Written by ForexBrokers.com
In this head to head comparison of Pepperstone vs HFM, 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.
Pepperstone and HFM are online brokers founded in 2010. Neither is publicly traded or a bank. In terms of regulation, Pepperstone holds 3 Tier-1 licenses (highly trusted by ForexBrokers.com) and 2 Tier-2 licenses (trusted), while HFM holds 2 Tier-1 and 3 Tier-2 licenses. That gives Pepperstone more top-tier oversight, with HFM offering wider mid-tier coverage.
ForexBrokers.com assigns Pepperstone a Trust Score of 94/99 (highly trusted: 90–99) and HFM an 85/99 (trusted: 80–89). If you’re weighing safety and regulation, Pepperstone edges ahead on top-tier licensing and overall Trust Score, while HFM remains a trusted option backed by multiple regulators.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Year Founded | 2010 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 2 |
| Tier-2 Licenses | 2 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 2 |
Pepperstone is generally the lower-cost choice for commissions and fees, especially if you use its Razor account or qualify for the Active Trader program. The Razor account uses commission-based pricing plus tight spreads, with Pepperstone noting an average EUR/USD spread of 0.10 pips in July 2024 and an all-in cost of about 0.80 pips after commission. Its Standard account is commission-free, but the average EUR/USD spread of 1.1 pips makes it more expensive overall than Razor. Pepperstone is rated 5 stars and ranked #6 out of 36 brokers for commissions and fees.
HFM’s trading costs are a bit higher than the industry average. Its standard accounts typically show a 1.2-pip spread, though no date range is provided, so the real average could be worse. HFM’s Zero account can bring the effective cost down to about 0.7 pips after commission, but that figure is not presented as an average. HFM is rated 4 stars and ranked #28 out of 36 brokers for commissions and fees.
In simple terms, Pepperstone offers better value for cost-conscious traders, especially those who trade often and can benefit from rebates. HFM is still competitive, but its pricing is usually less appealing than Pepperstone’s best-priced accounts.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Minimum Deposit | $10 | $0 |
| Average spread (EUR/USD) - Standard account | 1.1 | 1.8 |
| All-in Cost EUR/USD - Active | 0.8 | 1.1 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and HFM both give traders access to forex as CFDs or spot contracts, plus copy trading and cryptocurrency CFDs. Neither broker offers direct buying of U.S. or international exchange-listed shares, and neither allows clients to purchase actual, delivered crypto. In this sense, both platforms focus on trading products rather than long-term ownership of stocks or coins.
Where Pepperstone stands out is choice. It offers 1,726 tradeable symbols and 65 forex pairs, compared with HFM’s 344 symbols and 38 forex pairs. Both brokers are rated 4 out of 5 stars for Range of Investments, but Pepperstone is ranked higher by ForexBrokers.com in this category, placing #23 out of 36 brokers versus HFM at #28, making Pepperstone the broader option for traders who want more markets to choose from.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 344 |
| Forex Pairs (Total) | 65 | 38 |
| 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.
Pepperstone and HFM both give traders a wide range of platform choices, including a free demo account, a proprietary platform, desktop download software for Windows, web-based access, copy trading, and support for MetaTrader 4 and MetaTrader 5. Both also let you place trades straight from a chart, which can be helpful if you like acting quickly while watching price moves. In other words, on the basics of trading platforms and tools, the two brokers are closely matched.
Where they differ is in overall third-party ranking: Pepperstone is ranked #21 out of 36 brokers for Trading Platforms and Tools by ForexBrokers.com, while HFM sits at #33. Both brokers are rated 4 out of 5 stars for this category, so each offers a solid set of trading tools. If you are comparing them on platform variety and ease of use, Pepperstone has the edge in ranking, while HFM still delivers many of the same key features.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| 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) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 15 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and HFM both make it easy to trade on the go, with iPhone and Android apps, price alerts, trendline tools, and auto-saving chart drawings. Each broker also earns a 4-star rating for mobile trading apps, so both offer a solid app experience for everyday traders who want to manage positions from their phone.
That said, Pepperstone has the edge for mobile app features and usability. Its app includes watchlist symbol syncing, so changes made in the mobile app and online account stay in sync, while HFM does not offer this. Pepperstone also provides 30 technical studies for charting compared with HFM’s 5, which gives Pepperstone traders more tools for mobile analysis. This helps explain why Pepperstone ranks higher for mobile trading apps at #19 out of 36 brokers, versus HFM at #32.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Pepperstone and HFM both give traders a similar set of market research tools. Each broker offers daily market commentary, forex news from major sources like Bloomberg and Reuters, Autochartist tools, sentiment data showing long and short positioning, and an economic calendar for tracking key global events. Neither broker includes Trading Central or TipRanks research.
The main difference is that HFM also offers research tools from Acuity Trading, such as Signal Centre, while Pepperstone does not. Even so, Pepperstone comes out slightly ahead overall, with a 4.5-star research rating and a #13 ranking out of 36 brokers from ForexBrokers.com, compared with HFM’s 4-star rating and #18 ranking.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone and HFM both give beginners plenty of ways to learn the basics of forex and CFDs. Each broker offers at least 10 educational pieces focused on these markets, along with monthly online client webinars and a strong set of beginner and advanced video lessons. That means new traders can find help whether they want short explainers, live sessions, or more detailed trading lessons.
When comparing the two, Pepperstone comes out ahead in education quality and standing. Pepperstone is rated 4.5 out of 5 stars for Education and ranks 15th out of 36 brokers at ForexBrokers.com, while HFM is rated 4 out of 5 stars and ranks 29th. For beginners looking for slightly better learning support, Pepperstone has the edge, though HFM still offers a solid range of educational material.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| 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 Pepperstone is better than HFM. Pepperstone finished with an overall rank of #17, while HFM finished with an overall rank of #27.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
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HFM
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| Overall Rating |
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| Trust Score | 94 | 85 |
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Pepperstone vs HFM: both brokers offer cryptocurrency CFD trading, but neither allows the purchase or custody of actual (delivered) cryptocurrencies.
In this comparison of online brokers Pepperstone vs HFM, Pepperstone supports ACH/SEPA transfers, PayPal, and bank wire deposits/withdrawals, while HFM offers Skrill and bank wires but not ACH/SEPA or PayPal; Visa/Mastercard availability is not specified for either broker.
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 | Pepperstone | HFM | |
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| Trust Score | 94 | 85 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | HFM Review |
| Broker Screenshots | Pepperstone | HFM | |
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| Regulation | Pepperstone | HFM | |
|---|---|---|---|
| Trust Score | 94 | 85 | |
| Year Founded | 2010 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 2 | |
| Tier-2 Licenses | 2 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 2 |
| Tier-1 Licenses (Highly Trusted) | Pepperstone | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | 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) | Pepperstone | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Pepperstone | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1726 | 344 | |
| Forex Pairs (Total) | 65 | 38 | |
| 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 | Pepperstone | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.1 | 1.8 | |
| All-in Cost EUR/USD - Active | 0.8 | 1.1 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | HFM | |
|---|---|---|---|
| Minimum Deposit | $10 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Pepperstone | HFM | |
|---|---|---|---|
| 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) | Yes | Yes | |
| cTrader | Yes | No |
| Trading Tools | Pepperstone | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 15 | 38 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Pepperstone | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 5 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Pepperstone | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Pepperstone | HFM | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Pepperstone Review | HFM Review |
| Overall | Pepperstone | HFM | |
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| Trust Score | 94 | 85 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | HFM Review |
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