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 account | 1.00 | 1.03 |
| All-in Cost EUR/USD - Active | 0.70 | 0.88 |
| 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 offers a larger selection of tradeable instruments than TopFX (1,726 vs. 655), along with slightly more forex pairs (65 vs. 60). Both brokers support forex trading as CFDs and/or spot, offer copy trading, and provide access to cryptocurrency via CFDs. Neither broker lets you buy actual cryptocurrencies or exchange-traded shares on U.S. or international stock exchanges.
For Range of Investments, Pepperstone earns 4 stars and ranks #27 out of 63 brokers, while TopFX earns 3.5 stars and ranks #47. If you want a bigger list of markets and a few more currency pairs, Pepperstone has the edge; if you only need the essentials, TopFX covers the basics. Both are suitable if you want copy trading and crypto CFDs, but not for buying real stocks or real crypto.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 655 |
| Forex Pairs (Total) | 65 | 60 |
| 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 and TopFX both offer free demo accounts for paper trading, support copy trading, and let you place orders directly from charts. Each broker provides a Windows desktop download and a web-based platform. For third-party platforms, both support MetaTrader 4 (MT4), while only Pepperstone also offers MetaTrader 5 (MT5). Pepperstone additionally offers a proprietary platform, whereas TopFX does not. In ForexBrokers.com’s Trading Platforms and Tools category, both earned 4 stars, with Pepperstone ranked #22 out of 63 brokers and TopFX ranked #46.
If you want MT5 or prefer an in-house platform option, Pepperstone has an advantage. If you’re comfortable with MT4 and copy trading across web and desktop, TopFX covers the basics. Counts for technical indicators and watchlist columns were not specified and may vary by platform.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| 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 | No |
| Charting - Indicators / Studies (Total) | 15 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and TopFX both deliver full-featured mobile trading apps for iPhone and Android. Each app supports stock or forex price alerts, offers 30 technical studies for charting, and lets you draw trendlines with drawings saved automatically. That means traders on either platform get comparable chart tools and core features on the go.
The biggest difference is watchlist syncing. Pepperstone syncs your watchlists between the mobile app and your online account, while TopFX does not—useful if you switch between devices often. Both earned 4 stars for Mobile Trading Apps, but Pepperstone ranks higher at #21 out of 63 brokers on ForexBrokers.com, compared with TopFX at #52. If seamless watchlists and a stronger category ranking matter to you, Pepperstone is the better pick; if you just need alerts and solid mobile charting, both apps fit the bill.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| 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 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 (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | |
| Acuity Trading | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone vs TopFX for beginner education: Pepperstone stands out for forex and CFD learning. It runs client webinars at least once a month and offers a large video library with 10+ beginner videos and 10+ advanced videos, making it easier to start and then level up your skills. That depth helps explain its strong Education score of 4.5 out of 5 stars and its #17 ranking out of 63 brokers on ForexBrokers.com.
TopFX’s education is more limited for new traders. It does not host monthly educational webinars and does not provide at least 10 beginner videos or 10 advanced videos on trading topics. Reflecting this smaller catalog, TopFX holds a 3 out of 5 star Education rating and ranks #62 out of 63 brokers on ForexBrokers.com.
| Feature |
Pepperstone
|
TopFX
|
|---|---|---|
| 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 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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Pepperstone vs TopFX: neither online broker lets you buy actual delivered cryptocurrencies, but both support trading cryptocurrency CFDs.
Pepperstone vs TopFX: Pepperstone supports ACH/SEPA, PayPal, and bank wire deposits/withdrawals (no Skrill; card support not specified), while TopFX does not support ACH/SEPA and provides no specified details for PayPal, Skrill, cards, or bank wires.
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, FSRA, or SCA 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. 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 | TopFX | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.00 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.88 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | No | ||
| Bank Wire (Deposit/Withdraw) | Yes | ||
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Pepperstone | TopFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | Yes | Yes |
| Trading Tools | Pepperstone | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | ||
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | TopFX | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | Pepperstone | TopFX | |
|---|---|---|---|
| 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 | 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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