WikiFX Review: Is GO MARKETS an Excellent Broker or Just Another Scam?

What does GO MARKETS look like？

With the experience of more than a few decades, GO MARKETS is an online forex broker offering Margin forex and CFDs, Commodities, Indices, etc. GO MARKETS provides the best trading experience as a leading and trusted broker.

If you want to know whether GO MARKETS is a reliable forex broker or not, please continue to read.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of GO MARKETS based on the facts.

What is WikiFX？

To explore whether GO MARKETS is a scam or not, we evaluated GO MARKETS from different aspects, such as regulatory status, exposure, etc.

1. Evaluate the reliability of GO MARKETS based on its general information and regulatory status

To understand GO MARKETS better, we explore GO MARKETS by analyzing three main perspectives:

A. General Info of GO MARKETS

B. Regulatory Status

C. Fund Security

A. General Info of GO MARKETS

GO MARKETSs general info has been shown below:

(source: WikiFX)

(source: WikiFX)

Leverage

GO MARKETS offers traders leverage of up to 500:1 on all its account types. It is considered high. High leverage can magnify benefits as well as losses. Inexperienced traders and newbies need to be careful with the potential risks.

Deposit & Withdrawal

Clients are allowed to deposit and withdraw money via UnionPay and wire transfer. Additionally, if the amount of withdrawals is less than $100, GO MARKETS will charge you $5 per trade.

Account Types

This broker offers two types of accounts, they are Go PRO account and the Standard account. Besides, GO MARKETS also offers DEMO accounts to its clients.

Trading Platform

This broker uses both MT4 and MT5 platforms as its main trading platforms.

Customer Support

GO MARKETS provides personalized multilingual customer support 24/5 to help clients with all your trading needs. Clients can contact GO MARKETS through phone or email.

Language

This broker supports both English and Chinese.

B. Regulatory Status

The legitimate license of GO MARKETS

GO MARKETS is a regulated broker. It is regulated by FSA with license number: SD043 and ASIC with license number: 254963. According to WikiFX, The FSA regulatory with license number: SD043 is an offshore regulatory.This broker is also incorporated in the Republic of Seychelles with registration number 8425985-1.

(source: WikiFX）

2. The feedback from Twitter

To figure out whether this broker is a scam or not, we made a survey about GO MARKETS on Twitter.

Survey on Twitter:

• GO MARKETS has an official Twitter account, which is registered in April 2019. As of May 10, 2022, It has 13.7K followers.

• It seems difficult to find feedback from traders on Twitter

3. Exposure related to GO MARKETS on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of May 10, 2022, The number the complaints received by WikiFX have reached 37 for this broker in the past 3 months. Below are some of them.

This trader from China claimed that he/she lost all balance because of the serious slippage.

This trader who also comes from China claimed that he/she can not withdraw money and the agent of this broker cut off contact.

4. Special survey about GO MARKETS from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

GO MARKETS has been given by WikiFX a good rating of 7.36 /10.

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

(source:WikiFX)

According to the above, it seems that GO MARKETS is an excellent broker that has done a fantastic job in every category except risk management. Risk management includes the measurement, assessment, and contingency strategy of risk. Ideally, risk management is a series of prioritized events.

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the broker's physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

• WikiFX did make an on-site survey on GO MARKETS in January 2020 and successfully found their office.

(source: WikiFX)

C. WikiFX Alerts

(source: WikiFX)

5. Conclusion:

GO MARKETS is a good broker. WikiFX gives GO MARKETS a pretty decent rating of 7.36/10. But it still has a long way to go. Although it is a regulated broker, we advise you to do more research since it recently has had too many complaints. After all, many alternatives are waiting for you to choose. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.