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 comparing FXCM and Pepperstone on commissions and fees, both brokers offer competitive options suitable for various trader profiles. However, FXCM's forex pricing is somewhat above the industry average. Their standard account spreads for May 2024 averaged 0.78 on the EUR/USD across the EU, U.K., and Australia, rising to an average of 1.38 for their St. Vincent and the Grenadines entity. Meanwhile, FXCM's commission-based accounts showcased a tighter average spread of 0.28 pips, excluding commissions. Though further discounts through FXCM’s Active Trader Rebate Program can slightly offset costs, it requires a substantial trading volume and is not available in certain regions like the U.K. or EU. Earning a 4-star rating in commissions and fees, FXCM ranks #24 out of 63 brokers in this category by ForexBrokers.com.
Pepperstone, rated 4.5 stars and placed #10 out of 63 brokers for commissions and fees, provides more favorable conditions—particularly for high-volume traders. Its commission-based Razor account features impressive pricing, with spreads averaging 0.10 pips on the EUR/USD as of July 2024, though the effective cost—factoring in commission—rises to 0.80 pips. This pricing barely exceeds the industry average, while their commission-free Standard account, with an average spread of 1.1 pips, is relatively less cost-effective compared to the Razor account. Pepperstone's Active Trader program further benefits traders by offering rebates based on trading volume and tier levels.
Overall, while both brokers offer specialized accounts aimed at different trader needs, Pepperstone holds a slight edge in terms of pricing efficiency. The Razor account, coupled with the Active Trader program, provides a competitive advantage for seasoned traders. FXCM’s offerings, while beneficial for certain active traders leveraging their rebate program, may not be as cost-effective without substantial trading volume discounts.
| 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 the range of investments offered by FXCM and Pepperstone, there's a clear distinction in their offerings. Both platforms provide forex trading options as CFDs or spot contracts, but when it comes to the number of tradeable symbols, Pepperstone leads with 1726 compared to FXCM's 440. In terms of forex pairs, Pepperstone offers 65, providing a broader selection than FXCM's 43 pairs. Neither broker extends their services to include exchange-traded securities on U.S. or international markets, such as directly buying shares of well-known companies like Apple or Vodafone. However, both platforms support copy trading for those interested in mirroring the trades of successful investors. Additionally, while neither allows for the purchase of actual cryptocurrency, they do offer cryptocurrency derivatives.
In terms of user ratings, Pepperstone scores a bit higher with a 4-star rating versus FXCM's 3.5 stars for their range of investments. This is reflected in their rankings on ForexBrokers.com, where Pepperstone holds the 26th spot out of 63 brokers, while FXCM is positioned at 47th. These differences underscore Pepperstone's broader investment options, making it a preferable choice for those seeking more variety in their trading ventures.
| 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.
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) | 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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