How do Go Markets and XM 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.

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

 

Is XM financially regulated?

Yes XM was founded in 2009 and is regulated by ASIC, CySEC, DFSA, FSCA and FSC.

 

Is Go Markets financially regulated?

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

 

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

Does Go Markets or XM 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 XM. 

 

Does Go Markets or XM 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 XM offers support for MT4 and MT5. 

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 both Go Markets and XM offer copy trading.

 

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 XM offers a greater range and depth of instruments to trade than Go Markets. XM offers 57 Forex pairs to trade and Go Markets offers 49 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, XM offers 60 cryptocurrencies while Go Markets offers 10 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with XM.

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 neither Go Markets nor XM charges a withdrawal fee. Overall, Go Markets has better deposit and withdrawal processes than XM. 

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. 

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

 

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 XM and that both Go Markets and XM offer frequent webinars.

 

Our overall Verdict on Go Markets

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 broker, GO Markets will appeal to traders looking for a simple account structure and a broad range of trading tools on the MT4 and MT5 platforms. 

GO markets offers trading on multiple CFDs, including Forex, share CFDs, indices, metals, and commodities and 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+ ECN 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. 

With full support for MT4 and MT5, GO Markets also provides an extensive suite of trading tools. These include a free VPS service, Autochartist, Metatrader Genesis, Trading Central, a-Quant, and the Myfxbook copy-trading service. Most of these tools are available for free to live account-holders. Traders will also appreciate the fact that no extra fees are charged for deposits, withdrawals, or on inactive accounts. 

Overall, GO Markets is a dependable, straight-forward broker that ticks all the boxes.

Our overall Verdict on XM

XM has some of the lowest fees in the industry, provides excellent research and education, and has a beginner-friendly trading app. With a large customer base and a good reputation, XM will be a good option for most South African traders. It has an outstanding range of trading tools and offers traders generous bonuses and incentives. It also has one of the best copy trading services in the industry. 

XM offers four trading accounts, three of which require a minimum deposit of 5 USD and have no commissions for Forex trading. The highlight is the commission-free Ultra Low Account, with spreads starting at 0.6 pips (EUR/USD).

XM's main drawback is that although the South African FSCA regulates it, South African clients will be trading through XM’s company in Belize, which has poor regulatory oversight.

Which broker has the highest overall rating?

Go Markets has an overall rating of 4.54 and XM has an overall rating of 4.45. For more detail please read our reviews of Go Markets and XM.