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 |
Pepperstone edges out FXCM on commissions and fees for most active traders, earning 4.5/5 stars and ranking #6 of 63 at ForexBrokers.com, versus FXCM’s 4/5 stars and #17 ranking. Pepperstone’s Razor account lists an average EUR/USD spread of 0.10 pips (July 2024); once you factor in the 0.70-pip commission equivalent, the all-in cost is about 0.80 pips. Its Standard account averages 1.1 pips and is the pricier choice. By comparison, FXCM’s pricing skews slightly higher than the industry average overall.
For FXCM, Standard account EUR/USD spreads averaged 0.78 pips in the EU, U.K., and Australia (May 2024), and 1.38 pips with its St. Vincent and the Grenadines entity. FXCM’s commission-based setup showed a low underlying average spread of 0.28 pips in May 2024, but the effective cost rises to about 0.74 pips after commissions. FXCM also offers Active Trader discounts with five tiers; its Rebate Program isn’t available in the U.K. or EU, and requirements vary by entity. In the U.K., high-balance, high-volume traders can see commissions drop to $2.5 per side ($5 round-turn), which puts the effective EUR/USD cost near 0.78 pips based on a 0.28-pip core price. As with most brokers, spreads can widen during rollover or volatile conditions.
Pepperstone’s value improves with its Active Trader program. In the U.K. and EU, Professional clients who trade at least £20 million per month can receive a 15% spread rebate per lot, scaling up to 25% above £200 million. In Australia, Professional clients start at 100 lots over three months for a 10% discount (Tier One), with Tier Three reducing spreads by 30% for 3001+ lots. Bottom line: Pepperstone’s Razor plus Active Trader rebates tends to beat FXCM for heavy volume, while FXCM’s commission-based pricing can be competitive but often lands near or above Pepperstone’s all-in costs.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $0 |
| Average spread (EUR/USD) - Standard account | 0.9 | 1.1 |
| All-in Cost EUR/USD - Active | 0.8 | 0.8 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
FXCM and Pepperstone both support forex trading via CFDs or spot contracts. Neither broker offers exchange-traded shares on U.S. or international stock exchanges, but both support copy trading. For crypto, neither lets you buy actual coins; instead, each offers cryptocurrency CFDs for speculative exposure without owning the asset.
For market variety, Pepperstone lists 1,726 tradeable symbols and 65 forex pairs, while FXCM offers 440 symbols and 46 pairs. In independent ratings for range of investments, FXCM earns 3.5 out of 5 stars (ranked #21 of 63 brokers), and Pepperstone scores 4 out of 5 stars (ranked #23 of 63). If you want the widest selection of instruments and currency pairs, Pepperstone has the edge; FXCM may appeal if its smaller lineup still covers the markets you care about.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 1726 |
| 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 | No |
| 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 check the core boxes for trading platforms and tools. Each broker offers a free demo (paper) trading account, its own proprietary platform, a Windows desktop download, and a web-based platform. Copy trading is available with both. MetaTrader 4 (MT4) is supported by FXCM and Pepperstone, while MetaTrader 5 (MT5) is available at Pepperstone but not at FXCM. Traders can place orders directly from charts with either broker.
For charting and watchlists, both brokers provide a range of technical indicators and customizable fields. In independent testing by ForexBrokers.com, FXCM earned 5 stars for Trading Platforms and Tools and ranked #4 out of 63 brokers, while Pepperstone earned 4 stars and ranked #21. If you want MT5, Pepperstone is the pick; if higher-rated platform tools matter most, FXCM stands out.
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
FXCM and Pepperstone both deliver full-featured mobile trading on iPhone and Android. Each app includes price alerts, synced watchlists across mobile and web, and the ability to draw trendlines on charts with drawings saved automatically. That means you can set alerts, manage your watchlist, and keep your chart work intact whether you’re on your phone or desktop.
For charting depth, FXCM offers 59 technical studies compared with Pepperstone’s 30. According to ForexBrokers.com, FXCM earns 4.5 out of 5 stars and ranks 16th out of 63 brokers for Mobile Trading Apps, while Pepperstone scores 4 stars and ranks 19th. If you value a larger set of built-in indicators, FXCM has the edge; if you’re comfortable with the essentials, Pepperstone still checks the key boxes.
| 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.
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 (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| 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 vs Pepperstone for beginners: both brokers deliver strong forex and CFD education with at least 10 learning pieces, including articles, videos, and archived webinars. New traders get steady guidance through monthly live webinars and a deep lineup of beginner videos (10+ each) that explain key topics like platform basics, order types, and risk control. As you improve, both brands also offer 10+ advanced videos to help you level up.
Quality is high across the board: FXCM and Pepperstone each earn 4.5 out of 5 stars for Education from ForexBrokers.com. FXCM holds a slight edge in the rankings at #13 of 63 brokers, while Pepperstone sits close behind at #15. If you’re starting out, you’ll find plenty of clear, structured learning paths at either broker, with FXCM’s small ranking advantage being the main differentiator.
| 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 | 95 |
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Neither FXCM nor Pepperstone supports buying actual (delivered) cryptocurrencies, but both brokers offer cryptocurrency CFD trading instead.
Comparing online brokers FXCM vs Pepperstone: both support ACH/SEPA, PayPal, and bank wire deposits and withdrawals, FXCM additionally offers Skrill, while Visa/Mastercard availability is not specified for either.
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 (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 SCA 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 | 1726 | |
| 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 | No | |
| 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) - Standard account | 0.9 | 1.1 | |
| All-in Cost EUR/USD - Active | 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 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | 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 | 15 | |
| 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 Watchlist [DELETED] | |||
| 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 | Yes | |
| 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 | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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