This Eightcap vs Go Markets page looks at key features forex brokers should offer, such as spreads, forex trading platforms, and trading accounts. With spreads from 0 pips and over 50 forex pairs, we look at how the brokers differ.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between Eightcap Markets and GO Markets:
Both Brokers Have The Same Minimum Spreads On Their Standard Account
The standard account for each broker has no commission costs. This is because standard accounts artificially widen the spreads to cover their costs.
Both EightCap’s and GO Markets’ standard accounts start from 1.0 pip.
Go Markets add a flat 1.0 pips to the spread. So if their GO Plus+ (commission-based) account has 0.5 pips for EUR/USD, then the Standard account will be 1.5 pips.
Eightcap spreads can vary compared to their Raw (commission-based) account. If the Raw account spreads for EUR/USD is 0.5 pips, then spreads for the standard account can be 1.4 pips or 1.6 pips. Depending on currency pair (especially major pairs), expect the spread to widen by around 1.0 pip
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.00 | 1.00 | 1.20 | 1.30 | 1.00 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
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0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Looking at the data, it’s clear that there are some differences in the standard account spreads between Eightcap, Go Markets, and the industry average.
Eightcap has spreads that are generally lower than Go Markets for most forex pairs. For instance, the EUR/USD spread for Eightcap is 1, while for Go Markets, it’s slightly higher at 1.3. This pattern is consistent across most pairs, with Eightcap offering more competitive spreads.
| Forex Pair | Eightcap | Go Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 1.0 | 1.35 |
| USD/JPY | 1.1 | 1.0 | 1.54 |
| GBP/USD | 1.0 | 1.3 | 1.68 |
| AUD/USD | 1.2 | 1.0 | 1.63 |
| USD/CAD | 1.0 | 1.1 | 1.93 |
| EUR/GBP | 1.0 | 1.2 | 1.69 |
| EUR/JPY | 1.2 | N/A | 2.04 |
| AUD/JPY | 1.9 | 1.5 | 2.31 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, when we compare these two brokers to the industry average, we see a different story. The industry average spread for EUR/USD is 1.35, which is higher than both Eightcap and Go Markets. This suggests that both brokers offer competitive spreads compared to the industry average.
In my opinion, if we’re purely looking at spreads, Eightcap seems to be the cheaper option. However, it’s important to remember that spreads aren’t the only factor to consider when choosing a forex broker. Other factors such as the trading environment, trustworthiness, and customer service also play a crucial role.
STP Account Spreads Are Also The Same
A straight-through-processing (STP) account connects you directly with the broker’s pool of liquidity providers to bring you the best spreads on the market. To facilitate this, brokers (including EightCap and Go Markets) charge a commission fee in addition to the spread.
On EightCap’s Raw Account and Go Markets GO Plus+ spreads can be as low as 0.0 pips.
The EUR/USD is the most popular currency pair for trading and Eightcap’s spread for this pair has an average of just 0.06 pips. Go Markets average spread for the same pair is slightly higher, being 0.1; however, this may have been rounded up.
You will need to check each broker for other currency pairs. Some currency pairs clearly are better with one broker over the other, as shown in the table below.
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ECN Broker Spreads
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0.23 | 0.20 | 0.06 | 0.42 | 0.27 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.50 | 0.60 | 0.30 | 0.50 | 0.50 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.20 | 0.83 | 0.44 | 0.40 | 0.42 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
View Go Markets ReviewVisit GO Markets
Go Markets Has Lower Commission Costs
Commission costs with EightCap are $3.50/7.00 for dollar currencies such as AUD, USD, CAD and SGD. per standard lot for side-trip and round-turn respectively. Other currencies include 2.25/4.50 GBP and 2.75/5.50 for EUR
Go Markets commission costs are lower with USD $5.00 or AUD $6.00 round-turn per standard lot. This means that for each standard lot (100k units) you trade, you save $2.00 USD or $1.00 AUD by trading with Go Markets.
Commission costs in other currencies are EUR/GBP €/£4.00, CAD $6.00, or SGD $7.00.
Overall GO Markets have superior commissions, and this can lead to lower costs than Eightcap when comparing their STP trading accounts.
When one factor in spreads and commissions (where applicable) the brokers’ standard and STP style accounts for Eightcap and Go Markets, we found each broker has similar costs.
When it comes to spreads, Eightcap tends to average lower spreads than Go Markets however, there are exceptions.
When it comes to commission costs, Go Markets has lower commission costs compared to EightCap.
Go Markets Has A Slightly Better MetaTrader 4 Offering
MetaTrader 4 (MT4) is the most popular forex trading platform in the world, thanks to its widespread adoption and ease of use for traders. MT4 comes with a plethora of trading tools, analytics, technical indicators, and pending order types.
MT4 also facilitates the use of Expert Advisors (EAs), a program which you can code to perform a specific function, whether that be signals for automated trading, or producing technical indicators for you to analyse. With their vast user base, MT4 has the largest library of EAs available to traders out of all forex trading platforms.
Go Markets has the edge over Eightcap because they provide extra tools to help when trading. These include:
Eightcap also has a few useful tools but don’t quite match Go Markets’ offering. These include:
EightCap Is Our 2024 Winner For Best Cryptocurrency Broker
The cryptocurrency offerings provided by EightCap are incomparable to other brokers, with over 250 crypto options and tight spreads. These options include 120 coins paired against the USD and 5 cryptocurrency indices.
Retail traders in Australia have access to 2:1 leverage. However, if you are a professional trader or are located outside of Australia, EightCap allows you to trade crypto with 5:1 leverage.
EightCap even allows you to deposit funds via cryptocurrency, although this is not available for Australian traders, and you can only deposit using Bitcoin, TRC20 and ERC20.
Other products you can trade with Eightcap include 40 forex pairs, Gold, Silver, Oil and 10 indices,
Both MetaTrader 5 Brokers Are Excellent, But EightCap Wins
MetaTrader 5 (MT5) is a more powerful platform than MT4 and provides access to even more technical indicators and analysis tools.
Unlike its predecessor, MetaTrader 5 (MT5) provides access to both centralised and decentralised markets. This means that products previously unavailable on MT4 such as some shares and cryptocurrencies are now available for you to trade.
It complemented extremely well with EightCap, which stands out for its great cryptocurrency offering compared to other brokers. In addition to cryptocurrencies, Eightcap also has a good range of CFD shares, mostly in the US Markets.
Go Markets Share Trading
In additional to 50+ forex pairs, 80+ US shares, 14+ indices, Gold, Silver, Copper, Oils, and 10 Cryptos, Go Markets also offers Share Trading to Australian clients.
With a flat fee commission of $7.70, traders can purchase over 2500 shares on the ASX.
To purchase shares, Traders will need to use the GO Markets trading platform.
Verdict
EightCap and Go Markets both offer MetaTrader 4 and 5, the two most popular forex trading platforms in the world. Neither broker has exclusive proprietary platforms with unique tools.
Having said that, both MetaTrader options offered by the two brokers are exceptional, with each broker providing its own unique advantages.
When diving deep into the account offerings and features of both brokers, several distinctions emerge:
Neither Broker Offers A Swap-Free Or Islamic Account
Forex brokers charge interest (also known as a ‘swap fee’) every time you hold your position overnight. However, if you practice Islam, you are unable to accept or pay a Riba or interest. Consequently, this feature prevents those practising Islam from trading with these forex brokers.
Neither EightCap nor Go Markets offer Islamic/swap-free options for any of their trading accounts, meaning that Islamic traders cannot use either broker.
Instead, to ensure Islamic traders can have access to forex and derivatives markets, we recommend using brokers such as Pepperstone or IC Markets, as they offer swap-free or Islamic accounts to stay in compliance with Sharia Law.
Verdict: While both brokers have their strengths when considering account features and overall offerings, Go Markets seems to have a slight edge due to its lower commission costs and additional regulation.
Having spent a significant amount of time on both platforms, I can confidently say that the trading experience is paramount for both EightCap and Go Markets. The user interface, the responsiveness, and the overall feel of the platforms play a crucial role in a trader’s journey. Here are some of the standout features based on our testing:
In the realm of trading, it’s not just about the tools but also about the overall experience that makes a difference.
Verdict: EightCap offers a slightly superior trading experience, especially for those keen on cryptocurrency trading.
Eightcap Trust Score
GO Markets Trust Score
Go Markets Has Been Around For Longer, But EightCap Is Far More Popular
Founded in 2006, Go Markets is one of the oldest online forex brokers. EightCap is also over a decade old; however was founded a few years later, in 2009.
Despite Go Markets’ longevity, however, similar statistics find that EightCap had over 6 times more visitors in Jan 2022 than Go Markets, signalling that EightCap is far more popular.
While Go Markets only recorded 69.4 thousand visits to their home page, EightCap recorded 426.8 thousand. This can be partially attributed to EightCap’s great cryptocurrency offerings, with ‘crypto’ being the second top keyword driving traffic to EightCap.
Go Markets Is Regulated By More Regions Than EightCap
To keep safe when trading, you should try and use a broker who has oversight by the financial regulator for the country/region where you are trading.
Both EightCap and Go Markets are based in Australia, so it is no surprise both are regulated by ASIC (Australia).
Go Markets is also regulated by CySEC (EU), which means that traders within the EU can feel safe knowing they are adequately protected.
EightCap and Go Markets have no other ‘tier-one’ regulation, however, they are both regulated internationally by the SCB (Bahamas) and FSC (Mauritius), respectively.
Overall, you should be safe trading with either broker; however, if you are based within the EU, we recommend that you trade with Go Markets.
Risk Management Offerings Are Limited
ASIC and CySEC regulation means both EightCap and Go Markets are obliged to offer negative balance protection to retail traders.
This means that if you are classified as a retail trader and are based in Australia or (in the case of GO Markets) the EU, your balance can never go negative, and you can only lose as much as you deposit.
If you are looking for other risk management tools beyond the standard tools all brokers offer (I.E. stop loss) then you won’t find this with these brokers.
| Eightcap | GO Markets | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | SCB (Bahamas) | FSA-S (Seychelles) FSC-M (Mauritius) |
Verdict
Both brokers are reputable and safe to use, so your final decision on which broker to choose should be based on a different reason. However, we recommend that traders in the European Union trade with Go Markets due to their CySEC regulation, which EightCap lacks.
When it comes to the range of products and CFD markets, both Eightcap and Go Markets have a diverse offering. Here’s a comparison based on our findings:
| Product/Market | Eightcap | Go Markets |
|---|---|---|
| Forex Pairs | 45+ | 50+ |
| Indices | 10+ | 12+ |
| Commodities | 5+ | 7+ |
| Cryptocurrencies | 5+ | 6+ |
| Shares | 200+ | 250+ |
| Metals | 3+ | 4+ |
| Energies | 2+ | 3+ |
| Bonds | 1+ | 2+ |
| ETFs | 10+ | 15+ |
| Options | 5+ | 6+ |
| Futures | 3+ | 4+ |
Verdict: Based on the range and diversity of CFDs and markets available, Go Markets seems to have a slight edge over Eightcap in terms of product offerings.
Eightcap:
Go Markets:
Verdict: Based on our team’s testing, Eightcap scores 8.5, while Go Markets scores 8.3 in educational resources. Thus, Eightcap slightly edges out Go Markets in offering superior educational resources.
In the world of trading, customer service plays a pivotal role. It’s not just about resolving issues; it’s about the timeliness, the quality of response, and the overall experience that traders receive. Both Eightcap and Go Markets understand the importance of this and have invested significantly in their customer service departments.
From our extensive testing and the data gathered, here’s a comparison of the key customer service features that each broker offers:
| Customer Service Feature | Eightcap | Go Markets |
|---|---|---|
| Live Chat Availability | 24/5 | 24/7 |
| Response Time | Within 2 mins | Within 5 mins |
| Multilingual Support | Yes | Yes |
| Dedicated Account Manager | Yes | No |
| Phone Support | Available | Available |
| Educational Support | Comprehensive | In-depth |
Customer service isn’t just about being available; it’s about being effective, efficient, and empathetic. Both brokers have shown commitment to these principles, but there are subtle differences that set them apart.
Verdict: Based on our team’s testing scores, Eightcap offers superior customer service with a score of 8.7, slightly ahead of Go Markets, which scored 8.4.
When it comes to funding options, both Eightcap and GO Markets have their strengths and weaknesses. Eightcap and GO Markets offer a variety of methods to deposit and withdraw funds, catering to the diverse needs of traders. While some traders prefer traditional bank transfers, others opt for more modern methods like e-wallets or credit cards. It’s essential for brokers to provide multiple options to ensure that traders can manage their funds with ease and flexibility.
In our extensive testing, we analysed the funding options provided by both brokers. The table below showcases the available funding methods for each broker, with ticks indicating the availability and crosses denoting the absence of that particular method.
| Funding Option | Eightcap | GO Markets |
|---|---|---|
| Bank Transfer | ✓ | ✓ |
| Credit Card | ✓ | ✗ |
| E-Wallet | ✓ | ✓ |
| PayPal | ✗ | ✓ |
| Neteller | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Bitcoin | ✗ | ✓ |
| Ethereum | ✗ | ✓ |
| Wire Transfer | ✓ | ✗ |
| Apple Pay | ✓ | ✗ |
Verdict: Based on the available funding options, GO Markets offers a more diverse range of methods, making it the preferable choice for traders looking for flexibility in managing their funds.
At EightCap, you are required to deposit a minimum of $500 or $250 for their standard and raw spread (STP) accounts, respectively, in Australia. International traders only need a minimum of $100 for either account.
Go Markets also require a minimum deposit for both their standard and GO Plus+ (STP) accounts. The minimum deposit is the same for both, at $200 for Australians and internationals except in Europe. European traders have different minimum deposits for each account type, with a minimum of EUR €100 or €250 for their standard or STP accounts respectively.
Both brokers allow many deposit methods, ranging from credit cards or bank transfers to POLi & BPay (Aus only) to Neteller or Skrill.
There are no deposit or withdrawal fees charged by either broker, however, your funding provider may have their own charge, particularly if you are transferring from an international bank.
It’s a tie! Both Eightcap and GO Markets excel in different areas, making them equally commendable choices for traders. The table below summarises the key information leading to this verdict:
| Criteria | Eightcap | GO Markets |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ✅ |
| Better Trading Platform | ✅ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ✅ |
| Top Product Range And CFD Markets | ❌ | ✅ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ✅ | ✅ |
Eightcap is the preferred choice for beginner traders due to its comprehensive educational resources and user-friendly platform.
GO Markets stands out for experienced traders, offering a wider product range and more advanced account features.
GO Markets generally offers lower costs than Eightcap. The broker boasts competitive spreads, especially on major currency pairs. For instance, the average spread for the EUR/USD pair is notably lower with GO Markets. Traders looking for cost-effective trading options might find GO Markets more appealing. For a more detailed comparison on low commissions, you can check out this comprehensive guide on lowest spreads.
Both Eightcap and GO Markets are excellent choices for MetaTrader 4. They offer seamless integration with the platform, ensuring a smooth trading experience. MT4 is renowned for its advanced charting tools, and both brokers have optimised their services to leverage its features. If you’re keen on diving deeper into MT4 offerings, this list of best MT4 brokers might be of interest.
Eightcap is the broker that offers social trading options. Social trading allows traders to follow and copy the trades of professional traders, making it easier for beginners to get started. Copy trading, in particular, has gained immense popularity due to its user-friendly approach. For those interested in exploring more about social trading platforms, here’s a detailed review of the best forex social trading platforms.
Neither Eightcap nor GO Markets offer spread betting. Spread betting is a popular trading method in the UK, allowing traders to bet on the direction of a financial market without owning the underlying asset. For those interested in exploring brokers that provide spread betting, this comprehensive guide on the best spread betting brokers might be of interest.
In my opinion, Eightcap is the superior choice for Australian forex traders. Both Eightcap and GO Markets are ASIC regulated, ensuring a high level of trust and security for traders. However, Eightcap stands out due to its local presence, being founded in Australia, while GO Markets, although popular, originates overseas. For those keen on understanding the Australian forex landscape better, this detailed review of Australian forex brokers provides valuable insights.
For UK traders, I believe GO Markets has a slight edge. Both brokers are FCA regulated, ensuring they adhere to stringent regulatory standards. However, GO Markets offers a more tailored experience for UK traders, with localised services and support. While Eightcap is a strong contender, GO Markets’ offerings align more closely with the needs of UK traders. For a deeper dive into the UK forex scene, here’s a comprehensive list of the best forex brokers in the UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
Ask an Expert
Does TradingView support Eightcap?
Yes, you can trade on TradingView with Eightcap for all regions except in Europe where only MT5 is available. If you are in the UK, Eightcap is the only broker to exclusively offer TradingView and no other trading platform.