Our comprehensive comparison of FXCM vs GO Markets dissects key areas like trading costs, Forex trading platforms, and regulations to help you choose the right Forex broker.
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Our full comparison covers the 10 most important trading factors between FXCM and GO Markets. Here are five key differences:
When it comes to trading, spreads and fees are crucial factors that can significantly impact your profitability. Based on the data from the Google Sheet, here’s how FXCM and GO Markets compare:
Verdict: Based on the available data, GO Markets offers lower spreads and fees compared to FXCM.
Selecting the right trading platform can make a significant difference in your trading experience. Here’s how FXCM and GO Markets stack up:
Verdict: Based on the available data, GO Markets offers a better and more versatile trading platform compared to FXCM.
When it comes to account features, both FXCM and GO Markets have unique offerings that cater to different types of traders. FXCM provides traders with the choice of a Standard Account and an Active Trader Account. The Standard Account comes with a minimum deposit of $50 and offers a range of trading platforms, including Trading Station, MetaTrader 4, and NinjaTrader. On the other hand, the Active Trader Account is designed for high-volume traders and offers lower spreads but requires a minimum deposit of $25,000.
GO Markets offers two types of retail investor accounts: the Standard Account and the Go Plus+ Account. The Standard Account is commission-free, with spreads starting at 1 pip for major Forex pairs. The Go Plus+ Account is more suited for high-volume traders, offering spreads from 0.0 pips and commission costs of USD 5 or AUD 6 round-turn per standard lot. Both brokers allow scalping, hedging, and automation, making them flexible options for different trading strategies.
Verdict: When it comes to account types, GO Markets offers more competitive spreads and lower commission costs, making it the better choice for traders looking for cost-efficiency.
When we put FXCM and GO Markets to the test, we found that both brokers offer a user-friendly experience, but there are some differences worth noting. FXCM’s Trading Station platform is intuitive and comes with a range of customisable features.
However, it can be a bit overwhelming for beginners. GO Markets, on the other hand, offers MetaTrader 4 and MetaTrader 5, which are known for their ease of use and are highly popular among traders.
After spending some time with both platforms, we found that GO Markets offers a more streamlined experience. The MetaTrader platforms are easy to navigate, and the broker also provides educational resources to help traders get started. FXCM, while robust, requires a bit more time to get used to, especially if you’re new to trading.
Verdict: Based on our testing, GO Markets offers a better overall trading experience in terms of ease of use and navigation.
FXCM Trust Score
GO Markets Trust Score
When it comes to trust and regulation, both FXCM and GO Markets have their merits. FXCM is regulated by multiple tier-1 and tier-2 authorities, including ASIC, FCA, and CySEC. It has been in the industry since 1999, adding to its credibility. However, it’s worth noting that FXCM has had some regulatory issues, including a $7 million penalty from the CFTC.
GO Markets, on the other hand, is also regulated by ASIC and CySEC and has been in the business since 2006. It has a good TrustPilot score and no core regulatory issues. Both brokers are headquartered in developed countries, adding another layer of trust.
| FXCM | GO Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) CYSEC (Cyprus) CIRO (CANADA) BaFin (Germany) |
ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | FSCA (South Africa) ISA (Israel) |
|
| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) |
Verdict: While both brokers are well-regulated and trustworthy, GO Markets edges out slightly due to its clean regulatory record. Therefore, GO Markets is the more trusted and better-regulated broker.
When it comes to the range of products and CFD markets, both FXCM and GO Markets have their own unique advantages and disadvantages. Here’s a detailed comparison to help you make an informed decision:
Table: Comparison of FXCM and GO Markets
| Criteria | FXCM | GO Markets |
|---|---|---|
| Limit Order Speed | 112 | 144 |
| Market Order Speed | 139 | 145 |
| Ease of Opening | 3 Days, Unexpected Errors | Chat, emails, and an account manager required, Took days |
| Ease of Withdrawal | Yes | Yes |
| Professional Leverage | 500:1 | Yes |
| Standard Account | Yes | Yes |
| Raw (Commission) Account | Yes | Yes |
| Fixed Spread Account | No | No |
| Islamic Account | Yes | No |
| Dedicated Account Manager | No | Yes |
| Total Score | 6.60 | 6.20 |
Verdict
FXCM offers a slightly better range of CFDs and Markets, as indicated by the total score of 6.60 compared to GO Markets’ 6.20. However, if a dedicated account manager is crucial for you, then GO Markets would be the better choice.
When it comes to educational resources, both FXCM and GO Markets have their own sets of offerings aimed at different levels of traders. Here’s a breakdown:
FXCM:
GO Markets:
Verdict: Based on our testing, FXCM offers a more rounded educational package, especially for beginners and intermediate traders. While both brokers offer market research and analysis, FXCM takes the lead with its webinars and online seminars. Therefore, FXCM offers the best range of educational resources.
Customer service is an essential aspect of any trading experience. Whether you’re a seasoned trader or a novice, having a reliable and efficient customer support system can significantly impact your trading journey.
FXCM and GO Markets are two brokers that offer different customer service features. Let’s take a closer look at what each has to offer.
Customer Service Features Table
| Feature | FXCM | GO Markets |
|---|---|---|
| Type of Live Chat | Human + Bot | Human |
| Customer Service Knowledge | Excellent | Excellent |
| FAQ & Help Centre Quality | Good | Average |
| Platform Guides Available | Yes | Yes |
| Email & Social Media Support | Email, WhatsApp | Messenger, Twitter, Email |
| Support Hours | 24/5 | 24/5 |
FXCM offers a combination of human and bot support through their live chat, which is excellent for quick queries and more complex issues. They have an excellent rating for customer service knowledge and offer good FAQ and Help Centre resources. Support is available 24/5, and you can reach them via Email and WhatsApp.
GO Markets, on the other hand, offers human-only live chat support. They also have an excellent rating for customer service knowledge but fall a bit short with an average FAQ and Help Centre. They offer support 24/5 and can be reached through Messenger, Twitter, and Email.
Verdict: Based on our testing, FXCM offers slightly better customer service due to their excellent customer service knowledge and good FAQ & Help Centre resources. Both brokers offer 24/5 support, but FXCM provides a more comprehensive range of contact options.
When it comes to funding options, traders often look for flexibility and convenience. FXCM and GO Markets both offer a range of payment methods to cater to the diverse needs of their clients. From traditional wire transfers to modern e-wallets, these brokers have got you covered. However, there are some differences in the options available, which could be a deciding factor for some traders.
FXCM provides a variety of funding options, including Visa/MasterCard, wire transfer, PayPal, Neteller, and Skrill. They also accept POLi and bPay for clients in Australia and New Zealand. GO Markets, on the other hand, offers Visa/MasterCard and wire transfers as well, but they do not support PayPal. They do accept Neteller, Skrill, POLi, and bPay, providing a similar range of options for their clients.
| Funding Options | FXCM | GO Markets |
|---|---|---|
| Base Currencies | ✅ | ✅ |
| Visa/MasterCard | ✅ | ✅ |
| Wire Transfer | ✅ | ✅ |
| PayPal | ✅ | ❌ |
| Neteller | ✅ | ✅ |
| Skrill | ✅ | ✅ |
| Rapid Pay EUR/GBP | ❌ | ❌ |
| POLi / bPay AU/NZ | ✅ | ✅ |
| Klarna | ❌ | ❌ |
| Other Methods | ✅ | ✅ |
Verdict: When it comes to funding options, FXCM has a slight edge over GO Markets due to its support for PayPal. Both brokers offer a wide range of payment methods, but the availability of PayPal could be a deciding factor for some traders.
The minimum deposit requirement is a crucial factor for many traders, especially those who are new to the forex market. A lower minimum deposit allows traders to start trading without a significant financial commitment, offering a gateway to the trading world. Both FXCM and GO Markets have options that cater to traders of all levels, but there are notable differences in their minimum deposit requirements.
FXCM requires a standard minimum deposit of $300, with a subsequent requirement of $50 per deposit. This might be a bit steep for beginners or those who prefer to start with a smaller investment. On the other hand, GO Markets offers a much more accessible entry point. They have a $0 minimum deposit requirement for both their Standard and Go Plus+ accounts, making it extremely easy for anyone to start trading.
| Broker | Minimum Deposit Requirement |
|---|---|
| FXCM | Standard $300 ($50 per deposit) |
| GO Markets | Standard – $0, Go Plus+ – $0 |
Verdict: GO Markets clearly has the advantage when it comes to minimum deposit requirements, offering a $0 minimum for both their Standard and Go Plus+ accounts. This makes it a more accessible option for traders who are just starting out or those looking to trade with a smaller initial investment.
GO Markets is the winner because it outperforms FXCM in a majority of key areas, including lowest spreads and fees, trading platform quality, account features, trading experience, and regulatory trust. The table below summarizes the key information leading to this verdict.
| Criteria | GO Markets | FXCM |
|---|---|---|
| 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 | ✅ | ❌ |
For beginner traders, GO Markets is the better choice due to its lower minimum deposit and user-friendly trading platform.
For experienced traders, FXCM may be more suitable due to its superior educational resources and a wider range of product offerings.
GO Markets has lower costs compared to FXCM. GO Markets offers more competitive spreads, starting as low as 0.0 pips for certain currency pairs. FXCM’s spreads are generally higher, starting from 1.3 pips. For more information on low-cost brokers, you can visit this low commissions award page.
GO Markets is the better choice for MetaTrader 4 users. It offers a more user-friendly interface and additional features tailored for MT4. FXCM also supports MT4 but lacks some of the custom features that GO Markets provides. For a comprehensive list of the best MT4 brokers, check out this best MT4 brokers page.
Neither GO Markets nor FXCM offers social or copy trading as a core feature. Both brokers focus more on providing robust trading platforms and a wide range of financial instruments. If you’re interested in social trading, you might want to explore other options listed on this best forex social trading platforms page.
FXCM offers spread betting, while GO Markets does not. FXCM provides this service primarily for UK residents, allowing them to take advantage of tax benefits associated with spread betting. For more details on spread betting brokers, you can visit this best spread betting broker page.
In my opinion, GO Markets is superior for Australian Forex traders. GO Markets is ASIC-regulated and was founded in Australia, providing a sense of trust and local expertise. FXCM, although also ASIC-regulated, is based overseas. For more information on Australian Forex brokers, you can check out this Australian Forex brokers page.
I believe FXCM has the edge for UK Forex traders. FXCM is FCA-regulated, providing an additional layer of security for UK residents. GO Markets, while a strong contender, is not based in the UK and is not FCA-regulated. For more insights into the best UK Forex brokers, you can visit this best UK trading platforms page.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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