Written by ForexBrokers.com
In this head to head comparison of Pepperstone vs TopFX, 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 TopFX, both founded in 2010, are online brokers that offer trading services without being publicly traded or operating as banks. When it comes to trustworthiness, Pepperstone stands out with a ForexBrokers.com Trust Score of 95, placing it in the highly trusted category. TopFX, on the other hand, has a Trust Score of 67, indicating it falls into the high-risk category according to the same source.
In terms of regulatory credentials, Pepperstone boasts three Tier-1 licenses, signaling a high level of trust, along with two Tier-2 licenses. TopFX, however, holds only one Tier-1 license and does not have any Tier-2 licenses. This comparison highlights Pepperstone's stronger regulatory standing and higher trust score, offering traders a more secure environment.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Year Founded | 2010 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
Pepperstone earns 4.5/5 stars for commissions and fees (ranked #11 of 63), while TopFX earns 4/5 stars (ranked #41). On EUR/USD, Pepperstone’s Razor account delivered about 0.80 pips all-in in July 2024 (0.10-pip average spread plus a 0.70-pip commission equivalent), which is slightly cheaper than TopFX’s RAW account at roughly 0.88 pips all-in (0.33-pip average spread plus a 0.55‑pip commission equivalent). For commission-free options, TopFX’s ZERO account averaged about 1.03 pips, edging Pepperstone’s Standard account at 1.1 pips.
Pepperstone’s pricing is strongest on its commission-based Razor account, available on TradingView, MetaTrader, and cTrader. Its Standard account is simpler but pricier for EUR/USD at 1.1 pips on average. High-volume traders can lower costs further through Pepperstone’s Active Trader program: in the U.K. and EU, Professional clients trading at least £20 million per month can get a 15% spread rebate per lot (rising to 25% above £200 million), and in Australia, Professional clients starting from 100 lots over three months receive a 10% discount per standard lot (up to 30% for 3001+ lots monthly). Overall, Pepperstone’s Razor all-in costs sit close to the industry average.
TopFX offers two choices on MetaTrader and cTrader: the ZERO account (spread-only) and the commission-based RAW account. RAW charges 2.75 EUR per side (5.50 per round turn, standard lot); with average spreads of 0.33 pips on EUR/USD and a commission equivalent of 0.55 pips, the all-in cost was about 0.88 pips in July 2024, which is in line with the industry average. The ZERO account is commission-free but had wider average spreads of 1.03 pips; minimum deposits vary by payment method.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.00 | 1.03 |
| All-in Cost EUR/USD - Active | 0.70 | 0.88 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| 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 offers a wider range of investments than TopFX, with 1,726 tradeable symbols versus 655. For forex traders, Pepperstone lists 65 currency pairs compared with 60 at TopFX. Both brokers support forex trading as CFDs or spot contracts, giving traders flexible ways to access the currency market.
Neither broker lets you buy exchange-traded shares on U.S. or international stock exchanges, and neither supports buying actual cryptocurrency. However, both offer crypto derivatives and copy trading. For Range of Investments, ForexBrokers.com rates Pepperstone 4 stars and ranks it 27th out of 63 brokers, while TopFX earns 3.5 stars and ranks 47th—reflecting Pepperstone’s broader selection overall.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 655 |
| Forex Pairs (Total) | 65 | 60 |
| 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 TopFX both make it easy to get started with a free demo account and let you trade on the web or via a Windows desktop platform. Each supports copy trading, trading directly from charts, and MetaTrader 4 (MT4), with seven watchlist columns and no ZuluTrade. Key differences: Pepperstone also provides an in-house proprietary platform, offers MetaTrader 5 (MT5), and connects with DupliTrade. For charting, Pepperstone includes 30 drawing tools versus 15 at TopFX.
According to ForexBrokers.com, both brokers earn 4 stars for Trading Platforms and Tools, but Pepperstone ranks higher (#22 of 63) than TopFX (#46 of 63). If you want MT5, more drawing tools, a proprietary option, or DupliTrade, Pepperstone has the edge; if you mainly need MT4 with web and desktop access plus copy trading and chart trading, either broker will cover those needs.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 15 | 30 |
| Charting - Drawing Tools (Total) | 30 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and TopFX both deliver capable mobile trading apps for iPhone and Android. Each app includes price alerts for stocks and forex, real-time watchlists, and charting with 30 technical studies. You can draw trendlines, switch between multiple time frames (intraday to weekly), and your chart drawings auto-save on both platforms. For everyday trading tasks—checking quotes, studying charts, and setting alerts—Pepperstone and TopFX offer similar tools.
The key difference is watchlist syncing: Pepperstone syncs symbols between the mobile app and your online account, while TopFX does not. Both earn 4 stars for mobile trading apps, but ForexBrokers.com ranks Pepperstone higher at #21 out of 63, compared with TopFX at #52. If syncing watchlists across devices matters to you, Pepperstone has the edge; otherwise, both apps cover the core features most traders expect.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| 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 vs TopFX: market research tools compared. Pepperstone offers daily market commentary, while TopFX does not. Both brokers stream forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones and include Autochartist for pattern and signal scanning. TopFX adds Trading Central, which Pepperstone lacks. Each provides a sentiment tool showing long/short positioning and an economic calendar. Pepperstone does not offer TipRanks or Acuity Trading; TopFX’s availability for TipRanks and Acuity Trading is not specified.
For overall research quality, Pepperstone holds the edge with a 4.5/5 Research rating and a #12 ranking out of 63 brokers at ForexBrokers.com. TopFX scores 3/5 and ranks #61. If you want frequent in-house commentary alongside strong third‑party news and tools, Pepperstone is the better pick; if Trading Central is a must-have, TopFX supplies that feature.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing Pepperstone vs. TopFX for beginner education, Pepperstone clearly offers more to help you get started. It provides a sizable library of forex and CFD lessons (10+ pieces), runs at least one educational webinar each month, and keeps a searchable archive of past sessions so you can learn on your schedule. Beginners also get 10+ starter videos, with another 10+ advanced videos for later, plus an investor dictionary covering 50+ key terms. TopFX, on the other hand, does not meet these benchmarks: it lacks a 10+ piece education library, monthly client webinars, a searchable webinar archive, large sets of beginner or advanced videos, and an extensive investor dictionary.
Independent ratings back up the gap. Pepperstone earns 4.5 out of 5 stars for Education and ranks #17 out of 63 brokers at ForexBrokers.com, while TopFX holds 3 stars and ranks #62. If you value frequent webinars, on-demand replays, and a wide range of beginner-friendly materials, Pepperstone offers a more complete learning path than TopFX.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | 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 TopFX. Pepperstone finished with an overall rank of #16, while TopFX finished with an overall rank of #62.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 67 |
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Both Pepperstone and TopFX do not provide the option to purchase actual (delivered) cryptocurrency, but they both offer the capability to trade cryptocurrency derivatives.
Pepperstone and TopFX both support PayPal, Skrill, Visa, Mastercard, and bank wires for depositing or withdrawing funds, but only Pepperstone offers ACH or SEPA transfers as an additional option.
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 | TopFX | |
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| Trust Score | 95 | 67 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | TopFX Review |
| Broker Screenshots | Pepperstone | TopFX | |
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| Regulation | Pepperstone | TopFX | |
|---|---|---|---|
| Trust Score | 95 | 67 | |
| 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 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | Pepperstone | TopFX | |
|---|---|---|---|
| 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 | No | |
| 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 | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Pepperstone | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1726 | 655 | |
| Forex Pairs (Total) | 65 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.00 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| 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 | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | Yes | Yes | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| Trading Tools | Pepperstone | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Drawing Tools (Total) | 30 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Pepperstone | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Pepperstone | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | Pepperstone | TopFX | |
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| Trust Score | 95 | 67 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | TopFX Review |
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