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 |
When it comes to comparing online brokers like FXCM and Pepperstone, understanding their commissions and fees is crucial for choosing the right platform. Both brokers offer competitive pricing, but they cater to different types of traders. FXCM, rated 4 out of 5 stars, ranks #25 out of 63 brokers for commissions and fees according to ForexBrokers.com. Its forex trading pricing is slightly above the industry average. While FXCM's standard account spreads averaged 0.78 pips on the EUR/USD for EU, U.K., and Australia, the spreads for its commission-based accounts averaged a lower 0.28 pips, excluding commissions, as of May 2024. However, FXCM's discounts through its Active Trader Rebate Program, which offers rebates from $5 to $25 per million traded, may make it attractive for high-volume traders despite its added commission costs.
On the other hand, Pepperstone boasts a higher rating of 4.5 out of 5 stars and a commendable #10 ranking out of 63 brokers for its commissions and fees. The broker is especially appealing to high-volume traders due to its Razor account, which offers an average spread of 0.10 pips on the EUR/USD. Despite the commission equivalent of 0.70 pips bringing the total cost to 0.80 pips, this pricing is competitive with the industry average. Meanwhile, their Standard account, commission-free with a spread of 1.1 pips, remains comparatively costly. Pepperstone's Active Trader program can further reduce spreads, offering rebates of up to 25% for qualifying traders in regions such as the United Kingdom, the EU, and Australia.
In summary, both FXCM and Pepperstone offer competitive plans for traders, with Pepperstone slightly edging out in terms of cost-effectiveness for active traders, thanks to its significant rebates and slightly better overall pricing structure. FXCM, while offering valuable active trader discounts, has additional commission costs that could increase the effective trading costs slightly above its main competitor. Choosing between these brokers will ultimately depend on a trader's individual trading volume and preferred platform features.
| 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 examining the range of investments offered by online brokers FXCM and Pepperstone, there are a few key differences. Both brokers provide forex trading as CFDs or spot contracts, catering to clients interested in currency markets. However, Pepperstone stands out with a considerably higher number of tradeable symbols, offering 1,726 compared to FXCM's 440. For forex pairs specifically, Pepperstone also takes the lead by providing 65 pairs, while FXCM offers 46. Although neither broker offers direct exchange-traded securities on U.S. or international exchanges, both support copy trading functionalities. Additionally, if you're looking to trade cryptocurrency derivatives, both FXCM and Pepperstone have options available, but they do not allow clients to purchase actual crypto assets.
In terms of brokerage rankings and ratings for the range of investments, Pepperstone receives a better rating with 4 out of 5 stars and holds the 26th position out of 63 brokers, according to ForexBrokers.com. FXCM, in comparison, is rated 3.5 stars and is ranked 47th in the same category. This suggests that while FXCM offers a solid selection of investment opportunities, Pepperstone provides a broader range, making it potentially more appealing to those seeking diverse trading options.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 1726 |
| Forex Pairs (Total) | 46 | 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.
Both FXCM and Pepperstone offer comprehensive trading platforms and tools tailored to suit various trading needs. They provide simulated trading through free virtual demo accounts, allowing traders to practice without risk. Both brokers support proprietary platforms developed in-house and offer Windows-based desktop downloads as well as web-based trading options. When it comes to popular trading tools, FXCM and Pepperstone both support MetaTrader 4 (MT4) and offer copy trading capabilities. However, only Pepperstone provides access to MetaTrader 5 (MT5) and DupliTrade, while FXCM supports ZuluTrade, distinctive features that could influence a trader's choice.
In terms of charting and usability, FXCM offers 10 drawing tools and allows trading directly from stock charts. Pepperstone provides more extensive charting features with 30 drawing tools but fewer columns for watch lists compared to FXCM's 13. Despite the differences in features, FXCM's platform is highly rated with a perfect 5-star rating, ranked 6th out of 63 brokers by ForexBrokers.com, whereas Pepperstone holds a 4-star rating and ranks 22nd. Both brokers deliver reliable trading experiences, but FXCM seems to edge ahead in rankings and overall tools offered.
| 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 iPhone and Android apps, catering to traders who prefer mobile access. They also offer real-time stock and forex price alerts, and users can enjoy seamless watchlist symbol syncing across devices. While both apps support drawing trendlines and viewing various time frames on charts, FXCM takes the lead with 59 technical studies available for charting, compared to Pepperstone’s 30. Additionally, both apps automatically save chart drawings, enhancing user experience.
In terms of overall ratings, FXCM's mobile trading app scores 4.5 stars and achieves a ranking of 16 out of 63 brokers on ForexBrokers.com. Pepperstone's app, while slightly lower rated at 4 stars, holds a respectable ranking at #21. Both platforms allow the creation of watchlists with real-time quotes, ensuring that traders remain informed and connected at all times. Whether you’re an FXCM user or with Pepperstone, you're getting a competitive and feature-rich mobile trading experience.
| 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.
When comparing FXCM and Pepperstone for market research, both brokers provide daily market commentary and forex news from leading sources like Bloomberg and Reuters. This ensures that traders with either broker have access to timely and reliable information. In terms of technical and fundamental analysis tools, FXCM leverages services from Trading Central, while Pepperstone offers tools from Autochartist. For those interested in sentiment-based trading, both brokers supply tools that display the ratio of long or short positions across various instruments.
FXCM distinguishes itself by offering market research from TipRanks, which Pepperstone does not provide. However, neither broker offers research tools from Acuity Trading. Both platforms include an economic calendar to help traders stay informed of global economic events. With a research rating of 4.5 stars, both brokers are equally regarded, yet FXCM edges out slightly with an 11th place ranking in the ForexBrokers.com research category, just ahead of Pepperstone at 12th place.
| 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.
Both FXCM and Pepperstone provide a comprehensive range of educational resources tailored for those beginning their trading journey. Each broker offers over ten educational pieces, including articles, videos, and archived webinars dedicated to forex and CFD topics. Additionally, both platforms host monthly live webinars, ensuring beginners have access to up-to-date guidance and learning opportunities. For those who prefer independent study, FXCM and Pepperstone maintain searchable archives of past webinars, so learners can revisit sessions at their convenience.
In terms of video tutorials, FXCM and Pepperstone deliver extensive content geared toward various skill levels. Each broker offers over ten beginner videos to help new traders grasp fundamental concepts. They also provide resources for more seasoned traders through advanced educational videos. Building a solid understanding is made easier with both platforms offering an investor dictionary containing at least 50 key trading terms. While FXCM and Pepperstone both garner a commendable 4.5-star rating for their educational offerings, FXCM slightly edges out Pepperstone by ranking #14 compared to Pepperstone's #17 in ForexBrokers.com’s educational resources list.
| 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 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 #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) | 46 | 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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