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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 Oanda, 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 Oanda holds four Tier 1 and no Tier 2 licences, and Go Markets holds two Tier 1 and one Tier 2 licences.
Based on these findings, Oanda 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 Oanda.
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 Oanda offers support for MT4 and MT5.
In this case both Go Markets and Oanda 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 Go Markets offers a greater range and depth of instruments to trade than Oanda. Go Markets offers 49 Forex pairs to trade and Oanda offers 45 Forex pairs to trade.
In this case, Go Markets offers 10 cryptocurrencies while Oanda offers 4 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Go Markets.
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 Oanda charges a withdrawal fee and Go Markets does not. Overall, Go Markets has better deposit and withdrawal processes than Oanda.
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 Oanda both have moderate educational support. Both Go Markets and Oanda 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 Go Markets offers better research analysis than Oanda and that both Go Markets and Oanda offer frequent webinars.
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. However, Malaysian traders may also be disappointed to note that GO Markets does not offer Islamic swap-free accounts.
A popular broker in Malaysia, OANDA has a comprehensive education suite, no minimum deposit requirements, low trading fees, and a great mobile trading app. However, Malaysian traders may be concerned that OANDA’s global entity has very little regulatory oversight and that they are not offered negative balance protection.
Traders may also be disappointed by the relative lack of financial instruments and high withdrawal fees, but OANDA offers support for both the MT4 and MT5 platforms in addition to a great range of trading tools and detailed market analysis.
Despite the poor regulatory oversight and small range of trading instruments, OANDA is a good all-round broker. It has a decent Islamic trading account and the low fees will attract many traders. And with the introduction of MT5 support, we expect that the number of trading instruments will increase in the near future.
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