GO Markets is a Contract for Difference (CFD) broker officially registered on April 2, 2024. The broker offers a wide range of trading markets, including forex, stocks, futures, energy, precious metals, cryptocurrencies, and CFDs, primarily through the ST5 trading platform and mobile applications.
Company Registration Information and Regulatory Status:
According to official information on the GO Markets website, its headquarters is located in New York, USA. The broker is also registered with the National Futures Association (NFA) and the Financial Crimes Enforcement Network (FinCEN) in the United States and is regulated by them, with an NFA ID of 0561418 and an MSB registration number of 31000263262302.
Upon verification, the National Futures Association (NFA) identifies an entity with NFA ID 0561418 as SMART GLOBAL, registered as a non-member entity, hence not regulated by the NFA. The FinCEN's website indicates that the enterprise with the MSB registration number 31000263262302 is also SMART GLOBAL, but FinCEN's primary mission is anti-money laundering, and it does not regulate normal financial derivatives trading. It's also unclear the relationship between GO Markets and SMART GLOBAL, and the brokerage's website uses a logo copied from a broker of the same name.
Moreover, the broker's website shares near-identical web design and content with the websites of VTPTRADE, CTRL FX, NASDAQK LIMITED, BROKERNET AUSTRALIA PTY LTD, IVISION, ASEX, and other brokers.
Account Opening:
To open an account with GO Markets: visit the broker's website, click on "Register" on the homepage or the top-right corner of the page to access the account registration page. Fill in your name, email address, set up a login password, and upload proof of identity and bank card proof, then submit. Once the application is submitted, the account is successfully registered.
Trading Account Information:
The GO Markets website only discloses information about spreads, trading leverage, margin call/stop out levels, and contract size, but does not provide details on account types, trading commissions, minimum/maximum trade size, maximum positions/orders, or minimum price precision.
- Spreads: Variable spreads
- Trading Leverage: 1:100—1:500
- Margin Call/Stop Out Levels: 100%/50%
- Contract Size: 1 lot=100,000 units of currency
Trading Platform:
GO Markets claims to offer the MT5 trading platform. Upon investigation, it was found that the broker can only link existing accounts on the MT5 platform and cannot open new accounts.
Deposits and Withdrawals:
GO Markets does not clearly disclose its supported deposit and withdrawal methods, fees, or minimum deposit and withdrawal amounts on its website.
Conclusion:
Traderknows warns investors that GO Markets is a foreign exchange scam site with opaque registration and regulatory information. Its brand icon is plagiarized from a broker with the same name, and the only way to contact this broker is through email, which is extremely limited. The website design and content of its official site use the same template as those of other brokers like VTPTRADE, CTRL FX, NASDAQK LIMITED, BROKERNET AUSTRALIA PTY LTD, IVISION, and ASEX. Traderknows advises investors to opt for brokers with transparent information, strong regulation, and good reputation for their investment and trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected of scam" on Traderknows.
