Choosing Brokers: Alpari Vs Go Markets

Filed under: Learn Forex Trading |

Picture 3Today, I will be looking at and making a direct comparison between two major forex brokers – Alpari (UK), and Australian broker Go Markets. I am currently using the MT4 platform for Go Markets and the MT5 platform for Alpari, so I am in a good position to make some comparisons and to measure some of the pros and cons of these brokers.

 

First, with regard to customer service – both are excellent. Go markets tends to use email and live text chat more efficiently, while Alpari offers a more personal service and tends to call you regarding any queries. With regards to spreads, Alpari is currently superior in that the spreads are lower across the board. For example, the GBP/USD is currently a 1.7 pip spread on Go Markets and 0.8 pips on Alpari MT5. Moreover, the USD/JPY is currently a 1.8 pip spread on Go Markets, and only 0.7 pips on Alpari MT5. This can make a big difference to your bottom line profit/loss figure over a long series of trades.

 

Currently, Go Markets does not offer the option of using MT5, and MT5 has a number of additional features that MT4 does not, such as viewing the depth of the market (the orders that are in the order book). This can be useful in predicting which way price is likely to go. I have noticed one or two discrepancies in price on the Alpari platform with price sometimes gapping where the Go Markets platform does not – however, generally, the charts seem to look the same.

 

When I had a target set on both platforms, the market gapped up on the open of Monday past my target, and the Go Markets took profit right at my profit level, while Alpari took profits at the open price. While this allowed more profits on the Alpari platform, this could be dangerous where stop losses are concerned, so I am currently looking into this and questioning both brokers about their policies on market gaps and stop losses being honoured.

 

All in all, I feel that both of these brokers are good choices. However, I have only been using Go Markets over a long period, and as such, at present, this is the only one that I could confidently recommend.

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