a company that claims it makes it's money on rebates based client's volume, I find it surprising that when I ring up with what I considered to be a serious gripe with an order problem, that I get fobbed off and told that I'm not entering orders correctly and there must have been a mistake on my part.

WTF

 

[PR@GoMarkets]

If the trade had been executed at my end and was showing up in my platform then there would be no pending order for me to try and delete a full minute after the trade was executed.

If you have already clicked on the pending order edit to bring up the trade box and then whilst you have the order box open but before you press to edit it is filled, then it would cause this problem.

I am happy to post the journal from our server on here with your permission, but it clearly shows your order being filled 17 seconds before the modification was cancelled due to the order not being pending any longer. The journal then shows you logging in to the platfrom and closing the trade.

Why would we want a client to not be able to place a stop loss? That makes no sense - there is no way to know which way the market is going and think about it, if we really wanted people to lose money then you having a stop is a good thing!

I would have thought that as a moderator of a site which involves discussions about Forex then you would have a better understanding of how orders are processed.

The repeated posts also make the thread very difficult to read for everyone else.

As for your comment about your volume and being 'fobbed off' that is not true. When looking at a trade we do not take into consideration how much you trade - that would be unfair on someone doing nano lots! We looked into the trading journals and gave you an answer. Just because you did not like the explanation given to you doesn't mean you were fobebd off.

Regardless, I see no point in continuing to dispute this trade on a public forum. If you have a genuine complaint then of course contact us directly.