How do Go Markets and IKOFX 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 IKOFX, 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 IKOFX 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 IKOFX holds no Tier 1 and no Tier 2 licences.

 

Is Go Markets financially regulated?

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

 

Is IKOFX financially regulated?

No IKOFX is not adequately regulated.

 

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

Does Go Markets or IKOFX 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 IKOFX. 

 

Does Go Markets or IKOFX 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 and IKOFX offers support for . 

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 IKOFX 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 Go Markets offers a greater range and depth of instruments to trade than IKOFX. Go Markets offers 49 Forex pairs to trade and IKOFX offers 26 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, Go Markets offers 10 cryptocurrencies while IKOFX 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 IKOFX charges a withdrawal fee and Go Markets does not. Overall, Go Markets has better deposit and withdrawal processes than IKOFX. 

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. 

Go Markets has better educational support than IKOFX. Both Go Markets and IKOFX 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 IKOFX and that both Go Markets and IKOFX 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 IKOFX

IKOFX, also known as IKO Global Limited, is an STP broker registered in Vanuatu but unregulated. It has support for MT5 and leverage up to 1:1000 on its Mini Account.

With simple account options, one-click trade execution, and optional swap-free Islamic accounts.  Intermediate and advanced traders will enjoy the updates to the MetaTrader 4 platform that IKOFX have built by themselves and can take advantage of hedging and scalping, and fast execution and minimal slippage on the ECN account.

 

Which broker has the highest overall rating?

Go Markets has an overall rating of 4.54 and IKOFX has an overall rating of 2.62. For more detail please read our reviews of Go Markets and IKOFX.