The forex and CFD trading industry is one of the fastest-growing segments of online finance. With hundreds of platforms available, traders face the challenge of separating legitimate brokers from those that raise red flags. Among the most discussed names in recent years is Go Markets, an Australian-based broker that has expanded globally.
But the question many retail traders ask is straightforward:
👉 Is Go Markets a scam broker, or a regulated and trustworthy platform?
In this article, we’ll take a deep dive into Go Markets’ regulation, reputation, complaints, and trading conditions to help you form your own conclusion.
Who is Go Markets?
Go Markets was founded in 2006 in Melbourne, Australia. It is widely recognized as one of the first brokers to introduce MetaTrader 4 (MT4) trading in Australia. Over the years, the broker has expanded internationally, offering CFDs across forex, indices, commodities, shares, and cryptocurrencies.
The company’s headquarters are still in Melbourne, but they also operate entities in Mauritius and Cyprus to serve global clients.
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Regulatory Status
One of the first steps in evaluating whether a broker is legitimate or potentially a scam is regulation. Go Markets operates under multiple regulatory licenses:
- Australian Securities and Investments Commission (ASIC) – Check ASIC register
- Financial Services Commission (FSC) Mauritius – Check FSC register
- Cyprus Securities and Exchange Commission (CySEC) – Check CySEC register
Why this matters:
- ASIC is considered a Tier-1 regulator with strict rules on leverage, client fund segregation, and negative balance protection.
- CySEC is part of the EU regulatory network (MiFID II), which adds investor protections.
- FSC Mauritius, however, is a weaker offshore regulator, often seen as lower-tier.
This mix of licenses is common among brokers expanding globally: strong regulation in core markets, weaker regulation for high-risk jurisdictions.
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Trading Conditions
To judge a broker’s credibility, traders also look at spreads, leverage, execution speed, and platforms.
- Platforms: MT4, MT5, and Go Markets’ WebTrader.
- Leverage: Up to 1:30 under ASIC/CySEC, up to 1:500 under FSC Mauritius.
- Spreads: As low as 0.0 pips on ECN accounts, but conditions vary.
- Products: Forex, CFDs on indices, commodities, metals, and crypto.
Higher leverage offshore raises risk red flags, especially when combined with aggressive marketing. Many scams lure traders with “500x leverage” promises—so this is something to watch closely.
Complaints and Red Flags
When analyzing whether Go Markets could be a scam, user complaints are essential. Based on research across forums, reviews, and regulatory alerts:
- Withdrawal Delays: Some traders report long delays in fund withdrawals, though others claim smooth processing.
- Aggressive Sales Tactics: Offshore entities have been accused of high-pressure account managers.
- Mixed Reviews: Trustpilot and Forex Peace Army show both positive and negative reviews.
⚠️ Importantly, there have been no major fraud warnings from ASIC or CySEC regarding Go Markets. However, traders should note that complaints are more frequent for the Mauritius entity, which operates under weaker rules.
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How to Verify Go Markets’ License
If you are considering trading with Go Markets, you should independently verify their license:
- Visit the ASIC Professional Register and search “Go Markets Pty Ltd.”
- For EU clients, check CySEC’s Investment Firms Register.
- For Mauritius, check FSC license register.
Never trust screenshots or claims from a broker’s website alone—always cross-check with official regulator databases.
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Is Go Markets Safe or a Scam?
Based on available evidence:
âś… Pros:
- ASIC & CySEC regulation (Tier-1/Tier-2).
- Long history (since 2006).
- Offers popular trading platforms (MT4/MT5).
⚠️ Cons / Risks:
- Offshore entity (Mauritius) with 1:500 leverage.
- Complaints about withdrawal delays.
- Aggressive marketing from non-Tier-1 entities.
Verdict:
Go Markets cannot be classified as a “scam broker” in the sense of an outright fraud. However, traders must be cautious about which entity they sign up with. Always prefer the ASIC-regulated Australian arm or the CySEC-regulated EU arm. Avoid trading under the Mauritius entity if you want maximum protection.
How to Protect Yourself When Choosing a Broker
- Check licenses on official regulator sites (ASIC, FCA, CySEC).
- Avoid offshore entities with weak oversight.
- Test withdrawals with small amounts before committing larger deposits.
- Search independent reviews (not only Trustpilot or paid testimonials).
- Understand leverage risks—higher leverage = higher risk.
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Conclusion
So, is Go Markets a scam?
The answer is nuanced. While Go Markets operates under legitimate Tier-1 and Tier-2 licenses, its offshore operations raise some concerns. Traders who stick with the ASIC or CySEC entities may find Go Markets a safe and regulated broker. Those dealing with its offshore arm should proceed with caution.
In the end, the forex market is filled with both legitimate brokers and bad actors. By doing your due diligence, verifying licenses, and relying on independent research, you can significantly reduce your exposure to scams.
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