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GoMarkets Discussion

  • #941
  • Sep 10, 2010 2:35pm Sep 10, 2010 2:35pm
Quoting cica515
As a US citizen/resident using a GoMarkets account, I guess one catch is when I deduct any FX losses on my US income tax return, and get audited by the IRS: IRS may notice that I'm using GoMarkets and if GoMarkets is considered to be an "outlaw" broker from the US perspective (at least after July of 2011, if not this October 18th), IRS may challenge the legitimacy of my deduction....
If you have an offshore bank account under your name, then that won't be an issue. Plus, you won't have to give the government your hard earned profit through taxes either! =)
  • #942
  • Edited 3:53pm Sep 10, 2010 3:04pm | Edited 3:53pm
Quoting nebuman213
If you have an offshore bank account under your name, then that won't be an issue. Plus, you won't have to give the government your hard earned profit through taxes either! =)
No way, I'm not going anywhere near that. Consider what happened earlier this year with Swiss bank UBS (some of their American clients were indicted for tax evasion related to their offshore accounts at UBS).

I will be consulting with a tax lawyer/consultant on my options.
  • #943
  • Sep 10, 2010 10:25pm Sep 10, 2010 10:25pm
What is the difference, if any, between Gomarkets and Vantage FX? Vantage is a coporate represerntative of Go, what does this mean? Are they one and the same company? is the pricing and execution identical or is Go in competition with Vantage?
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  • #944
  • Edited Sep 11, 2010 1:45am Sep 10, 2010 11:48pm | Edited Sep 11, 2010 1:45am
Quoting M.A.C.Doug
What is the difference, if any, between Gomarkets and Vantage FX? Vantage is a coporate represerntative of Go, what does this mean? Are they one and the same company? is the pricing and execution identical or is Go in competition with Vantage?
If they're a corporate rep why bother with them, best to trade with Go and not the rep, one of the better aspects of Go is the client support. Best thing to do Doug is give Go a call have a chat to them about it.

Good Trading.
  • #945
  • Sep 11, 2010 4:33am Sep 11, 2010 4:33am
Quoting >Apocalypto<
If they're a corporate rep why bother with them
They advertise 1 pip spread on EUR/USD as typical and say all the nice things about stp and instant execution just like Go. I was looking into them as an alternative Australian broker and thats when I discovered they were linked. I was hoping that despite the obvious link between them, that there was some real competition and that they were a viable alternative. If its just Go under another name I dont need to bother looking into them any further
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  • #946
  • Sep 12, 2010 1:24am Sep 12, 2010 1:24am
I think this line from the bottom of their website pretty much says it all:

Vantage FX Pty Ltd is a Corporate Authorised Representative of GO Markets Pty Ltd (AFSL 254963)

Another Australian genuine alternative to GoMarkets is AxiTrader, if you haven't come across them already. The only reason I didn't open an account with them is because I needed to set limit orders close to the current price action & they don't allow limit orders within 2 pips of the current price.
  • #947
  • Sep 12, 2010 2:04am Sep 12, 2010 2:04am
Chris, do you know of any clients that are using forex on the go Iphone app with GO Markets, if so how do they find it?
  • #948
  • Sep 12, 2010 10:09am Sep 12, 2010 10:09am
Quoting skoda2008
I think this line from the bottom of their website pretty much says it all:

Vantage FX Pty Ltd is a Corporate Authorised Representative of GO Markets Pty Ltd (AFSL 254963)
Vantage is currently a white label of GoM. That is supposed to change in the coming months. But they are a competitor of GoM and are a separate brokerage.
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  • #949
  • Sep 12, 2010 8:04pm Sep 12, 2010 8:04pm
Quoting skoda2008
I think this line from the bottom of their website pretty much says it all:

Vantage FX Pty Ltd is a Corporate Authorised Representative of GO Markets Pty Ltd (AFSL 254963)

Another Australian genuine alternative to GoMarkets is AxiTrader, if you haven't come across them already. The only reason I didn't open an account with them is because I needed to set limit orders close to the current price action & they don't allow limit orders within 2 pips of the current price.
Yeah I compared both platforms from Go and Vantage and the pricing was identical. Unfortunately Axitrader spreads were worse than Go/Vantage
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  • #950
  • Sep 12, 2010 11:03pm Sep 12, 2010 11:03pm
Are the servers down again?

Edit: Nope just the new daily reset of the servers.

I forgot about the time change, imo this is worse than the previous reset time!
  • #951
  • Sep 12, 2010 11:23pm Sep 12, 2010 11:23pm
Quoting Blackrose
Are the servers down again?

Edit: Nope just the new daily reset of the servers.

I forgot about the time change, imo this is worse than the previous reset time!
Hi,
We changed the restart time as many clients didnt want interruption during the early hours of the asian session.
GO Markets did research into what the absolute quietest time for trading is ( except for after US close as you cant do the restart that close to GMT 0.00 )
All MT4 providers have to do a daily restart and hopefully most find this the best time to conduct this.

Cheers
  • #952
  • Sep 12, 2010 11:53pm Sep 12, 2010 11:53pm
Quoting jointhepips
Chris, do you know of any clients that are using forex on the go Iphone app with GO Markets, if so how do they find it?
Hi,

We do have some clients using the full version of foresx on the go and I believe it works quite well but remember that its still wireless technology on the Iphone so prob wont be as fast as having a hard wired internet but certainly will prob work well for trading on the move.
Will let you know if we have any proper feedback rergarding the app.

Cheers
  • #953
  • Sep 13, 2010 6:04am Sep 13, 2010 6:04am
Quoting GoMarkets
Hi,
We changed the restart time as many clients didnt want interruption during the early hours of the asian session.
Yeah I got the notification in MT4 had just forgotten about the change.
Quote
GO Markets did research into what the absolute quietest time for trading is ( except for after US close as you cant do the restart that close to GMT 0.00 )
As I see I was going to suggest around the U.S. close seems to be the quietest, but if a restart is not possible at that time the current restart time is acceptable.
Quote
All MT4 providers have to do a daily restart and hopefully most find this the best time to conduct this.
No worries, I guess what ever time you choose to do the daily restart, there will always be some traders inconvenienced by it, but as you point out, this can not be avoided.

Thanks for the info.

Cheers
  • #954
  • Sep 13, 2010 11:10am Sep 13, 2010 11:10am
Quoting jointhepips
Chris, do you know of any clients that are using forex on the go Iphone app with GO Markets, if so how do they find it?
I use Forex on the Go for my iPad for my IBFX trading account. However, I have stopped using them and am trading exclusively at GoM now. I have not registered my GoM account with Forex on the Go yet but plan on doing so soon.

Forex on the Go is a great program for trading when you are not around a computer. However, the charting capabilities are very limited which in my opinion is the biggest downfall. But there are other programs out there that you can use for charting, and use Forex on the Go to place and monitor your trades.

Hope that helps!
  • #955
  • Sep 13, 2010 11:46am Sep 13, 2010 11:46am
Quoting nebuman213
I use Forex on the Go for my iPad for my IBFX trading account. However, I have stopped using them and am trading exclusively at GoM now. I have not registered my GoM account with Forex on the Go yet but plan on doing so soon.

Forex on the Go is a great program for trading when you are not around a computer. However, the charting capabilities are very limited which in my opinion is the biggest downfall. But there are other programs out there that you can use for charting, and use Forex on the Go to place and monitor your trades.

Hope that helps!...
Hi I posted this in another thread, but this is how I trade my home PC when I am at work.

Hi

Just a bit of useless info –

I like trading using my main desktop computer at home, but when I can, I also like to follow my trading when at work.

I am surrounded by works computers, but have restricted Internet access other than for work related purposes.

Adding any additional software onto to the these computers / network will send alarm bells to MIS, so I use a small Notebook for checking my trades and general trading purposes aided by a mobile Dongle to get onto the Internet.

I run my main desktop computer 24 hours a day, 5 days a week at home trading Nanningbobs system, and while at work through the use of a piece of commercial software can remotely trade my desktop computer at home through my notebook at work.

Although doing this my makes trading slightly more complicated because of screen resolution sizes, its means I don’t have to run two MT4 trading platforms for the same account, and would probably be quite complicated if not impossible, because of the EA management of trades, and of course shutting down the net book etc on the journey to and from work would again complicate the EA in house trade management set-up, keeps it simple and tidy, works quite well.

If this is of any use to anybody, do a search on the Internet for Team Viewer.

The software is free for non commercial use - obviously if your going to trade on alive account then it may be deemed as a business and you will have to buy a license - not cheap.

With Respect
Marshy.
“A setback is a setup for a comeback.”
  • #956
  • Sep 14, 2010 11:38am Sep 14, 2010 11:38am
GoMarkets Live Account Spread Explosion and Instant Stop Loss Hit

Just yesterday at 23:03 GMT as I was putting on my pending trades and the spread on a pair (EURNZD) I was setting up for, widened in a split second to over 68 pips! Within one second time my entry was an outlandish 68 pips from current market price AND my stop loss of -70 pips was taken out.

Certainly, news was later due for NZD (retail sales m/m) at 0:45 GMT so this was certainly not related to news! I have noticed this issue on ForexPeaceArmy as well for many other traders have been blown out by instant spread widenings of over 100 pips! Is this true?

Even during the height of the news release (which pushed price right thru my original setup) spread went to a max of 16 pips! Never during the news event did it go to 69+ plus pips!

The broker seemed to think this was normal and sent me a screen shot of various spreads clearly showing this spread at outlandish prices FOR ONE OF THE LISTED PROVIDERS. The question is, why would they only reflect price of the WORST spread of the bunch as a few others on this screen shot showed not nearly this large of a spread?

Having sent screen shots I have not heard of any intention to honor a price error nullification of this trade. This clearly will wipe pending orders on both sides as traders are setting up to trade.

Are there other brokers which have this same issue with EURNZD (and if one reads ForexPeaceArmy GBPJPY) spreads going SUPER wide in under a fraction of a second?


Thank You
  • #957
  • Sep 14, 2010 12:59pm Sep 14, 2010 12:59pm
Quoting Optimystic
GoMarkets Live Account Spread Explosion and Instant Stop Loss Hit

Just yesterday at 23:03 GMT as I was putting on my pending trades and the spread on a pair (EURNZD) ....
Generally GoMarkets is an excellent broker, but I've had this happen a few too many times as well. I'd suggest only using pending orders or using a script/EA to place your orders that has a function to check for the spread and doesn't place the order if the spread is too big. If you do a search on FF you can find several suitable scripts.

Seems like GoMarkets could put something in place to prevent the really huge spreads. Most of the time their spreads are smaller than the fixed spread brokers, but after you get hit with a few of these ridiculous spreads the fixed spread brokers start to look pretty good.
  • #958
  • Sep 14, 2010 3:34pm Sep 14, 2010 3:34pm
was anyone else getting a common error?

It's all good again now, but I was unable to modify an active trade.

It came good again while I was on the phone to the o/night trading desk who were also having problems.

All appears ok now trade modified, no damage done.
  • #959
  • Sep 14, 2010 5:06pm Sep 14, 2010 5:06pm
GO Markets policy on spikes is if they are not genuine prices and are not replicated on other systems then we will assume its an error and adjust all trades no questions asked.

We will look into the above spread but from memory this was replicated on other systems so we can only assume its a genuine price/spread. EUR/NZD has a tendency of being a very volatile pair and you might want to also check other Currenex feed providers as it probably will show there aswell.

Again we are happy to revisit this and take a look again and revert back.
  • #960
  • Sep 14, 2010 10:49pm Sep 14, 2010 10:49pm
GoM, what’s happening?
Your server has been disconnecting every few minutes all morning. I was connected to DC3 then you connected me to DC2, then DC3, then DC2 again, twice I’ve been connected to DC1. I’ve just been connected to DC3 again, that’s the one I want.
What’s happening?
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