DayTrading.com plz can you tell me whether Go Markets is a respected broker in the industry?

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[Christian HarrisParticipant]

Have you checked out DayTrading.com’s review?

https://www.daytrading.com/go-markets

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[James BarraModerator DayTrading.com Team]

Hi Mia,

Thanks for your message.

GO Markets is fairly well-known in the industry and we consider it a legitimate broker. It’s authorized by the ASIC in Australia and CySEC in Cyprus, both of which are credible regulators. It keeps client funds in segregated accounts and provides negative balance protection.

However, it’s worth checking which entity you sign up with. This is because it also has a weakly-regulated branch registered with the FSC of Mauritius, which may operate with less robust regulatory oversight.

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[Mia]

Thx. How do I know which part of GO Markets I’m registering with tho?

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[James BarraModerator DayTrading.com Team]

Where are you based?

If you’re in Australia you will likely automatically go through the ASIC entity.

If you’re in Europe you will likely automatically go through the CySEC entity.

If you’re elsewhere you may end up being enrolled through an offshore entity.

I just did this to check:

1. Signed up for a live GO Markets account
2. Clicked on ‘Important Information’ under ‘Legal Documents’ at the bottom of the left-hand menu
3. Scrolled to the bottom to see the entity listed. In this case, it said: “GO Markets Pty Ltd (MU) is a GBC, authorised and regulated by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer (Full Service Dealer, excluding Underwriting).”

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[Mia]

I’m in Geelong in Aus.

The legal documents were in a slightly different place when I signed up but it did mention the entity and regulator in there

“GO Markets is authorised to operate a financial services business in Australia, under its Australian Financial Services Licence.

As an OTC derivative provider, GO Markets is required to adhere to key disclosure benchmarks set out by our corporate regulator, the Australian Securities and Investment Commission (“ASIC”).”

But yh, it looks like you’re right I go through the Aus branch thankfully!

 

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[James BarraModerator DayTrading.com Team]

Great.

The ASIC is a ‘green tier’ regulator under DayTrading.com’s Regulation & Trust Rating so that’s reassuring you’ll get strong investor safeguards like segregated client accounts, leverage limits up to 1:30 for retail traders, and access to complaints procedure.

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