Australian (ASX) Stock Market Forum

Go Markets any good for forex?

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Despite all the information given here, I have read through and practically none of the posts state the obvious question.

Does GO Markets take the other side of your trade? Are your trades on the MT4 platform actually in the market or are they hedged with their derivatives partner as they described in their terms and conditions?

This legal information is so wrapped up, it's extremely hard to understand exactly where your trade is being placed.

I'd appreciate clarity on this topic. I've been with a few other brokers, FXDD, FxPro, FXCM, PFGBest, Tadawul, they are all the same and in their terms and conditions state "your position is not directly in the market, rather, against our own position" of sorts.

GOmarkets terms and conditions don't explain this clearly. (Which leads me to believe they are against all client positions)

Thanks.
 
sinner said:
Chris from Go is now answering questions and similar on forexfactory.

Apparently we aren't worth their time but FF is (gee, I wonder if the fact that Go is apparently now a FF "preferred broker" has anything to do with it?)
Click to expand...

And hasn't that worked out well. Gone from the frying pan into the fire. Maybe GoMarkets should have stopped participating in online forums as stated in this thread.
Anyways, It appears that Go Markets have some transaction latency issues to deal with both at home and abroad.

Disclaimer: Have an acct with GO Markets, not funded. Trading CME Currency futs.
 
Still waiting to hear more about their Currenex client... hopefully not the dirty / padded feeds that are junked through Viking Trader and are the cleaner Currenex Lite (Java client).
 
Is it just me or there is really something wrong on the graph...???
 

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The gap? The market gapped at the weekend. Nothing unusual with that; it happens from time to time.

wabbit :D
 
yep the gap...and incorrect candle colors...same period seems OK on oanda though...
 

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I checked the charts on FxPro and NetDania, both show it as per Go Markets.

The gap happened over the weekend while the market was closed. Oanda seems to show weekend data by default. This fills in the gaps. You can go into preferences and change the settings to hide the data. You can also change what time is considered to be the weekend. By doing this I got Oanda to show the same gap as Go does.

Your second issue was with bar colours. This all comes down to what time the broker runs on. Attached below are a couple of charts, one from Go and one from Oanda. Both are 1 hour charts of the same period, (the time around the gap you're looking at). As you can see, the data is pretty much the same. What makes the difference is where the broker starts and finishes their day. Look at where the day starts and finishes on the 1 hour charts below and compare it to the daily charts you posted earlier.

Price moved in the same way, but looks different on the daily due to broker time. This can be a problem for people who trade strict candle patterns. You will get different looking candles from the same data depending on what time your broker uses.
 

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latency

Hi
Anyone noticed increasing execution delays at GO recently? - particularly last week. I trade the Euro during liquid hours and very often had latency of between 5 and 10 seconds. This may be at my end I dont know. I spoke with support who suggest that it could be better now as they have just upgraded something or other. Otherwise they suggest a reinstall might help - even though it is only a couple of months old? Anyone else seeing similar?

thks
 
Anybody else having processing delays and slow feed today ? It maybe me but I haven't changed anything that I am aware of and everywhere else seems OK

The past 90 mins or so have been slow, right when Europe gets interesting :(
 
Any chance someone can help me out with a rather annoying issue I had today. I trade equities long term and decided to open a mini fx account just to test the waters with GM. Today I've placed a buy stop for an order on the A/U @ 0.83851 with a 20pip stop loss and left for work only to find the current quote striking R2 @ 0.85210 and my order not executed.
Did the market just move too fast and bounce my order and if so does this happen often? Or is this the price I pay for trading a mini acc?

Who needs 136 pips anyways.:banghead:
 
Hi,

Go have a 1800 number, it costs nothing to ring them up and get them to check it. If you ring during the quieter times of the day you will get straight thru usually. Don't ring at 10.00 am etc.

If they have screwed up they usually fix it, (a lot more often than some other brokers).

Just check to make sure you have the numbers right as sometimes the 5 digit pricing throws out your entries when learning the platform.

It can be a pain when you put a 20 pips stop loss and MT4 reads it as 20 pippettes, so only a 2 pips stop loss, I know this one from experience, a couple of times :(
 
mrchopper72 said:
Any chance someone can help me out with a rather annoying issue I had today. I trade equities long term and decided to open a mini fx account just to test the waters with GM. Today I've placed a buy stop for an order on the A/U @ 0.83851 with a 20pip stop loss and left for work only to find the current quote striking R2 @ 0.85210 and my order not executed.
Did the market just move too fast and bounce my order and if so does this happen often? Or is this the price I pay for trading a mini acc?

Who needs 136 pips anyways.:banghead:
Click to expand...

Ok, so I have a few questions:
- Was the order still on your chart when the price had gone past it?
- Did you have enough capital available to cover the margin?
- Did you check that the position didnt enter and get stopped before it went in your favour?

macca said:
...... It can be a pain when you put a 20 pips stop loss and MT4 reads it as 20 pippettes, so only a 2 pips stop loss, I know this one from experience, a couple of times :(
Click to expand...

This tripped me up early on with trailing stops etc..... on GoMarkets x.00010 is 1 pip (or xx.010 for Yen crosses).
 
Hi There,

The order was still sitting unchanged in the execution window. Margin wasn't an issue and no sign of the completed order in Acc history.
I had to delete the order as the market was moving back into that range but after a days reflecting I'm pretty sure I've ballsed it up from my end as this has never been an issue with my system before.

Less haste from my end perhaps.
 
My comments on Go Markets may already have been made somewhere in the past 65 pages, in which case I apologize.

It has taken me quite a few years to realize the truth of the first rule of investing (not that I put forex in that light!), namely protect your capital (or at least as much as you can).

This should include wading through the 100 or so pages of fine print information that all Australian licensees need to provide to people they intend taking money from. If you don't like the rules, you don't invest.

You also need to be satisfied with the organization itself, particularly its own financial position. I know all these companies are audited but I prefer to see reports with my own two eyes or, at the very least, to know that there is a very Big Brother in the background. Nearly every website includes a section called About Us. The more information the better.

How much can you learn about Go Markets from their website? Zilch, except they hold an Australian Financial Services License. On a scale of 1 to 10, I give that about a 3, and that is not a tongue-in-cheek comment. For non-Australians, try googling Opus Prime or Storm Financial (and those two are just for starters)! They had AFS licenses, yet collectively their clients have lost hundreds of $m.

Whenever any company, either in Australia or elsewhere, appears to lay primary emphasis on saying they have the relevant licenses I become cautious. I EXPECT them to have the correct licenses. I need that fact confirmed but I don't want it to appear to be the most important issue. I want to know about their financial strength, the director's background (without the BS), past companies they have run, insurances they carry etc. To the GM owners I say, lay more of your cards on the table. I will give you more respect for it.

For readers' information, I have spent the $15 or so to look at their most recent company extract on the ASIC database. (For those that live outside Australia, that's the Australian Securities & Investment Commission, the government regulator.) For what it is worth GM has two directors (age 44 & 36) and a paid-up capital of just over AUD$1m. (That is about USD$800,000, an amount somewhat short of the $20m required for a US Brokerage firm.)

Their last financial report was lodged on 15 March 2010, with the company shown as a "Small Proprietary Company that is controlled by a Foreign Company". That ultimate holding company is fully stated (in the official ASIC records) as Go Financial Group Private Limited, which holds all the shares. What seems strange to me is that a google search on this latter company (which effectively controls the forex assets of all GM customers) has not a single complete world-wide match. Nor could I find it on either the NZ or UK company registers, the countries where the two directors were born. Perhaps it is not strange at all, but you can see how some more open detail on their website (in the About Us section) could have avoided any surprise/query on my part.

It is most unlikely that I will become a GM customer anytime soon so I have not delved into the company as far as I would like. Someone, with more skin in the game, could pay to obtain the 36 page Financial Report lodged with ASIC on 15 March.

All forums are littered with comments from people who say they don't want to have their hard-earned capital lost by a Broker default (and I am certainly not suggesting that in the present case), yet I wonder how many have bothered to go past the information given to them on a few broker web pages before sending off their cheque. (That's check for many of you!)

Hopefully some more control for participants in the Australian market is not too far away. Just a few days ago, the ASIC Chairman spoke at a major conference dealing with the "impacts of proposed regulatory reforms on unregulated or ‘less-regulated’ market segments". Everyone transacting in the spot forex market and this includes the coy owners like GM should breathe easier if the rules become a bit more transparent.

Cheers
PS If anything above is unclear, pls blame my son.:)
 
Blogsandon,

Thank you for your feedback on Go Markets. Good information.

Question: In your opinion, what broker would you think is good value for money to trade from Australia ?

Thanks in advance

Elbabam

blogsandson said:
My comments on Go Markets may already have been made somewhere in the past 65 pages, in which case I apologize.

It has taken me quite a few years to realize the truth of the first rule of investing (not that I put forex in that light!), namely protect your capital (or at least as much as you can).

This should include wading through the 100 or so pages of fine print information that all Australian licensees need to provide to people they intend taking money from. If you don't like the rules, you don't invest.

You also need to be satisfied with the organization itself, particularly its own financial position. I know all these companies are audited but I prefer to see reports with my own two eyes or, at the very least, to know that there is a very Big Brother in the background. Nearly every website includes a section called About Us. The more information the better.

How much can you learn about Go Markets from their website? Zilch, except they hold an Australian Financial Services License. On a scale of 1 to 10, I give that about a 3, and that is not a tongue-in-cheek comment. For non-Australians, try googling Opus Prime or Storm Financial (and those two are just for starters)! They had AFS licenses, yet collectively their clients have lost hundreds of $m.

Whenever any company, either in Australia or elsewhere, appears to lay primary emphasis on saying they have the relevant licenses I become cautious. I EXPECT them to have the correct licenses. I need that fact confirmed but I don't want it to appear to be the most important issue. I want to know about their financial strength, the director's background (without the BS), past companies they have run, insurances they carry etc. To the GM owners I say, lay more of your cards on the table. I will give you more respect for it.

For readers' information, I have spent the $15 or so to look at their most recent company extract on the ASIC database. (For those that live outside Australia, that's the Australian Securities & Investment Commission, the government regulator.) For what it is worth GM has two directors (age 44 & 36) and a paid-up capital of just over AUD$1m. (That is about USD$800,000, an amount somewhat short of the $20m required for a US Brokerage firm.)

Their last financial report was lodged on 15 March 2010, with the company shown as a "Small Proprietary Company that is controlled by a Foreign Company". That ultimate holding company is fully stated (in the official ASIC records) as Go Financial Group Private Limited, which holds all the shares. What seems strange to me is that a google search on this latter company (which effectively controls the forex assets of all GM customers) has not a single complete world-wide match. Nor could I find it on either the NZ or UK company registers, the countries where the two directors were born. Perhaps it is not strange at all, but you can see how some more open detail on their website (in the About Us section) could have avoided any surprise/query on my part.

It is most unlikely that I will become a GM customer anytime soon so I have not delved into the company as far as I would like. Someone, with more skin in the game, could pay to obtain the 36 page Financial Report lodged with ASIC on 15 March.

All forums are littered with comments from people who say they don't want to have their hard-earned capital lost by a Broker default (and I am certainly not suggesting that in the present case), yet I wonder how many have bothered to go past the information given to them on a few broker web pages before sending off their cheque. (That's check for many of you!)

Hopefully some more control for participants in the Australian market is not too far away. Just a few days ago, the ASIC Chairman spoke at a major conference dealing with the "impacts of proposed regulatory reforms on unregulated or ‘less-regulated’ market segments". Everyone transacting in the spot forex market and this includes the coy owners like GM should breathe easier if the rules become a bit more transparent.

Cheers
PS If anything above is unclear, pls blame my son.:)
Click to expand...
 

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