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, founded in 1977, is a publicly traded online broker, while Pepperstone, founded in 2010, is privately held. Neither company is a bank. According to ForexBrokers.com, Interactive Brokers earns a Trust Score of 99/99 and Pepperstone scores 94/99—both sit in the “highly trusted” range (90–99).
In terms of regulation, Interactive Brokers holds 8 Tier-1 licenses and 2 Tier-2 licenses, compared with Pepperstone’s 3 Tier-1 and 2 Tier-2 licenses. Tier-1 licenses are considered highly trusted and Tier-2 trusted by ForexBrokers.com, which helps explain why both brokers rank highly, with Interactive Brokers edging ahead thanks to its wider top-tier oversight.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Year Founded | 1977 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 8 | 3 |
| Tier-2 Licenses | 2 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Interactive Brokers and Pepperstone both stand out for low trading costs, but they take slightly different approaches. Interactive Brokers earns a 5-star rating and ranks #1 out of 36 brokers for commissions and fees, helped by its low forex commission structure and tight pricing. In Q3 2024, its EUR/USD average spread was 0.19 pips, with an estimated all-in cost of 0.59 pips after commission. It charges a minimum of $2 per side, so smaller forex trades can be less cost-efficient, but active traders may qualify for lower rates.
Pepperstone also holds a 5-star rating, but ranks #5 out of 36 brokers in the commissions and fees category. Its Razor account is the cheaper option, with a July 2024 EUR/USD average spread of 0.10 pips and an all-in cost of about 0.80 pips once commission is included. Pepperstone’s Standard account is simpler, with no commission but a wider average spread of 1.1 pips, making it more expensive than Razor for most forex traders.
For low-cost forex trading, Interactive Brokers is the stronger pick overall, especially for active traders and larger order sizes. Pepperstone can still be a very good choice, particularly for traders using its Razor account and Active Trader discounts, but its pricing usually lands a little higher than IBKR’s. In short, both brokers are competitive, but Interactive Brokers has the edge on overall commissions and fees.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $10 |
| Average spread (EUR/USD) - Spread-only account | N/A | 1.1 |
| All-in Cost EUR/USD - Raw spread account | 0.626 | 0.8 |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, Interactive Brokers gives traders far more choice than Pepperstone. Interactive Brokers offers around 8,500 tradeable symbols and 100 forex pairs, compared with Pepperstone’s 2,631 symbols and 65 forex pairs. Both brokers support forex trading, and both let clients buy actual cryptocurrency, but Interactive Brokers also stands out for offering exchange-traded securities on both U.S. and international markets, such as Apple shares and Vodafone shares. Pepperstone does not offer direct share trading on these exchanges.
Pepperstone does have a few options that Interactive Brokers does not, including copy trading and cryptocurrency CFDs. Even so, Interactive Brokers is rated 5 out of 5 for range of investments and ranks #1 out of 36 brokers at ForexBrokers.com, while Pepperstone scores 4 out of 5 and ranks #23. If your priority is the widest selection of markets and assets, Interactive Brokers is the stronger pick; if you want copy trading or crypto CFDs, Pepperstone may appeal more.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 2631 |
| Forex Pairs (Total) | 100 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | Yes | Yes |
| Cryptocurrency (CFDs) | No | 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 and Pepperstone both give traders a wide choice of platform options, including a free paper trading account, an in-house platform, a Windows desktop app, and a web-based platform. Each also lets users place trades directly from a chart, which can make it easier to react quickly while analyzing price moves. In Trading Platforms and Tools, Interactive Brokers stands out with a 5-star rating and a #2 ranking out of 36 brokers from ForexBrokers.com, while Pepperstone is rated 4 stars and ranked #21.
The key difference is that Pepperstone offers more third-party trading extras, including copy trading plus MetaTrader 4 and MetaTrader 5, which may appeal to traders who want familiar software and social trading features. Interactive Brokers does not support those options, but it is still a strong choice for traders who want a broad set of built-in tools and a highly rated platform lineup.
| 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 | 90 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and Pepperstone both offer mobile trading apps for iPhone and Android, along with price alerts, watchlist syncing, and the ability to draw trendlines on charts. That means traders can track markets and manage watchlists on the go with either broker, while keeping mobile activity linked to their online accounts.
Where Interactive Brokers stands out is in charting depth, with 155 technical studies in its mobile app compared with Pepperstone’s 30. Interactive Brokers also earns a higher mobile app rating of 5 stars and ranks #4 out of 36 brokers for mobile trading apps, while Pepperstone is rated 4 stars and ranks #19. One area where Pepperstone has the edge is that its mobile app automatically saves chart drawings, while Interactive Brokers does not.
| 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 | 155 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | No | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers has the edge in market research when compared with Pepperstone. Both brokers provide daily market commentary, forex news from major sources like Bloomberg, Reuters, and Dow Jones, sentiment tools, and an economic calendar. However, Interactive Brokers goes further by adding Trading Central, TipRanks, and Acuity Trading tools, while Pepperstone does not offer those extras. Neither broker includes Autochartist.
That wider research lineup helps explain why Interactive Brokers earns a 5-star Research rating and ranks #3 out of 36 brokers at ForexBrokers.com, compared with Pepperstone’s 4.5-star rating and #13 ranking. For traders who want more built-in market insight and more third-party research choices, Interactive Brokers is the stronger pick.
| Feature |
Interactive Brokers
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| 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.
When it comes to learning resources for beginners, both Interactive Brokers and Pepperstone give new traders plenty of material to work with. Each broker offers at least 10 pieces of forex or CFD education, monthly educational webinars, and a wide range of beginner and advanced video lessons. That means a beginner can find basic trading explanations, market topics, and more advanced content at either firm without needing to look elsewhere right away.
Still, Interactive Brokers has the edge overall for education. It is rated 5 out of 5 stars and ranks #1 out of 36 brokers in the Education category, while Pepperstone is rated 4.5 out of 5 stars and ranks #15. For beginners, both are strong choices, but Interactive Brokers stands out as the better pick if education is a top priority.
| 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
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 94 |
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Interactive Brokers and Pepperstone both allow traders to buy actual, delivered cryptocurrency, but only Pepperstone also offers cryptocurrency CFDs, while Interactive Brokers does not provide CFD access to crypto.
Interactive Brokers vs Pepperstone: both online brokers support ACH/SEPA and bank wire transfers, Pepperstone additionally offers PayPal and Skrill while Interactive Brokers does not, and 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 | Interactive Brokers | Pepperstone | |
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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 | 8 | 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 CMA 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 | 2631 | |
| Forex Pairs (Total) | 100 | 65 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | Yes | Yes | |
| Cryptocurrency (CFDs) | No | 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) - Spread-only account | N/A | 1.1 | |
| All-in Cost EUR/USD - Raw spread account | 0.626 | 0.8 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $10 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | 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 | 90 | |
| 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 Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 155 | 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 | No | |
| 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 | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| 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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