GoMarkets Discussion

HI Pipsnapper,

Having been there, experienced that I tried all the different servers on the list until I found the best one for my location.

Now, the first trade of the day is often slow, so I put a stop sell miles away from the price, then I cancel it. This seems to establish a link or something but after that it is quite reliable and quick.

Worth a try

Hi GoMarkets
Do you have office in Malaysia or Singapore or Thailand?

I believe it is often Telstra, because although you have access to data that goes through their servers at a particular speed, they do measure the speed that u "need" it at from their servers only. (Both upload and download speed).

I had Telstra fix every point along from their joint to my joint in my first house. Had to go through the telecommunications ombudsman.

My basis of complaint was that Telstra measure the speed and volume of your data by what goes through their own servers and NOT by what you receive (which are 2 very different things). In the end they fixed everything between their servers and me LOL, but it took a little over 8 months of complaining.




My analogy to them was that:

1. If I order a cake to be delivered to me, but the deliivery man eats the icing of the top of the cake, Has the cake really been delivered to me???
2. If Jim's Postal Service claimed same day delivery, but continually did next day delivery, am I really getting the speed of service I paid for?
3. If I order a cake to be delivered to me, but then have it delivered in separate pieces, Has the cake really been delivered to me???

I made up many analogies like that talking to their legal department. At first their legal department made the claim that it was written in the contract that speeds and volume are "as measured through their servers". I then said on the basis that they also own line between them and me, they would have a hard time convincing anyone that Telstra were not also responsible for the delivery.

In the end, all of my difficulties were ironed out at their expense. By the way every time they "fixed" something.... the speed and internet consistency did improve. The arguement goes on a lot further...

Remember that unlike our North American friends where competition has driven Tel Co's to provide better services, Telstra unlike other Tel Co companies are relying on equipment that is very old at times and have no real competition (other providers actually use their network so going with another will only slow you down).

This is wise and might be better than simply going with Telstra, cause Telstra would have deals with other Tel Co for certain areas.

Very true for OZ

Pay premium price for a snail broadband speed.
I encourage anybody to ping the GOMarket Server, and if you get a high number then just look at the trace route report.

Just attended the "Sonray Capital markets" creditor's meeting the other day which went on for around 3 hours/
Also checked the PDS of another similar broker
Realized that the "Segregated accounts" is a big joke.
A crook broker can simply take money from the "Segregated" account for it's "other " purpose and once that is done one can't do jack sheet about it.

Ok ASIC and liquidators may civil and criminal action but once the money is gone it is gone
Is it same in USA and UK?

Perhaps the only safer way to trade in Australia is via aparticipating broker of ASX but that means no FX only AUs equity / equity options/ futures and warrants NO CFD
ASX does have limited no of "exchange traded CFDs"

MJ

Hi Guys,

We quite understand that security of funds should be paramount when deciding a suitable FX provider.
As we have previously mentioned our business model is very different to that of Sonray Capital Markets.

We do NOT allow clients to trade on uncleared funds thus reducing risk , we also do not get involved in equity markets or CFDs including index trading that can have regular gaps thus increasing risk of client default.

GO Markets complies 100% with the corporations act 2001 and obviously has segregated client accounts but chooses to go one step further to embrace potential future rules and does NOT use client funds for margins and of course anything related to general running of the business whatsoever. GO Markets also has PI insurance to insure against fraudulant acts regarding client funds by any officers of GO Markets.

If you would like to know more about security of funds and any upcoming or porposed rules that ASIC may be introducing please feel free to contact them at www.asic.gov.au

Hope this helps

Hi Chris,
Why is it that I keep changing from server to server?
Friday I was on DC3, then Main, then DC4 and this morning I’m on DC2.
I’m not complaining as it doesn’t seem to make any difference which server I’m connected to, I still get good speed.

Hi,

Thanks for your message,
We have adjusted some of the data centres priorities over the weekend to assist some clients who are outside of Australia,
Hence you have seen some changes to which data centres you connect to.
We are also adding more data centres overseas in the coming weeks to enhance the systems even further.

Cheers

Thanks Go for your answer. If I was to pick one data centre that at times I’ve noticed slight delay it would be DC3, not sure why, as I presume that data centre is the closest to me. But I’m happy and always have been with DC2, I’m connected to that now.

Glad to hear that you are getting a good connection. Sometimes it is strange which DC it connects to, but it can be down to where your ISP routes the servers through.

Thats good news. Will you add a data center in London too?

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http://www.myfxbook.com/members/pc8multifx

Hello,

The planned locations for further data centres are Singapore, North America and UK/Europe, more likely UK

We will of course update when this occurs.

Cheers

quick question are gomarkets really STP?

regards damien

Yes, of course we are STP.

As a regulated broker we cannot make claims about being one type of broker and then do the opposite. We, like hundreds of other ASIC regulated brokers have recently undergone reviews of procedures and legal documents and as such we have added further disclosure to our PDS, to the point that it even states how much we make per trade.

If we were doing something in breach of our legal documents, you would know about it as ASIC would take action.

We are pleased to be truly STP and believe it is the best possible setup as it involves a mutual benefit to your trading. Put simply if you make money, then you are likely to trade more which can only be good for us.

I hope that answers your questions.

How about an office in Singapore/Malaysia/Thailand, near term? (big market here)

...but not good for your liquidity provider, unless they hedge their exposure 100% into the real market. Who are they?

Probably asked, but is the version of Forex On The Go needed the subscription one or the outright one? (it's bloody slow though :/)

I hope you were not expecting it to be good for the liquidity provider as well as us traders.


On a side note....

What do traders need?

1. A broker which has open disclosure as to how they make their money. i.e The broker does not make money out of the trader by knowing all the trades and trading against them (conflict of interest). STP and not participating in the trade means that GoMarkets cannot trade against you.
2. Other traders or a liquidity provider that makes more loss than gain when trading against you.
3. Tight spreads and fast execution especially if you are a scalper. GoMarkets has the tight spreads, and in my opinion have the fast execution as well. This is evidenced by people from out of Australia still getting fast execution. People who are complaining about slow slow execution I would contact my ISP (because so far most of the people who have done this have not demonstrated a good knowledge of trade / trade execution dynamics.

What do liquidity providers need?

1. Liquidity to trade against. i.e losing traders.
2. A broker who has a conflict of interest is not needed by a liquidity provider. A liquidity provider makes far much more money out of losing traders than a dodgey broker paying more in fees (and thereby trading through a broker who is needing to make money out of the trader by trading against the trader). Having this also reduces the transparency for the main liquidity providers.

Hence GoMarkets who are STP and do not trade against you, will make the most money out of providing liquidity for their main liquidity providers who do trade against you. That is your aim, to out trade the liquidity providers.

Hence it is paramount in a STP system that your broker provides you with fast execution as they make money by providing trade offers to the bank at the fastest rate possible. So when someone claims deliberate slowness on behalf of a genuine STP it really shows that you have no idea about the forex market and the differences between brokers and regulating authorities.

I'm assuming GoMarkets has only one liquidity provider, possibly one of the big Australian banks (Macquarie Bank? National Australia Bank?). If GoMarkets suddenly take on 1000 highly profitable high frequency traders, is their liquidity provider going to be happy?

I think the answer would be "no", and this means it is in the best interest for GoMarkets to want losing traders and not welcome highly profitable traders, a lot like a Market Maker broker, in order to maintain their business relationship with the liquidity provider.

"STP" when there is only one liquidity provider could just mean straight through to a bucket shop if that liquidity provider does not hedge.

If a trader makes 1M USD from an initial deposit of 1K USD in one month at GoMarkets, would he be kicked out?

Hyper,
Think about this, if they hedge their exposure 100% then they make no profits from losses and therefor it makes no difference if you win or lose.

ja??????