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What are the favorite time controls for online Go?

It depends on where you play...

At www.online-go.com ("OGS") the default setting is Fischer time with 10 minutes + 30 seconds per move up to 5 minutes max, then 5 x 30 byoyomi.

PandaNetGo (IGS) uses Canadian timing and the default setting is 5 minutes + 25 stones in 10 minutes which means you have 24 seconds on average to play a move, and once you play 25 stones the timer resets to 10 minutes.

OGS allows you to use basically whatever setting you please, whereas PandaNet boxes you into several different lengths of Canadian timing.