Written by ForexBrokers.com
In this head to head comparison of Pepperstone vs TMGM, 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 TMGM are two prominent names in the online brokerage sphere, each with its own merits. Founded in 2010, Pepperstone holds three Tier-1 licenses and two Tier-2 licenses, showcasing a strong regulatory standing. It boasts a high Trust Score rating of 95 out of 99 according to ForexBrokers.com, indicating it is highly trusted. In contrast, TMGM, established in 2013, is also a non-publicly traded and non-banking entity, but holds two Tier-1 licenses with no Tier-2 licenses. Its Trust Score of 83 signifies a trusted status, but slightly less so than Pepperstone.
Both Pepperstone and TMGM are private and operate independently of any banking affiliations. While neither is publicly traded, their regulatory credentials differ. Pepperstone's multiple Tier-1 and Tier-2 licenses contribute to its higher trust rating, making it a potentially more appealing choice for those who prioritize regulatory assurance. Meanwhile, TMGM's satisfactory Trust Score and Tier-1 licenses provide a trustworthy, albeit marginally lower-ranking, alternative for online trading enthusiasts.
| Feature |
Pepperstone
|
TMGM
|
|---|---|---|
| Year Founded | 2010 | 2013 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 2 |
Pepperstone and TMGM both keep trading costs competitive, but they take different approaches. Pepperstone earns 4.5/5 stars and ranks #11 of 63 for Commissions and Fees, helped by its transparent pricing and volume rebates. TMGM scores 4/5 stars and ranks #37 of 63, with an attractive commission on its Edge account but less published spread data, which makes direct cost comparisons harder.
Pepperstone’s Razor account uses commission-based pricing and is available on TradingView, MetaTrader (MT4/MT5), and cTrader. As of July 2024, Pepperstone listed a 0.10-pip average spread on EUR/USD; when you include the commission-equivalent of 0.70 pips, the all-in cost comes to 0.80 pips—around the industry average. Pepperstone’s Standard account is commission-free with a higher 1.1-pip average spread on EUR/USD, making it pricier than Razor. High-volume traders can cut costs further with the Active Trader program: in the U.K. and EU, Professional clients trading at least £20 million per month can receive a 15% spread rebate per lot (up to 25% above £200 million), while in Australia, Professional clients start at a 10% discount from 100 lots over three months and can reach 30% above 3001 lots monthly.
TMGM’s pricing depends on the account: the Classic account is spread-only, while the Edge account adds a small commission of $3.50 per side ($7 round turn) to typically low spreads; Islamic (swap-free) access is available on the Edge account only. TMGM does not publish recent average spreads for EUR/USD, which limits apples-to-apples cost analysis versus Pepperstone’s Razor figures. Based on what’s available, TMGM’s Edge account is the more cost-focused choice at TMGM, whereas Pepperstone provides clearer all-in pricing and stronger volume-based discounts. For Commissions and Fees, Pepperstone is rated 4.5/5 stars (#11 of 63) and TMGM is rated 4/5 stars (#37 of 63).
| Feature |
Pepperstone
|
TMGM
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average spread (EUR/USD) - Standard account | 1.00 | N/A |
| All-in Cost EUR/USD - Active | 0.70 | N/A |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | |
| Skrill (Deposit/Withdraw) | No | |
| Bank Wire (Deposit/Withdraw) | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and TMGM both support forex trading via CFDs or spot contracts. Pepperstone lists 65 currency pairs compared with TMGM’s 62, giving Pepperstone a slight edge for forex variety. That said, TMGM offers a far larger overall catalog, with about 12,000 tradeable symbols versus Pepperstone’s 1,726.
Neither broker lets you buy actual shares on U.S. or international exchanges, and neither supports buying real cryptocurrency. Both do offer cryptocurrency CFDs and copy trading. For range of investments, ForexBrokers.com rates Pepperstone 4 stars (ranked 27th of 63) and TMGM 4.5 stars (ranked 18th of 63), signaling TMGM’s broader market selection while Pepperstone narrowly leads in the number of forex pairs.
| Feature |
Pepperstone
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 12000 |
| Forex Pairs (Total) | 65 | 62 |
| 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 vs TMGM: both brokers make it easy to get started with a free demo (paper) account and offer web and Windows desktop platforms. Each supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), copy trading, and the ability to place trades directly from charts. A key difference is that Pepperstone also provides a proprietary platform developed in-house, while TMGM focuses on third‑party platforms.
For trading platforms and tools, both earn 4 out of 5 stars from ForexBrokers.com, though Pepperstone ranks higher at #22 of 63 brokers compared with TMGM at #49. If you want a broker with its own platform alongside MT4/MT5, Pepperstone is the stronger fit; if you prefer sticking with MetaTrader, TMGM delivers that straightforward setup. Both include common technical indicators and watchlists, with access across web and desktop.
| Feature |
Pepperstone
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| 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 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and TMGM both offer mobile trading apps for iPhone and Android, giving traders access on the go. Both apps support stock and forex price alerts, so you can be notified when markets move. A key difference is watchlist syncing: Pepperstone syncs your watchlists across mobile and the web, so changes carry over automatically; TMGM does not sync watchlists between platforms.
For charting on mobile, each broker provides 30 technical studies, drawing tools like trendlines, and auto-saved drawings, making it easy to continue your analysis later. According to ForexBrokers.com, both apps earned 4 out of 5 stars, but Pepperstone ranked higher in the Mobile Trading Apps category (#21 of 63) compared with TMGM (#48 of 63). If watchlist syncing and a higher category placement matter to you, Pepperstone has the edge; otherwise, both deliver capable charting and alerts on iOS and Android.
| Feature |
Pepperstone
|
TMGM
|
|---|---|---|
| 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 TMGM both cover the essentials for market research. Each provides daily market commentary, an economic calendar, sentiment tools showing long/short positioning, and real-time forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones. That said, Pepperstone earns a higher research score (4.5/5) and rank (#12 of 63) than TMGM (3.5/5, #54), according to ForexBrokers.com.
The main differences are in the extra tools. Pepperstone includes Autochartist for trade ideas and pattern spotting, while TMGM does not. TMGM counters with Trading Central analytics and Acuity Trading (Signal Centre), which Pepperstone doesn’t offer. Neither broker uses TipRanks. Choose Pepperstone if you want Autochartist and a higher-rated research experience; pick TMGM if Trading Central and Acuity insights are your priority. Both deliver solid news, commentary, calendars, and sentiment data.
| Feature |
Pepperstone
|
TMGM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners seeking forex and CFDs education, Pepperstone is the stronger pick. It runs ongoing client webinars (at least one per month) and offers a wide video library with 10+ beginner videos plus 10+ advanced lessons, so you can move from basics to more complex strategies at your own pace. Pepperstone’s education earns 4.5 out of 5 stars and ranks #17 out of 63 brokers on ForexBrokers.com.
TMGM does provide learning materials on forex and CFDs, but it does not host monthly educational webinars and doesn’t offer 10+ beginner or 10+ advanced videos. Its education is rated 3.5 out of 5 stars and ranks #54 out of 63. If you want structured videos and regular live sessions, Pepperstone is likely the easier path; if you only need a lighter set of resources, TMGM may still fit.
| Feature |
Pepperstone
|
TMGM
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
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 TMGM. Pepperstone finished with an overall rank of #16, while TMGM finished with an overall rank of #37.
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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TMGM
|
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| Trust Score | 95 | 83 |
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Pepperstone vs TMGM: neither online broker lets you buy actual (delivered) cryptocurrency, but both offer cryptocurrency CFD trading.
Pepperstone vs TMGM: Pepperstone supports ACH/SEPA transfers, PayPal, and bank wire deposits/withdrawals but not Skrill, whereas TMGM does not support ACH/SEPA and the availability of PayPal, Skrill, Visa/Mastercard, and bank wires is not specified here.
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 | TMGM | |
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| Trust Score | 95 | 83 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | TMGM Review |
| Broker Screenshots | Pepperstone | TMGM | |
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| Regulation | Pepperstone | TMGM | |
|---|---|---|---|
| Trust Score | 95 | 83 | |
| Year Founded | 2010 | 2013 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 3 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 2 |
| Tier-1 Licenses (Highly Trusted) | Pepperstone | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| 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 | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Pepperstone | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Pepperstone | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1726 | 12000 | |
| Forex Pairs (Total) | 65 | 62 | |
| 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 | TMGM | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.00 | N/A | |
| All-in Cost EUR/USD - Active | 0.70 | N/A | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | TMGM | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | No | ||
| Bank Wire (Deposit/Withdraw) | Yes | ||
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Pepperstone | TMGM | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| 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 | TMGM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Pepperstone | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | TMGM | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | Pepperstone | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
| Overall | Pepperstone | TMGM | |
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| Trust Score | 95 | 83 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | TMGM Review |
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