When Pepperstone and FxPro go head to head, Pepperstone is the winner due to low average spreads, Expert Advisor and Autocharist tools, and range of currency pairs and CFDs available.
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Both FxPro and Pepperstone are both offered on MetaTrader 4, MetaTrader 5, cTrader. FxPro also has its proprietary platform, FxPro Edge, designed for spread betting (UK only).
Both Pepperstone and FxPro are compatible with MetaTrader 4, MetaTrader 5, cTrader through desktop and online platforms.
Developed for spread betting in the UK, FxPro Edge is a web platform that requires no software installation. In addition to forex, users can trade shares, spot energies, spot metals, and spot indices.
cTrader is designed to be accessible to both novice and experienced traders and is known for its availability of market depth and superior execution features.
Whereas MetaTrader platforms, the gold standard for traders around the world, are known for their automated trading functions with a library of Expert Advisors and add-on tools available for download. Although some Smart Trader Tools and Expert Advisor features are not compatible with MetaTrader’s online platform, WebTrader. While cTrader is Windows based software, desktop versions of MT4 and MT5 are available on both Windows and Mac.
Although both forex brokers offer the standard features of MT4, MT5, and cTrader, Pepperstone provides significantly more algorithmic trading features than FxPro on MetaTrader platforms. A larger library of Expert Advisors and add-ons can be downloaded from the Pepperstone website to help analyse the market and develop complex trading strategies.
The FxPro Direct App does not support trading and is designed purely for basic trading account management. On FxPro’s proprietary app, users can view market rates, access the economic calendar, receive alerts, and manage deposits and withdrawals via the FxPro Wallet.
For trading CFDs and forex, FxPro and Pepperstone clients can download the mobile and tablet versions of cTrader, MetaTrader 4 and MetaTrader 5, available on iOS and Android.
The functionality of cTrader and MetaTrader mobile apps mirror the desktop trading platforms. As well as customised charting features for mobile and tablet viewing, both trading platform software providers offer features for on-the-go trading.
A benefit of trading forex with Pepperstone compared to FxPro is the access to Smart Trader Tools and AutoChartist. Pepperstone provides an array of indicators and add-ons to use for sophisticated technical analysis and automated trading.
Pepperstone offers 28 Smart Trader Tools that include advanced indicators and Expert Advisor. For example, Pepperstone traders can view market sentiment data, test strategies with real market data, and utilise Renko, Keltner, and Candle Countdown charts.
Both Pepperstone and FxPro offer two commission fee structures. Traders can choose from lower spreads and flat-rate commission or no commission with fees built into the spread. With both fee structures, FxPro fails to provide spreads as tight as Pepperstone. Commission-free EUR/USD spreads can be as low as 1.0 pips with Pepperstone as your forex broker, whereas FxPro spreads are on average 1.4 pips.
If you prefer to pay round-trip commission to gain access to tighter spreads, Pepperstone’s Razor account is impossible to beat as they offer spreads as low as 0.0 pips with a $7 round-trip commission fee. They also offer a standard account for beginner traders. View the Pepperstone Razor account vs Standard to see the difference. On the other hand, FxPro charges USD $0.9 commission with spreads of 0.1 pips, with spreads varying between cTrader and MetaTrader platforms.
Pepperstone provides the lowest forex spreads in comparison to FxPro in both major and exotic currencies. Spreads on pairs such as USD/CHF, USD/GBP, USD/JPY are as low as 0.0 pips if forex traders are using a Pepperstone Razor account, or 1.0 pips all-in. Exotic currencies like the Thai Baht are 1.0 pips on a razor account (market average is 5.0 pips), and 2.0 pips commission-free.
When it comes to the standard account spreads, there’s a bit of a mixed bag. Let’s take a closer look.
FXPRO, for instance, maintains a fairly consistent spread across all forex pairs. Their spread for EUR/USD is 1.2, which is on par with the industry average. However, for pairs like GBP/USD and USD/CAD, they manage to keep their spreads slightly lower than the industry average. This consistency can be quite appealing for traders who value predictability.
Pepperstone, on the other hand, offers a slightly more competitive spread for some pairs. For instance, their spread for AUD/USD is 1.32, which is lower than both FXPRO and the industry average. However, for pairs like USD/JPY and USD/CHF, their spreads are slightly higher than FXPRO’s. This suggests that while Pepperstone might offer better value for some pairs, it might not be the case across the board.
Now, how does this compare to the industry average? Well, the industry average spread tends to be slightly higher than both FXPRO and Pepperstone. This is particularly noticeable for pairs like USD/CAD and USD/CHF.
| Forex Pair | FXPRO Spread | Pepperstone Spread | Industry Average Spread |
|---|---|---|---|
| EUR/USD | 1.2 | 1.16 | 1.2 |
| USD/JPY | 1.2 | 1.25 | 1.4 |
| GBP/USD | 1.5 | 1.49 | 1.7 |
| AUD/USD | 1.4 | 1.32 | 1.6 |
| USD/CAD | 1.6 | 1.5 | 2.0 |
| USD/CHF | 1.5 | 1.6 | 2.0 |
| EUR/GBP | 1.5 | 1.4 | 1.8 |
| EUR/JPY | 1.7 | 1.6 | 2.0 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
So, which broker offers the better deal? If we’re talking purely in terms of spreads, I’d say it’s a close call between FXPRO and Pepperstone. However, if consistency is what you’re after, FXPRO might be the better choice. On the other hand, if you’re trading specific pairs like AUD/USD, Pepperstone could offer better value.
Remember, spreads are just one part of the equation. It’s also important to consider other factors like trading environment, platform, and customer service when choosing a forex broker. After all, the cheapest option isn’t always the best one.
FxPro and Pepperstone both offer excellent demo accounts. Demo accounts are available on all FxPro’s platforms and a range of devices. Similarly, Pepperstone traders can experience MT4 and MT5 for 30 days with a demo account.
If you are seeking to open an Islamic account, both FxPro and Pepperstone offer traders of Muslim faith swap-free account structures. For both FxPro and Pepperstone, you can email the customer service team to set up an Islamic account.
VIP accounts are available for high-volume and valued traders with both forex brokers. FxPro’s VIP account gives access to discounted market spreads and commissions of up to 30% but has limited additional benefits compared to Pepperstone’s VIP account features.
Pepperstone is popular with active traders due to its range of incentives and benefits. Razor and Pro account members pay a reduced commission fee and receive forex rebates through the Active Trader Program. A typical monthly cash rebate for active traders is AUD$500, and unlike many other forex brokers, rebates are paid daily into your trading account.
Eligible traders can upgrade from a retail investor account to Pepperstone Pro and receive extensive VIP benefits. Pro traders gain access to premium rebates, exclusive events, new products, trading seminars, and a Pepperstone client manager.
FxPro and Pepperstone are both overseen by top-tier international regulators. As well as monitoring FxPro’s and Pepperstone’s activity, the reputable authorities ensure financial markets operate fairly and efficiently.
FxPro is regulated by CySEC (Cyprus Securities and Exchange Commission), FSCA (Financial Sector Conduct Authority, South Africa), and FCA (Financial Conduct Authority, UK).CySEC regulates forex brokers in Cyprus, oversees the Cyprus Stock Exchange, and enforces legislation. Since Cyprus is an EU member, protection is granted to traders. If a CySEC licensed broker becomes insolvent, retail investors are entitled to the lower of either €20,000 or 90% of their funds.
On the other hand, Pepperstone holds licenses issued by ASIC (Australia), FCA (United Kingdom), DFSA (Dubai), CMA (Kenya), BaFin (Germany), CySEC (Europe) and the SCB (The Bahamas).
In Australia, ASIC requires brokers to hold an Australian Financial Services (AFS) license, and brokers are prohibited from using client money as operational funds, with traders funds held in a trust.
In regards to UK regulation, the FCA boasts some of the most stringent regulation in the world, with traders seeing significant consumer protection. As both FxPro and Pepperstone are regulated by the FCA, their UK customers are protected by the Financial Services Compensation Scheme (FSCS). Similar to CySEC’s compensation scheme, the FSCS provides traders insurance of up to £85,000 in case of broker insolvency. The UK also ensures that all client funds are secured by remaining segregated from company funds.
At current FxPro is monitored by South Africa’s sole financial regulator, the FSCA, with Pepperstone in the process of receiving a license. The FSCA offers local traders protection and issues warnings against fraudulent traders operating in South Africa.
When comparing account management features between FxPro vs Pepperstone, Pepperstone is the front-runner. The forex broker charges no deposit or withdrawal fees for the majority of clients, quick processing times, and a range of payment methods.
Depending on your location, FxPro clients can transfer funds via bank transfer, credit card, Skrill, Neteller, PayPal, and Union Pay. No deposit or withdrawal fees are charged, yet processing times are lengthy and can take up to 7 working days. FxPro requires an initial deposit of $100 but recommend a minimum of $500.
Pepperstone requires a minimum deposit of USD $200 and accepts credit card, bank transfer, POLi, BPay, Paypal, Neteller, Skrill and Union Pay. Pepperstone does not charge deposit or withdrawal fees unless you are located outside Australia or the EU where a $20 international transfer fee is incurred for deposits and withdrawals. Pepperstone’s processing time for deposits and withdrawals is much faster than FxPro, with most funding methods processed instantly.
Market access differs when comparing FxPro vs Pepperstone. FxPro allows clients to trade forex, shares, futures, commodities and indices, while Pepperstone is one of the leading CFD and forex brokers around the world. As with most forex brokers, Pepperstone and FxPro do not offer ETF, bond, or option trading.
If your preference is trading forex, Pepperstone provides an excellent selection of over 80 currency pairs, compared to FxPro’s over 69 currency pairs.
Pepperstone’s product range is standard with over 90 CFDs. FxPro offers a larger product selection with 0ver 200 commodities, index and stock CFDs, although they do not allow trading CFDs on Japanese shares.
If you are looking to trade crypto, Pepperstone is the best forex broker as FxPro does not offer cryptocurrency trading. Pepperstone gives investors access to the following cryptocurrencies that can be traded against USD:
Pepperstone offers investors’ a competitive crypto trading environment with tight spreads, maximum leverage of 5:1, and no commission fees. While Pepperstone’s FCA regulated subsidiary based in the UK offering crypto trading in the past, recent changes to FCA regulation now mean retail traders are banned from trading crypto via UK brokers.
*Your capital is at risk ‘73.76% of retail CFD accounts lose money’
An advantage of Pepperstone over FxPro is its social and copy trading abilities. FxPro initially offered a social trading service, yet it was discontinued in 2017.
Pepperstone offers social and copies trading through third-party providers being MirrorTrader, ZuluTrade, Chasing Returns, DupliTrade and Myfxbook. Whether you want to build up your expertise, reduce risk and costs, or diversify your portfolio, Pepperstone offers a suitable third-party automated trading function.
Pepperstone when comparing the tools and resources available to build trading strategies and conduct technical analysis.
| FxPro | Pepperstone | |
|---|---|---|
| Smart Trader Tools | No | Yes |
| AutoChartist | No | Yes |
| Chart Indicators | 51 | 85 |
Expert Advisors (algorithmic traders) are compatible with MT4, MT5 and cTrader with Pepperstone and cTrader. Expert Advisors (EAs) can help traders conduct repetitive tasks, carry out trades, and analyse markets. Although both forex brokers support EAs, FxPro offers no access to Smart Trader Tools, AutoChartist, or webinars. Smart Trader Tools are available on MT4 and MT5 and include 28 trading add-ons that extend EAs and help develop strategies.
FxPro’s educational offerings are below the industry average, though new traders can find resources through third-party software, Trading Central. Video tutorials are available, but difficult to find on the FxPro website.
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