Go Markets vs Pepperstone! Which broker is the winner? We review and compare each broker for 2019 using what we consider to be the key features when selecting a broker to help you when choosing a broker.
1. Low Trading Commissions 2. Wide Range Of Derivatives Including Binary Options 3. Dedicated Account Manager
1. ECN spreads and low fees 2. Choice of cTrader or MT4 and MT5 Trading Platforms 3. Fast execution speeds 4. Highest leverage 5. Award-Winning Customer Service
Weaknesses
1. Customer Support Hours Is Restricted 2. Some CFDs Not Available (i.e. Shares) 3. Go Plus Account Has Minimum $500 deposit
1. No Guaranteed Negative Balance Protection 2. Some CFDs Not Offered (ie Shares) 3. Minimum deposit of $200.
1. MetaTrader 4 with Smart Trader Tools 2. cTrader with cAlgo for trading with robots.
Execution Speeds
Trading Speed
10
Trading Speed
10
Leverage
500:1
500:1
Risk Management
1. Stop Loss Order 2. Standard Risk Management Tools (ie. Trailing Stop) 3. ASIC Regulated
1. Standard Risk Management Tools (i.e Margin Stop Loss Order). No Guranteed Features 2. Regulated by Australia Securities & Investments Commission (ASIC) 3. Segregated accounts with National Australia Bank
Other CFDs (eg Crypto)
1. Indices 2. Soft Commodities 3. Hard Commodities 4. Cryptocurrencies 5. Binary Options
1. 24/5 Monday to Friday 2. Phone Support 3. Email Support 4. Live Chat 5. Local Support in Native Language in Australia, UK, Kong Kong and Taiwan 6. Education Library in English and Chinese 7. FAQ 8. Demo Account in MT4 and MT5
Award winning customer support based (Investment Trends.) 1. Live Chat (24/5 hour support. 2. Telephone (24/5 hour support) 3. Call Back request 4. Email Support
Bonus Programs
1. Refer a Friend Program 2. Limited Time Offers such as Trading Credits 2. Free VPS (provided you meet monthly trade requirements)
Refer a Friend Bonus High Volume Trading Rebate
Funding Methods
1. Debit Cards (Visa, MasterCard) 2. Credit Cards (Visa, MasterCard) 3. NETELLER 4. Bank Transfer 5. POLi 6. BPAY 7. Skrill 8. Fasapay
1. Credit Card/Debit Cards (Visa and Master Card) 2. PayPal 3. Neteller 4. QIWI 6. Skrill 7. UnionPay 8. Bank Wire Transfer 9. Bpay 10. FasaPay 11. Broker to Broker 12. Poli
Reviews
4.5/5 of 19 reviews with Trust Pilot
Trustpilot 4 out of 5 stars- 351 reviews
Recommended For
1. Traders Looking For Low Spreads (Go Plus Account) 2. High Volume Traders Wanting to Save on Commission (Go Plus Account)
1. Experienced high volume traders (Active Traders) 2. Traders utilising automated trading and scalping 3. Forex traders who value competent customer support
1. Traders Looking For Low Spreads (Go Plus Account) 2. High Volume Traders Wanting to Save on Commission (Go Plus Account)
1. Experienced high volume traders (Active Traders) 2. Traders utilising automated trading and scalping 3. Forex traders who value competent customer support
Spreads + Commissions
Spread Value
9.2
Commission Value
9.9
Spread Value
10.0
Commission Value
9.9
Execution Speeds
Trading Speed
10
Trading Speed
10
MetaTrader
cTrader
ECN Trading Account
Deal Cancellation
Guaranteed Stop Loss
Guaranteed Negative Balance Protection
No Fees On Deposits + Withdrawals
Stockbroking Services
MetaTrader
cTrader
ECN Trading Account
Deal Cancellation
Guaranteed Stop Loss
Guaranteed Negative Balance Protection
No Fees On Deposits + Withdrawals
Stockbroking Services
Spreads and Fees
Spreads
EUR/USD
USD/JPY
AUD/USD
GBP/USD
Go Markets Standard Account
1.2
1.2
1.3
1.5
Pepperstone Edge Standard
1.16
1.25
1.27
1.49
Go Markets Go Plus
0.2
0.2
0.3
0.5
Pepperstone Edge Razor
0.16
0.25
0.27
0.49
Spreads Observation
Looking at the spreads. We can see that standard accounts of both Go Markets and Pepperstone are more expensive than the Electronic Data Communication (ECN) type of accounts (ie. Go Markets Plus and Pepperstone Razor). The spreads are wider because 1 pip is added to the spread.
Both Go Markets and Pepperstone are ECN brokers, this means they offer a true ECN account (ie. Go Markets Plus and Pepperstone Edge Razor). To keep the spreads narrow and avoid interfering with the true market price, investors instead pay a commission for these accounts. Go Markets charge an industry-low AUD 6 round trip ($3 one way) commission while Pepperstone charge an industry-standard AUD $3.50.
Calculating your cost
If the account currency is USD, then it is quite simple to calculate the dollar cost of the currency trade. Using USDCAD as an example and trading with mini-lots (ie 0.1) then you will have the following basic cost:
Note 1: To convert to Standard Lots then multiply your result by 10. To convert to micro-lot then divide your lot by 10.
Note 2: If then account currency is not USD. Then you need to convert the currency to USD this means calculations will therefore, be different however Go Plus followed by Pepperstone Edge will still have the lowest expenses.
Note 3: Go Markets average spreads are only to the first decimal. Average spreads are likely to have been rounded.
Other costs
Swap / Rollover / Overnight / Holding fees – When you maintain your position for a currency pair overnight then you will incur a swap fee. Swap rates or charges will vary by currency pair which are released each week by the financial institution the broker works with. To calculate the rate you multiple the swap long or swap short by the number of lots your trading with. i.e. if swap long is 6.0 points and you hold 1 lot (10,0000 units) overnight then you will receive 0.60 pips for the lot. In dollar terms, your account will receive $6 per rollover (0.60 x 10).
Account Comparisons
Account Type
Go Markets Standard
Go Markets Plus+
Pepperstone Standard
Pepperstone Razor
Spreads From
1.0 Pips
0.0 Pips
1.0 Pips
0.0 Pips
Commission
$0
AUD $6.0 Round Trip
$0
AUD $7.0 Round Trip
Minimum Trade Size
0.01 Lots
0.01 Lots
0.01 Lots
0.01 Lots
Leverage
500:1 Maximum
500:1 Maximum
500:1 Maximum
500:1 Maximum
Expert Traders Allowed
Yes
Yes
Yes
Yes
Hedging Allowed
Yes
Yes
Yes
Yes
Scalping Allowed
Yes
Yes
Yes
Yes
Minimum Deposit
AUD $200
AUD $500
AUD $200
AUD $200
Level of Support
24/5
24/5
24/7
24/7
Dedicated Account Manager
Yes
Yes
No
No
Currency Pairs
50
50
60
60
Tradeable Instruments
90+
90+
70+
70+
Execution
STP
ECN
STP
ECN
Features of all four accounts we review are very similar. The main differences are
Standard Accounts for each broker do not charge commission while ‘ECN’ Style accounts do charge commission. Pepperstone charge higher commission than Go Markets
GO Markets Plus account requires a minimum account opening balance of AUD $500 to open. All other accounts only require AUD $200
Go Markets include 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.
Pepperstone offers more currency pairs than Go Markets including major pairs, minor pairs, crosses and exotic pairs.
Our Recommendation – Go Markets vs Pepperstone
If you are new to trading then it may beneficial to start with a Standard Account. Although we have shown standard accounts do cost more than an ECN ‘style’ accounts, investors do not need to worry about calculating commissions into their expenses and instead just focus on improving their trading skills. 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 on Pepperstone fees view our full article.
If you are an intermediate trader then we recommend either the GO Markets Plus account or Pepperstone Edge Razor account. ECN accounts offer lower spreads and are cheaper than Standard accounts despite the cost of commissions. We feel both Go Markets and Pepperstone ECN accounts are excellent solutions for investors wanting narrow spreads with low fees. If you plan to be a regular trader then the lower commission GO Markets charge may represent a significant saving over time however there are three main things to consider
Spreads for specific currency pairs may be cheaper with Pepperstone than Go Markets which could negate any saving through commission.
Pepperstone offer more forex pairs so you will want to check GO Markets offer the currency pairs you intend to trade with
Go markets require a higher minimum balance than Pepperstone. This means you could be taking on higher debt than you wish to when leverage is taken into account
With these considerations taken into account, we recommend Pepperstone Edge Razor Account
If you are a high volume trader then you can gain further savings by joining Go Markets volume trading rebate program or Pepperstones Active trader program.
Go Markets volume trading rebate
If you trade volumes are meet GO Markets requirements then you will receive a cash rebate once a month.
Both Standard and Go Markets Plus account holders can claim the rebate.
Pepperstone active trader program
If you are a Pepperstone Edge Razor account holder and you trade sufficiently high volumes of forex then consider joining the Pepperstone active trader program. Investors will receive their rebates the next day and can use them for trade immediately.
Investors on the active trader program will also receive the following benefits
Priority Client Support (this is the same as GO Markets ‘Dedicated account manager’.)
Complementary VPS hosting solutions
Advanced Insights and Reports such as access to Pepperstones market analysts and daily Autochartist signals.
Leverage
Forex is a leveraged product. Leverage allows you to trade high amounts or volumes of capital with little money. The higher the leverage you take on, the higher the more debt you will incur if currency movement is not favourable.
Both Go Markets and Pepperstone offer a maximum 500:1 margin regardless of the currency pair you invest in.
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 difference of each platform.
Each broker offers MT4 and MT5 on Windows, Mac PCs and IOS and Android tablets and mobile. 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 an 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
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.
No hedging rule: American 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.
MQL5 is not backward compatible with MQL4. MT4 uses MQL4 for OOP programming which is good for EAs and GUI customisation. MQL5 is not backward compatible.
Trading Platform Conclusion – Go Markets vs Pepperstone
Unless you have a 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 user 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 economic calendar.
Go Markets call 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.
Both Go Markets and Pepperstone offer the standard types of risk management tools that all online brokers offer. These include stops (i.e. stop loss), limit orders, orders (i.e pending orders), margin calls (i.e. measures to ensure your account balance does not go into negative) however neither broker offer guaranteed risk management. This means there is no protection for you in the event of slippage or bad trading decisions.
Instead, both Go Markets and Pepperstone place a focus on technology that allows for fast execution during trading. Faster execution helps manage slippage by reducing the lag time to complete order execution.
While Go Markets mention they have fast execution, there do not say how they achieve this fast execution. Pepperstone on the other hand, are very open about their trading infrastructure.
Pepperstone Edge Technology
The Pepperstone edge technology brings 10 optical fibre cross-connects directly from the liquidity providers servers to Pepperstone MetaTrader master servers. Use of Fibre technology means data will transmit with blazing speeds in a reliable and stable fashion. Pepperstone’s master servers are just 11km from the New York liquidity centre. The short distance means data does not have to travel far to complete your orders. These two strategies greatly reduce the risks of slippage when trading.
Both brokers fall under the Australian Securities and Investment Commission (ASIC) Regulation.
Go Markets operate with Australian Financial Services Licence 254963
Pepperstone operate with Australian Financial Services Licence 414530
The regulation with ASIC means the broker keeps your money in segregated accounts and handles your investments in securely.
Customer Service and Customer Support
Both Go Markets and Pepperstone are leaders when it comes to customer service.
Go Markets Customer Service
We already spoke about all customers have a ‘dedicated account manager’ however Go Markets have 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 have customer support in Australia that traders can call via a toll-free number but also the UK and China. An international number into 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 have a section which 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 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 uses real-time market data.
Pepperstone only has a dedicated customer account manager if you are part of the Pepperstone active trader program however general customer support is available 24/7. 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 award for the customer service including best ‘Forex Trading Support’ from UK Forex in 2018 and ‘Çustomer Service from Investment Trends in 2017
Customer Service Features
Learn to Trade – Pepperstone has a range of webpages 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 is available.
FAQ – Traders can search in the FAQ for any question 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 will reward you with AUD $100 if you bring a brand new client to Go Markets and they execute 5 standard trading lots on the MT4 platform.
Pepperstone will reward you with AUD $100 if you bring a brand new client to Pepperstone and they fund their account with at least AUD $1000 and trade 5 or more lots.
Deposits and Withdrawals
Go Markets allow deposits and withdrawals with the following methods – Debit and Credit cards (Visa and MasterCard), Neteller, FasaPay, BPay, POLi and Bank Transfer. Go Market to not charge for using these services.
Pepperstone allows deposits and withdrawals with the same funding providers but also allow China Union Pay. Like Go Markets, Pepperstone do not charge for using the service.
Investors on the active trader program will also receive the following benefits
erstone active trader program however general customer support is available 24/7. 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.
work”, “Basic Terminology”, “Fundamental Analysis” and “Technical Analysis” so you can read and learn about different aspects of forex.