Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs Pepperstone, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Interactive Brokers vs Pepperstone: Interactive Brokers was founded in 1977 and is publicly traded, while Pepperstone began in 2010 and is not listed. Neither online broker is a bank.
On regulation, Interactive Brokers holds 9 Tier-1 licenses and 2 Tier-2 licenses; Pepperstone holds 3 Tier-1 and 2 Tier-2. ForexBrokers.com Trust Scores are 99 for Interactive Brokers and 94 for Pepperstone—both sit in the 90–99 “highly trusted” band (80–89 trusted, 70–79 average risk, 60–69 high risk, below 59 not trusted).
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Year Founded | 1977 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 3 |
| Tier-2 Licenses | 2 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Interactive Brokers (5/5 stars; ranked #2 of 63 for Commissions and Fees) and Pepperstone (5/5 stars; ranked #6 of 63) both offer competitive forex pricing, but they go about it differently. IBKR doesn’t routinely publish average forex spreads, though in Q3 2024 its EUR/USD averaged 0.19 pips, with an effective all-in cost of about 0.59 pips after commission. Pepperstone’s Razor account listed a 0.10‑pip average EUR/USD spread in July 2024; once you factor in the 0.70‑pip commission-equivalent, the all-in cost comes to about 0.80 pips. Pepperstone’s Standard account is commission-free but showed a higher 1.1‑pip average on EUR/USD, making it pricier than Razor for the same pair.
Interactive Brokers uses agency execution by aggregating quotes from 17 major interbank dealers and charges a commission instead of marking up spreads. Commissions start at 0.00002 (0.2 bps) of the USD trade value per side, with a $2 minimum per order ($4 round turn), roughly $16–$40 per million round turn; for a $100,000 EUR/USD buy-and-sell, that’s about 0.40 pips in commission on top of the spread. Because of the $2 minimum, trades below 100,000 units get proportionally more expensive. Active traders can qualify for lower costs: hit $1B in monthly forex volume and the minimum drops to $1.50 per order, and down to $1.00 at $5B. IBKR Lite and IBKR Pro support forex, but neither is commission-free, and large orders can be handled via RFQ to help reduce market impact.
Pepperstone is also agency-execution and offers two main choices: the commission-based Razor account (compatible with TradingView, MetaTrader 4/5, and cTrader) with a July 2024 average EUR/USD spread of 0.10 pips and an all-in cost near 0.80 pips after commission, or the commission-free Standard account at about 1.1 pips on EUR/USD. High-volume traders can trim costs through the Active Trader program. In the UK/EU, Professional clients trading at least ÂŁ20M/month may receive a 15% spread rebate per lot, improving to 25% above ÂŁ200M. In Australia, Professional clients start at a 10% discount from 100 lots over three months, reaching 30% for more than 3001 lots per month.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 0.59 | 1.1 |
| All-in Cost EUR/USD - Active | 0.65 | 0.8 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers vs. Pepperstone for range of investments: Interactive Brokers lists about 8,500 tradeable symbols and 90 forex pairs, while Pepperstone offers about 1,726 symbols and 65 forex pairs. Both provide forex trading, but only Interactive Brokers lets you buy exchange-traded securities on U.S. and international exchanges—so you can purchase listed shares such as Apple or Vodafone—whereas Pepperstone does not offer direct share ownership.
Crypto and extras: Interactive Brokers supports both buying actual cryptocurrency and trading crypto CFDs; Pepperstone offers crypto CFDs but not direct coin purchases. Pepperstone includes copy trading, while Interactive Brokers does not. Reflecting that breadth, ForexBrokers.com rates Interactive Brokers 5 out of 5 stars and ranks it #1 of 63 for Range of Investments; Pepperstone earns 4 out of 5 stars and ranks #23.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 1726 |
| Forex Pairs (Total) | 90 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | Yes | 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.
Interactive Brokers vs Pepperstone: both brokers check key boxes for trading platforms and tools. Each one offers a free paper trading demo, an in-house platform, a Windows desktop download, and a web-based platform. You can place trades straight from charts with either broker, which makes timing entries and exits easier for many traders.
The biggest differences are in third-party and social features. Pepperstone supports copy trading and offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), while Interactive Brokers does not. For overall platform quality, ForexBrokers.com rates Interactive Brokers 5 stars and ranks it #2 out of 63 brokers, compared with Pepperstone’s 4 stars and #21 ranking. If you want MT4/MT5 or copy trading, Pepperstone is the better fit; if you want a higher-rated platform suite, Interactive Brokers stands out.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 155 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Interactive Brokers and Pepperstone offer full-featured mobile trading apps for iPhone and Android. You’ll get stock and forex price alerts and watchlist syncing across devices with either broker. In our testing, Interactive Brokers stands out with a 5-star Mobile Trading Apps rating and a #4 ranking out of 63 brokers by ForexBrokers.com, while Pepperstone earns 4 stars and ranks #19.
If charting depth matters, Interactive Brokers provides 97 technical studies compared with Pepperstone’s 30, and both apps let you draw trendlines. However, only Pepperstone’s mobile app auto-saves your drawings; Interactive Brokers does not. Choose Interactive Brokers if you want more technical indicators on the go, or pick Pepperstone if you value auto-saving charts and a simpler toolset.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | No | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and Pepperstone both deliver essential daily market commentary and offer forex news from prestigious sources like Bloomberg and Reuters. While Pepperstone provides advanced technical analysis tools like Autochartist, Interactive Brokers counters with Trading Central's resources. Both platforms give traders access to sentiment-based tools, which display the ratio of long and short positions for various instruments. However, Interactive Brokers takes a step further by offering market insights from TipRanks and research tools from Acuity Trading, adding substantial value to its suite of resources.
For traders looking for comprehensive market research, Interactive Brokers holds an edge with its extensive array of tools, earning a 5-star research rating. In comparison, Pepperstone garners a commendable 4.5 stars. Both platforms feature an economic calendar, keeping users informed about upcoming economic events. Despite Pepperstone's robust offering, Interactive Brokers' additional research tools and higher ranking by ForexBrokers.com (#3 compared to Pepperstone's #12) make it a preferred choice for those seeking in-depth market research and analysis.
| Feature |
Interactive Brokers
|
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 | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing Interactive Brokers vs Pepperstone for beginner education, Interactive Brokers takes the lead. It earns 5 stars and ranks #1 out of 63 brokers for Education on ForexBrokers.com, while Pepperstone scores 4.5 stars and ranks #15. Both brokers run online client webinars at least once a month and provide at least 10 beginner-friendly trading videos, along with 10+ advanced videos for when you’re ready to go further.
Interactive Brokers is the stronger pick if you want the widest overall learning path, from first steps to advanced strategies. Pepperstone still offers plenty of helpful material for new traders, including regular webinars and a sizable video library, and it’s a good option if you’re focused on learning forex and CFDs. For maximum educational breadth, choose Interactive Brokers; for solid, accessible learning with an FX focus, Pepperstone is a worthy alternative.
| Feature |
Interactive Brokers
|
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 Interactive Brokers is better than Pepperstone. Interactive Brokers finished with an overall rank of #2, while Pepperstone finished with an overall rank of #17.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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Pepperstone
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| Trust Score | 99 | 94 |
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Compared with Pepperstone, Interactive Brokers allows investors to buy actual delivered cryptocurrency as well as trade cryptocurrency CFDs, while Pepperstone provides cryptocurrency exposure only via CFDs and does not support purchasing the actual coins.
Interactive Brokers vs Pepperstone: both support ACH/SEPA and bank wire transfers for deposits and withdrawals, neither supports Skrill, and only Pepperstone offers PayPal while Interactive Brokers does not.
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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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Pepperstone Review |
| Broker Screenshots | Interactive Brokers | Pepperstone | |
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| Regulation | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 94 | |
| Year Founded | 1977 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 3 | |
| Tier-2 Licenses | 2 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) |
| Investments | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 1726 | |
| Forex Pairs (Total) | 90 | 65 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | Yes | 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 | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 0.59 | 1.1 | |
| All-in Cost EUR/USD - Active | 0.65 | 0.8 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes |
| Trading Tools | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 155 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | 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 | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | No | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | 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 | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Interactive Brokers Review | Pepperstone Review |
| Overall | Interactive Brokers | Pepperstone | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Pepperstone Review |
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