With the evolving Global Navigation Satellite System (GNSS) landscape, the International GNSS Service (IGS) has started the Multi-GNSS Experiment (MGEX) to produce precise products for new generation systems. Various analysis centres are working on the estimation of precise orbits, clocks and bias for Galileo, Beidou and Quasi-Zenith Satellite System (QZSS) satellites. However, at the moment these products can only be used for post-processing applications. Indeed, the IGS Real-Time service only broadcasts Global Positioning System (GPS) and Globalnaya Navigatsionnaya Sputnikovaya Sistema (GLONASS) corrections. In this research, a simulator of multi-GNSS observations and real-time precise products has been developed to analyse the performance of GPS-only, Galileo-only and GPS plus Galileo Precise Point Positioning (PPP). The error models in the simulated orbits and clocks were based on the difference between the GPS Real-Time and the Final products. Multiple scenarios were analysed, considering different signals combined in the Ionosphere Free linear combination. Results in a simulated open area environment show better performance of the Galileo-only case over the GPS-only case. Indeed, up 33% and 29% of improvement, respectively, in the accuracy level and convergence time can be observed when using the full Galileo constellation compared to GPS. The dual constellation case provides good improvements, in particular in the convergence time (47% faster than GPS). This paper will also consider the impact of different linear combinations of the Galileo signals, and the potential of the E5 Alternative Binary Offset Carrier (AltBOC) signal. Even though it is significantly more precise than E5a, the PPP performance obtained with the Galileo E1-E5a combination is either better or similar to the one with Galileo E1-E5. The reason for this inconsistency was found in the use of the ionosphere free combination with E1. Finally, alternative methods of ionosphere error mitigation are considered in order to ensure the best possible positioning performance from the Galileo E5 signal in multi-frequency PPP.