Our Pepperstone vs easyMarkets comparison found Pepperstone offers spreads with ECN pricing starting from 0.0 pips (EUR USD) and MetaTrader and cTrader platforms. easyMarkets offer spreads from 1.2 pips but includes more features such as risk management tools.
Pepperstone offer low spreads because it uses ECN forex pricing. The broker uses an ECN and STP networks to derive prices directly from liquidity pools with no dealing desk, requotes or price influence on the brokers’ behalf. easyMarkets on the hand is a market maker which means they are your counterparty when you buy or sell.
What this means is that Pepperstone has market-based spreads combined with a flat commission while easyMarkets only charge spreads. This difference is reflected in the spreads when we compare each broker with Pepperstone spreads for example significantly lower. EUR/USD, for example, is 1.04 pip lower.
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Pepperstone offers a standard and razor account. The most popular Pepperstone forex trading account is the Razor account. This account offers market-based spreads from 0.0 pips and low commission fees. If you are using MetaTrader 4 or 5, fees start from USD $3.50. cTrader users instead pay a percentage-based commission fee equal to 0.0035% of the base currency being traded. E.g, if you are trading 100,000 units of the EUR/USD you will pay €3.50 per side.
Other benefits of the Pepperstone Razor account are:
Pepperstone also has a Standard account which is great for beginner traders and Islamic account which has no swap fees to meet sharia law requirements. The Islamic account is available on request direct with Pepperstone and you will require proof of your faith.
There is no primary account for easyMarkets. Instead, three accounts are available offering varying spreads based on the amount deposited. It should be noted that unlike Pepperstone the spreads are fixed making the fees transparent to forex traders. Unlike Pepperstone Razor, there are no commissions charged on any easyMarkets trading account.
Thinks are more simple for clients of easyMarkets coming from Europe and the UK. There is only one account available. This account needs only a minimum 100 euro deposit to open.
Each of the easy Markets accounts also has the following features:
The average spreads on Pepperstone is lower and so are their fees overall. easyMarkets on the other-hand offers more transparency over their fees with fixed spreads that don’t fluctuate over the day. Overall, the lower average spreads of the Razor account make Pepperstone the winner with lower trading brokerage than easyMarkets. View the Pepperstone spreads + fees review for more details on the costs of brokerage.
Both Pepperstone and easyMarkets offer MetaTrader 4. Pepperstone also offers MetaTrader 5 and cTrader while easyMarkets also offers a proprietary platform.
MT4 offered by both forex brokers has the largest market share of any forex trading platform. This means it’s easy to switch forex brokers as there is no need to learn a new platform when making the switch. The platform is easy to use and has an algorithmic trading feature known as Expert Advisors.
MetaTrader 4 offers the following tools
Known as Smart Trader Tools, Pepperstone has additional features to enhance MetaTrader 4. This includes trade notifications both online or via SMS through the alarm manager, an excel widget known as excel RTD and a trade simulator to test strategies based on historical market data. There is also a stealth order feature allowing traders to place pending order that is hidden from the market.
Other features of Smart Trader Tools include ‘connect’ which offers market information, trading guides and an economic calendar. There is also a correlation matrix and trader, both of which help find similarities between assets or markets as well as differences. There is a session map to show when different markets (eg UK) are open which impact forex liquidity. A market manager is also available providing in-depth insights into market prices, pending and open orders. This is ideal for making market reviews.
With MetaTrader ceasing development of MT4, MetaTrader 5 (MT5) in time will inevitably become more popular than MT4. MT5 comes with significant improvements on MT4. MT5 can support more financial markets, has extra charting tools, new pending orders options, flexible order filling policies and an improved strategy tester.
MetaTrader is available via Webtrader for your bowser, MetaTrader Mobile for Android, iOS and installs on a desktop for Windows and Mac.
cTrader is only offered by Pepperstone and is designed for intermediate to advanced forex traders. The fx platform allows traders to access Pepperstone’s deep liquidity pools ideal for algorithmic trading systems. There are also extensive back-testing systems to test these algorithmic systems or to test your strategies.
cTrader also has an interface that can be customised for traders needs. It has detachable charts and pre-sets to suit different types of forex traders. Trades can be made from these charts to help make trades when volatility is high. The platform also has a mobile and web-based platform for traders that make trades when on-the-go. This can also be ideal for when a trader is at work or on a shared computer which restricts downloaded the full interface onto the PC or Mac.
The easyMarkets Forex Trading Platforms
Exclusive to easyMarkets, this platform has enhanced features unique to easyMarkets. This includes dealCancellation discussed below in the risk management feature. There are also guaranteed stop losses and no slippage which are also discussed in the late risk segment of
this Pepperstone vs easyMarkets review.
The platform also has integrated charting and news when making technical analysis. Both forex trading and CFDs can be traded on this platform but automation is not available. There are also easy Markets apps available on Google Play or the App store as well as their web platform which requires no downloads for a computer.
Overall, easyMarkets platform key strength is the ‘risk management’ features. Traders should be aware this platform is proprietary meaning it may be difficult switch to other trading platforms in future.
Forex Trading Platforms Conclusion
Pepperstone has the best forex trading platform for intermediate to expert fx traders with an enhanced MT4 platform and cTrader.
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EasyMarkets platform is only recommended for those new to trading or with a low-risk appetite due to the enhanced risk management explained below.
Pepperstone and easyMarkets utilise different approaches to minimise the potential losses associated with execution. Industry-leading technology is used by Pepperstone to reduce the risk associated with ‘slippage’. easyMarkets offer risk management tools to guarantee no losses will occur due to slippage.
The Pepperstone Edge Technology achieves fast execution through consists of the following methods:
The technology offered by Pepperstone provides very solid features when it comes to execution speed. Use of dedicated cables and best technology means traders can have confidence the there will be no surprises as ‘slippage’ risks are low.
easyMarkets offer ‘no slippage’. This is because easyMarkets have a range of risk management tools that manage ‘slippage’ risks regardless if the trading conditions present a high risk.
These tools include:
Deal Cancellation– This is a unique feature that is only offered by easyMarkets. Clients can buy ‘protection’ against unfavourable deals within 60 minutes of opening a trade and then have their original trade refunded. ‘dealCancellation‘ means that when faced with a losing position a trader can withdraw their position for a small fee. Traders are still able to take profit if price moves favourably
Freeze Rate – helps reduce slippage risks by allowing traders a small amount of extra margin or time to execute their trade at the advertised rate. This means even if the actual rate has moved, the frozen rate will be honoured by easyMarkets.
Fixed Spreads – Fixed spreads mean spreads are predictable during market volatility and ‘final’ prices are always transparent.
Guaranteed Stop Loss/Take Profit– Traders can define the maximum amount they are prepared to lose or gain when market conditions change. If the price reaches this position then and easyMarkets will close your position and guarantee to cover any difference.
Negative Balance Protection – easyMarkets have controls in place to ensure the client will not lose more than their investment due to slippage. If clients’ accounts do go into negative then clients account will be returned to $0 and debt will be forgiven.
Note: Pepperstone offers negative balance protection and pending orders but does not guarantee them.
Clients will need to keep in mind what they require from their brokers. Experienced traders are likely to prefer the faster execution speeds offered by Pepperstone, reducing slippage and spreads. IC Markets is another example of a broker with low spreads and fast execution speed. Inexperience or risk-averse traders may prefer the security of the risk management tools offered by easyMarkets.
View easyMarkets Review >>Visit easyMarkets>>
easyMarkets operates in Australia under ASIC regulation and Europe under CySEC. Pepperstone on the other hand operates under ASIC, CySEC and BaFin (Germany) plus FCA regulation in the UK.
Higher leverage means greater risks as a trader is taking on more debt however it can also mean greater gains. ASIC in Australia, and the ESMA which is the oversite for financial regulation in Europe (CySEC, FCA and BaFin), aim to protect retail clients by enforcing leverage caps. If you are trading with these subsidiaries of easyMarkets or Pepperstone, you will be restricted to leverage of:
Not only is leverage restricted, but your risk is managed as the brokers are required to offer negative balance protection under ASIC and ESMA regulation.
If you are a high volume trader, Pepperstone has a professional account with leverage of 500:1. Joining this program means you will not have negative balance protection.
Joining Pepperstone or easyMarkets outside Europe and the UK means higher leverage via the broker’s offshore entities. Pepperstone will offer you a leverage of 500:1 (under SCB regulation in the Bahamas) and easyMarkets 400:1 (under FSC regulation in the British Virgin Islands).
Pepperstone offers greater flexibility when it comes to leverage and they are compliant with FCA, CySEC and ASIC, all tier-1 regulators.
Pepperstone and easyMarkets range of CFDs tends to be similar. Pepperstone does, however, offer Shares CFD and Currency Index as options when trading CFDs which easyMarkets does not.
Indices trading –
Soft commodities –
Precious metals –
Cryptocurrencies* – inc. Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash
*NOTE: Under new FCA guidelines, UK retail traders are no longer able to trade cryptocurrencies.
Shares CFD –
Currency Index –
The biggest difference between the two brokers is that easyMarkets allow vanilla options when trading which Pepperstone does not. This is when a buyer obtains the right (without the obligation) to buy or sell the CFD at an agreed price at a point in time in future.
Unless you have a specific need to trade with copper, orange juice or you wish to take advantage of vanilla trading options then it is not likely to matter if you select Pepperstone or easyMarkets. You could compare the leverage available for the instrument you wish to trade with if you are looking for higher leverage however keep in mind higher leverage can come with extra risks.
Users will find Pepperstone and easyMarkets have live online messaging, phone and email options when it comes to customer service. Customer support is available 24/5 from each provider.
Fr the past two consecutive years, ‘investment trends’ awarded Pepperstone the title of the most outstanding customer service in the industry. This speaks volumes about the high level of service clients can expect when dealing with their support teams. Their support team is made up of real traders who are therefore excellent at assisting both beginner and experienced traders because they trade themselves.
Pepperstone offers a mix of phone, email and live chat in the following countries – Australia, China, USA, Thailand and the United Kingdom.
Traders with Standard account or Premium Account a limited to certain features from their customer service portfolio as shown by the table.
Customers that use the Super VIP and VIP account s have access to all customer services. This includes the ‘Personal Account Manager’ which provides information regarding market movements, relevant news that may impact trading decisions and investment tips.
One unique customer service feature offered by easyMarkets is supported via Viber and Facebook messenger.
The award-winning customer service offered by Pepperstone is why we are making Pepperstone our recommendation when it comes to customer support.
Pepperstone has a refer a friend program. You will be rewarded with USD$100 if the person you refer deposits at least USD$1000 and trades 5 or more standard lots.
If your first deposit when joining easyMarkets is greater than $100 you will be eligible to receive a ‘First Deposit’ bonus. This bonus will be in the form of extra trading funds. How much you receive will vary by how much you deposit. The more you deposit, the more funds easyMarkets will reward you. To be eligible for the bonus need to join the bonus program when registering your account.
easyMarkets also offer a refer a friend and partnership program that can result in trading credits for referrals.
easyMarkets range of financial merchants for deposits and withdrawals is one of the largest on offer among all brokers. Many of these providers are not generally used in Australia so may not apply to your funding account needs.
When a withdrawal request is made before 7 am AEST then processing will be done on the same day. If made after this time, funds will be processed one day later. Withdrawals must be deposited into bank accounts that are linked with your registered Pepperstone account and must be in your name. Bank wire withdrawals take a few days longer being up to five business days.
While there is a $20 withdrawals fee for bank wire, Pepperstone does not charge any for deposits and withdrawals for all other funding methods. This means you can use Skrill, PayPal, POLi, BPay, Neteller, Union Pay, credit cards including Visa and MasterCard, debit cards and bank transfer without extra charges.
Pepperstone will accept a range of currencies including USD, GBP, EUR, CHF, JPY, AUD, CAD, NZD, SGD and HKD.
easyMarkets segregate all funds through ‘Bankwest. This helps protect your funds as easyMarkets have no access to the account.
When withdrawing funds from your bank account you will be required to withdraw at least $50USD. eWallets and credit/debit cards do not have minimum withdrawal requirements. While easyMarkets have no deposit or withdrawal fees some fees may be charged by the payment issuer.
The table below shows show funding providers available and fees:
Pepperstone vs easyMarkets Funding Conclusion
We suggest you research your preferred merchant and their fees when deciding on a broker as their fees will vary and could add to your cost. If Pepperstone doesn´t offer your preferred merchant then easyMarkets will.
It is important that you choose a broker that is regulated. Having a regulated broker means you can be sure your investments are secure. In the online world, you can be vulnerable to unscrupulous forex brokers who may take advantage of you.
Having a broker that is regulated can help in the following ways:
Both Pepperstone and easyMarkets are regulated by the Australia Securities and Investment Commission or ASIC in Australia.
Pepperstone is also regulated by the Financial Conduct Authority or FCA in the UK. By BAFin in Germany and Austria and by the Cyprus Securities and investment commission or CySEC in the Rest of Europe. EasyMarkets is also regulated in Europe by CySEC and by the FCA in the UK.
If you are trading from Europe or the UK then you will fall under FCA or Cysec regulation. Anywhere else in the world and you will likely fall under ASIC regulation.
This means if you are trading from the UK or Europe, you will be trading with Pepperstone UK or easyMarkets
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.