The top MT4 brokers in AU
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Broker Score | Risk Statement | Min. Deposit | Regulation | Trading Desk Type | Trading Instruments | Forex Pairs | Crypto Pairs | Pros | Cons | Regulation | Trading Conditions | Trading Platforms | Deposit & Withdrawal | Education & Research | Assets Available | Customer Service | % Lose with this broker | Leverage | Spread | Hedging | Scalping | Account Types | Islamic Account | Trading Platforms | Funding Methods | Trading Commission | ||
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75.6% of retail CFD accounts lose money | AUD 0 | ECN/DMA | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs | 70 | 11 |
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| Read Review | 75.6% | 30:1 | 0 pips | Yes | Yes | MT4 Pro Account, MT4 Standard Account | Yes | MT4 | Visa, Mastercard, Bank Transfer, Bitcoin, Neteller, Skrill, Sofort Banking, Giropay | 7 USD / lot - PRO account | ||||||||||
62% of retail CFD accounts lose money | AUD 200 | Market Maker NDD, ECN/DMA | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, Bonds, Shares | 49 | 10 |
|
| Read Review | 62% | 30:1 | 0 pips | Yes | Yes | GoPlus+, Standard | No | MT4, MT5 | Bank Transfer, Visa, Mastercard, Skrill, Neteller, Fasapay, BPay, POLi | 4 USD / lot |
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare Axi and Go Markets, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that Axi holds three Tier 1 and two Tier 2 licences, and Go Markets holds two Tier 1 and one Tier 2 licences.
Based on these findings, Axi earned a higher trust rating than Go Markets.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Go Markets has overall lower trading costs than Axi.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, Axi offers support for and Go Markets offers support for .
Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Axi and Go Markets offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Axi offers a greater range and depth of instruments to trade than Go Markets. Axi offers 70 Forex pairs to trade and Go Markets offers 49 Forex pairs to trade.
In this case, Axi offers 11 cryptocurrencies while Go Markets offers 10 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Axi.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that Axi charges a withdrawal fee and Go Markets does not. Overall, Axi has better deposit and withdrawal processes than Go Markets.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
Axi and Go Markets both have moderate educational support. Both Axi and Go Markets offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that Axi offers better research analysis than Go Markets and that both Axi and Go Markets offer frequent webinars.
An Australian broker with an excellent reputation, Axi is an MT4-only broker with three low-cost trading accounts and some of the best trading tools in the industry. We were also pleased to find that Axi is regulated by ASIC, an Australian regulator that provides a high level of investor protection.
Although Axi limits its platform choice to MT4, it offers traders free use of various powerful platform-integrated technical analysis tools, including Autochartist, MyFxBook, and PsyQuation to help experienced traders and serious beginners make better trading choices. We were also impressed that beginners have access to high-quality, structured learning material and frequent market analysis.
Axi’s range of financial instruments is slightly limited compared to other brokers, but it offers over 70 Forex pairs and has recently added share CFDs. Finance professionals and wealthy clients will also be pleased to note that they can access leverage of up to 400:1 for major Forex pairs on the Elite Account.
We are aware of multiple complaints about problems withdrawing profits from GO Markets. We advise traders to find another approved broker until we have verified these claims.
A well-regulated Australian broker, GO Markets offers two low-cost trading accounts, a huge range of financial instruments, and excellent trading tools on the MT4 and MT5 platforms.
GO markets traders can choose between two accounts, both with competitive trading costs. The commission-free Standard Account has spreads that start at 1.0 pips (EUR/USD), while the GO Plus+ Account offers spreads of 0 pips in exchange for a commission of 6 AUD/4 USD (round turn). Both accounts have a reasonable minimum deposit of 200 AUD, making them accessible to beginner traders. Traders can choose from over 3600 financial instruments, including 49 Forex pairs and all 2400+ shares listed in the ASX.
Offering full support for MT4, MT5, and its in-house share trading platform, GO Markets provides an extensive suite of trading tools, including a free VPS service, Autochartist, Trading Central, and myfxbook. Traders will also benefit from responsive and knowledgeable multilingual customer service and a great selection of education and market analysis materials.
Overall, a technological innovator, GO Markets works hard to keep low-latency trading, plenty of choice, reliable customer support, and stable platforms at the core of its offering.
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