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.
Founded in 1999, FXCM stands out as a veteran in the online brokerage world. It is publicly traded, enhancing its transparency and accountability to traders. FXCM is not a bank, yet it earns a high Trust Score of 95 from ForexBrokers.com. Holding 4 Tier-1 licenses and 2 Tier-2 licenses, FXCM is considered highly trusted and well-regulated, ensuring a secure trading environment for its clients.
Pepperstone, entering the market in 2010, is a reputable brokerage with a Trust Score of 95, matching FXCM's credibility. Although not publicly traded nor a bank, Pepperstone holds 3 Tier-1 licenses and 2 Tier-2 licenses, signifying a strong regulatory presence. Both FXCM and Pepperstone offer traders a safe and reliable platform, backed by ample regulatory oversight.
| 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 offers a competitive yet slightly above-average pricing structure for forex trading. The standard account spreads using tradeable prices for May 2024 averaged 0.78 pips for the EUR/USD, but in St. Vincent and the Grenadines, this jumps to 1.38 pips. On the brighter side, commission-based accounts have lower spreads averaging 0.28 pips, though the effective spread after commission is approximately 0.74 pips. FXCM's Active Trader Rebate Program offers rebates between $5 to $25 per million traded depending on your tier, although these aren’t available in the U.K. or EU. With a four-star rating and ranked #24 out of 62 brokers for commissions and fees by ForexBrokers.com, FXCM remains a solid choice. However, its pricing doesn’t match some rivals like Tickmill and FP Markets.
Pepperstone shines with its Razor account, offering excellent pricing, especially for high-volume traders who utilize its Active Trader program. The Razor account provides average spreads of 0.10 pips for the EUR/USD, and when considering the commission, the total cost is about 0.80 pips. In contrast, the Standard account average spread is 1.1 pips, making it the pricier option. For serious traders in the U.K., EU, or Australia, Pepperstone’s Active Trader program offers substantial rebates based on trading volume, further sweetening the deal. Boasting a 4.5-star rating and ranked #10 out of 62 brokers for commissions and fees, Pepperstone provides an attractive proposition, especially for active traders.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $0 |
| Average Spread EUR/USD - Standard | 0.78 | 1.00 |
| All-in Cost EUR/USD - Active | 0.78 | 0.70 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing FXCM and Pepperstone, both online brokers offer forex trading as CFDs or spot contracts, appealing to traders looking to delve into the currency markets. FXCM provides access to 440 tradable symbols, including 43 forex pairs, whereas Pepperstone impresses with 1726 trading symbols and 65 forex pairs, giving traders more options to diversify their portfolios. Both platforms support copy trading, enabling users to mimic successful strategies from experienced traders, and offer cryptocurrency derivatives, though not the actual cryptocurrencies themselves.
Neither FXCM nor Pepperstone allows clients to trade exchange-traded securities on U.S. or international exchanges directly, such as purchasing shares of Apple or Vodafone. For those who prioritize a broader range of investments, Pepperstone stands out with a 4-star rating for its investment offerings, ranking 26th out of 62 brokers according to ForexBrokers.com. In contrast, FXCM holds a 3.5-star rating and is ranked 47th, indicating that it has a narrower selection in comparison.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 1726 |
| Forex Pairs (Total) | 43 | 65 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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.
When comparing FXCM and Pepperstone in terms of their trading platforms and tools, both brokers provide a range of offerings suitable for both beginners and experienced traders. FXCM stands out with its proprietary platform and a Windows-based desktop download option, alongside web-based platforms. Pepperstone mirrors these options while also offering the popular MetaTrader 5 platform, which FXCM lacks. For simulated trading, both brokers offer free virtual demo accounts to help users practice without risk. A notable distinction is in copy trading options; FXCM supports ZuluTrade while Pepperstone offers DupliTrade, each catering to different trading preferences.
In terms of trading tools, FXCM allows trading directly from stock charts and boasts 13 columns for watch lists, compared to Pepperstone's 7, which gives traders more data fields to monitor their investments. When it comes to charting capabilities, both brokers offer trading directly from charts, but Pepperstone provides more drawing tools with 30, while FXCM offers 10. Despite these differences, FXCM ranks higher, earning a 5-star rating for its trading platforms and tools, while Pepperstone receives a 4-star rating. Moreover, FXCM holds the sixth position out of 62 brokers ranked by ForexBrokers.com, indicating its broader recognition in trading platforms and tools compared to Pepperstone's 22nd place.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | Yes |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 115 | 15 |
| Charting - Drawing Tools (Total) | 10 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FXCM and Pepperstone provide mobile trading apps for iPhone and Android devices, making it easy for traders to access the markets on the go. They also offer essential features like price alerts and watchlist syncing, allowing users to stay up-to-date and seamlessly manage their portfolios whether on their mobile device or web platform. Both apps support drawing tools and multiple time-frame views on their charts, ensuring a comprehensive mobile trading experience. However, FXCM stands out by offering 59 technical studies within its app for in-depth analysis, compared to Pepperstone's 30.
For traders focused on app quality, both platforms offer the ability to create watchlists with real-time quotes and auto-save drawings, which are invaluable for quick decision-making. FXCM's mobile trading app is rated at 4.5 stars, earning it a rank of #16 among 62 brokers according to ForexBrokers.com. In contrast, Pepperstone's app has a 4-star rating and is ranked at #21. While both apps are competitive, FXCM provides a slightly more advanced feature set and higher user satisfaction, making it a strong choice for mobile traders.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 59 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both FXCM and Pepperstone provide traders with daily market commentary and access to forex news from notable sources like Bloomberg, Reuters, and Dow Jones, ensuring clients stay informed. For those seeking specialized analysis tools, FXCM and Pepperstone diverge slightly. FXCM integrates Trading Central's analytical tools but does not offer Autochartist, whereas Pepperstone includes Autochartist's resources but lacks Trading Central's offerings. Both platforms support sentiment-based trading tools that display the ratio of long and short positions across currency pairs.
FXCM stands out with additional resources like market research from TipRanks, which Pepperstone doesn't provide. Although neither broker offers tools from Acuity Trading, both provide comprehensive economic calendars featuring current and upcoming global events. Each broker is rated 4.5 stars for research by ForexBrokers.com, with FXCM ranked #11 and Pepperstone closely following at #12 out of 62 brokers. These ratings reflect their strong offerings in helping traders make informed decisions.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources offered by FXCM and Pepperstone for beginners, both platforms prove to be exceptional choices with a diverse range of materials. FXCM and Pepperstone provide over ten educational resources, including articles, videos, and archived webinars, specifically focused on forex and CFDs. Both platforms ensure that novice traders are well-equipped with knowledge by offering monthly webinars and maintaining searchable archives of these sessions. Moreover, they each provide over ten instructional videos tailored to beginners, facilitating a smooth entry into the trading world.
Besides resources for beginners, FXCM and Pepperstone cater to seasoned traders with more than ten advanced educational videos available for deeper learning. They also offer dictionaries with definitions for at least 50 investment terms, allowing traders to understand key concepts better. Both brokers have earned a commendable 4.5-star rating for their educational offerings. However, FXCM holds a slight edge, being ranked 14th out of 62 brokers by ForexBrokers.com in the Education category, while Pepperstone is ranked 17th.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that FXCM is better than Pepperstone. FXCM finished with an overall rank of #15, while Pepperstone finished with an overall rank of #16.
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 | 95 |
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Both FXCM and Pepperstone do not provide the option to buy actual delivered cryptocurrencies, but they do offer the ability to trade cryptocurrency derivatives.
Both FXCM and Pepperstone offer a comprehensive range of deposit and withdrawal options, including ACH and SEPA transfers, PayPal, Skrill, Visa, Mastercard, and bank wires, ensuring flexible and accessible financial transactions for traders.
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 | 95 | |
| Winner | check_circle | ||
| Review | FXCM Review | Pepperstone Review |
| Broker Screenshots | FXCM | Pepperstone | |
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| Regulation | FXCM | Pepperstone | |
|---|---|---|---|
| Trust Score | 95 | 95 | |
| 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 (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| 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) | No | Yes | |
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FXCM | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 1726 | |
| Forex Pairs (Total) | 43 | 65 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 - Standard | 0.78 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.78 | 0.70 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXCM | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | FXCM | Pepperstone | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | Yes | |
| ZuluTrade | Yes | No |
| Trading Tools | FXCM | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 7 | |
| Charting - Indicators / Studies (Total) | 115 | 15 | |
| Charting - Drawing Tools (Total) | 10 | 30 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 59 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FXCM | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | Pepperstone | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | FXCM | Pepperstone | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | FXCM Review | Pepperstone Review |
| Overall | FXCM | Pepperstone | |
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| Trust Score | 95 | 95 | |
| Winner | check_circle | ||
| Review | FXCM Review | Pepperstone Review |
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