Written by ForexBrokers.com
In this head to head comparison of FXCM vs Pepperstone, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXCM and Pepperstone are both highly trusted online brokers, according to ForexBrokers.com. FXCM holds a Trust Score of 95/99 and Pepperstone scores 94/99—both fall in the 90–99 range, which is considered highly trusted. FXCM was founded in 1999, while Pepperstone launched in 2010.
From a regulatory standpoint, FXCM has 4 Tier‑1 licenses (highly trusted by ForexBrokers.com) and 2 Tier‑2 licenses (trusted), compared with Pepperstone’s 3 Tier‑1 and 2 Tier‑2 licenses. FXCM is publicly traded on a stock exchange; Pepperstone is not. Neither broker is a bank.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Year Founded | 1999 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 3 |
| Tier-2 Licenses | 2 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
FXCM’s commissions and fees are a little above the industry average overall, especially on standard accounts. On EUR/USD, average spreads in May 2024 were 0.78 pips for its EU, U.K., and Australia offerings, while its St. Vincent and the Grenadines entity averaged 1.38 pips, which is higher than average. FXCM’s commission-based accounts were cheaper, with average spreads of 0.28 pips before commissions, and active traders may be able to cut costs further through rebate tiers if they trade enough volume. FXCM is rated 4.5/5 stars and ranks #17 out of 36 for commissions and fees.
Pepperstone generally offers stronger pricing, especially on its Razor account and for active traders. Its Razor account averaged 0.10 pips on EUR/USD in July 2024, and after adding commission-equivalent costs, the all-in figure came to about 0.80 pips, which is near the industry average. Its Standard account is commission-free but more expensive, with an average EUR/USD spread of 1.1 pips. Pepperstone’s Active Trader program can also reduce costs for high-volume clients in the U.K., EU, and Australia. Pepperstone is rated 5/5 stars and ranks #5 out of 36 for commissions and fees.
In simple terms, Pepperstone has the edge on pricing for most traders, while FXCM can still be competitive for commission-based and high-volume accounts. If low trading costs are your main goal, Pepperstone is the stronger pick overall, but FXCM may still appeal to active traders who qualify for rebates.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $10 |
| Average spread (EUR/USD) - Spread-only account | 0.9 | 1.1 |
| All-in Cost EUR/USD - Raw spread account | 0.8 | 0.8 |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
FXCM and Pepperstone both give traders access to forex as CFDs or spot contracts, plus copy trading and cryptocurrency CFDs. Neither broker offers exchange-traded stocks on U.S. or international exchanges, so if you want to buy shares like Apple or Vodafone directly, neither platform supports that. FXCM offers 440 tradeable symbols and 46 forex pairs, while Pepperstone lists a much wider selection with 2,631 tradeable symbols and 65 forex pairs.
When it comes to crypto, Pepperstone has an edge because it lets clients buy actual cryptocurrency as well as crypto CFDs, while FXCM only offers crypto CFDs. Even so, FXCM scores slightly higher for range of investments, with a 4.5-star rating and a ForexBrokers.com ranking of #21 out of 36 brokers, compared with Pepperstone’s 4-star rating and #23 ranking.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 2631 |
| Forex Pairs (Total) | 46 | 65 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | Yes |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
FXCM and Pepperstone both give traders a wide choice of tools, including free demo accounts, web-based platforms, desktop downloads for Windows, copy trading, and the MetaTrader 4 platform. Each broker also offers a proprietary platform built in-house, plus the ability to place trades directly from charts. For traders who want to test strategies or switch between devices, both brokers provide a flexible setup that covers the main platform needs of most beginners and active traders.
The biggest difference is that Pepperstone also supports MetaTrader 5, while FXCM does not. In third-party ratings, FXCM leads on trading platforms and tools with 5 stars and a #4 ranking out of 36 brokers, compared with Pepperstone’s 4 stars and #21 ranking. That said, Pepperstone still remains a strong option, especially for traders who want MT5 alongside the core platform features both brokers share.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 115 | 90 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
FXCM and Pepperstone both make it easy to trade on the go, with iPhone and Android apps, price alerts, and watchlist syncing between the mobile app and online account. Each app also lets users draw trendlines on charts and automatically saves those drawings, which is helpful for traders who want to keep their analysis in step across devices.
The main difference comes down to charting depth and overall app ratings. FXCM offers 59 technical studies in its mobile app, compared with 30 at Pepperstone, giving FXCM users more tools for chart analysis. FXCM is also rated higher for mobile trading apps at 4.5 stars and ranks #16 out of 36 brokers at ForexBrokers.com, while Pepperstone scores 4 stars and ranks #19. For traders who want a slightly stronger mobile charting experience, FXCM has the edge, while Pepperstone still delivers a solid and easy-to-use app.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 59 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
FXCM and Pepperstone both give traders useful market research tools, including daily market commentary, forex news from major sources such as Bloomberg, Reuters, and Dow Jones, a sentiment tool that shows long and short positioning, and an economic calendar for tracking key global events. Both brokers are also rated 4.5 out of 5 stars for Research, which puts them among the stronger choices for traders who want regular market updates and event tracking.
The main difference is that FXCM offers extra research features that Pepperstone does not. FXCM includes Trading Central tools and TipRanks market research, while Pepperstone does not offer those add-ons. Neither broker provides Autochartist or Acuity Trading tools. In ForexBrokers.com’s Research category, FXCM ranks #11 out of 36 brokers, ahead of Pepperstone at #13, giving FXCM a slight edge overall for market research.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | Yes | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
FXCM and Pepperstone both give beginners a strong starting point for learning forex and CFD trading. Each broker offers at least 10 educational pieces focused on forex or CFDs, monthly online client webinars, 10 or more beginner trading videos, and 10 or more advanced videos for more experienced traders. In other words, both platforms make it easy for new traders to find lessons, live sessions, and video content that cover the basics and beyond.
When it comes to overall education quality, the two brokers are very close. FXCM and Pepperstone each earn 4.5 out of 5 stars for Education, showing that both are well regarded for helping traders learn. FXCM does edge ahead in ForexBrokers.com’s ranking, placing #13 out of 36 brokers, while Pepperstone sits at #15. For beginners comparing the two, the difference is small, but FXCM has a slight lead in the overall education category.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that FXCM is better than Pepperstone. FXCM finished with an overall rank of #10, while Pepperstone finished with an overall rank of #17.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 94 |
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When comparing FXCM vs Pepperstone for cryptocurrency trading, Pepperstone offers the ability to buy actual delivered cryptocurrency, while both FXCM and Pepperstone support cryptocurrency CFDs.
Online brokers FXCM and Pepperstone both support ACH/SEPA transfers, PayPal, Skrill, and bank wire deposits and withdrawals, while Visa/Mastercard availability is not specified.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | FXCM | Pepperstone | |
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| Trust Score | 95 | 94 | |
| Winner | check_circle | ||
| Review | FXCM Review | Pepperstone Review |
| Broker Screenshots | FXCM | Pepperstone | |
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| Regulation | FXCM | Pepperstone | |
|---|---|---|---|
| Trust Score | 95 | 94 | |
| Year Founded | 1999 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 4 | 3 | |
| Tier-2 Licenses | 2 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | FXCM | Pepperstone | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FXCM | Pepperstone | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | FXCM | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 2631 | |
| Forex Pairs (Total) | 46 | 65 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | Yes | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | FXCM | Pepperstone | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 0.9 | 1.1 | |
| All-in Cost EUR/USD - Raw spread account | 0.8 | 0.8 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | FXCM | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $10 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| Trading Platforms | FXCM | Pepperstone | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes |
| Trading Tools | FXCM | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 115 | 90 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | Pepperstone | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 59 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | FXCM | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central | Yes | No | |
| TipRanks | Yes | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | Pepperstone | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | FXCM | Pepperstone | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | FXCM Review | Pepperstone Review |
| Overall | FXCM | Pepperstone | |
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| Trust Score | 95 | 94 | |
| Winner | check_circle | ||
| Review | FXCM Review | Pepperstone Review |
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