Pepperstone is a non-dealing desk forex broker with trading in 60 currency pairs using 4 trading platforms. Markets.com is a market maker also with MT4 and MT5 plus 50+ fx pairs. We compare Pepperstone vs Markets.com in this review.
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Our comparison covers the most important trading factors that differentiate Pepperstone and Markets.com. Pepperstone is a no dealing forex broker that offers trading in 60 currency pairs. Markets.com is a market maker that offers trading in over 50 forex pairs.
Pepperstone provides round-the-clock customer support, while Markets.com offers customer support services from Monday to Friday. However, Pepperstone has faster response times and more extensive educational resources. Pepperstone has a stronger regulatory framework with 7 top-tier regulators, while Markets.com has 5 financial authorities overseeing them.
Founded in 2010, Pepperstone is an Australian broker and has grown into one of the largest forex CFD brokers in the world. Their global presence includes regulation in 6 countries plus the EU. However, note that Pepperstone does not serve Canadian and US traders. Markets.com was founded in 2009 and is now in three countries plus the EU. Over 4.3 million users are trading with Markets.com across the world.
Pepperstone is a no-dealing desk broker with STP execution, while Markets.com is a market maker, but both brokers offer variable spreads. Try the Pepperstone vs Markets.com fee calculator below based on the most popular forex pairs and base currencies.
Pepperstone Spreads
Pepperstone provides notably low spreads, with EUR/USD as low as 0.10 pips, according to MyFxBook and BrokerChooser, and an average of 0.30 pips across sources. This cost-effectiveness extends to other major pairs like USD/JPY and GBP/USD, with averages of 0.44 and 0.57 pips, respectively.
| Pepperstone | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | 0.10 | 0.10 | 0.70 | 0.10 | 0.60 | 0.50 | 1.00 | 0.40 | N/A | N/A |
| BrokerChooser | 0.10 | 0.30 | 0.20 | 0.20 | 0.30 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.87 | 0.77 |
| CompareForexBrokers | 0.19 | 0.36 | 0.41 | 0.19 | 0.61 | 0.40 | 1.10 | 0.70 | N/A | N/A |
| Pepperstone | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | 1.20 | N/A | N/A | N/A | N/A |
| Consensus | 0.30 | 0.44 | 0.57 | 0.37 | 0.65 | 0.70 | 1.05 | 0.55 | 0.87 | 0.77 |
Markets.com Spreads
Markets.com offers exceptionally low spreads on major pairs, with EUR/USD as low as 0.03 pips and GBP/USD at 0.01 pips, as per their own data. The consensus figures, however, show higher averages, with EUR/USD at 0.52 pips and GBP/USD at 1.11 pips.
| Markets.com | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| BrokerChooser | 1.00 | 1.10 | 2.20 | 0.80 | 1.80 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| CompareForexBrokers | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Markets.com | 0.03 | 0.15 | 0.01 | 0.01 | 0.03 | 0.05 | 0.10 | 0.12 | N/A | N/A |
| Consensus | 0.52 | 0.63 | 1.11 | 0.41 | 0.92 | 0.05 | 0.10 | 0.12 | N/A | N/A |
The graph below shows the consensus data that Pepperstone has lower spreads in all major currency pairs, except for the EUR/GBP, EUR/JPY and AUD/JPY.
Standard (commission-free) account comparison
A standard forex account is distinguished by the fact that there is no commission fee, meaning you only need to pay spread costs. However, the spread cost will be a bit wider than on an STP account, as the spread includes the broker’s trading fees.
Our spread module below allows you to compare spreads across brokers easily.
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.60 | 1.90 | 1.90 | 1.60 | 1.90 |
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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0.93 | 0.92 | 0.98 | 1.08 | 1.02 |
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1.00 | 1.20 | 1.00 | 1.00 | 1.10 |
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0.80 | 1.20 | 1.20 | 1.20 | 1.50 |
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1.00 | 1.00 | 1.20 | 1.30 | 1.00 |
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0.80 | 1.00 | 1.00 | 1.60 | 1.00 |
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0.90 | 1.20 | 2.10 | 1.00 | 1.10 |
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0.90 | 1.10 | 1.60 | 1.00 | 1.10 |
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1.00 | 1.11 | N/A | 1.32 | 1.09 |
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0.84 | 0.83 | 1.79 | 1.37 | 1.08 |
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1.10 | 1.10 | 1.10 | 1.30 | 1.40 |
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1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
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1.20 | 1.30 | 1.50 | 1.30 | 1.20 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Commission Cost Comparison
A trading account using a straight-through-processing (STP), sometimes incorrectly called ECN execution, comes with spreads plus commission. This means spreads are tighter because they are sourced directly from the liquidity providers with no manipulation from the broker. Since there is no manipulation, spreads can be as low as 0.0 pips, meaning you don’t pay a spread cost.
Pepperstone’s Razor Account spread is an example of this, with spreads of 0.0 pips commonly available for major pairs. Typically, though, spreads fall within the 0.1 – 0.3 pip range for pairs like the EUR/USD, as you can see in our STP-style spread module below.
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ECN Broker Spreads
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|---|---|---|---|---|---|
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
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0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Commission fees on the Pepperstone Razor Account at AUD 7 or USD per standard lot (100k units) round-turn. You can expect to pay EUR 5.20, GBP 4.50, or CHF 6.60 in other currencies. Markets.com does not have an STP-style account.
Verdict
You can expect to pay lower spreads with Pepperstone on the Standard account, and Pepperstone wins by default on the STP-style account, as this is not available on Markets.com.
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Pepperstone offers MetaTrader 4 and MetaTrader 5, as well as cTrader, TradingView and Capitalise.ai. In contrast, Markets.com only offers MT4, MT5 and its own Markets.com Trading App.
MetaTrader on Both Brokers
The two MetaTrader platforms are the most popular platforms traders use worldwide. Their longevity and ease of use make them great choices, but the availability of Expert Advisors (EAs) and automated functions for trading make them an even better option.
TradingView and Capitalise.ai
Capitalise.ai and TradingView are platforms designed with one specific use in mind. Capitalise.ai is a beginner-friendly algorithmic trading platform that enables algo trading without coding. TradingView is an excellent charting platform that offers a wide range of charts and indicators for effective chart trading. You can even create custom tools on TradingView.
cTrader
Only Pepperstone has cTrader. It is a more advanced platform, making it better for experienced traders to take their trading to the next level. Their three ‘Depth of Market’ options provide higher liquidity and faster execution. The platform is also highly customisable, so you can modify it to include the features you need when trading.
How about the trading tools available?
Pepperstone has a lot of trading tools available, mostly centred around social trading. These include MetaTrader Signals, which gives you trading ideas, to Myfxbook, DupliTrade, and Pelican Trader, which are copy-trading tools. Pelican Trader is only available in the UK, while DupliTrade is available outside the UK.
Unfortunately, Markets.com has no extra trading tools available for you to use when trading.
Verdict
Pepperstone is an easy winner for both trading platforms and tools. You can get a wider variety of platforms on Pepperstone to suit your trading needs, on top of access to a wide range of copy trading tools (which Markets.com does not offer at all).
Pepperstone offers two account options: a Razor Account with low spreads and commissions or a Standard Account with no commissions but higher spreads. Markets.com offers a spread-only standard account, which means trading fees are included in your spreads for forex and CFDs, and there are no commission charges.
| Account Types | Pepperstone | Markets.com |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | No |
| Fixed Spread Account | No | No |
| Islamic Account | Yes | No |
Pepperstone and Markets.com offer distinct account features tailored to different trading needs. Pepperstone’s Razor Account is a prime example of its commitment to competitive trading, boasting spreads as low as 0.0 pips. This account type is designed for traders who prefer tighter spreads and are willing to pay a commission for each trade.
On the other hand, Markets.com focuses on a more straightforward approach, providing variable or floating spreads without the option for fixed spreads. Trading fees for forex and CFDs are included in spreads, with no commission charges on standard accounts.
The standard account is available to all Markets.com clients worldwide, although leverage will vary based on your location. Traders from the UK, Europe, and Australia can apply for a professional account that offers higher leverage.
Islamic Accounts
Pepperstone offers swap-free accounts to traders who follow the Sharia Law from Albania, Brunei, Egypt, and many others. Markets.com doesn’t offer such an account.
Verdict
Based on the diverse accounts and competitive features, Pepperstone emerges as the broker with the best account types.
View Pepperstone ReviewVisit Pepperstone
Trades via Pepperstone are executed using Straight Through Processing (STP), with no dealing desk intervention, thus providing fast execution. Markets.com offers real-time execution statistics to help you make informed decisions confidently in meeting quoted prices. To achieve this, the broker provides quarterly updates on slippage results from its execution infrastructure.
To establish an industry benchmark and compare the trading conditions of Pepperstone and Markets.com, we analysed over 20 leading brokers on MetaTrader 4 to determine the fastest execution speeds. We assessed the execution speed of limit and market orders using demo accounts and Expert Advisors (EAs).
| Broker | Limit Order Execution Speed (MS) | Market Order Execution Speed (MS) |
|---|---|---|
| Pepperstone | 77 | 100 |
| Markets.com | 150 | 141 |
| Industry Average | 127 | 141 |
The analysis indicated that Markets.com lags behind the industry average in terms of executing limit orders; however, Pepperstone’s market and limit orders are faster than the industry standard.
Verdict
Based on the comprehensive trading experience and ease of use, Pepperstone takes the lead, offering traders a superior and more intuitive trading journey.
Pepperstone has a trust score of 81, while Markets.com has 69, based on the brokers’ regulations, reputation, and reviews.
Pepperstone Trust Score
Markets.com Trust Score
Regulation
Below is the head-to-head Pepperstone and Markets regulated status. It shows that, in common, both brokers are regulated by the following tier-1 regulatory bodies: ASIC, FCA, and CySEC. Pepperstone, though, has the edge with another ‘tier 1’ regulator (BaFin in Germany) and the Tier 2 regulatory body in UAE (DFSA). The regulator bodies after that are ‘tier 3’ and have little weight on our trust criteria.
| Pepperstone | Markets.com | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) |
FCA (UK) ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | SCB (Bahamas) CMA (Kenya) |
FSC-BVI FSCA (South Africa) |
Reputation
Pepperstone was established in 2010 in Melbourne, Australia. Meanwhile, Markets.com is from Miami, United States, founded in 2008.
About popularity, Pepperstone does well, with around 90,500 monthly searches on Google. However, Markets.com’s hits are lower at 12,100.
Reviews
Pepperstone garnered a 4.4/5.0 TrustPilot score from 2,106 reviews, while Markets.com has a 4.7/5.0 score from 1,024 reviews.
Verdict
Pepperstone is the clear winner when it comes to regulation and trust. It’s worth noting that Pepperstone’s increase in popularity also led to Pepperstone being named the most trusted broker of the two.
Pepperstone provides 62 different currency pairs and over 1,000 share CFDs. Meanwhile, you can trade 52 forex pairs on Markets.com, with 2,000+ shares and 22 indices available for you to trade, but they have many more share CFDs at 12,000+.
Pepperstone has a good crypto selection, including 3 crypto indices – Crypto10, Crypto20 and Crypto30 and 3 Currency Indices. The broker offers the maximum allowable leverage in each region. In Australia, the UK, Europe and the UAE, this means up to 30:1 for major fx pairs and 20:1 for minor fx pairs for retail traders. This can be extended to 500:1 if you qualify as a pro trader. Leverage is capped at 400:1 in Kenya and 200:1 outside Australia, the UK, and the EU.
Markets.com’s leverage is similar to Pepperstone, with retail traders at a maximum of 30:1 leverage but pro traders only get up to 294:1 leverage.
Verdict
Overall, Pepperstone has a stronger range of products, as you can observe in the comparative image we have above. You also get more leverage as a pro trader to trade more CFDs.
We compared and analysed the quality, depth, and variety of educational content and tools provided by Pepperstone and Markets.com.
Pepperstone:
Markets.com:
Verdict
Based on our testing, Pepperstone offers the best educational resources, with a higher score and a more comprehensive range of materials and tools for traders to enhance their knowledge and trading skills.
Pepperstone’s customer support is available 24/7 via live chat, email and phone, while Markets.com is only available 24/5.
Our observations and testing show that Pepperstone tends to have a more responsive support team, often replying within minutes. Markets.com, while also efficient, sometimes takes a bit longer to respond.
In terms of accessibility, both brokers offer multiple channels for traders to reach out. Whether through live chat, email, or phone, they ensure their clients are never left in the dark. Here’s a breakdown of their key customer service features:
| Feature | Pepperstone | Markets.com |
|---|---|---|
| Live Chat | Available 24/7 | Available 24/5 |
| Email Response Time | Within 2 hours | Within 4 hours |
| Phone Support | Multiple global numbers | Limited numbers |
| Support Languages | Multiple languages | Multiple languages |
| Educational Support | Extensive resources | Basic resources |
| Technical Support | Highly responsive | Moderately responsive |
After we evaluated both brokers’ overall customer service experience, it’s evident that they are committed to serving their clients but with some differences in approach and efficiency.
Verdict
Based on our team’s testing scores, Pepperstone edges out with superior customer service, scoring higher in responsiveness and accessibility compared to Markets.com.
Both brokers offer various funding methods, with Pepperstone providing options like Skrill, Neteller, BPay, POLi, and Union Pay, while Markets.com supports credit cards and eWallets such as Neteller, Skrill, and PayPal.
The available funding methods depend on your country of origin, and typically no fees apply for funding (except for international bank transfers, where fees may apply). Traders worldwide can use Visa and MasterCard debit and credit cards for funding, except in the UAE where only debit cards are accepted.
Traders in the EU or UAE cannot use eWallets, while in the UK and Kenya, only PayPal is available. In areas beyond these regions, traders can use various eWallets, such as Skrill, Neteller, BPay, POLi, and UnionPay.
Markets.com allows deposits via credit cards or eWallets (Neteller, Skrill, PayPal and in Europe, Sofort and iDeal).
| Funding Option | Pepperstone | Markets.com |
|---|---|---|
| Credit Card | ✅ | ✅ |
| Debit Card | ✅ | ✅ |
| Bank Transfer | ✅ | ✅ |
| PayPal | ✅ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| Crypto | ✅ | ✅ |
| Rapid Pay EUR/GBP (5) |
❌ | ❌ |
| POLi / bPay AU/NZ (5) |
✅ | ✅ |
| Klarna | ❌ | ❌ |
Verdict
Pepperstone has more funding options available for various regions.
Pepperstone has a $0 minimum deposit requirement lower than Markets.com’s $100. Both Pepperstone’s Standard and Razor accounts have the $0 feature, providing more flexibility than Markets.com’s Classic account, which starts at $100. While $100 isn’t a high amount by industry standards, beginner traders may have to think about it.
To conclude, here are the highlights of each broker’s requirements and recommendations regarding deposits:
| Minimum Deposit | Recommended Deposit | |
| Pepperstone | $0 | $200 |
| Markets.com | $100 | $100 |
Verdict
When it comes to the lower minimum deposit, Pepperstone clearly takes the lead with a $0 requirement for both its main account types.
Pepperstone is the winner because it consistently outperforms Markets.com across a range of key trading factors. The table below summarises the key information leading to this verdict.
| Criteria | Pepperstone | Markets.com |
|---|---|---|
| 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 comprehensive educational resources.
Pepperstone stands out as the top broker for experienced traders, offering advanced tools and competitive spreads.
Pepperstone generally offers lower costs compared to Markets.com. They are known for their competitive spreads, often starting as low as 0.0 pips for major currency pairs. For a more detailed breakdown of low-commission brokers, you can refer to this comprehensive guide on low commissions.
Pepperstone and Markets.com offer MetaTrader 4, but Pepperstone is often recognised for its enhanced MT4 features and tools. They provide a seamless trading experience on MT4, coupled with advanced charting tools and indicators. If you’re keen on exploring more about the best MT4 brokers, this list of top MT4 brokers might be of interest.
Pepperstone stands out when it comes to social or copy trading. They have integrated platforms like ZuluTrade and Myfxbook, allowing traders to follow and copy the strategies of professional traders. Social trading can be a game-changer, especially for those who lack the time or expertise to analyse the markets themselves. To dive deeper into social trading, check out this comprehensive guide on the best forex social platforms.
Pepperstone offers spread betting, while Markets.com does not. Spread betting is a popular financial derivative in the UK, allowing traders to speculate on the price movements of various assets without owning the underlying asset. For those interested in diving deeper into spread betting, especially on the MT4 platform, this guide on the best MT4 spread betting brokers is a valuable resource.
In my opinion, Pepperstone is the superior choice for Australian forex traders. Founded in Melbourne, Australia, Pepperstone is ASIC-regulated, ensuring a high level of trust and security for traders. They offer a wide range of currency pairs and are known for their tight spreads and advanced trading platforms. Moreover, being an Australian-founded broker, they have a deep understanding of the local market dynamics. For a broader perspective on the best brokers in Australia, you can check out this comprehensive list of Australian forex brokers.
For UK traders, I believe Markets.com has a slight edge. They are FCA-regulated, which is crucial for ensuring the safety and security of funds for UK traders. While both brokers offer a range of trading platforms and tools, Markets.com’s presence and tailored services for the UK market make them a preferred choice. Additionally, their trading platforms are designed to cater to the specific needs of UK traders. For more insights on the best trading platforms in the UK, this guide on the best trading platforms in the UK is worth a read.
Ask an Expert
What is the maximum withdrawal from Pepperstone?
If you have no existing open trades, Pepperstone do not impose maximum withdrawal limits however some digital wallet providers have maximum amounts at their end, these include PayPal, Skrill and NETELLER. If you have existing open trades then you can only withdrawal up to the amount that you still have 90% free margin in your trading account.