Both GO Markets and IC Markets are a STP or ECN pricing model for trading execution. This means the forex brokers can offer tight spreads from 0.0 pips EUR/USD. Our Go Markets vs IC Markets comparisons review the key features the CFD brokers offer.
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Our full comparison covers the 10 most important trading factors to help you make an informed decision.
To establish which broker offers the tightest spreads, we will compare ECN-style spreads between GO Markets and IC Markets. As shown in the table below, both GO and IC Markets offer competitive spreads when compared with competing brokers.
Other than the AUD/USD and EUR/GBP forex pairs where the same spreads of 0.20 pips and 0.40 pips are offered, IC Markets tends to offer tighter spreads than GO Markets. For the most commonly traded currency pair, the EUR/USD, GO Markets average spread of 0.20 pips is double that offered by IC Markets, where traders gain access to spreads as low as 0.10 pips. For the GBP/USD forex pair, IC Markets provide the lowest average spreads when compared to GO Markets as well as other top brokers such as Pepperstone.
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ECN Pricing Spreads
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|---|---|---|---|---|---|
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0.02 | 0.17 | 0.50 | 0.23 | 0.27 |
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0.20 | 0.20 | 0.50 | 0.50 | 0.40 |
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0.10 | 0.20 | 0.60 | 0.60 | 0.40 |
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0.10 | 0.20 | 0.50 | 0.30 | 0.30 |
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0.17 | 0.30 | N/A | 0.59 | 0.54 |
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0.20 | 0.40 | 0.60 | 0.60 | 0.50 |
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0.10 | 0.50 | 1.10 | 0.60 | 0.60 |
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n/a | 0.50 | 0.70 | 0.20 | 0.60 |
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0.44 | 0.42 | 0.50 | 0.85 | 0.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 10/01/2024
Unless traders are signed up to Standard Accounts where commission fees are included in the spreads, IC Markets and GO Markets ECN-style accounts charge a flat-rate commission fee.
ECN-Style Commission Fees
In addition to commission fees, traders face overnight financing fees when leveraged positions are held open for longer than one day. Depending on interest rates, the amount of leverage used and the forex pair being traded, customers may either receive or pay interest charges on positions that do not have a set expiration date.
Which Broker Provides Access To The Tightest Spreads?
While both online brokers provide access to ultra-tight ECN-style spreads, IC Markets offers narrower spreads for EUR/USD, GBP/USD and AUD/JPY currency pairs. While commission fees charged by the two brokers are similar, IC Markets ECN-type spreads are generally narrower than GO Markets, therefore IC Markets are the winner of this round.
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Standard Account Spreads
When comparing the standard account spreads of Go Markets and IC Markets, there are some noticeable differences. Go Markets has a spread of 1.2 for EUR/USD, which is significantly higher than IC Markets’ spread of 0.1 for the same pair. This pattern continues across all the forex pairs we analysed, with Go Markets consistently having higher spreads than IC Markets.
In my opinion, IC Markets offers a more cost-effective trading experience when it comes to standard account spreads. Their lower spreads can contribute to lower trading costs overall, which can make a significant difference to your bottom line over time.
| Forex Pair | Go Markets | IC Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 0.1 | 1.15 |
| USD/JPY | 0.1 | 0.08 | 1.1 |
| GBP/USD | 1.49 | 0.4 | 1.45 |
| AUD/USD | 1.2 | 0.2 | 1.2 |
| USD/CAD | 1.5 | 0.5 | 1.5 |
| USD/CHF | 1.6 | 0.6 | 1.6 |
| NZD/USD | 1.7 | 0.7 | 1.7 |
Standard Account Analysis Updated October 2024 [1]October 2024 Published And Tested Data
However, it’s also important to consider the industry average when evaluating these brokers. Both Go Markets and IC Markets have spreads that are generally below the industry average. This means that while IC Markets may be the cheaper option between the two, both brokers offer competitive spreads compared to the wider market.
Customers trading CFDs with IC and GO Markets gain access to the best trading platforms available worldwide. Both brokers offer MetaTrader 4 and MetaTrader 5 as trading platform options, with IC Markets clients also able to use cTrader if preferred.
Choosing a suitable trading platform depends on the CFD products a customer wants to trade, as well as the trading tools they require to conduct technical analysis. For those focusing on forex trading with little interest in accessing Share CFD or Treasury products, MetaTrader 4 or cTrader can be used (share trading is restricted on both trading platforms). If a customer wants to access stock markets and develop trading strategies that include a diverse range of asset classes, MetaTrader 5 is better suited as it’s a multi-asset platform that allows Share CFD trading.
| MetaTrader 4 | MetaTrader 5 | cTrader | |
|---|---|---|---|
| IC Markets | ✔ | ✔ | ✔ |
| GO Markets | ✔ | ✔ | ✘ |
| Share CFD Trading? | ✘ | ✔ | ✘ |
| Technical Indicators | 30 | 38 | 65 |
| Timeframes | 9 | 21 | 26 |
| Algorithmic Trading | Expert Advisors | Expert Advisors | cBots |
| Programming Language | MQL4 | MQL5 | C# |
| Backtesting | Single-thread, single-currency | Multi-thread, multi-currency | Multi-thread, multi-currency |
| Depth of Market | ✘ | Level 1 | Level 2 |
| AutoChartist? | ✔ | ✔ | ✘ |
| Pending Order Types | 4 | 6 | 7 |
| Social Trading - Myfxbook AutoTrade | ✔ | ✔ | ✘ |
Trading Tools
MetaTrader and cTrader platforms provide advanced trading tools to assist with technical analysis and risk management. To manage the high level of risk that comes with forex and CFD trading, investors can utilise features such as alerts and a range of order types (i.e. stop losses). Customers using MT4 or MT5 can also make use of the platform’s Autochartist feature. Autochartist is a pattern recognition software that allows traders to stay up to date with trading conditions while saving time researching different markets.
Automated Trading
For trading wanting to save time conducting research and analysis, automated trading strategies can be developed on MT4, MT5 and cTrader using algorithmic trading tools or social-copy trading features. MetaTrader platforms are very popular for automated trading, as users can create or download Expert Advisors (EAs). Similarly to MetaTrader EAs, cTrader users can easily employ cBots that are created using the C# programming language.
Another way for customers to automate trading is through Myfxbook AutoTrade. GO Markets offers Myfxbook to both MT4 and MT5 users, while IC Markets customers can only access Myfxbook via MT4.
Mobile Trading Apps
IC Markets and GO Markets customers are not limited to trading on webtrader and desktop platforms on Mac or Windows computers. MetaTrader 4, MetaTrader 5 and cTrader users can download mobile trading apps compatible with Android and iOS devices (iPad and iPhone).
What Is The Best Trading Platform To Use?
At CompareForexBrokers, we recommend choosing MetaTrader 5 as your trading platform when trading CFDs with IC Markets or GO Markets. MT5 users can trade multiple asset classes, including Shares while utilising Expert Advisors and the platform’s advanced technical analysis tools. With faster execution and range of markets, IC Markets is the clear MT5 platform winner here.
GO Markets and IC Markets are similar to ECN brokers and can offer customers ultra-tight spreads in an institutional-grade trading environment. Unlike a Market Maker broker, true ECN brokers can provide access to the best spreads available to retail investor accounts due to the brokers’ multiple liquidity providers. Although ECN accounts are available with both IC Markets and GO Markets, the brokers also offer Standard account types for those willing to trade at wider spreads yet avoid commission fee calculations. You can view the IC Markets Raw Spread Vs Standard Accounts article to understand more about the differences between these trading accounts.
IC Markets offers three account types depending on the pricing structure and trading platform a customer wants to use, while GO Markets clients can choose between two account types.
Commission-Free Standard Accounts
IC Markets and GO Markets standard account types pay no flat-rate commission fees when trading forex. Although spreads are wider than true ECN accounts, they are inclusive of commission. As trading cost calculations are simplified with all-inclusive spreads, standard account types are well-suited to those new to trading and looking to gain confidence trading forex. As an IC Markets standard account holder, traders gain access to forex spreads can be as low as 1.0 pips, while GO Markets standard spreads start from 1.1 pips.
ECN-Type Accounts
Designed for high volume trading, scalping and Expert Advisors, GO Markets and IC Markets ECN-style trading accounts offer institutional grade spreads, ultra-fast execution and low commission fees. During times of volatility, both online brokers advertise spreads can be as low as 0.0 pips on major currencies, providing pricing similar to a true ECN account.
IC Markets offer two Raw account types, with the only difference being the trading platform available and commission fees charged. The cTrader Raw Account charges a $6 round turn commission fee per USD $100k traded, while customers using a MetaTrader Raw account pay a $7 round turn commission fee.
GO Markets ECN-type account is a welcome recent introduction to the Best Forex Brokers In Australia. Commission fees are on par with IC Markets Raw cTrader account, charging a $6 round turn commission on a standard lot. A benefit of the GO Plus+ account type is that customers gain a dedicated account manager, receiving access to personalised customer support from the GO Markets team.
Islamic Accounts
While GO Markets does not advertise an Islamic account option, IC Markets allows Islamic traders to establish a Raw or Standard account that follows Islamic finance practises and is swap-free. In accordance with Sharia Law, Islamic accounts do not charge or receive interest. Rather, traders pay a swap-free, flat rate overnight financing fee that ranges from $5-$50 per lot depending on the currency pair being traded. Islamic account holders should note that if positions are held open on Friday nights, flat rate overnight financing fees triple.
Best Account Type?
IC Markets and GO Markets both offer two pricing structures for traders to choose from – a Standard Account as well as an ECN-like Account type. Commission fees charged to Raw and GO Plus+ account holders are low, with ultra-tight spreads accessible through both ECN account options. While both brokers offer excellent account options with competitive spreads and commission fees, IC Markets wins this round as they also offer Islamic account options.
When it comes to trading experience, both Go Markets and IC Markets have their merits. Go Markets offers a user-friendly interface that’s great for beginners.
IC Markets, on the other hand, offers advanced charting tools and faster execution speeds, making it a better fit for experienced traders.
IC Markets Trust Score
GO Markets Trust Score
IC Markets has the superior Trust Score of 61 vs 57 for Go Markets. We factored in regulation, reviews and reputation of both CFD brokers to determine this score. IC Markets is therefore the more trusted broker.
Regulation
IC Markets hold 2 tier 1 licences vs GO Markets who also hold 2 tier licences making it a tie. Both brokers also hold 2 tier 3 licences, again making it a tie. We can’t split the brokers based on regulation.
| GO Markets | IC Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) |
FSA-S (Seychelles) SCB (Bahamas) |
Reputation
IC Markets was founded 2007 marking them one year older than Go Markets. IC Markets received 8 times the popularity on Google with 246,000 searches. Both brokers are based in Australia.
Reviews
IC Markets has better reviews on Trustpilot with 4.8 based on 32,475 reviews vs 4.6 from 230 reviews for Go Markets. Clearly, traders are happier with the broker which we have experienced since opening accounts.
Verdict
IC Markets is the more trusted broker because they are the larger broker and have better reviews compared to Go Markets.
Both brokers offer a wide range of products, but there are some key differences. IC Markets has a broader range of CFDs, including commodities and indices.
| Product Type | Go Markets | IC Markets |
|---|---|---|
| Forex Pairs | 50+ | 60+ |
| Commodities | 10+ | 15+ |
| Indices | 12 | 20 |
| Stocks | 200+ | 300+ |
| Cryptocurrencies | 5 | 10 |
| Bonds | 5 | 10 |
| ETFs | 10 | 15 |
| Metals | 5 | 8 |
| Energies | 3 | 5 |
| Futures | 2 | 5 |
Verdict: IC Markets offers a more extensive range of CFDs and Markets.
Go Markets offers a decent range of educational resources, including webinars and eBooks. IC Markets, however, takes it a step further with more in-depth educational content.
Verdict: Based on our testing, IC Markets offers superior educational resources.
Unlike many other online brokers, IC Markets offer customer support via live chat, phone and email 24 hours a day, 7 days a week. GO Markets, on the other hand, is available by email, phone, live chat and social media platforms 24 hours a day, 5 days a week.
Although IC Markets customer support is available 24/7, live chat response times can lag at times, yet email and phone support tend to be more efficient. All forms of customer service at GO Markets is quick and efficient, with the online broker winning various awards for the quality of its customer support.
Research And Education
Both IC Markets and GO Markets provide an extensive range of educational resources to help customers develop trading strategies and extend their knowledge of CFD trading. The online brokers provide demo accounts for prospective and existing clients. As forex trading is a high-risk activity, demo accounts allow investors of all levels of experience to test out trading strategies prior to executing them in a live account.
Although IC Markets does not have an in-house analyst team, IC’s ‘Trading Central’ resources provide ideas for trading strategies and analysis. GO Markets customers gain access to articles that the broker’s team of analysts have produced based on current news, events and market movements. As well as articles, traders can view daily market reports and news, weekly summaries, and an economic calendar.
For traders wanting to expand their understanding of forex and CFD trading, GO Markets forex education centre consists of the GO Trading Academy along with ebooks, training courses and video tutorials, ranging from beginner to advanced levels. IC Markets education centre is also a useful resource to traders of all levels of experience. Customers can utilise the broker’s high-quality materials that include webinars, articles, and trading platform tutorials.
Which Broker Provides The Best Education And Customer Support?
IC Markets and GO Markets offer customers excellent customer support along with a range of educational resources. When IC Markets and GO Markets customer service and education are compared, the online broker’s tie. Customers of both brokers can access quick and efficient customer support as well as a range of educational resources including webinars, tutorials and demo accounts.
When it comes to funding options, both brokers offer a variety of methods. However, IC Markets offers more cryptocurrencies as a funding option, which could be a game-changer for some traders.
| Funding Option | Go Markets | IC Markets |
|---|---|---|
| Bank Transfer | ✔️ | ✔️ |
| Credit Card | ✔️ | ✔️ |
| PayPal | ✔️ | ✔️ |
| Skrill | ✔️ | ✔️ |
| Neteller | ✔️ | ✔️ |
| Cryptocurrency | ❌ | ✔️ |
| UnionPay | ✔️ | ✔️ |
| FasaPay | ✔️ | ✔️ |
| POLi | ✔️ | ✔️ |
| BPay | ✔️ | ✔️ |
Verdict: IC Markets offers a broader range of funding options.
The minimum deposit is often a deciding factor for many traders. Go Markets and IC Markets have the same minimum deposit and supplementary features.
| Feature | Go Markets | IC Markets |
|---|---|---|
| Minimum Deposit | $200 | $200 |
| No Deposit Bonus | ❌ | ❌ |
| Deposit Bonus | ❌ | ❌ |
| Free Demo Account | ✔️ | ✔️ |
| Islamic Account | ✔️ | ✔️ |
Overall, this should be a factor when comparing the broker.
IC Markets is the winner because it consistently outperforms Go Markets in most key areas, including lower spreads, superior trading platforms, and better customer service. The table below summarises the key information leading to this verdict.
| Criteria | Winner |
|---|---|
| Lowest Spreads And Fees | IC Markets |
| Better Trading Platform | IC Markets |
| Superior Accounts And Features | IC Markets |
| Best Trading Experience And Ease | IC Markets |
| Stronger Trust And Regulation | IC Markets |
| Top Product Range And CFD Markets | IC Markets |
| Superior Educational Resources | IC Markets |
| Superior Customer Service | IC Markets |
| Better Funding Options | IC Markets |
| Lower Minimum Deposit | Go Markets |
Go Markets is better suited for beginner traders due to its lower minimum deposit and user-friendly interface.
IC Markets is the go-to broker for experienced traders, thanks to its advanced trading platforms and lower spreads.
IC Markets has lower costs. They offer spreads as low as 0.1 pips on major currency pairs. This makes them one of the most cost-effective options for traders. For more information on low spreads, you can visit our Lowest Commission Brokers page.
IC Markets is superior for MetaTrader 4 users. They offer advanced charting tools and faster execution speeds. For more on this, check out our Best MT4 Brokers.
Neither IC Markets nor Go Markets offer social trading. However, both brokers do provide various tools that can aid in decision-making. For alternatives, you can visit our best copy trading platforms page.
No, neither IC Markets nor Go Markets offer spread betting. For those interested in spread betting, you can check out our best spread betting brokers in the UK.
In my opinion, Go Markets is superior for Australian Forex traders. Both brokers are ASIC-regulated, but Go Markets was founded in Australia, giving it a home advantage. For more, visit our Best Forex Brokers In Australia page.
For UK traders, I’d recommend IC Markets. They are FCA-regulated and offer a more comprehensive trading environment. For more details, check out our Best Forex Brokers In UK page.
No commission account spread proprietary testing data and published website spread information, centralised on our Standard Account Spreads page.
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