Go Markets vs Pepperstone: Whis One Is Best?

2. Better Trading Platform: Tie

Both GO Markets and Pepperstone offer MetaTrader 4 and MetaTrader 5. Commonly called MT4 and MT5, this forex trading platform software is made by MetaQuotes Software. Despite the name, MT4 and Mt5 target different markets, so MT5 should not be considered an upgrade of MT4. We will look at the features and differences of each platform.

Each broker offers MT4 and MT5 on Windows, Mac PCs, IOS, Android tablets, and mobile, with desktop, webtrader, and mobile trading apps available. MT4 is the most popular platform worldwide, and more brokers offer this platform than any other. The popularity of MT4 means traders can move brokers without needing to familiarise themselves with a new trading platform.

MT5 has many features not available in MT4. It is built to allow investors to trade with derivatives that have a central exchange.

MT4 And MT5 Trading Platform – GO Markets And Pepperstone

Available on Windows and Mac, IOS and Android tablets and mobiles, MT4 is the most used platform worldwide. More brokers offer this platform than any other platform, which means a trader can move brokers without needing to familiarise themselves with a new trading platform.

Key Differences between MT4 and MT5 that matter

1. MT4 is built only for forex. MT5 is built for forex, CFDs, stocks, bonds, options and futures. This is because MT5 allows trading through an exchange, but MT4 does not.
2. No hedging rule: America does not allow hedging or FIFO trading. MT5 is built to meet USA regulations. MT4 orders are kept separate, while MT5 orders are aggregated together. This can make algorithmic trading with expert advisors more difficult.
3. MQL5 is not backwards compatible with MQL4.  MT4 uses MQL4 for OOP programming, which is good for EAs and GUI customisation. MQL5 is not backward compatible.

MT4 vs MT5 Differences

Unless you need to be compliant with the USA ‘no hedging’ rule or you wish to trade derivatives other than forex, then MT4, we recommend MT4. Mt4 is a simpler trading platform to use, provides all the tools you will need for forex trading, and allows hedging.

Add-On Features For MT4

Both GO Markets and Pepperstone have an MT4 add-on package to give users extra tools to enhance their user experience. The add-on includes some of these features that are built into MT5 (see our table comparison), such as the economic calendar.

Our Better Trading Platform Verdict

GO Markets calls their add-on ‘MT4 Genesis’ while Pepperstone calls their add-on ‘Smart Trader Tools’.  Both products are essentially the same.  Add-on features include a correlation matrix, market manager and sentiment trader.  Sentiment trader is a popular tool used in social trading that allows you to see trades made by other forex investors.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

3. Superior Accounts and Features: GO Markets

Comparison Of Account Types

The features of all four accounts we reviewed are very similar. The main differences are:

1. Standard Accounts for each broker do not charge commission, while ‘ECN’ Style accounts do charge commission. Pepperstone charges a higher commission than GO Markets.
2. GO Markets Plus account requires a minimum account opening balance of AUD $500  to open (or equivalent in your local currency).
3. Pepperstone accounts require a minimum deposit of $200 to open an account. However, they do not enforce this.
4. GO Markets includes a complimentary ‘Dedicated Account Manager’.  A personal account manager can help you with setting up your account and resolving trading issues without the need to go through customer support.
5. Pepperstone offers more currency pairs than GO Markets, including major pairs, minor pairs, crosses and exotic pairs.
6. Pepperstone also offers a Swap fee account or Islamic account. This account is for Muslims who need to comply with sharia law. This account can be requested from the customer support team.

Verdict: If you are new to trading, then it may be beneficial to start with a Standard Account. Although we have shown standard accounts do cost more than an ECN ‘style’ account, investors do not need to worry about calculating commissions into their expenses and instead just focus on improving their trading skills.

Our Superior Accounts and Features Verdict

When it comes to the standard account, we recommend GO Markets over Pepperstone because you have a dedicated account manager who can help you get started. To view more visit our Pepperstone Fees page.

GO Markets ReviewVisit GO Markets

*Your capital is at risk ‘72% of retail CFD accounts lose money’

4. Best Trading Experience And Ease: Tie

When it comes to the trading experience and ease of use, both GO Markets and Pepperstone have their unique strengths. From our in-depth analysis, we observed that Pepperstone stands out with its MetaTrader 4 (MT4) platform, being recognised as the best MT4 broker. This is a testament to their commitment to providing traders with a seamless and efficient trading environment.

• Pepperstone is recognised as the best MT4 broker.
• Our testing also highlighted Pepperstone’s excellence in automation, with features like Capitalise.ai.
• GO Markets, on the other hand, offers a dedicated account manager, ensuring personalised assistance for traders.
• Both brokers are committed to providing a top-notch trading experience, but the choice ultimately depends on individual preferences.

Our Best Trading Experience and Ease Verdict

Having personally tested various platforms, we can vouch for the fact that the right broker can make a significant difference in your trading journey. Whether you’re a beginner or a seasoned trader, it’s essential to choose a broker that aligns with your trading goals and offers the tools and resources you need.

GO Markets ReviewVisit GO Markets

*Your capital is at risk ‘72% of retail CFD accounts lose money’

5. Stronger Trust And Regulation: Pepperstone

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GO Markets Trust Score

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Both brokers fall under the Australian Securities and Investment Commission – ASIC Regulation.

• Go Markets operates with Australian Financial Services Licence 254963
• Pepperstone operate with Australian Financial Services Licence 414530

The regulation with ASIC means the broker needs to keep your money in a segregated account with a top-tier bank and handle your investments securely.

Additionally, Pepperstone is regulated in the UK by the Financial Conduct Authority (FCA) as well as in Dubai by the DFSA, Kenya by the CMA, The Bahamas by the SCB, Europe by CySEC and in Germany by BaFin.

FCA regulation will only apply to traders in the UK who are signed up to Pepperstone UK. FCA regulations require that leverage be restricted to 30:1 for retail traders. and that the broker provides Negative Balance Protection.

Our Stronger Trust and Regulation Verdict

If you are a high-volume trader, Pepperstone may allow you to trade like a professional trader. As a professional trader, you can trade with a leverage of 500:1, but you won’t receive negative balance protection.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

6. Most Popular Broker – Pepperstone

Pepperstone gets searched on Google more than Go Markets. On average, Pepperstone sees around 110,000 branded searches each month, while Go Markets gets about 4,000 — that’s 96% fewer.

Country	Go Markets	Pepperstone
Australia	1,600	8,100
Brazil	170	6,600
United Kingdom	590	5,400
United States	9,900	4,400
Malaysia	720	4,400
Thailand	590	4,400
Kenya	20	4,400
Germany	170	3,600
Mexico	27,100	3,600
Hong Kong	140	3,600
Colombia	110	3,600
South Africa	260	2,900
India	720	2,900
Italy	170	1,900
Spain	170	1,900
Mongolia	50	1,900
Singapore	170	1,600
Turkey	320	1,600
Indonesia	1,900	1,600
Peru	90	1,600
Argentina	210	1,300
Pakistan	260	1,300
Nigeria	90	1,300
Bolivia	30	1,300
United Arab Emirates	70	1,000
France	210	1,000
Taiwan	170	1,000
Chile	210	1,000
Ecuador	90	1,000
Netherlands	70	880
Philippines	480	880
Dominican Republic	590	880
Poland	590	720
Canada	720	720
Morocco	30	720
Vietnam	5,400	720
Tanzania	20	720
Portugal	30	480
Cyprus	50	480
Japan	170	480
Costa Rica	90	480
Sweden	20	390
Egypt	320	390
Algeria	50	390
Bangladesh	30	390
Venezuela	30	390
Uganda	10	390
Ethiopia	10	390
Botswana	10	390
Switzerland	30	320
Austria	20	320
Cambodia	30	320
Panama	30	320
Sri Lanka	50	320
Saudi Arabia	40	260
Ireland	40	260
Jordan	10	260
Ghana	10	260
Greece	70	210
New Zealand	50	170
Uzbekistan	40	140
Mauritius	20	110

2024 Monthly Searches For Each Brand

Pepperstone - Australia	8,100 1st
GO Markets - Australia	1,600 2nd
Pepperstone - UK	5,400 3rd
GO Markets - UK	590 4th
Pepperstone - US	4,400 5th
GO Markets - US	9,900 6th
Pepperstone - Thailand	4,400 7th
GO Markets - Thailand	590 8th

load full table

Similarweb shows a similar story when it comes to February 2024 website visits with Pepperstone receiving 1,273,000 visits vs. 50,000 for Go Markets.

Our Most Popular Broker Verdict

Pepperstone is the more popular broker worldwide based on the number of Google branded searches and visits to the website.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

7. Top Product Range And CFD Markets: GO Markets

Both brokers offer a good collection of CFDs for trading. GO Markets offers 350+ instruments, and Pepperstone offers 150+ instruments.

Pepperstone CFDs

In addition to Forex, Pepperstone offers the following for trading CFDs.

• 14 major Index CFDs
• 60 top quality Shares CFD from NYSE at 0.02c a share
• Precious metals, including Gold and silver, are traded against USD or Euro with no commission
• Platinum and palladium traded against USD and no commission
• Energies with a minimum trade size of 10c per pip
• 5 Cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Dash and Litecoin, traded against USD.
• Currency Index CFD – 6 major currencies, including Euro, JPY, and GBP against USD (not available via Pepperstone UK)

Please note: As of 2022, those in the UK are unable to trade cryptocurrency with Pepperstone or other forex brokers. The FCA recently changed regulation, enforcing a ban on retail traders’ trading crypto.

GO Markets CFDs

• 200+ Shares CFD from ASX, 80+ NYSE shares and NASDAQ from 0.08% per share per side (ASX) and US$0.02 per share per side
•  13 indices and 2 Futures CFD
• Gold and silver metals
• Spot gold and silver
• Spot WTI and Brent crude oils
• 5 Cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple

Our Top Product Range and CFD Markets Verdict

GO Markets ReviewVisit GO Markets

*Your capital is at risk ‘72% of retail CFD accounts lose money’

8. Superior Educational Resources: Pepperstone

Education is a cornerstone for any trader, be it a novice or an expert. Both GO Markets and Pepperstone have invested significantly in this area, ensuring their clients have access to top-tier educational resources. From our analysis, here’s how the two brokers compare:

• GO Markets offers a comprehensive range of educational materials, including webinars, tutorials, and e-books.
• Pepperstone, on the other hand, provides an extensive library of video tutorials, market analysis, and expert-led webinars.
• Both brokers offer demo accounts, allowing traders to practice and hone their skills without any financial risk.
• GO Markets has a dedicated section for beginner traders, ensuring they get a solid start in their trading journey.
• Pepperstone’s educational content is frequently updated, ensuring traders have access to the latest market insights.
• Both brokers also offer advanced training for seasoned traders, covering complex strategies and market analysis techniques.

Our Superior Educational Resources Verdict

Considering the depth and range of resources offered by both, Pepperstone slightly edges out with its frequently updated content and extensive video library.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

9. Superior Customer Service: Tie

Both GO Markets and Pepperstone are leaders when it comes to customer service.

Pepperstone Customer Support

Pepperstone only has a dedicated customer account manager if you are part of the Pepperstone active trader program; however, general customer support is available 24/5.  Investors can contact Pepperstone via live chat, phone or email. Toll-free calls are available in Australia and the UK, while a local number is available in Thailand.

Pepperstone has won numerous awards for customer service, including Best ‘Forex Trading Support’ from UK Forex in 2018 and ‘Customer Service from Investment Trends in 2017

Customer Service Features

• Learn to Trade – Pepperstone has a range of web pages that cover topics such as “How does forex work”, “Basic Terminology”, “Fundamental Analysis”, and  “Technical Analysis”, so you can read and learn about different aspects of forex.
• Webinars – Every week or 2, an expert on forex will host a webinar. The expert presents a topic and is available to answer any questions you may have.
• Trading Guides – Pepperstone has an exhaustive list of guides that take you through all aspects of trading. You can sign up for automatic delivery to your inbox when a new guide is available.
• Support – Manuals taking users through steps or actions to perform trading tasks, such as depositing or withdrawing funds for each type of funding method, are available.
• FAQ – Traders can search in the FAQ for any questions they may have.
• Glossary – a list of keywords and their definitions is available.

Demo Account

Pepperstone offers a demo account. The demo account is much the same as on offer by GO Markets. Free 30-day trial with $50,000 of virtual funds.

GO Markets Customer Service

We already spoke about all customers having a ‘dedicated account manager’; however, GO Markets has other features that make them one of the best.

Contacting Customer Support – GO Markets

Customer support with GO Markets is available 24/5, Monday to Friday. You can contact GO Markets through live chat via their website or via phone. GO Markets not only has customer support in Australia that traders can call via a toll-free number but also in the UK and China. An international number in Australia is available for traders from any other country who require assistance. Email contact is also available when you have questions outside customer support hours.

Customer Service Features

FAQ – GO Markets has a section that will answer common forex and trading questions.

Education – GO Markets has several free education tools to help with your forex education. These include:

• Free Forex Education Course – This course has two sections, each with 3 modules that cover the essentials of forex. Section 1 covers an introduction to forex, while section 2 covers more advanced topics. The course consists of an online video and tutorial, a live group classroom webinar and opportunities for you to ask questions for which answers will be provided.

Demo Accounts

• GO Markets offer a free 30-day trial demo account for both the MT4 and MT5 platform. The demo account has $50,000 in virtual funds, so you can test your trading strategies and use real-time market data.

Our Superior Customer Service Verdict

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

10. Better Funding Options: Pepperstone

Funding options play a pivotal role in a trader’s journey, offering flexibility and ease of transactions. Both GO Markets and Pepperstone understand this and have provided a plethora of options to cater to their diverse clientele. From our analysis, it’s evident that both brokers have made significant efforts to ensure their clients have multiple avenues for deposits and withdrawals.

However, when it comes to the sheer variety of options, there are some differences. Here’s a comparative table showcasing the funding options available for both brokers:

Our Better Funding Options Verdict

While both brokers offer a commendable range of funding options, Pepperstone slightly edges out GO Markets with a broader spectrum of choices, especially with the inclusion of PayPal and Bitcoin.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

11. Lower Minimum Deposit: Tie

In the world of forex trading, starting capital can be a significant factor for many traders, especially those just dipping their toes into the market. A lower minimum deposit requirement can be a game-changer, allowing traders to begin their journey without a hefty initial investment. Both GO Markets and Pepperstone have recognised the importance of this and have set their minimum deposit requirements to be incredibly trader-friendly.

Here’s a quick glance at the minimum deposit amounts for both brokers:

It’s commendable to see brokers removing financial barriers and making forex trading accessible to a broader audience. Such a move not only fosters trust but also encourages novice traders to take the leap without the worry of a significant financial commitment.

Our Lower Minimum Deposit Verdict

Both GO Markets and Pepperstone offer a $0 minimum deposit, making them equally attractive for traders looking for a low-entry barrier.

GO Markets ReviewVisit GO Markets

*Your capital is at risk ‘72% of retail CFD accounts lose money’

Is Go Markets or Pepperstone The Best Broker?

Pepperstone is the winner because of its comprehensive range of services, frequently updated educational content, and a broader spectrum of funding options. The table below summarises the key information leading to this verdict:

GO Markets: Best For Beginner Traders

GO Markets is better suited for beginner traders due to its dedicated section for novice traders and comprehensive educational materials.

Pepperstone: Best For Experienced Traders

Pepperstone stands out for experienced traders because of its advanced trading platforms, extensive product range, and frequently updated market insights.