Compare Pepperstone vs OANDA

OANDA and Pepperstone are two leading global forex brokers with ASIC and FCA regulation offering the MetaTrader 4 forex trading platform with Pepperstone offering lower EUR/USD from 0.0 pips, a wider range of CFDs including cryptocurrencies and superior customer service vs OANDA.

You can view our review of Pepperstone or OANDA page, alternatively below is the OANDA vs Pepperstone table.

By Justin Grossbard / Updated: Thursday, December 26th, 2019

Pepperstone-vs-OANDA

Broker Reviewed

PepperstoneOanda
Our Rating
9.17
7.33
Pepperstone Review Oanda Review
Most Awarded Broker Best for low spreads

Regulations and Licenses

FeaturePepperstoneOanda
ASIC (Australia)
FCA (UK)
MAS (Singapore)
CFTC (U.S.A)
FSCA (South Africa) Pending
FINMA (Switzerland)
CYSEC (Cypus)
IIROC (Canada)
FMA (New Zealand)

Brokerage

FeaturePepperstoneOanda
No Commission Account Spreads From (EUR/USD): 1.0 0.0
Commission Account Spreads From (EUR/USD): 0.0 0.6
Commission (per 100k traded side trip) AUD $3.50 AUD 3.50
Minimum Deposit $200 $0
Volume Commission Rebates
Has Islamic Account
No Inactivity Fees
Funding Methods 16 6
No Deposit/Withdrawal Fees

Markets and Instruments

FeaturePepperstoneOanda
Forex Currency Pairs CFDs 66+ 70+
Cryptocurrency CFDs 4+ 1+
Index CFDs 2+ 16+
Share CFDs 5+
Commodities CFD 4+ 31+
Stockbroking
Retail Maximum Leverage 500:1 100:1
Professional Maximum Leverage 500:1 100:1

Trading Platforms + Tools

FeaturePepperstoneOanda
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automatic / Robot Trading
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss Order
Guaranteed Negative Balance Protection ESMA regulated territories only ESMA regulated territories only
Demo Account
Unique Feature 1 Smart Trader Tools Fast Execution
Unique Feature 2 Fast Execution Speed Customer Service

Overall

PepperstoneOanda
Our Rating 9.17 7.33
Pepperstone Review Oanda Review
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Pepperstone vs. OANDA: Forex Trading Platform Options

Our team of industry experts filtered all the main trading features and tools that must come with an online broker platform to establish which Forex broker has the best trading platform. When comparing Pepperstone vs Oanda trading platforms we took into account multiple factors such as:

  • Variety of order typesPepperstone and Oanda full review
  • Order execution speed
  • Advanced charting capabilities
  • Enable layout customization
  • Easy-to-use interface
  • Technical analysis tools
  • API tools

After meticulously examining the entire above trading platform features, we concluded that the winner in this category is forex broker Pepperstone. The most powerful technological feature of a forex broker is its trading platform, so before choosing the right FX broker, you need to make sure it includes all the trading tools to suit your trading style.

Pepperstone vs Oanda Platform Comparison

Pepperstone took a bigger score than Oanda in terms of the selection of trading platforms. Pepperstone offers the most popular trading platform, the MetaTrader 4 along with the upgraded MetaTrader 5 and the multi-asset trading platform cTrader. In contrast, Oanda traders only have available forex trading through the MT4 platform and the proprietary trading platform fxTrade.

The trading software solution offered by Pepperstone and Oanda is available through:

  • Desktop (PC and Mac)
  • Web-based platform (WebTrader)
  • Mobile Trading (iOS and Android)

Pepperstone vs Oanda: Order Execution Speed

Pepperstone is a true ECN + STP forex broker that offers Direct Market Access (DMA) via multiple liquidity providers. In comparison, Oanda is a market maker that executes client orders through their own dealing desk. Without any question, Pepperstone has proven its superiority over Oanda’s market maker model.

Pepperstone’s ECN trading style can provide forex traders with:

  • Lightning speed order execution
  • No-requotes
  • No delays
  • Competitive spreads

Pepperstone clients can have their order execute in less than 30 milliseconds with one of the 22 banks and liquidity providers available through Pepperstone. On the other hand, Oanda advertises itself of filling your order in 0.012 seconds, but its in-house trading platform took a lower score because of:Oanda Slippage

  • Slippage (there is a danger to encounter severe slippage)
  • Bigger spreads (especially during news events)
  • Order rejection

Pepperstone vs Oanda: Technical Analysis Tools

Pepperstone is a respected forex trading broker that provides its clients with powerful technical analysis tools to assist forex traders with all their trading needs. Oanda fxTrader only comes with some basic technical tools and indicators. In this category, Pepperstone’s trading platforms took again the highest score as it’s more sophisticated and includes the following main technical tools:Smart Trader Tools By Pepperstone

  • Smart Trader Tools (13 Expert Advisors and 15 unique indicators)
  • Autochartist
  • cTrader Automate
  • API trading

Oanda fxTrader lacks technical analysis tools and only offers a limited range of technical features. This limitation can hinder forex traders’ ability to properly execute their trading strategies. However, both Pepperstone and Oanda MetaTrader 4 platforms offer access to Autochartist advanced tools.

The only tool that makes Oanda stand out is the CFTC’s Commitments of Traders (COT) graph tool, which is more suitable for sentiment-based traders.

Oanda Commitments of Traders

Pepperstone took extra points due to its cTrader platform easy-to-use interface, which has the following advantages over the Oanda’s fxTrader platform:Trading Platforms Comparison

  • Interactive customizable charts
  • Depth of Market
  • Custom indicators
  • Special back-testing solution
  • Advanced order types

Forex Trading Platform Options: The  Overall Winner

Our review process discovered that the Pepperstone range of trading platforms is superior to Oanda’s technological solution. Overall, after evaluating Pepperstone vs Oanda trading platforms, including the available technical tools, the quality of order executions, security and functionality, our team of industry experts awarded Pepperstone with the big prize.

Pepperstone vs. Oanda: EUR/USD Spreads And Fees

The second most important quality you should look for when choosing a forex broker is the transaction costs. In this section, we’re going to examine which forex broker between Pepperstone and Oanda can help you minimize the cost of doing business in the forex exchange market.

When assessing which forex broker has the lowest spreads and fees between Pepperstone and Oanda, we took into consideration the different account types that both forex brokers offer. For our Pepperstone vs Oanda Forex Broker Spread comparisontransaction costs review, we evaluated the following:

  • Spreads
  • Commissions
  • Swaps

Pepperstone vs Oanda: Spread Comparison

Pepperstone has been recognized as offering market-leading spreads and fees. The Australian forex broker offers the most affordable and cheapest transaction costs when compared to Oanda’s pricing model. The table below highlights the Pepperstone and Oanda head to head spreads for the EUR/USD and other major currency pairs.

Average Spreads
(21/02/2019)
EUR/USDUSD/JPYAUD/USDGBP/USD
Pepperstone0.13*0.25*0.14*0.44*
Oanda0.2*0.2*0.2*0.2*
IC Markets0.1*0.2*0.2*0.4*
IG Markets0.263*0.293*0.512*0.992*
CMC Markets0.8050.8790.7512.793
AxiTrader0.44*0.62*0.42*0.85*

Note* for this spread comparison, we used Pepperstone Razor account spreads and Oanda’s Core pricing + commission spreads

Pepperstone and Oanda both offer two types of pricing models:

  • Commission-based model (includes low spreads)
  • Spread-based model

For an accurate review process, our team of industry experts compared head to head the Pepperstone and Oanda spreads for each individual pricing model.

Commission-based model

Pepperstone is able to keep the spreads low due to its ECN trading environment, which allows the Australian-based forex broker to offer the best possible spreads. On the other hand, Oanda’s dealing desk solution comes with higher spreads. Pepperstone’s Razor account (commission-based model) can give forex traders access to competitive spreads that can go as low as 0 pips on the EUR/USD (during liquid hours). The average EUR/USD spread is 0.13 pips.

In comparison, Oanda doesn’t offer information on its average spread for its core pricing + commission model. Oanda’s live spread revealed the EUR/USD spread of 1.2 pips, but they advertise spreads going as low as 0.1 pips.

Spread-based model

Our review process revealed that Pepperstone’s spread pricing model is slightly better than Oanda has to offer.  Pepperstone average EUR/USD spread is 1.13 pips, while the minimum spread is 1 pip on the EUR/USD. In comparison, since Oanda has variable spreads during periods of illiquidity and high volatility spreads can widen as much as 10 to 20 pips.

Oanda advertises itself as having the spread going to as low as 0.9 pips on the EUR/USD for its spread-only pricing model. However, Oanda’s average spreads are higher compared to the industry standards of what is considered low spread.

Oanda EURUSD Spread

Pepperstone vs Oanda: Commission Comparison

Below is a summary of Pepperstone commissions across different trading platforms per 100,000 units traded (1 standard lot) per side:Oanda Spread Pricing model

  • MT5 Razor account $3,5 per side
  • MT4 Razor account $3.76 per side
  • cTrader 7 units charged per lot

In contrast, Oanda charges a $5 commission per 100,000 unit traded (1 standard lot) per side.

EUR/USD Spreads And Fees: The Overall Winner

Overall, Pepperstone comes ahead of Oanda with its low transaction costs. Clients with Pepperstone can benefit from lower trading costs, which is great for scalping. Pepperstone offers competitive average spreads and commissions with its transparent pricing model. If you want to take advantage of the ultra-tight spreads, make sure you open Pepperstone demo account first, to test it with your own hands. To learn more about Peppersone spreads and fees view the full fee article.

Open a demo account >>Visit Pepperstone >>

Pepperstone vs. Oanda: CFD Range Of Markets

When choosing your forex broker you also need to consider the range of markets offered by your favorite forex broker. The variety of financial instruments offered by Pepperstone and Oanda are rich in CFDs offerings, which means they can accommodate all types of traders.

The table below shows head to head the range of CFDs offered by Pepperstone and Oanda.

 PepperstoneOanda
Forex Currency Pairs+61+71
Index CFDs1415
Share CFDs61NO
Commodities157
Cryptocurrencies5NO
Currency Index CFDs1NO
Metal723
BondsNO6

Pepperstone range of markets can give forex traders access to a multitude of asset classes including:Oanda currency Pairs

  • Forex currency pairs including some exotic pairs
  • Index CFDs
  • Share CFDs
  • Commodities
  • Cryptocurrency including Bitcoin
  • Currency Index CFDs

By comparison, after we carried out our research, we found out that Oanda is offering a limited number of instruments available for trading. If you want to start trading with Oanda, be aware that you will NOT be able to trade:Oanda Bitcoin not available

  • Share CFDs
  • Bitcoin and other cryptocurrencies
  • Currency index CFDs

CFD Range Of Markets: The Overall Winner

In terms of the range of available assets to trade, Oanda has a bit of advantage over Pepperstone by offering Bonds CFDs trading, which can’t be found over on the Australian-based forex broker. Overall, Pepperstone is the winner in this category because it’s offering a larger number of CFD trading instruments. More than 150 instruments are powered by Pepperstone’s low spreads trading conditions.

Pepperstone vs. Oanda: Account Types

Another measure we took into consideration in our review process is the different types of trading accounts.  Both forex brokers Pepperstone and Oanda offer their clients the option to choose between two main types of trading accounts. Which type of forex account is the best fit for your trading needs depends on factors such as:

  • The size of your capital (minimum balance)Pepperstone and Oanda full review
  • Tolerance for risk
  • Maximum leverage
  • Minimum and Maximum position size
  • Base currencies available
  • Range of markets
  • Trading Fees

Our team of industry experts will give you a brief overview of the options available to FX traders through Pepperstone and Oanda. Pepperstone offers two types of trading accounts that caters for scalpers and algorithmic traders and the second one is designed for beginner traders:

  • Pepperstone Razor Account
  • Pepperstone Standard Account

Pepperstone Trading Account Types

Both trading accounts require a minimum deposit of $200. Oanda trading account types are very similar to the ones offered by Pepperstone but there is no minimum account balance to open a Standard account. However, forex traders who want to have access to Oanda’s premium account features, you need to be ready to invest a whopping $20,000.

Oanda Account Comparison

Our Pepperstone review process discovered that the Australian-based forex broker also offers PAMM and MAM trading solution for professional money managers. By comparison, Oanda doesn’t offer managed accounts. Pepperstone scores extra points again and comes ahead of Oanda, by offering accounts packages for professional fund managers.

Forex Managed accounts

Note* Unfortunately, only Pepperstone offers tailored services for Muslim traders by offering an Islamic trading account. Pepperstone offers the Swap-free account to their clients in specific regions by default and at their discretion.

For an in-depth comparison of the Pepperstone Razor vs. Standard account make sure you read our full Pepperstone Trading Accounts Review, which will outline the key point of difference between the two types of trading accounts

Pepperstone vs. Oanda: Customer Service

The head to head customer service comparison once again revealed that Pepperstone’s customer support experience is far superior to what Oanda has to offer. Pepperstone has a multi award-winning customer service that has gained industry recognition. Pepperstone won numerous industry awards for its excellent 24-hour customer service.

Pepperstone award-winning support service

Here are our findings in terms of the similarities that can be found on both forex brokers:Forex customer Support Review

  • Several channels for support (live chat, email, phone)
  • Multilingual support service
  • FAQ Section
  • Webinars

Oanda clients can contact the support team in several languages, including English, Spanish, German, Mandarin, and Russian. Compared with Pepperstone, Oanda falls behind, as again the Australian-based forex broker supports 12 different languages offering a much better experience to traders from around the world.

The only feature that Oanda managed to gain some extra points was with its 24/6 customer support compared to Pepperstone’s 24/5 customer service.

Oanda’s customer support service stands out in the forex industry only when compared to forex brokers like FXCM, Forex.com or AvaTrade, as Oanda can be proud to offer far better customer service. However, Oanda has been recognized in the United States by winning the Highest Overall Client Satisfaction offered by Investment Trends – US Foreign Exchange Report.

Oanda Client Satisfation

Customer-Service: The Overall Winner

Overall, both Oanda and Pepperstone reviews of customer service were positive, as our review process found the Australian forex broker offered the best enhancing customer support experience. Get your free demo account with up to $100,000 in virtual money and test the forex exchange market.

Open a demo account >>Visit OANDA >>

Pepperstone vs Oanda: Deposit And Withdrawals

Forex traders can fund Pepperstone and Oanda trading account using a variety of deposit methods including:Oanda Deposit Methods

  • Debit and credit cards
  • Bank wire transfers
  • Electronic Wallets

The head to head comparison revealed that Pepperstone offers 9 funding and withdrawal methods including: Visa, Mastercard, POLi, Bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay. On the other hand, Oanda has a much more limited range of deposit methods and only offers:

  • Credit and debit Card
  • PayPal
  • Bank wire
  • Electronic bank transfer

Oanda Deposit Methods

Deposits and Withdrawal Fees

With Oanda, you can only withdraw funds via the same method used for depositing the funds. Secondly, to deposit funds via credit and debit card there is a maximum deposit limitation. With Oanda, you can only deposit $10,000 or equivalent in local currency per calendar month. On the other hand, Oanda PayPal deposit has no limits, but it only supports GBP, USD and EUR transfers.

Oanda doesn’t charge any deposit fees, but Oanda charges a withdrawal fee for credit card and bank transfer.  While the first withdrawal processed within a calendar month is free, any subsequent withdrawals are subject to withdrawal fees.

Below you have an overview of the types of withdrawal fees traders can expect from Oanda.

 First withdrawal processed within calendar monthAdditional withdrawals processed within calendar month
CADCAD $20CAD $40
AUDAUD $20AUD $40
EUREUR 20EUR 35
CHFCHF 20CHF 40
GBPGBP 10GBP 20
HKDHKD $150HKD $300
JPYJPY 2,000JPY 4,000
SGDNo FeeNo Fee
USDUSD $20USD $35

On the other hand, Pepperstone offers convenient and fast withdrawal methods, providing you with first-class trading services. Unlike Oanda, Pepperstone doesn’t charge deposit and withdrawal fees. In our Pepperstone review process, the Australian forex trading broker took an extra point in this category and won our recognition.

Deposit Currency Supported

Both Pepperstone and Oanda offer multi-currency deposit solutions:

  • Pepperstone supports 10 trading account currencies
  • Oanda supports 9 trading account currencies

Oanda supports the following 9 currencies: CAD, AUD, EUR, CHF, GBP, HKD, JPY, SGD, and USD. On the other hand, Pepperstone offers 10 different base currencies for their two trading account types. With Pepperstone, you can make a deposit in your local currency using your preferred deposit method with zero transaction fees.

Deposit And Withdrawals: The Overall Winner

Our team of industry experts, views Pepperstone as the overall winner in this section. But, Oanda also came closer to the high standards  imposed by the Australia based FX broker by supporting almost the same range of currencies. Before making a deposit you can open a demo account with virtual money in your local currency.

Pepperstone vs Oanda: Overall Winner

Pepperstone Better Than OandaThe Pepperstone vs. Oanda comparison conducted by our forex experts in ranking online brokers revealed that Melbourne-based FX broker Pepperstone offers superior trading services for its clients. Pepperstone has a global presence and it’s regulated by major financial centers:

  • Australian Securities and Investments Commission (ASIC) in Australia
  • Financial Conduct Authority (FCA) in the UK

The regulatory bodies ensure that your money is safe and protected while forex traders can engage in high risk leverage products. On the other hand, as a US-based forex broker, Oanda is governed and supervised by the National Futures Association (NFA) and in the UK by the FCA. Both brokers are well-regulated and comply with the high standards imposed by the major regulatory bodies.

After evaluating all the major features including the range of trading platforms, available instruments, the trading costs, trading account types and other products available through each of these two forex brokers, we established that the net winner in our scoring system is Pepperstone. It will be wise to first test out both brokers by opening a practice or demo account.

Open a demo account >>Visit Pepperstone >>