OctaFX vs Go Markets - 2023 Comparison | FX Scouts
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 Scouts, 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
11110.54.27/ 5 USD 25CySEC Regulated BrokersFinansinspektionenFinancial Services Authority – St. Vincent & the GrenadinesECN/DMACommodities, Cryptocurrencies, Forex, Indices, Metals, Stock CFDs3530
  • Fast and free withdrawals
  • Copy trading accounts
  • Limited range of assets
  • Restrictive account types
Read Review 1110.503.5/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 111104/ 5 11110.54.5/ 5 0500:10.60 pips cTrader ECN, MT4, MT5 MT4, MT5Bitcoin, Neteller, Skrill, Mastercard, VisaFees Included in Spread
11110.54.44/ 5 USD 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 OctaFX 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

OctaFX

At FX Scouts, 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 OctaFX, 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 OctaFX 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 one Tier 1 and two Tier 2 licences, and OctaFX holds one Tier 1 and one Tier 2 licences.

 

Can I trust Go Markets?

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

 

Can I trust OctaFX?

Yes as OctaFX was founded in 2011 and is regulated by CySEC, FSA-St-Vincent and Fi.

 

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

Does Go Markets or OctaFX 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 OctaFX has overall lower trading costs than Go Markets. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
OctaFX
11110.54.5/ 5
EUR, USD
0.60 pips
USD 6
0.60 pips
1.10 pips
1.20 pips
USD 0
Go Markets
11110.54.5/ 5
AUD, USD, GBP, EUR, NZD, SGD, CAD, CHF, HKD, PLN
0.10 pips
USD 7
0.20 pips
0.50 pips
0.20 pips
USD 6

 

Does Go Markets or OctaFX 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 OctaFX 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 OctaFX offer copy trading and Go Markets does not.

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Broker
Platform Choice
Copy Trading
Platforms
OctaFX
11110.54.5/ 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 Go Markets offers a greater range and depth of instruments to trade than OctaFX. Go Markets offers 49 Forex pairs to trade and OctaFX offers 35 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, OctaFX offers 30 cryptocurrencies while Go Markets offers 10 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with OctaFX.

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 OctaFX charges a withdrawal fee. Overall, OctaFX has better deposit and withdrawal processes than Go Markets. 

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 and OctaFX both have moderate educational support. Go Markets offer educational support for more experienced traders and OctaFX does not.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
OctaFX
Medium
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 OctaFX and that both Go Markets and OctaFX offer frequent webinars.

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

 

Our overall Verdict on Go Markets

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 OctaFX

OctaFX will be a difficult choice for many Nigerian traders. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and has a great copy trading service.

On the other hand, OctaFX is essentially unregulated in Nigeria and has a limited range of instruments to trade compared to other brokers: 35 Forex pairs, 150 stocks, 5 commodities, 10 indices, and 30 cryptocurrencies.

If you can look past these issues, you will find a low-cost broker with a fairly standard setup: Two accounts with minimum deposits of 25 USD, a slick mobile app, and a good range of trading tools. OctaFX also heavily promotes its wide range of bonuses, and it can offer leverage of 1:500 on Forex pairs.

Finally, both accounts are swap-free for Muslim traders, and OctaFX always runs competitions and promotions for Nigerian clients.

Which broker has the highest overall rating?

Go Markets has an overall rating of 4.44 and OctaFX has an overall rating of 4.27. For more detail please read our reviews of Go Markets and OctaFX.

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