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 both made their debut in the online trading world in 2010. Neither of these online brokers are publicly listed on a stock exchange, nor are they banks, which is pretty common in this sector. When it comes to regulatory trust, Pepperstone is distinctly ahead with a ForexBrokers.com Trust Score of 95 out of 99, positioning it as a highly trusted broker. Pepperstone also holds three Tier-1 licenses, hinting at a higher level of global oversight and reliability.
On the other hand, HFM holds two Tier-1 licenses and boasts a Trust Score of 86, indicating it is still a trusted broker but slightly less so than Pepperstone. In terms of Tier-2 licenses, which denote a reputable level of trust, HFM holds three compared to Pepperstone's two. This mix of regulatory credentials ensures that both brokers offer a reasonable degree of safety and transparency, making them viable options for traders seeking a reliable platform for online trading.
| 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 |
If you’re comparing Pepperstone and HFM on commissions and fees, Pepperstone tends to be the cheaper pick for frequent forex traders thanks to its Razor account and volume-based rebates, while HFM’s pricing sits slightly above the industry average. Both brokers offer commission-free standard accounts, but their spreads and how those figures are reported differ.
Pepperstone’s Razor account uses a commission plus spread model on TradingView, MetaTrader (MT4/MT5), and cTrader. As of July 2024, the EUR/USD averaged 0.10 pips, and when you include the commission-equivalent of 0.70 pips, the all-in cost was about 0.80 pips—near the industry average. The Standard account is commission-free with a 1.1-pip average on EUR/USD, making it pricier than Razor. High-volume traders can lower costs further via the Active Trader program: in the U.K./EU, pro clients trading at least £20 million per month can receive a 15% spread rebate per lot (up to 25% above £200 million), and in Australia, pro clients can get 10% to 30% spread reductions depending on monthly lot tiers. Pepperstone earns 4.5/5 stars for commissions and fees and ranks #11 out of 63 brokers.
HFM’s trading costs are slightly above average overall. The Standard account typically shows a 1.2‑pip spread, but no date range is provided, so the true average may be higher. Its commission-based Zero account advertises an effective EUR/USD spread of 0.7 pips after commission, though this figure is not presented as an average. HFM earns 4/5 stars for commissions and fees and ranks #32 out of 63 brokers. Bottom line: active traders may find Pepperstone’s Razor pricing (plus rebates) more appealing, while casual traders might compare Pepperstone’s 1.1‑pip Standard spread with HFM’s stated 1.2 pips, keeping in mind the data transparency differences.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.00 | 1.2 |
| All-in Cost EUR/USD - Active | 0.70 | 0.7 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and HFM both support forex trading via contracts (CFDs/spot) and offer copy trading. Pepperstone delivers a broader overall catalog with 1,726 tradable symbols, while HFM lists about 500. That said, HFM features more forex pairs (102) than Pepperstone (65), which may appeal to currency-focused traders. Neither broker lets you buy actual stocks on U.S. or international exchanges, and neither supports buying real cryptocurrency; however, both provide access to cryptocurrency derivatives.
For range of investments, each broker earns 4 out of 5 stars from ForexBrokers.com. In the category rankings, Pepperstone places #27 out of 63 brokers, and HFM comes in at #37. If you want broader market coverage, Pepperstone has the edge; if your priority is a wider selection of forex pairs, HFM stands out.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 500 |
| Forex Pairs (Total) | 65 | 102 |
| 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.
Pepperstone and HFM both check the key boxes for platform access and ease of use. Each broker offers a free demo account for simulated (paper) trading, an in-house proprietary platform, a Windows desktop download, and a web-based platform. Popular third-party choices are covered too: both support MetaTrader 4 (MT4) and MetaTrader 5 (MT5), along with copy trading. One notable difference is social-copy integrations—Pepperstone supports DupliTrade, while HFM does not; neither broker offers ZuluTrade.
When it comes to tools, both brokers let you trade directly from charts, provide 30 drawing tools, and offer watchlists with 7 columns. The number of built-in technical indicators isn’t specified here. For overall quality of trading platforms and tools, both earn 4 out of 5 stars; however, ForexBrokers.com ranks Pepperstone higher at #22 out of 63 brokers, compared with HFM at #43. If you value DupliTrade access and a stronger category ranking, Pepperstone may have a slight edge, while day-to-day platform features are broadly comparable.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| 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) | Yes | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 15 | 15 |
| Charting - Drawing Tools (Total) | 30 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and HFM both offer iPhone and Android trading apps with the essentials traders expect: price alerts, real-time quote watchlists, and strong charting. Each app includes 30 technical studies, the ability to draw trendlines, multiple time frames (from intraday to weekly), and auto-saving for chart drawings—handy for picking up where you left off.
The main difference is watchlist syncing. Pepperstone syncs your watchlists across devices and the web platform, while HFM does not, which can matter if you switch between phone and desktop. Both apps earn 4 out of 5 stars, but Pepperstone ranks higher in ForexBrokers.com’s Mobile Trading Apps category (#21 of 63) compared with HFM (#40 of 63). If seamless cross-device management is a priority, Pepperstone has the edge; if you just need solid charts and alerts, both will serve you well.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 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.
Pepperstone and HFM are both online brokers that offer comprehensive market research tools to traders. Each platform provides daily market commentary and delivers forex news sourced from top-tier agencies like Bloomberg and Reuters. Both brokers equip traders with Autochartist, offering technical and fundamental analysis insights. However, neither broker provides additional research from Trading Central or engages with companies such as TipRanks or Acuity Trading for enhanced analytical support. Each broker also features an economic calendar that tracks global news events, a vital tool for traders who aim to stay informed on worldwide economic developments.
In terms of extra research capabilities, Pepperstone and HFM both present sentiment-based trading tools that reveal the current long or short positions ratios in various markets. While these features are comparable, Pepperstone edges out HFM slightly in terms of overall research quality. This is reflected in its 4.5-star rating compared to HFM's 4-star rating. When looking at rankings among 63 broker competitors on ForexBrokers.com, Pepperstone claims the 12th spot while HFM takes 20th. This suggests that both brokers offer strong research options, although Pepperstone holds a slight advantage in the eyes of industry reviewers.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone and HFM both offer a comprehensive range of educational resources tailored to help beginners navigate forex and CFD trading. They each provide a minimum of ten educational pieces, including articles, videos, and archived webinars. Beginner-friendly content extends into video libraries with each broker offering at least ten videos covering essential trading topics. Additionally, both brokers host at least one educational webinar each month, complemented by a searchable archive of past sessions.
While both platforms feature an investor dictionary with over 50 trading terms, Pepperstone edges ahead with a slightly higher education rating of 4.5 stars compared to HFM’s 4 stars. This distinction is reinforced by their rankings on ForexBrokers.com, where Pepperstone claims the 17th spot out of 63 brokers for educational offerings, while HFM holds the 37th position. These rankings and ratings highlight Pepperstone's slightly stronger emphasis on education, making it a slightly more attractive choice for novice traders looking to build a solid foundation in trading.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| 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 Pepperstone is better than HFM. Pepperstone finished with an overall rank of #16, while HFM finished with an overall rank of #30.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
Pepperstone
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HFM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 86 |
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Both Pepperstone and HFM do not facilitate the purchase of actual cryptocurrency, but they do offer the ability to trade cryptocurrency derivatives.
Pepperstone provides versatile funding options including ACH, SEPA, PayPal, Skrill, Visa, Mastercard, and bank wires, while HFM offers Skrill, Visa, Mastercard, and bank wires, but lacks ACH, SEPA, and PayPal support.
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 | 95 | 86 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | HFM Review |
| Broker Screenshots | Pepperstone | HFM | |
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| Regulation | Pepperstone | HFM | |
|---|---|---|---|
| Trust Score | 95 | 86 | |
| 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 (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) | Pepperstone | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or SCA 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 | 500 | |
| Forex Pairs (Total) | 65 | 102 | |
| 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 | Pepperstone | HFM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.00 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.7 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Pepperstone | HFM | |
|---|---|---|---|
| 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) | Yes | Yes | |
| cTrader | Yes | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| Trading Tools | Pepperstone | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 15 | |
| Charting - Drawing Tools (Total) | 30 | 30 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 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 | Pepperstone | HFM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | HFM | |
|---|---|---|---|
| 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 | Pepperstone | HFM | |
|---|---|---|---|
| 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 | Pepperstone Review | HFM Review |
| Overall | Pepperstone | HFM | |
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| Trust Score | 95 | 86 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | HFM Review |
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