When Pepperstone and FxPro go head to head, Pepperstone is the winner due to low average spreads, Expert Advisor and Autocharist tools, and the range of currency pairs and CFDs available. Let’s have a closer look.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between FxPro and Pepperstone:
Both Pepperstone and FxPro offer two commission fee structures. Traders can choose from lower spreads and flat-rate commissions 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, and 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.
Standard Account Spreads
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, pairs like GBP/USD and USD/CAD 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 April 2024 [1]April 2024 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.
View Pepperstone ReviewVisit Pepperstone
*Your capital is at risk ‘74-89% of retail CFD accounts lose money’
Both FxPro and Pepperstone are offered on MetaTrader 4, MetaTrader 5, and cTrader. FxPro also has its proprietary platform, FxPro Edge, designed for spread betting (UK only).
Desktop And Web Apps
Both Pepperstone and FxPro are compatible with MetaTrader 4, MetaTrader 5, and 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.
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.
Mobile Apps
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.
Trading Platform Features
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.
View Pepperstone ReviewVisit Pepperstone
*Your capital is at risk ‘74-89% of retail CFD accounts lose money’
Demo Accounts
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.
Islamic 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
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.
View Pepperstone ReviewVisit Pepperstone
*Your capital is at risk ‘74-89% of retail CFD accounts lose money’
When it comes to the trading experience, both FxPro and Pepperstone have their unique strengths. From our own testing, it’s clear that Pepperstone stands out in several areas. Their MetaTrader 4 (MT4) platform is top-notch, offering a seamless trading experience that many traders, including us, have come to appreciate.
However, FxPro isn’t far behind. Their platform diversity, including their proprietary FxPro Edge, ensures traders have ample choices. The user interface, combined with their range of instruments, makes for a compelling trading environment.
Verdict
Based on our analysis and testing, Pepperstone offers the best overall trading experience.
Pepperstone Trust Score
FxPro Trust Score
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.
| FxPro | Pepperstone | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CYSEC (Cyprus) |
ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | SCB (Bahamas) FSC-M (Mauritius) FSCA (South Africa) |
SCB (Bahamas) CMA (Kenya) |
View Pepperstone ReviewVisit Pepperstone
*Your capital is at risk ‘74-89% of retail CFD accounts lose money’
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.
Currency Pairs
If your preference is trading forex, Pepperstone provides an excellent selection of over 80 currency pairs, compared to FxPro’s over 69 currency pairs.
Contracts For Difference (CFDs)
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.
Trading Cryptocurrency With Pepperstone
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’
When diving into the world of forex trading, educational resources can be a game-changer. Both FxPro and Pepperstone understand this and have invested in providing top-tier educational content for their users. From our own testing, here’s a comparison of the educational resources each broker offers:
While both brokers offer commendable educational resources, it’s essential to consider the depth, quality, and accessibility of these materials.
Verdict
Based on our testing, it’s a close call, but Pepperstone slightly edges out with a more comprehensive and user-friendly educational platform.
In the world of forex trading, having reliable customer service can make a significant difference. Both FxPro and Pepperstone have made considerable efforts to ensure their clients receive top-notch support. From our own testing, it’s evident that both brokers prioritise customer satisfaction.
FxPro boasts a dedicated support team that’s available 24/5, ensuring that traders can get assistance whenever they need it. Their multi-lingual support, combined with a range of contact methods, makes them a reliable choice for traders worldwide.
Pepperstone, on the other hand, is renowned for its award-winning customer service. They offer a variety of contact methods, ensuring that traders can reach out in a way that’s most convenient for them. Their commitment to providing timely and effective support is evident in the numerous accolades they’ve received over the years.
| Feature | FxPro | Pepperstone |
|---|---|---|
| Support Availability | 24/5 | 24/5 |
| Contact Methods | Phone, Email, Chat | Phone, Email, Chat |
| Multi-lingual Support | Yes | Yes |
| Response Time | Fast | Very Fast |
| Knowledgeable Staff | Yes | Yes |
| Awards Received | Multiple | Multiple, including best customer service |
Verdict
While both brokers offer exceptional customer service, based on our testing scores, Pepperstone slightly outshines FxPro in terms of response time and overall customer satisfaction.
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 recommends a minimum of $500.
Pepperstone doesn’t require a minimum deposit and accepts credit cards, bank transfers, 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.
View Pepperstone ReviewVisit Pepperstone
*Your capital is at risk ‘74-89% of retail CFD accounts lose money’
Pepperstone has a lower minimum deposit of $0 against FxPro’s $100. While Pepperstone aims to cater to a wide range of traders, they recommend opening a trade position with $200.
| Minimum Deposit | Recommended Deposit | |
| FxPro | $100 | $1,000 |
| Pepperstone | $0 | $200 |
Verdict
Pepperstone wins with its significantly lower deposit requirement. That said, with Pepperstone recommending a starting fund of $200, FxPro’s minimum of $100 doesn’t sound too bad.
Pepperstone is the winner because of its comprehensive offerings, superior customer service, and robust educational resources. The table below summarises the key information leading to this verdict:
| Criteria | FxPro | Pepperstone |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ✅ |
| Better Trading Platform | ❌ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ❌ | ✅ |
| Stronger Trust And Regulation | ✅ | ✅ |
| Top Product Range And CFD Markets | ❌ | ✅ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ❌ | ✅ |
| Better Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ❌ | ✅ |
Pepperstone is the ideal choice for beginner traders due to its user-friendly platform and extensive educational resources.
For seasoned professionals, FxPro offers a diverse range of tools and advanced features that cater to their specific needs.
Pepperstone generally offers lower costs compared to FxPro. They are known for their competitive spreads, especially during peak trading hours. For instance, traders can find spreads as low as 0.13 on major pairs. For a more detailed breakdown of low commission brokers, you can check out this comprehensive guide on low commissions.
Both Pepperstone and FxPro offer MetaTrader 4, but Pepperstone is often recognised for its enhanced MT4 features and tools. They provide a seamless trading experience with faster execution speeds. For traders specifically interested in MT4 platforms, this list of the best MT4 brokers offers a deep dive into the top choices.
Pepperstone stands out when it comes to offering social trading features. They have integrated platforms like ZuluTrade and Myfxbook for traders interested in copy trading. This allows traders to emulate the strategies of successful peers. If you’re keen on exploring more about social trading platforms, here’s a comprehensive review of the best forex social trading platforms.
FxPro offers spread betting for its UK clients. This form of trading is tax-free in the UK and is a popular choice among traders looking to capitalise on market movements without owning the underlying asset. Spread betting can be done on various platforms, including MT4. For those interested in diving deeper into spread betting, especially on the MT4 platform, here’s a detailed guide on the best MT4 spread betting brokers in the UK.
In my opinion, Pepperstone is the superior choice for Australian forex traders. Not only is Pepperstone ASIC regulated, but it was also founded in Australia, showcasing its deep roots and commitment to the local trading community. They offer a robust platform with a wide range of trading instruments. Their reputation in the Australian market is unparalleled, and they’ve consistently been a top choice for Aussie traders. For a comprehensive list of top brokers in Australia, you can check out this guide on Australian forex brokers.
From my perspective, FxPro stands out for UK forex traders. They are FCA regulated, ensuring a high level of trust and security for UK-based traders. While they were founded overseas, their strong presence and offerings in the UK market make them a top choice. They provide a diverse range of trading platforms and tools tailored to the needs of UK traders. For those looking for more options in the UK, this comprehensive review of the best forex brokers in the UK offers valuable insights.
No commission account spread proprietary testing data and published website spread information, centralised on our standard account spread page..
Ask an Expert
This article is inaccurate and the “fact checker” should be fired. Pepperstone does not, and never has, offered a “guaranteed stop loss” to any trader on any account type. Pepperstone does not offer guaranteed stop loss orders, and negative balance protection is available only for U.K./E.U. clients.
Hi Johhny, I don’t believe we say Pepperstone have a guaranteed stop loss, they do however have a standard stop loos order. Regarding negative balance protection, you are incorrect, all Pepperstone entities offer this – not just in UK and EU but also Australia, Dubai, Kenya and their Bahamas entities.