GO Markets Expands Global Reach: Boosts Payment Transfers with New Currency Service

Tuesday, 29/08/2023 | 08:01 GMT by Jared Kirui

The broker has partnered with Currencycloud to enhance client FX rates.

GO Markets has integrated Currencycloud's APIs as part of the new offering.

The Australian-based CFD broker, GO Markets has teamed up with Currencycloud to simplify multi-currency business operations. This partnership aims to automate the process of client deposits and withdrawals and to offer real-time API-driven competitive foreign exchange rates the companies said.

At the center of this collaboration is a virtual multi-currency account, which serves as a gateway for GO Markets to accept wire payments across various local and SWIFT payment rails. According to a statement shared with Finance Magnates, this approach enhances the efficiency of fund uploads, thanks to the automation facilitated by Currencycloud's platform.

Streamlining Global Trading Services

Soyeb Rangwala, the CFO Director at GO Markets, said: "Integrating Currencycloud enables us to provide our clients with a complete global trading experience with expanded funding and withdrawal options. We look forward to enabling GO Markets' expansion plans as they add new currencies, jurisdictions, and products into their repertoire."

Additionally, GO Markets expects to benefit from the real-time foreign exchange liquidity that Currencycloud brings onboard as a gateway to new markets. GO Markets was established in 2006 as a provider of online CFD trading services. The broker offers a wide array of tradable CFD instruments, spanning forex, shares, indices, metals, and commodities.

About three weeks ago, GO Markets selected Options Technology as the primary market data provider to support its operations in the Asian market. According to the company, this collaboration enables the delivery of market data and CFD products, initially focusing on the Hong Kong Stock Exchange. Under the agreement, Options will provide risk monitoring, data management solutions, and technological infrastructure to GO Markets.

GO Markets' Expansion Plans

Commenting on the partnership, Rangwala said: "Options' advanced market data capabilities align perfectly with our vision of providing top-notch services to our clients. Their technology and expertise will strengthen our risk management framework and empower us to expand our presence in the Asian markets."

GO Markets has since expanded its operations to the Middle East and North Africa (MENA) region by obtaining a broker license from the United Arab Emirates (UAE) regulatory authority. The UAE broker license was awarded to the company's subsidiary, GO Markets MENA DMCC, in 2020. This approval enables the company to offer financial services within the UAE.