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 and TopFX are prominent online brokers, each offering unique pricing structures suitable for different trading needs. Pepperstone excels with its Razor account, designed for high-volume traders through its Active Trader program. It offers a competitive all-in cost of 0.80 pips for EUR/USD when factoring in both the average spread of 0.10 pips and a 0.70 pips commission equivalent. However, their Standard account is less attractive, presenting higher spreads of 1.1 pips and being commission-free. Pepperstone is highly rated with 4.5 stars for commissions and fees, and ranks #10 out of 62 brokers in this category.
TopFX provides traders the choice between two account types: the spread-only ZERO account and the commission-based RAW account, both available on MetaTrader and cTrader platforms. The RAW account has an all-in cost of about 0.88 pips for EUR/USD, considering a 0.33 pips spread and a commission of 5.50 EUR per round-turn standard lot. Meanwhile, the ZERO account avoids commissions but comes with a higher spread of 1.03 pips. TopFX has earned a solid 4-star rating for its commissions and fees, positioning itself at #40 in the rankings among 62 brokers.
In terms of cost-effectiveness, Pepperstone's Razor account is slightly more competitive than TopFX's options, benefiting active traders with rebates and tiered discounts. These features complement its edge for those trading at high volumes. Conversely, TopFX offers straightforward alternatives that may appeal to traders seeking simplicity with either commission-based or spread-only models.
| 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 and TopFX both provide forex trading as a core offering, allowing clients to engage in forex trading through CFDs or spot contracts. When it comes to the overall range of investments, Pepperstone stands out with a vast selection of 1,726 tradeable symbols, including 65 forex pairs, compared to TopFX’s 655 tradeable symbols and 60 forex pairs. However, neither broker offers the opportunity to buy actual exchange-traded securities on U.S. or international exchanges, nor do they facilitate purchasing real cryptocurrencies—clients can only trade crypto derivatives.
Both brokers support copy trading, a feature that appeals to traders looking to mirror the strategies of seasoned investors. While TopFX garners a respectable rating of 3.5 stars for its range of investments, Pepperstone takes a slight edge with 4 stars in the same category. Ranking-wise, Pepperstone holds the 26th spot out of 62 brokers according to ForexBrokers.com, while TopFX is ranked at 46th for their investment offerings. This positioning reflects Pepperstone's broader selection, catering to traders looking for a wider array of financial instruments.
| 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 offer a range of trading platforms suitable for various trader preferences. Both brokers provide the popular MetaTrader 4 (MT4) platform, though only Pepperstone extends its offerings to MetaTrader 5 (MT5). Those preferring web-based or desktop download platforms will find options with either broker, but only Pepperstone has developed its own proprietary platform, offering potentially unique features. For traders interested in hands-on practice, both Pepperstone and TopFX provide free virtual demo accounts to simulate trading in real market conditions.
When it comes to advanced tools, Pepperstone stands out with 30 drawing tools compared to TopFX's 15, enhancing its charting experience. Both brokers allow trading directly from charts and offer identical watch list customization with seven fields. Copy trading is supported by both platforms, yet Peppertstone also offers DupliTrade. Despite these detailed offerings, both Pepperstone and TopFX receive a four-star rating for their trading platforms and tools, reflective of their strengths and areas for improvement. However, with a ForexBrokers.com ranking of 22nd compared to TopFX's 45th, Pepperstone may hold a slight edge in overall platform satisfaction.
| 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.
Both Pepperstone and TopFX provide impressive mobile trading apps that support iPhone and Android devices, ensuring that traders have access to their accounts on the go. Both apps allow users to set up stock or forex price alerts, ensuring that investors stay informed about market movements. They also offer the capability to draw trendlines on charts and view different time frames such as daily, weekly, or intraday. A notable difference between the two is that Pepperstone supports watchlist symbol syncing, which lets users update and access their watchlists seamlessly across their mobile and online accounts, whereas TopFX does not provide this feature.
When it comes to charting tools, both brokers support 30 technical studies, providing traders with a variety of analytical options. Additionally, their apps auto-save drawings on charts and allow the creation of watchlists with real-time quotes, offering practical features for market analysis. Pepperstone's mobile app has secured a four-star rating and ranks 21st out of 62 brokers by ForexBrokers.com in the Mobile Trading Apps category, highlighting a higher overall endorsement than TopFX, which also boasts a four-star rating but ranks 51st. While both apps offer solid functionality, Pepperstone's edge in ranking and sync capability makes it slightly more appealing for on-the-go traders seeking seamless integration with their online accounts.
| 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 and TopFX both provide several valuable research tools and resources, but there are some notable differences to consider. Pepperstone excels in offering daily market commentary and delivers forex news from recognized sources like Bloomberg and Reuters. It features tools from Autochartist for both technical and fundamental analysis and offers a sentiment-based trading tool to aid in decision-making. Additionally, Pepperstone provides an economic calendar that highlights important global news events, earning it a solid 4.5-star research rating and the #12 rank out of 62 brokers, according to ForexBrokers.com.
On the other hand, TopFX shares Pepperstone's strengths in terms of forex news from top-tier sources, tools from Autochartist, a sentiment-based trading tool, and a comprehensive economic calendar. However, TopFX distinguishes itself by including tools from Trading Central, which Pepperstone does not offer. Despite this, TopFX does not provide daily market commentary, which might be a drawback for traders seeking daily insights. This absence of certain features reflects in its lower 3-star rating and #59 ranking in the Research category by ForexBrokers.com.
| 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 | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners at Pepperstone and TopFX, Pepperstone clearly emerges as the more comprehensive option. Pepperstone excels in providing a wide array of educational materials, which include over ten articles and videos focused on forex and CFDs, along with archived webinars that can be easily accessed. They also host monthly online webinars for their clients, ensuring a consistent supply of learning opportunities. In addition, Pepperstone offers numerous beginner-friendly videos and advanced educational content for seasoned traders. Their investment dictionary helps learners by defining over 50 common investing terms, making it an excellent resource for both novice and sophisticated traders. It's no surprise that Pepperstone has been awarded a commendable 4.5-star rating for education by industry experts at ForexBrokers.com, placing it 17th out of 62 brokers in the category.
In contrast, TopFX's educational offerings fall short, particularly for beginners. They do not reach the required number of educational pieces focused on forex or CFDs and do not provide regular, interactive webinars. Instead of a searchable archive or a comprehensive set of videos for novice and advanced traders, their educational content is limited. TopFX also lacks an extensive investing term dictionary, making it less effective in supporting new traders as they navigate the financial markets. With these shortcomings, TopFX justifiably earns a lower education rating of 3 stars and a ranking of 60th out of 62 brokers by ForexBrokers.com.
| 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 62 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 #61.
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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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 |
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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) | No | No | |
| 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 | No | |
| 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) | No | No |
| 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 | 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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