GO Markets vs Axi 2024

2. Better Trading Platform: GO Markets

While Axi customers are restricted to MetaTrader 4 (MT4), those trading with GO Markets have a choice of MT4 and MetaTrader 5 (MT5). Although MT5 offers certain upgrades over its predecessor, both trading platforms provide users with advanced trading tools to automate trading and manage the high risk of CFD and forex trading.

MetaTrader 4

MetaTrader 4 is the most popular forex trading platform available to retail investor accounts. In addition to the advanced charting tools, the trading platform is well-known for its automated trading features, such as Expert Advisors (EAs) and account mirroring services.

Technical Analysis

MT4’s powerful technical analysis tools allow users to develop trading strategies by identifying forex market trends and patterns. When conducting analysis, traders can utilise the platform’s 24 objects, 9 timeframes and 30 technical indicators. In addition to the pre-installed charting tools, MT4 users can download free and paid custom indicators or create their own using the MQL4 programming language. As well as tools to detect trends and make forecasts, traders can set Take Profit and Stop Loss levels to minimise a trading strategy risk.

Autochartist

Autochartist is a market scanner plug-in for MetaTrader platforms. The automated technical analysis software saves traders’ time by scanning markets and alerting traders of potential opportunities. Autochartist features include:

• Automatically monitors and analyses financial markets
• Provides investors’ performance statistics
• Volatility Analysis
• Market Snapshots

Note that AutoChartist is only available on Windows desktops for GO Markets MT4 and MT5 users, and an initial minimum deposit of $500 is required.

Expert Advisors

For traders wanting to implement algorithmic trading strategies, Expert Advisors can be used and created. EAs are popular as they save time conducting analysis and placing an order while ensuring trading decisions are not influenced by human emotion. Expert Advisors can be developed using the MQL4 (MT4) and MQL5 (MT5) programming languages or downloaded from the MetaQuotes EA library.

Trading Apps

MetaTrader 4 (and MT5) are Windows and Mac desktop trading platforms, as well as web trader and trading apps. The mobile trading apps for Android and iOS devices allow investors to stay up to date with real-time market news and place orders on the go with one-click trading.

Differences Between MetaTrader 4 And MetaTrader 5

Although MetaTrader 4 currently retains its place as the gold standard for forex trading, MetaQuotes is phasing out customer support for the platform, with many traders choosing MT5 for this reason. While Axi customers are restricted to the forex trading platform, MT4, GO Markets traders can choose between MT4 and MT5.

MT4 was designed as a CFD trading platform; therefore, trading asset classes such as Shares and Treasuries are restricted. Many traders prefer MT5 as it’s a multi-asset platform, meaning Share trading among other previously restricted markets is allowed. As well as greater market access and ongoing  MetaQuotes customer support, many traders prefer MT5 due to the expanded charting and analysis tools. The key differences between MT4 and MT5 are shown in the table below.

Social Trading

Social-copy trading tools are available to both GO Markets and Axi customers. The account mirroring service is the biggest social trading community for forex traders. Those using Myfxbook can copy the trading strategies of successful, proven investors, allowing users to automate trading and save time developing and executing strategies. While Axi offers Myfxbook for free to standard and pro account holders, only standard account holders gain access to the third-party provider when trading with GO Markets.

Verdict

While MT4 suits many traders happy to focus on forex markets, MT5 offers many benefits over its predecessor, including Share trading and expanded charting tools. depth of market and ongoing customer support. As GO Markets customers have a choice between MetaTrader 4 and MetaTrader 5, while Axi clients are restricted to MT4, GO Markets win this round.

Open a demo accountVisit GO Markets

*Your capital is at risk ‘60% of retail CFD accounts lose money’

3. Superior Accounts And Features: GO Markets

Depending on the pricing and commission structure a trader wishes to use, GO Markets and Axi offer two different account types to suit traders’ needs. Customers of both brokers can sign up for a Standard Account, where spreads are all-inclusive of commission fees, or a Pro (Axi) or GO Plus+ account, where traders gain access to ECN-style spreads as low as 0.0 pips while paying a flat-rate commission fee.

Standard Account Types

For those with little experience, a Standard account type can be a soft entry to trading into high-risk financial instruments such as Forex and other CFDs. When trading forex under a standard account type, traders pay no additional commission fees, with all-inclusive spreads as low as 0.4 pips with Axi and 1.0 pips for those trading with GO Markets. View the Axi standard vs Pro comparison.

ECN-Type Trading Accounts

Both online brokers offer customers an ECN-style account type with institutional grade spreads and low commission fees. Designed for scalping, high-volume trading and Expert Advisor strategies, ECN accounts charge a flat rate commission fee per trade, rather than brokers receiving compensation through the spread as with a Standard account.

When comparing flat rate commission fees charged by the forex brokers, GO Markets customers incur lower trading costs. GO Plus+ account holders pay an AUD $6 round-turn commission fee, while Axi Pro account holders are charged USD $7.

There are no differences between Axi’s Standard and Pro accounts apart from pricing structure, yet GO Markets provides GO Plus+ (ECN account) customers gain enhanced customer support through a dedicated account manager.

Demo Accounts

Demo accounts are a useful resource for both prospective customers and experienced traders. Rather than testing out new trading strategies with a live account, traders can use demo accounts to practise trading CFDs and forex. Both GO Markets and Axi’s demo accounts have time restrictions and are only available for 30 days.

Islamic Accounts

Unfortunately, traders following Sharia Law may run into trouble when trying to set up Islamic accounts with GO Markets or Axi. Neither broker advertises an Islamic account option, where no interest is charged or received and instead, a flat rate overnight financing fee is charged.

Verdict

GO Markets had the lowest fees when spread, and commissions were factored in. Based on this, low-fee traders should go for the GO Markets ECN-style account.

Open a demo accountVisit GO Markets

*Your capital is at risk ‘60% of retail CFD accounts lose money’

4. Best Trading Experience And Ease: GO Markets

When it comes to the best trading experience and ease, both GO Markets and Axi have their unique strengths. We’ve spent countless hours testing and comparing these platforms, and our findings are quite revealing. From our own testing and the insights gathered, here’s what we found:

• GO Markets offers a seamless trading experience with its MetaTrader 4 and 5 platforms, ensuring traders have all the tools they need.
• Axi, on the other hand, focuses solely on MetaTrader 4, but they’ve optimised it to perfection, making it user-friendly and efficient.
• Our tests showed that both brokers offer quick execution times, which is crucial for traders looking to capitalise on market movements.
• Additionally, both platforms are equipped with a range of educational resources, ensuring traders are well informed and can make the best decisions.

Now, while both brokers offer a commendable trading experience, there are subtle differences that might sway a trader’s preference. For instance, GO Markets’ broader platform offering might appeal to those looking for versatility, while Axi’s optimised MetaTrader 4 platform is perfect for those who prefer a more streamlined experience.

Verdict: Based on our extensive testing and the information from the page, GO Markets slightly edges out with a more versatile trading experience, but it’s a close call.

5. Stronger Trust And Regulation: Axi

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Axi and GO Markets are seen as trustworthy forex brokers as they are overseen by top-tier financial authorities. While Australian forex broker GO Markets is solely regulated by the Australian Securities and Investments Commission (ASIC), Axi subsidiaries are regulated in 4 different jurisdictions.

Axi’s Melbourne-based firm is overseen by ASIC, while the broker’s UK subsidiary is called AxiCorp and is regulated by the FCA (Financial Conduct Authority). As well as ASIC and the FCA, Axi subsidiaries follow financial regulations enforced by the Financial Markets Authority (FMA) in New Zealand as well as the Dubai Financial Services Authority (DFSA).

Financial regulation and investor protection schemes vary between countries. Therefore, risk management features required by brokers, such as close-out margins, negative balance protection, and leverage caps, only apply in certain jurisdictions such as the FCA and CySEC. Due to the high risk involved with CFD and forex trading, prospective clients should research the subsidiary they are registered with and the investor protection they will receive.

Verdict

Both brokers are well-respected and follow stringent regulations enforced by top-tier financial authorities. As Axi subsidiaries operate from multiple jurisdictions, some of which offer the strongest investor protection available to retail investor accounts, they are the winners in regard to financial regulation.

6. Top Product Range And CFD Markets: Tie

As well as the 50+ forex pairs offered by GO Markets and 80+ major, minor and exotic currency pairs offered by Axi, customers can diversify trading strategies using a range of CFD products ranging from Indices to Cryptocurrency.

Indices

Axi’s product range includes 11 Indices, while GO Markets provides customers access to 15 different Cash and Futures Index CFDs. Both brokers offer top Indices such as ASX 200, CAC 40, and FTSE 100.

Commodities

GO Markets offers a limited selection of Commodity CFDs consisting of Gold, Silver, WTI Crude Oil and Brent Crude Oil. On the other hand, Axi provides market access to precious metals, oil and soft commodities such as Gold, Silver, Copper, Oil, Natural Gas, Coffee and Cocoa.

Share CFDs

As Axi is only available on MetaTrader 4, Share trading is prohibited. Yet, GO Markets customers using MT5 as their trading platform can access over 200 Australian Shares (ASX) and more than 80 US Shares (NYSE and NASDAQ).

Cryptocurrency CFDs

While GO Markets traders gain access to a range of Cryptocurrency products, Axi customers are restricted to Bitcoin CFDs. When trading CFDs with GO Markets, customers can choose from 5 of the most popular Crypto CFDs worldwide: Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ripple.

Please note: that if you are trading with Axi’s FCA regulated subsidiary, you will not have access to Crypto markets. Recently, the FCA banned all UK retail traders from trading crypto products.

Verdict

While Axi provides greater access to forex markets, GO Markets offers traders a wider range of Indices, Commodity and Crypto CFDs. If a GO Markets customer is using MT5, they also gain access to over 280 US and Australian Shares, an asset class not offered by Axi.

Open a demo accountVisit GO Markets

*Your capital is at risk ‘60% of retail CFD accounts lose money’

7. Superior Educational Resources: GO Markets

In the realm of forex trading, education is paramount. Both GO Markets and Axi understand this and have invested heavily in providing top-notch educational resources for their traders. From our in-depth analysis and our own rigorous testing, here’s a comparative breakdown of the educational offerings from both brokers:

• GO Markets:
  • Offers a comprehensive range of webinars and seminars for traders of all levels.
  • Provides detailed market analysis reports, aiding traders in making informed decisions.
  • Features an extensive library of eBooks and articles on various trading topics.
• Axi:
  • Prioritises hands-on learning with its demo account feature, allowing traders to practice without risk.
  • Boasts a rich collection of video tutorials, covering everything from basics to advanced strategies.
  • Provides regular market news updates, ensuring traders are always in the loop.

While both brokers have made significant strides in offering quality educational resources, there are nuances that set them apart. GO Markets leans more towards traditional learning methods with its webinars and articles, while Axi emphasises practical learning with its demo account and video tutorials.

Verdict: Based on our team’s scoring, it’s a close call, but GO Markets slightly edges out Axi in terms of comprehensive educational resources.

8. Superior Customer Service: Tie

Both brokers provide customer support via phone, email and live chat 24 hours a day, 5 days a week. Axi and GO Markets live provides fast and relevant responses, yet email replies may take 1-2 days.

Research Tools

Research tools are limited when trading with Axi and GO Markets. Although news, articles and economic calendars inform traders of real-time market changes, both brokers do not supply data to conduct fundamental analysis.

Forex And CFD Education

GO Markets and Axi offer forex education centres where traders can learn new skills and expand their understanding of CFD trading. A range of educational resources is available with both brokers include ebooks, tutorials, videos, and demo accounts.  Although high-quality information is provided, unfortunately, neither Axi nor GO Markets provide webinars.

Axi customers gain the added benefit of complimentary access to the Knightsbridge Trading Academy offered by the London Stock Exchange. Courses are taught by elite tutors and traders, with videos, webinars and exams available to expand a trader’s forex knowledge.

Verdict

There are no major differences between Axi and GO Markets customer support, with both brokers offering standard 24/5 customer support via email, phone and live chat. When comparing the educational and research resources provided to traders, Axi is the winner as they provide free access to trading courses developed by the London Stock Exchange.

Open a demo accountVisit Axi

9. Better Funding Options: Axi

As an Axi customer, accepted currencies vary between funding methods. The broker provides a wide range of deposit and withdrawal methods that are free of charge, including credit card, debit card, bank transfer, Bpay, POLi, FasaPay, Sofort, Neteller and Skrill, among various local payment services such as Singapore and Chinese internet banking.

A similar range of funding methods is available to GO Markets customers. Unless traders are transferring funds internationally (AUD $20 fee), the following deposit and withdrawal methods are fee-free:

• Visa and Mastercard
• Bank transfer
• Neteller
• Skrill
• FasaPay
• Bpay
• POLi

Initial Minimum Deposit Requirements:

• GO Markets: USD $200 (Standard or GO Plus+ Account Type)
• Axi: No minimum deposit (Standard or Pro Account Type)

Base Currencies Available

• GO Markets: USD, GBP, EUR, AUD, NZD, SGD, HKD, CHF and CAD
• Axi: USD, CAD, AUD, NZD, EUR, CHF, GBP, PLN, JPY, HKD and SGD

Verdict

Axi is the winner of this round as the broker requires a lower initial minimum deposit as well as offering a wider range of fee-free deposit and withdrawal methods.

10. Lower Minimum Deposit: Tie

One of the primary concerns for traders, especially those just starting out, is the amount of capital required to open an account. Minimum deposit requirements can vary significantly between brokers, and it’s essential to choose a broker that aligns with your financial capabilities.

Go Markets and Axi, both reputable in the industry, offer competitive minimum deposit requirements. While both Go Markets’ Standard and Go Plus+ accounts allow traders to start without any initial deposit, Axi offers a similar approach for their Standard and Pro accounts but requires a substantial deposit for their Elite account.

Verdict: Both Go Markets and Axi offer a $0 minimum deposit for their primary accounts, making them equally accessible choices for traders. However, Axi’s Elite account requires a significant deposit, catering to a more professional clientele.

Our Final Verdict On Which Broker Is The Best: Axi or GO Markets?

GO Markets is the winner because of its comprehensive offerings, versatile trading platforms, and competitive spreads and fees. The table below summarises the key information leading to this verdict:

Best For Beginner Traders

GO Markets is the ideal choice for beginner traders due to its user-friendly platform and extensive educational resources.

Best For Experienced Traders

For seasoned traders, Axi stands out with its advanced features and robust regulatory framework.