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 account | 1.00 | 1.2 |
| All-in Cost EUR/USD - Active | 0.70 | 0.7 |
| 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 support forex trading via CFDs/spot and offer crypto CFDs, plus copy trading. Pepperstone lists 1,726 tradeable symbols, giving wider coverage across markets than HFM’s 500. By contrast, HFM offers more currency pairs (102 vs. Pepperstone’s 65), which may appeal to forex-focused traders. Neither broker provides access to exchange-traded stocks on U.S. or international exchanges, and neither lets you buy actual cryptocurrency (only CFDs are available).
For Range of Investments, both brokers earn 4 out of 5 stars. In category rankings from ForexBrokers.com, Pepperstone places 27th out of 63 brokers, while HFM ranks 37th. If you value a larger total lineup of instruments, Pepperstone stands out; if you want a deeper list of forex pairs specifically, HFM has the edge.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 500 |
| Forex Pairs (Total) | 65 | 102 |
| 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.
When comparing Pepperstone vs HFM for trading platforms and tools, both brokers check the key boxes. Each offers a free demo account for paper trading, a proprietary (in-house) platform, a Windows desktop download, and a web-based platform. Both also support MetaTrader 4 (MT4) and MetaTrader 5 (MT5), provide copy trading, and let you place trades directly from charts—so the core experience is very similar.
In third-party assessments, both Pepperstone and HFM earn 4 stars for platforms and tools from ForexBrokers.com. However, Pepperstone ranks higher at 22nd out of 63 brokers, while HFM ranks 43rd. If rankings matter to you, Pepperstone edges ahead; if you’re focused on essentials like demo access, MT4/MT5, web and desktop access, copy trading, and chart trading, the two are closely matched.
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and HFM both offer fully featured iPhone and Android trading apps with stock and forex price alerts. A key difference is watchlists: Pepperstone syncs watchlist symbols between the mobile app and your online account, so changes carry over automatically, while HFM does not support watchlist syncing.
For charting, both apps include 30 technical studies, let you draw trendlines, and auto-save your drawings. Each scores 4 out of 5 stars for mobile trading apps, but Pepperstone ranks higher overall (#21 of 63) than HFM (#40 of 63) on ForexBrokers.com. If seamless watchlist syncing and a stronger category ranking matter to you, Pepperstone has the edge; if you mainly want comparable charting tools and alerts, both apps get the job done.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | 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 (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 | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone and HFM both offer plenty of forex and CFD education for beginners, clearing the 10-piece mark with a mix of videos and archived webinars. Each broker runs ongoing client webinars at least once a month, and both deliver at least 10 beginner videos that explain basic trading ideas in plain terms, plus 10 or more advanced videos for when you’re ready to go deeper.
When it comes to quality and depth, Pepperstone has the edge: it earns 4.5 stars for Education and ranks #17 out of 63 brokers on ForexBrokers.com, while HFM scores 4 stars and ranks #37. If you want the stronger all-around learning experience, Pepperstone is the better pick; if you choose HFM, you’ll still find ample beginner-friendly videos and regular webinars to get started.
| 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 #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
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| Trust Score | 95 | 86 |
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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 | 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 (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 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. 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 | 1.00 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.7 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | 15 | |
| 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 | 30 | |
| 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 | 95 | 86 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | HFM Review |
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