We found GO Markets to be superior to FXCM primarily based on their spreads and commission levels (trading fees). View the head-to-head comparison below for our full comparison.
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Looking at the data, it’s clear that there are some differences between the standard account spreads of FXCM, Go Markets, and the industry average. For the EUR/USD pair, FXCM has a spread of 1.3, Go Markets is at 1.2, and the industry average is 1.1. This trend continues across the GBP/USD, AUD/USD, USD/JPY, and USD/CAD pairs, with FXCM consistently having the highest spreads, Go Markets slightly lower, and the industry average being the lowest.
In my opinion, when it comes to cost, Go Markets seems to be a more affordable option compared to FXCM. Although it’s not quite as low as the industry average, it’s consistently lower than FXCM across all pairs. This could make a significant difference in the long run, especially for high-volume traders.
| Forex Pair | FXCM | Go Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.3 | 1.2 | 1.1 |
| GBP/USD | 1.6 | 1.5 | 1.4 |
| AUD/USD | 1.2 | 1.1 | 1.0 |
| USD/JPY | 1.4 | 1.3 | 1.2 |
| USD/CAD | 1.5 | 1.4 | 1.3 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
However, it’s important to remember that cost isn’t everything. While the industry average may have the lowest spreads, that doesn’t necessarily mean it’s the best choice for every trader. Other factors such as trading environment, platform, and customer service can also play a big role in choosing a broker. So, while Go Markets may be cheaper than FXCM, it’s worth considering all aspects before making a decision.
In terms of commission, FP Markets charges a commission of $7 per lot, which is on par with many other brokers in the industry. Forex.com, on the other hand, operates on a spread-only pricing model for its standard account, meaning there are no additional commissions on trades. This can be advantageous for traders who prefer a simpler pricing structure.
In terms of spreads and fees, FP Markets appears to have a slight edge due to its lower spreads. However, Forex.com’s commission-free trading can be appealing to many traders. It’s important to consider your individual trading strategy and volume when deciding which broker’s pricing structure is most advantageous for you.
| Broker | Spreads | Commission |
|---|---|---|
| FP Markets | As low as 0.0 pips | $7 per lot |
| Forex.com | Slightly higher than FP Markets | No commission on standard account |
A broker’s trading environment encompasses several factors, including execution speeds, trading platforms, and the range of trading instruments available. In our analysis, we found that both FP Markets and Forex.com offer robust trading environments, each with their own strengths.
FP Markets excels in execution speeds, with our tests showing that it consistently provides fast and reliable order execution. This is crucial for traders who rely on timely execution to maximize their profits, particularly those employing high-frequency trading strategies.
Forex.com, on the other hand, offers a wider range of trading instruments, including forex pairs, indices, commodities, and cryptocurrencies. This diversity can be a significant advantage for traders looking to diversify their portfolios and explore different markets.
While both brokers offer strong trading environments, your individual trading needs and strategies will determine which is best for you. If fast execution speeds are a priority, FP Markets may be the better choice. However, if you value a diverse range of trading instruments, Forex.com may be more suitable.
| Broker | Execution Speeds | Trading Instruments |
|---|---|---|
| FP Markets | Fast and reliable | Wide range, but fewer than Forex.com |
| Forex.com | Slightly slower than FP Markets | Extensive range of instruments |
Both FP Markets and Forex.com offer MetaTrader 4 and MetaTrader 5, two of the most popular and widely used trading platforms in the forex industry. These platforms offer advanced charting tools, a wide range of technical indicators, and the ability to use automated trading strategies.
In addition to MT4 and MT5, Forex.com also offers its proprietary trading platform, which is user-friendly and fully customizable. This platform also includes integrated news and analysis, as well as advanced charting and order management tools.
In terms of trading platforms, both brokers are on par with each other, offering reliable and feature-rich MT4 and MT5 platforms. However, Forex.com has the added advantage of its proprietary platform, which may appeal to traders looking for a more personalized trading experience.
| Broker | Trading Platforms |
|---|---|
| FP Markets | MetaTrader 4, MetaTrader 5 |
| Forex.com | MetaTrader 4, MetaTrader 5, Proprietary platform |
FP Markets offers two main types of accounts: the Standard Account and the Raw Account. The Standard Account offers spread-only pricing with no commissions, while the Raw Account offers tighter spreads with a commission per trade. This gives traders the flexibility to choose the account type that best suits their trading style and strategy.
Forex.com, on the other hand, offers a single account type with spread-only pricing. However, it does offer a professional account for eligible traders, which offers lower margin rates and access to additional products and services.
In terms of account types, FP Markets offers more flexibility with its two account options. However, Forex.com’s professional account can be advantageous for eligible traders looking for lower margin rates and additional services.
| Broker | Account Types |
|---|---|
| FP Markets | Standard Account, Raw Account |
| Forex.com | Standard Account, Professional Account (for eligible traders) |
Both FP Markets and Forex.com are highly regulated brokers, which is a crucial factor in ensuring the safety and security of your funds. FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while Forex.com is regulated by several top-tier regulatory bodies, including the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US.
In terms of trust and regulation, both brokers are on par with each other, offering high levels of regulatory oversight. However, Forex.com’s multiple top-tier licenses may offer an added level of reassurance for some traders.
| Broker | Regulatory Bodies |
|---|---|
| FP Markets | ASIC, CySEC |
| Forex.com | FCA, CFTC, and others |
Both FP Markets and Forex.com offer excellent customer service, providing multiple channels of communication, including live chat, phone, and email. They also offer extensive educational resources, including webinars, trading guides, and market analysis, to help traders improve their trading skills and knowledge.
In terms of customer service, both brokers excel in providing timely and helpful support to their clients. The choice between the two would likely come down to personal preference and the specific needs of the trader.
| Broker | Customer Service |
|---|---|
| FP Markets | Live chat, phone, email, educational resources |
| Forex.com | Live chat, phone, email, educational resources |
FP Markets has a minimum deposit requirement of $100 for both its Standard and Raw accounts, making it accessible for traders with smaller budgets. Forex.com, on the other hand, requires a minimum deposit of $50, which is even more accessible for beginner traders or those with smaller trading budgets.
Both brokers offer a variety of payment methods, including bank wire transfer, credit/debit card, and various e-wallets. This gives traders the flexibility to choose the payment method that is most convenient for them.
Both FP Markets and Forex.com offer a range of trading tools to enhance your trading experience. These include advanced charting tools, technical indicators, and automated trading capabilities. Forex.com also offers its proprietary trading platform, which includes integrated news and analysis.
In terms of other trading factors, both brokers offer competitive features. Forex.com has a slightly lower minimum deposit requirement, which may be advantageous for traders with smaller budgets. However, both brokers offer a wide range of payment methods and trading tools, makingthem both excellent choices depending on your specific needs.
| Broker | Minimum Deposit | Payment Methods | Trading Tools |
|---|---|---|---|
| FP Markets | $100 | Bank wire, credit/debit card, e-wallets | Advanced charting, technical indicators, automated trading |
| Forex.com | $50 | Bank wire, credit/debit card, e-wallets | Advanced charting, technical indicators, automated trading, proprietary platform |
In conclusion, both FP Markets and Forex.com are excellent choices for forex trading, each offering its own unique advantages. FP Markets stands out with its fast execution speeds and flexible account types, while Forex.com offers a wider range of trading instruments and a proprietary trading platform.
However, the best broker for you will depend on your individual trading needs and strategies. We recommend taking a closer look at each broker’s offerings and considering factors such as spreads, fees, trading platforms, and customer service to make an informed decision.
| Broker | Spreads and Fees | Trading Environment | Trading Platforms | Account Types | Trust and Regulation | Customer Service | Other Trading Factors |
|---|---|---|---|---|---|---|---|
| FP Markets | Lower spreads, commission on Raw Account | Fast execution speeds, fewer trading instruments | MetaTrader 4, MetaTrader 5 | Standard Account, Raw Account | ASIC, CySEC | Excellent | $100 minimum deposit, multiple payment methods, advanced trading tools |
| Forex.com | Slightly higher spreads, no commission on standard account | Slightly slower execution speeds, wider range of trading instruments | MetaTrader 4, MetaTrader 5, Proprietary platform | Standard Account, Professional Account (for eligible traders) | FCA, CFTC, and others | Excellent | $50 minimum deposit, multiple payment methods, advanced trading tools, proprietary platform |
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
