GO Markets was founded in Australia in 2006, with offices in Mauritius and Saint Vincent in the Grenadines, and it provides access to over 50 currency pairs as well as CFD trading in over 600 items, including commodities, indices, and individual shares. GO Markets is not regulated by the Nigerian Central Bank (CBN) and does not have a local presence in Lagos, Nigeria.
GO Markets Review – 14 key points quick overview:
- Regulation and Safety of Funds
- Account Types and Features
- Account Registration
- GO Markets Vs Forex.com Vs AvaTrade – Broker Comparison
- Trading Platforms
- Range of Markets
- Broker Comparison for Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- GO Markets Education and Research
- GO Markets Affiliate Program
- Verdict on GO Markets
- GO Markets Pros and Cons
- Frequently Asked Questions
GO Market Overview
👉 According to research in Nigeria, GO Markets was founded in Australia in 2006, with offices in Mauritius and Saint Vincent in the Grenadines, and it provides access to over 50 currency pairs as well as CFD trading in over 600 items, including commodities, indices, and individual shares.
👉 GO Markets is not regulated by the Nigerian Central Bank (CBN) and does not have a local presence in Lagos, Nigeria. Despite this, GO Markets has a worldwide presence and is strictly regulated by ASIC and FSC.
👉 GO Markets is a reputable forex and CFD broker that provides excellent trading opportunities for traders of all sizes with its ongoing help.
👉 Clients in the European Union and the United Kingdom may only get leverage of 30:1 from the broker while other regions have access to leverage up to 1:500. For online, desktop, and mobile trading, GO Markets offers the popular MetaTrader 4 and 5 platforms.
👉 This GO Markets review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Distribution of Traders
👉 The distribution of traders for GO Markets is as follows:
➡️️ Australia – 31.5%
➡️️ Philippines – 9.5%
➡️️ United Kingdom – 6.8%
➡️️ Vietnam – 5.6%
➡️️ Brazil – 5.3%
Popularity among traders who choose GO Market
🥇 GO Markets does not have a large market share in Nigeria, but the broker is part of the Top 100 brokers that accommodate Nigerian traders.
GO Markets at a Glance
| 🏛️ Headquartered | Australia |
| 🏛️ Nigerian Based Office | No |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2006 |
| 📱 Nigerian Office Contact Number | None |
| ⚖️ Regulation | ASIC, FCA |
| 🔎 License Number | • Australia – AFSL 254963 • Seychelles – SD043 |
| ⚖️ CBN Regulation | No |
| ✴️ Regional Restrictions | USA, Canada, New Zealand, Belgium, Japan, Israel, Turkey, Vietnam, Puerto Rico, Afghanistan, Azerbaijan, Bosnia and Herzegovina, Burundi, Central African Rep, Congo, Cote D’Ivoire , Ethiopia, Eritrea, Egypt, Gaza Strip, Haiti, Iran, Iraq, Lebanon, Libya, Myanmar, North Korea, Pakistan, Serbia, Sierra Leone, Somalia, Sri Lanka, Sudan, South Sudan, Syria, Trinidad and Tobago, Tunisia, West Bank, Ukraine, Vanuatu, Venezuela, Yemen, Zimbabwe. |
| ☪️ Islamic Account | No |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 2 |
| 📊 PAMM Accounts | No |
| 📊 Liquidity Providers | Over 22 liquidity providers |
| 💵 Affiliate Program | Yes |
| 📊 Crypto trading offered? | No |
| 🚀 Offers a Nigerian Account? | No |
| 💻 Dedicated Nigerian Account Manager? | No |
| 📈 Maximum Leverage | 1:500 |
| 📈 Leverage Restrictions for Nigeria? | None |
| 💳 Minimum Deposit (₦) | 61,700 NGN equivalent to AU$200 |
| 💳 Nigerian Naira Deposits Allowed? | No |
| 💰 Active Nigerian Trader Stats | 1.3 million |
| 📈 Active Nigerian-based Axi customers | Unknown |
| 💰 Nigeria Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | • Credit Card • Debit Card • Skrill • Neteller • Bank Wire Transfer • Fasapay |
| 💰 Segregated Accounts with Nigerian Banks? | No |
| 💻 Trading Platforms | • MetaTrader 4 • MetaTrader 5 |
| 💰 Tradable Assets | • Forex CFDs • Share CFDs • Index CFDs • Metal CFDs • Commodity CFDs |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | None |
| 👨💼 Languages supported on Website | English, Spanish, Italian, Portuguese, Arabic, Indonesian, Thai |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | No |
| 💰 Bonuses and Promotions for Nigerians | None |
| ✴️ Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | No |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️ Is GO Markets a safe broker for Nigerians? | Yes |
| ✔️ Rating for GO Markets Nigeria | 8/10 |
| ✔️ Trust score for GO Markets Nigeria | 98% |
| 👉 Open an account | 👉 Open Account |
Regulation and Safety of Funds
License No.GB 19024896 is issued by the Financial Services Commission (FSC) of Mauritius, and Securities Dealer Licence No.SD043 is issued by the Seychelles Financial Services Authority.
This implies that they must adhere to tight regulations and have a compliance management system in place to guarantee they do so. Traders may rest easy knowing that they are working with a reputable broker thanks to such tight controls.
Segregated client trust accounts at top-tier banks house GO Markets’ clients’ money in several currency accounts. Customers’ money is kept separate from corporate money and cannot be utilized for any other reason, such as business operating expenditures, thanks to this method of segregation.
GO Markets’ website offers a wealth of legal paperwork that prospective traders can use to familiarize themselves with the firm’s policies and procedures before deciding whether to create an account.
Account Types and Features
GO Markets provides Nigerian traders with two basic trading accounts. Even if you are an expert trader or a complete beginner, each of these accounts has its own unique set of trading criteria to meet traders’ specific requirements.
➡️ Standard Account
➡️ GO+ Account
Live Trading Accounts
Standard Account
With the Standard Account provided by GO Markets, Nigerian traders have access to more than 350 trading instruments that are dispersed across a variety of asset categories. Furthermore, Nigerian traders do not have to pay fees on this account, and there are competitive spreads supplied by over 22 liquidity suppliers.
| Account Feature | Value |
| 💰 Minimum Deposit | 61,700 NGN equivalent to AU$200 |
| 💵 Access to an Account Manager | Yes |
| 💸 Commission Charges | None |
| 📊 Average Spread | Variable, from 1 pip |
| 📉 Markets Offered | 50+ FX Pairs, Shares, Indices, Commodities & Cryptocurrencies |
| 📈 Maximum Leverage offered | 1:500 |
| 🔨 Access to Trading Tools | Yes |
| 💰 Base Account Currencies | AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD |
| 🤝 Expert Advisors | Yes |
| ✔️ Scalping Allowed? | Yes |
| ✔️ Free VPS offered? | Yes |
GO+ Account
This is the ideal account for both large-volume and automated traders since it offers the lowest spreads in the business. Traders have access to the following features:
| Account Feature | Value |
| 💰 Minimum Deposit | 61,700 NGN equivalent to AU$200 |
| 💵 Access to an Account Manager | Yes |
| 💸 Commission Charges | AU$3 per side on a standard lot |
| 📊 Average Spread | Variable, from 0.0 pips |
| 📉 Markets Offered | 50+ FX Pairs, Shares, Indices, Commodities & Cryptocurrencies |
| 📈 Maximum Leverage offered | 1:500 |
| 🔨 Access to Trading Tools | Yes |
| 💰 Base Account Currencies | AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD |
| 🤝 Expert Advisors | Yes |
| ✔️ Scalping Allowed? | Yes |
| ✔️ Free VPS offered? | Yes |
Demo Account
A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
There is a certain degree of risk involved when trading financial markets and GO Markets offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
It just takes a few minutes to establish a sample account with GO Markets, and the process is automated. With both MetaTrader 4 and 5, traders have the option of testing any of the two live trading accounts that are offered.
This provides traders with a risk-free setting in which to investigate the broker’s offers and test out the trading platforms. Traders may try out the platform’s unique features and functionality before opting to register a genuine trading account.
Among the most widely used trading platforms, today are MetaTrader 4 and MetaTrader 5, which may be used for both practice trades and live transactions. They both have a broad variety of tools and charts to choose from when it comes to customizing their features.
Islamic Account
Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
GO Markets does not allow Nigerian Muslim traders to move from a regular trading account to an Islamic one while they are actively trading. Instead, traders must ensure that they close their positions at the end of every trading day to prevent being subject to overnight fees.
Account Registration
To register an account with GO Markets, Nigerian traders can navigate to the official website and complete the online application form along with a trading questionnaire. Before the application can be submitted and approved, Nigerian traders must provide proof of their identity and their residential address.
Once the information of the trader has been verified against the documents that they provided, the account can be approved, and Nigerian traders can pay the minimum amount to start trading.
GO Markets Vs Forex.com Vs AvaTrade – Broker Comparison
| GO Markets | FOREX.com | AvaTrade | |
| ⚖️ Regulation | ASIC, FSC | NFA, CFTC, FCA, ASIC, FSA, IIROC, CIMA, SFC, MAS | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 | • MetaTrader 4 • MetaTrader 5 • FOREX.com Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Withdrawal Fee | No | No | No |
| 📈 Demo Account | Yes | Yes | Yes |
| 📊 Min Deposit | 61,700 NGN | 41,000 NGN | 41,500 NGN |
| 💰 Leverage | Up to 1:500 | Up to 1:400 | 1:400 |
| 💳 Spread | From 0.0 pips | From 0.3 EUR/USD | Fixed, from 0.9 pips |
| ✴️ Commissions | From US$2.50 | $5 per $100k traded | None |
| 💳 Margin Call/Stop-Out | 80%/50% | None indicated | 25%/10% |
| 📊 Order Execution | Instant | Market | Instant |
| 💰 No-Deposit Bonus | No | No | No |
| 💰 Cent Accounts | No | No | No |
| 📊 Account Types | • Standard Account • GO+ Account | • Standard Account • Commission Account • DMA Account | • Standard Live Account • Professional Account Option |
| ⚖️ CBN Regulation | No | No | No |
| 💵 NGN Deposits | No | No | No |
| 💳 Nigerian Naira Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/5 |
| 🛍 Retail Investor Accounts | 2 | 3 | 1 |
| ☪️ Islamic Account | No | Yes | Yes |
Trading Platforms
Go Markets offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular and powerful trading platforms around (MT5). When it comes to forex trading platforms, MT4 is the most popular, although CFD trading platform MT5 is more widely used.
For many years, MT4 has been the standard trading platform of choice for traders all over the world. Its user-friendly interface appeals to traders of all levels because of its ease of use.
As early as 2006, GO Markets was among the first online brokers to provide MetaTrader 4 (MT4) to Australia. Since then, GO Markets has added a few MT4 features, like MT4 Genesis, to the platform. M5 is a contemporary, multi-functional platform.
New capabilities for automated trading, copy trading, and price analysis have been added to the MT5 platform, which is the successor to the MT4 platform.
Range of Markets
GO Markets offers the following tradable financial instruments:
➡️ Forex CFDs
➡️ Share CFDs
➡️ Index CFDs
➡️ Metal CFDs
➡️ Commodity CFDs
Broker Comparison for Range of Markets
| ACY Securities | CM Trading | RoboForex | |
| 💰Forex | Yes | Yes | Yes |
| 🔨 Precious Metals | Yes | Yes | Yes |
| 💰 ETFs | No | No | Yes |
| 📊 CFDs | Yes | Yes | Yes |
| 📈 Indices | Yes | Yes | Yes |
| 💵 Stocks | Yes | Yes | Yes |
| 💳 Cryptocurrency | No | Yes | Yes |
| 💰 Options | No | No | Yes |
| 💸 Bonds | No | No | Yes |
| 🔋 Energies | Yes | Yes | Yes |
Trading and Non-Trading Fees
Spreads
The average spreads that traders can expect on major forex pairs are as follows according to historical pricing:
➡️ AUD/USD – From 0.1 pips
➡️ USD/CAD – From 0.2 pips
➡️ EUR/USD – From as low as 0.0 pips with an average of 0.1 pips
➡️ USD/JPY – From 0.2 pips
➡️ USD/CHF – from 0.3 pips
➡️ GBP/USD – from 0.2 pips
Commissions
It is only on the GO+ Account that fees are levied, and Nigerian traders have the option of choosing one of nine account base currencies, with commissions payable as follows:
➡️ Australian Dollar (AUD) – AU$3.00
➡️ Euro (EUR) – €2.00
➡️ Great British Pound (GBP) – £2.00
➡️ New Zealand Dollar (NZD) – NZ$3.50
➡️ United States Dollar (USD) – US$2.50
➡️ Singapore Dollar (SGD) – SG$3.50
➡️ Swiss Franc (CHF) – FR$2.50
➡️ Canadian Dollar (CAD) – CA$3.00
➡️ Hong Kong Dollar (HKD) – HK$20
Overnight Fees, Rollovers, or Swaps
Some typical overnight fees that GO Markets charges on currency pairs are as follows:
➡️ EUR/CHF – -0.178 short swap and -0.073 long swap
➡️ EUR/USD – 0.085 short swap and -0.378 long swap
Deposits and Withdrawals
GO Markets offers the following deposit and withdrawal methods:
➡️ Credit Card
➡️ Debit Card
➡️ Skrill
➡️ Neteller
➡️ Bank Wire Transfer
➡️ Fasapay
GO Markets Education and Research
The educational materials that GO Markets offers include:
➡️ GO Trade Academy
➡️ Introduction to Forex
➡️ Tutorials – MetaTrader 4 Video Tutorials
➡️ The Research tools and resources offered by GO Markets include:
➡️ AutoChartist
➡️ MT4 and 5 Genesis
➡️ VPS
➡️ a-Quant
➡️ Social Trading through MyFXBook
➡️ Trading Central
➡️ Daily News
➡️ Weekly Summaries
➡️ Articles
➡️ Economic Calendar
GO Markets Affiliate Program
GO Markets is a well-regulated broker that has more than 15 years of forex and CFD experience. Through the comprehensive affiliate program, Nigerians can maximize their potential revenue by earning market-leading commissions from clients that are referred to GO Markets.
GO Markets has a customer base of over 80,000 clients in addition to providing experienced support to clients and affiliates alike. To help Nigerian partners evaluate their website, social media channel, or blog, GO Markets Partners has developed a set of standards.
Partners can use this comprehensive list to have a better idea of what GO Markets expects from partners. Among them are clear statements regarding the possible dangers of forex and derivatives trading, as well as predictions of prospective profits and losses.
Verdict on GO Markets
GO Marketplaces is a well-known and well-respected broker offering a wide variety of trading options on several different markets. They provide several customizable trading platforms and do not charge any fees for using them.
In addition to a wealth of trading resources, customers may make use of a comprehensive instructional centre. In addition, they provide easy financing alternatives and a responsive and helpful customer service staff.
GO Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| GO Markets is a well-regulated broker with a high trust score | There is a high minimum deposit |
| GO Markets offers powerful and user-friendly trading platforms across devices | There is no Islamic account option provided for Muslim traders |
| There are commission-free trading options offered | Nigerian traders may face currency conversion fees when they deposit in Nigerian Naira |
| GO Markets offers tight spreads and competitive commissions | There are no local deposits and withdrawals offered to Nigerian traders |
| Trading Central, VPS, Myfxbook, AutoChartist, and MT4/5 Genesis is offered | There are no Nigerian Naira-denominated accounts |
| Traders have access to a-Quant tools | |
| There is a comprehensive GO Trade Academy educational portal for beginners | |
| GO Markets offers dedicated customer support |
Frequently Asked Questions
Is GO Markets a good and legal broker?
Yes, GO Markets is considered good and it is a legal broker who is strictly regulated by the FSA and ASIC.
What is the overall rating for GO Markets out of 10?
Our review of GO Markets reveals a score of 8/10.
Does GO Markets offer leverage and what is the maximum ratio offered?
Yes, GO Markets offers leverage up to 1:500.
Does GO Markets offer an Islamic Account?
No, GO Markets does not offer an Islamic Account.
Does GO Markets offer a Demo Account?
Yes, GO Markets offers a demo account.
