IronFX vs Go Markets - 2023 Comparison | FX Australia
AuthorBy Björn Michels
Updated: August 29, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Australia, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

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Overall Rating
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
1110.503.54/ 5 USD 50CySEC Regulated BrokersFCA Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityMarket Maker, ECN/DMACommodities, Stock CFDs, Forex, Futures, Indices, Metals830
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Expensive withdrawals
Read Review 11110.54.5/ 5 111003/ 5 111104/ 5 100001/ 5 1110.503.5/ 5 11110.54.5/ 5 1110.503.5/ 5 75.35%30:10 pips Live Standard Fixed Spread, Live Standard Floating Spread, Live Premium Fixed Spread, Live Premium Floating Spread, Live VIP Fixed Spread, Live VIP Floating Spread, Live Zero Fixed, STP/ECN Absolute Zero, STP/ECN No Commission, STP/ECN Zero Spread MT4Visa, Mastercard, Bank Transfer, Neteller, Bitcoin, Fasapay, PerfectMoney, Skrill, UnionpayOn select STP/ECN Accounts
11110.54.44/ 5 AUD 200ASIC Regulated Forex BrokersCySEC Regulated BrokersFinancial Services AgencyFinancial Services CommissionMarket Maker NDD, ECN/DMACommodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, Bonds4910
  • Fast and free withdrawals
  • Wide range of assets
  • Excellent market analysis
  • Innovative trading tools
  • High minimum deposit
  • No swap-free account option
Read Review 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 111115/ 5 111104/ 5 62%30:10.20 pips GoPlus+, Standard MT4, MT5Bank Transfer, Visa, Mastercard, Skrill, Neteller, Fasapay, BPay, POLi6 USD / lot - GoPlus+

How do Go Markets and IronFX stack up against each other?

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.

Go Markets

IronFX

At FX Australia, 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 Go Markets and IronFX, 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.

Does Go Markets or IronFX have a better trust and regulation rating?

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 IronFX holds two Tier 1 and one Tier 2 licences, and Go Markets holds one Tier 1 and two Tier 2 licences.

 

Can I trust IronFX?

Yes as IronFX was founded in 2010 and is regulated by ASIC, CySEC, FCA and FSCA.

 

Can I trust Go Markets?

Yes as Go Markets was founded in 2006 and is regulated by ASIC, CySEC, FSA-Japan and FSC.

 

Based on these findings, IronFX earned a higher trust rating than Go Markets.

Does Go Markets or IronFX have lower costs?

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 IronFX. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Commission
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
IronFX
111003/ 5
USD, EUR, GBP, AUD, JPY, BTC, PLN, CZK
2.20 pips
USD 0
USD 22
0.00 pips
0.00 pips
0.00 pips
Go Markets
11110.54.5/ 5
AUD, USD, GBP, EUR, NZD, SGD, CAD, CHF, HKD, PLN
0.10 pips
USD 6
USD 7
0.20 pips
0.50 pips
0.20 pips

 

Does Go Markets or IronFX offer a better choice of trading platforms?

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, Go Markets offers support for MT4 and MT5 and IronFX offers support for MT4. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case IronFX offer copy trading and Go Markets does not.

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Broker
Platform Choice
Copy Trading
Platforms
IronFX
111104/ 5
Go Markets
11110.54.5/ 5

 

Which broker offers a better choice of trading instruments?

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 IronFX offers a greater range and depth of instruments to trade than Go Markets. IronFX offers 83 Forex pairs to trade and Go Markets offers 49 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, Go Markets offers 10 cryptocurrencies while IronFX offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Go Markets.

Which broker offers better deposit and withdrawal processes?

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 IronFX charges a withdrawal fee and Go Markets does not. Overall, Go Markets has better deposit and withdrawal processes than IronFX. 

Which broker offers better educational support?

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. 

IronFX has better educational support than Go Markets. Both Go Markets and IronFX offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
IronFX
High
Go Markets
Medium

 

Which broker offers better market analysis materials?

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 Go Markets offers better research analysis than IronFX and that both Go Markets and IronFX offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
IronFX
Go Markets

 

Our overall Verdict on Go Markets

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 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 the 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 their offering.

Our overall Verdict on IronFX

With oversight from some of the top international regulators, enhanced platform functionality, and a wide range of flexible account choices, IronFX appeals to traders looking for a well-regulated MT4 broker with a low-deposit Cent Account and a large number of Forex pairs.

Founded in 2010, IronFX maintains regulatory oversight from CySEC, ASIC, the FCA, and the FSCA, an impressive list of highly regarded regulators.  Trading is offered on multiple assets, including commodities, indices, metals, futures, shares, and over 80 Forex pairs, a larger range than is typically seen at other brokers.

Platform support is limited to MT4, but IronFX offers an upgraded package labeled MT4 Advanced, which transforms MT4 into a state-of-the-art trading terminal. Traders can also choose between nine live flexible accounts, including a low-deposit Cent Account that appeals to beginners who prefer to make smaller trades measured in micro-lots

A drawback for beginner traders considering IronFX is the lack of educational and market analysis materials available, forcing traders to self-educate with other third-party platforms.

Which broker has the highest overall rating?

Go Markets has an overall rating of 4.44 and IronFX has an overall rating of 3.54. For more detail please read our reviews of Go Markets and IronFX.

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