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 FXCM on pricing overall, earning 4.5/5 stars and a #11 of 63 ranking for Commissions and Fees, versus FXCM’s 4/5 stars and #25 of 63. Both brokers offer commission-based and commission-free accounts, plus volume-based discounts, but Pepperstone’s structure tends to be more appealing for consistently high-volume traders.
FXCM’s forex pricing is slightly higher than the industry average when looking across its offerings. In May 2024, average EUR/USD spreads on its Standard account were about 0.78 pips in the EU, U.K., and Australia, and 1.38 pips via its St. Vincent & the Grenadines entity. FXCM’s commission-based account averaged 0.28 pips before commissions; after adding roughly 0.50 pips in commission-equivalent, the all-in cost was around 0.74 pips. FXCM’s Active Trader Rebate Program (not available in the U.K. or EU) pays $5–$25 per million traded, while in the U.K. a $25,000 balance and about $50 million in monthly volume can lower commissions to $2.50 per side ($5 round turn). As with most brokers, spreads can widen at rollover or in volatile conditions.
Pepperstone’s Razor account lists an average 0.10-pip EUR/USD spread; with a 0.70-pip commission-equivalent, the all-in cost is about 0.80 pips (near the industry average). Its Standard account is commission-free at about 1.1 pips, making Razor the cheaper choice. Pepperstone’s Active Trader program can further cut costs for professional clients: in the U.K./EU, rebates range from 15% to 25% of the spread for roughly £20 million to £200+ million in monthly forex volume; in Australia, reductions span 10% to 30% from 100 to 3001+ lots. High-volume traders may see larger effective savings at Pepperstone, helping explain its higher rating and ranking.
| Feature |
FXCM
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $0 |
| Average spread (EUR/USD) - Standard account | 0.9 | 1.00 |
| All-in Cost EUR/USD - Active | 0.8 | 0.70 |
| 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.
Pepperstone and FXCM both let you trade forex via CFDs and spot contracts, but Pepperstone offers a wider selection overall. Pepperstone lists 1,726 tradeable symbols and 65 currency pairs, compared with FXCM’s 440 symbols and 46 pairs. Neither broker offers direct share dealing on U.S. or international exchanges—you can’t buy stocks like Apple or Vodafone outright.
Both brokers support copy trading and let you speculate on cryptocurrency via CFDs, but neither allows purchases of actual crypto. For range of investments, ForexBrokers.com rates Pepperstone 4/5 stars (ranked #27 of 63) and FXCM 3.5/5 stars (ranked #48). If having more markets matters, Pepperstone has the edge, while FXCM still covers the essentials.
| 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.
Comparing FXCM vs Pepperstone for trading platforms and tools: both brokers offer free demo (paper) trading, proprietary platforms, Windows desktop downloads, and web-based platforms. Each supports copy trading and MetaTrader 4 (MT4), plus trading directly from charts. The key difference is MetaTrader 5 (MT5): Pepperstone offers MT5 while FXCM does not. Both include built-in technical indicators and customizable watch lists, giving traders the essentials for charting and monitoring markets.
On quality, FXCM earns 5 stars for Trading Platforms and Tools and ranks #6 out of 63 brokers at ForexBrokers.com, while Pepperstone holds 4 stars and ranks #22. If MT5 access matters, Pepperstone fits the bill; if you want higher-rated platform tools overall, FXCM is the stronger pick. Either way, you’ll find modern web and desktop platforms, copy trading, and an easy on-ramp with a free demo account.
| 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 capable mobile trading apps for iPhone and Android. Each app supports forex or stock price alerts, watchlist syncing with your online account, drawing trendlines on charts, and auto-saving your annotations—so your setups carry over between sessions and devices.
Where they differ most is charting depth and independent ratings. FXCM offers 59 technical studies in its mobile charts versus Pepperstone’s 30, giving active chart-watchers more built-in indicators to work with. According to ForexBrokers.com, FXCM’s mobile app is rated 4.5 stars and ranks #16 out of 63 brokers, while Pepperstone’s app is rated 4 stars and ranks #21. If you value a wider range of indicators and a slightly higher third-party rating, FXCM may be the better fit; if you prefer a leaner toolset, Pepperstone remains a strong pick.
| 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 and Pepperstone both deliver strong forex and CFD education for beginners. Each broker offers more than ten educational pieces—covering articles, videos, and archived webinars—plus at least ten beginner videos to help you learn the basics step by step. If you like learning live, both host client webinars at least once a month, and when you’re ready to go further, each also provides ten or more advanced videos to build on your skills.
In independent testing by ForexBrokers.com, both brokers earned 4.5 out of 5 stars for Education. FXCM ranks #14 out of 63 brokers for Education, while Pepperstone ranks #17. For beginners, that small ranking edge gives FXCM a slight advantage in educational breadth and organization, though Pepperstone remains a great choice if you value a wide mix of videos and regular webinars.
| 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 #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
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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 (SFC 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 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.70 | |
| 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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