We review and compare GO Markets vs Pepperstone for 2024, using what we consider to be the key features when selecting a broker to help you choose.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between GO Markets and Pepperstone:
| 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 have wider spreads than the Electronic Communication Network (ECN) type of accounts (i.e. GO Markets Plus and Pepperstone Razor). The spreads are wider because 1 pip is added to the spread. 1 pip is the equivalent of $10.
Both GO Markets and Pepperstone offer ECN-style trading accounts. Pepperstone’s ECN-style account is called Razor account, which GO Markets calls their GO Markets Plus. While neither are ‘true’ ECN brokers, they offer ECN pricing as they directly connect you with liquidity providers via ECN networks who quote you with competitive spread prices. There is No Dealing Desk Brokers, or price requotes in their ECN process; instead, the brokers charge a commission.
GO Markets Commission
GO Markets charges an industry-low AUD $6.00 round trip ($3.00 one way) commission with each standard lot traded for its GO Plus account. This AUD$3.00 will be converted to your account currency when trading.
GO Markets quotes in AUD as they are an Australian forex broker.
Pepperstone Commission
Pepperstone varies its commission charges depending on the trading platform you are using.
MetaTrader 4 Side Trip Commission For Each Standard Lot
MetaTrader 5 Side Trip Commission For Each Standard Lot
Same as above except for
cTrader
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 (i.e. 0.1), you will have the following basic cost:
GO Markets Standard
1 USD x 1.70 pip = 1.70 USD + $0 commission = $1.70 USD.
GO Markets Go Plus
1 USD x 0.70 pip = 0.70 USD + $0.60 commission = $1.30 USD.
Pepperstone Edge Standard
1 USD x 1.64 pip = 1.64 USD + $0 commission = $1.64 USD.
Pepperstone Edge Razor
1 USD x 0.64 pip = 0.64 USD + $0.70 commission = $1.34 USD.
Note 1: To convert to Standard lots, multiply your result by 10. To convert to a micro-lot, divide your lot by 10.
Note 2: If the account currency is not USD, then you need to convert the currency to USD. This means calculations will 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.
Compare Pepperstone Razor vs Standard Accounts with Pepperstone.
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, multiply the swap long or swap short by the number of lots you’re trading with. i.e. if the 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).
If you are an intermediate trader, then we recommend either the GO Markets Plus account or the Pepperstone Edge Razor account. ECN pricing 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:
With these considerations taken into account, we recommend Pepperstone Edge Razor Account.
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
Other Considerations For Costs/Savings
If you are a high-volume trader, then you can gain further savings by joining the GO Markets volume trading rebate program or Pepperstone’s Active Trader program.
GO Markets Volume Trading Rebate
If your trade volumes 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 trade sufficiently high volumes of forex, consider joining the Pepperstone active trader program. Investors will receive their rebates the next day and can use them for trade immediately.
Investors in the active trader program will also receive the following benefits:
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
Standard Account Spreads
When it comes to standard account spreads, there’s a noticeable difference between GO Markets and Pepperstone. GO Markets has a consistent spread across most forex pairs, averaging around 1.5. On the other hand, Pepperstone has a slightly lower average spread, coming in at around 1.2.
In my opinion, Pepperstone offers a more cost-effective option for traders, especially those dealing with large volumes. The lower spread can significantly reduce trading costs over time. However, it’s important to note that the industry average spread is slightly higher than both GO Markets and Pepperstone, averaging around 1.5.
| Forex Pair | GO Markets | Pepperstone | Industry Average |
|---|---|---|---|
| EUR/USD | 1.2 | 0.92 | 1.16 |
| USD/JPY | 1.2 | 0.92 | 1.18 |
| GBP/USD | 1.6 | 1.28 | 1.49 |
| AUD/USD | 1.2 | 0.92 | 1.23 |
| USD/CAD | 1.5 | 1.32 | 1.69 |
| USD/CHF | 1.6 | 1.42 | 1.66 |
| NZD/USD | 1.6 | 1.42 | 1.28 |
| EUR/GBP | 1.5 | 1.3 | 1.42 |
Standard Account Analysis Updated August 2024 [1]December 2024 Published And Tested Data
This suggests that both GO Markets and Pepperstone offer competitive rates, with Pepperstone having a slight edge. But remember, the spread is just one aspect of trading costs. Other factors, such as commission fees and account types, can also impact your overall trading expenses. So, it’s essential to consider these aspects when choosing a forex broker.
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
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.
| Trading Platform | GO Markets | Pepperstone |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | Yes |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
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
MT4 vs MT5 Differences
| Features | MT4 | MT5 |
|---|---|---|
| Expert Advisors | Yes | Yes |
| Hedging | Simultaneous | FIFO + Netting |
| Inbuilt Indicators | 30 | 38 |
| Market Depth | No | Yes |
| Economic Calender | No | Yes |
| Exchange Trading | No | Yes |
| Derivatives | Forex, Commodities, Indices, Metals | Forex, CFDs, Shares, Bond, Options, Futures, Metals, Indices, Commodities. |
| Pending Orders | 4 - Buy Stop, Buy Limit, Sell Limit, Sell Stop | 6 - Buy Stop, Buy Limit, Sell Limit, Sell Stop, Buy Stop Limit, Sell Stop Limit |
| Language | MQL4 | MQL5 |
| Execution Speed | Fast | Faster |
| Timeframes | 9 | 21 |
| Order Execution Types | 3 | 4 |
| Partial Order Filling Policies | No | Yes |
| Technical Analysis Tools | 2000 Free Customer Indicators, 700 paid. | 44 Analytical Objects, Unlimited Charts |
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.
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.
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
Comparison Of Account Types
| 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 | $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 | $200 | $200 |
| Level of Support | 24/5 | 24/5 | 24/5 | 24/5 |
| Dedicated Account Manager | Yes | Yes | No | No |
| Currency Pairs | 50 | 50 | 92 | 92 |
| Tradeable Instruments | 90+ | 90+ | 70+ | 70+ |
| Execution | STP | ECN + STP | STP | ECN + STP |
The features of all four accounts we reviewed are very similar. The main differences are:
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.
| GO Markets | Pepperstone | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | No | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | No | Yes |
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.
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.
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.
Pepperstone Trust Score
GO Markets Trust Score
Both brokers fall under the Australian Securities and Investment Commission – ASIC Regulation.
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.
| Go Markets | Pepperstone | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) | ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) | SCB (Bahamas) CMA (Kenya) |
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.
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
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.
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
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:
Verdict: Considering the depth and range of resources offered by both, Pepperstone slightly edges out with its frequently updated content and extensive video library.
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
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 Pepp
erstone 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
work”, “Basic Terminology”, “Fundamental Analysis”, and “Technical Analysis”, so you can read and learn about different aspects of forex.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:
Demo Accounts
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
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:
| Funding Option | GO Markets | Pepperstone |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| UnionPay | ✅ | ❌ |
| Bitcoin | ❌ | ✅ |
| POLi | ✅ | ✅ |
| BPay | ✅ | ✅ |
| FasaPay | ❌ | ✅ |
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.
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*Your capital is at risk ‘75.3% of retail CFD accounts lose money’
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:
| Broker | Minimum Deposit |
|---|---|
| GO Markets | $0 |
| Pepperstone | $0 |
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.
Verdict: Both GO Markets and Pepperstone offer a $0 minimum deposit, making them equally attractive for traders looking for a low-entry barrier.
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:
| Criteria | GO Markets | Pepperstone |
|---|---|---|
| Lowest Spreads And Fees | ❌ | ✅ |
| Better Trading Platform | ✅ | ✅ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ✅ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ✅ | ✅ |
| Better Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ✅ | ✅ |
GO Markets is better suited for beginner traders due to its dedicated section for novice traders and comprehensive educational materials.
Pepperstone stands out for experienced traders because of its advanced trading platforms, extensive product range, and frequently updated market insights.
Pepperstone is often celebrated for its competitive spreads, having been awarded as the Best Low Spread No Commission Forex Broker. Conversely, GO Markets stands out for its commendable features for Euro traders, being recognised as the Lowest Commission Forex Broker for EUR Traders. In December 2024, Pepperstone’s standard account showcased some of the industry’s lowest spreads without any added commission on trades. Meanwhile, GO Markets offers an ECN-style trading environment, boasting minimum spreads that can go as low as 0.0 pips, coupled with a commission fee of AUD $6 round turn for Euro traders. For a comprehensive breakdown of spreads and costs, consider checking out our Lowest Commission Brokers page.
Pepperstone stands out as the top choice for MetaTrader 4, excelling in spreads, execution speed, and platform features. In the fast-paced world of trading, Pepperstone’s rapid execution on MT4 is a game-changer. Their exceptional service and support further enhance their reputation. For those keen on diving deeper into why Pepperstone shines among the best MT4 brokers, our detailed review provides all the insights.
Both Pepperstone and GO Markets provide platforms that support social and copy trading. Social trading has become a popular way for traders, especially beginners, to leverage the strategies of experienced professionals. If you’re keen to explore the best brokers offering these services, our comprehensive guide on the best copy trading platforms can provide further insights.
GO Markets does not offer spread betting, while Pepperstone does. Spread betting is a popular trading method in the UK. If you’re interested in exploring more about spread betting, you might want to check out the best brokers for spread betting.
In my opinion, Pepperstone is superior for Australian Forex traders. Both GO Markets and Pepperstone are ASIC regulated, ensuring a high level of security for traders. While GO Markets was founded in Australia, Pepperstone was founded overseas but has since established a strong presence in Australia. For a comprehensive list, you can visit the Best Forex Brokers In Australia.
Personally, I believe Pepperstone holds an edge for UK Forex traders. Both brokers are FCA regulated, which is crucial for ensuring the safety of funds. GO Markets is an international broker, while Pepperstone was founded overseas but has made significant inroads in the UK market. For those looking for the Best Forex Trading Apps in UK, this might be of interest.
No commission account spread proprietary testing data and published website spread information, centralised on our Standard Account Spreads page.
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