This Pepperstone vs Swissquote forex broker review found one broker has no dealing desk, 0 pips spreads and 60+ forex pairs. The other has no commissions and good trading platforms like MetaTrader. Find out how each compares.
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 Pepperstone and Swissquote:
We compare Pepperstone and Swissquote in this article to help you decide on your next forex broker. Pepperstone was founded in 2010 in Australia, and since then, they’ve revolutionised the forex trading world. Pepperstone processes an average of $9.2bn USD in transactions per day and is one of the largest forex brokers in the world. Swissquote has been around since 1996 and is actually a bank but has a separate subsidiary that offers forex and CFD products.
Is it cheaper to trade with Pepperstone or Swissquote?
To determine which broker is cheaper, you first need to understand how trading fees work. The two types of brokerages you will face are the bid-ask spread and commission fees.
Standard Accounts comparison
Standard accounts come with no commissions. Instead, the main trading fee you incur is the spread cost. This spread represents the difference between the price you can buy and sell a CFD financial instrument at, and it is artificially increased by your broker as their brokerage fee.
You’ll find the average spreads of some of the top brokers (including Pepperstone and Swissquote) in the table below.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
|
1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
|
1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
|
1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
View Pepperstone ReviewVisit Pepperstone
From the spreads module, it is clear that Pepperstone has a big advantage based on average spreads. You can get a minimum spread of 0.6 pips on pairs like the EUR/USD, with an average spread in the range of 0.65 to 0.80.
Swissquote has higher spreads compared to Pepperstone. However, their accounts differ according to location, so be careful when trading. The main thing is to choose the right account types, the best value accounts require a larger minimum deposit.
For the UK/EU, their Premium account comes with a minimum spread of 1.3 pips and the Prime account with 0.6 pips. The spreads you can see in the table above are for their Prime account, meaning that the average spread is pretty high compared to their minimum. The main catch is that this account does require a minimum deposit of 5000 EUR/USD/GBP/CHF, while the Standard account needs just 1000 EUR/USD/GBP/CHF.
Traders outside the UK and Europe have a choice of Standard, Premium and Prime Accounts. The Prime Account has forex spreads starting from 1.1 pips but has an eye-watering 50,000 USD minimum deposit. Even the Premium has a large minimum deposit, this being USD 10,000, but at least the spreads, which start from 1.4, are lower than with the Standard Account, with pips from 1.7 pips.
The STP-style Account
STP-style ‘raw’ accounts come with no artificial increase in spreads. However, you will have to pay commission fees on trades.
The below module compares the spreads with Pepperstone and other brokers since Swissquote doesn’t provide average spreads for this type of account.
|
ECN Broker Spreads
|
|||||
|---|---|---|---|---|---|
|
|
0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
|
|
0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
|
0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
|
0.30 | N/A | 0.30 | 0.50 | 0.40 |
|
|
0.24 | N/A | 0.17 | 0.54 | 0.30 |
|
0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
|
0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
|
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
View Swissquotes ReviewVisit Swissquotes
Looking at this spread module, one can see that Pepperstone has competitive spreads for most currency pairs against most brokers. Spreads on average, are typically 0.10 to 0.20, which is what most brokers will have,
The Pepperstone ‘Razor’ account comes with a minimum spread at zero pips. This means that in good periods, you could pay no spread cost at all when trading popular currency pairs like the GBP/USD.
As for commission fees, to trade a standard lot round-turn, you can expect to pay $7 AUD or USD. Commission at other major base currencies is listed in the image below, but for non-listed currencies, the commission is converted to the equivalent of $7 USD.
Swissquote only has an STP-style account available for traders in the UK and Europe and does advertise their minimum spreads. However, like any good no dealing desk account, both their Elite and Pro accounts come with 0 pip minimum spreads.
Commission fees on Swissquote for UK traders are at €5 round-turn for a standard lot. This is a bit better than Pepperstone, which has a €5.20 commission, but this saving doesn’t mean much if their spreads are wider.
Verdict
It is pretty clear that the broker you will be getting lower brokerage on is Pepperstone. With much cheaper spreads and competitive commissions, Pepperstone is a great low-cost broker.
View Pepperstone ReviewVisit Pepperstone
Pepperstone has an incredibly wide range of platforms you can use to trade CFDs on. These include the everlasting MetaTrader 4 and MetaTrader 5 (MT4/MT5), the two most popular forex trading platforms in the world. Alongside that, you can use Capitalise.ai, a code-free Algo-trading platform, TradingView, a chart-trading-focused platform, and cTrader, a more advanced platform with special tools to help enhance your trading performance.
No matter what type of trading you are looking to do, there is no doubt that the platforms offered by Pepperstone will help accommodate your goals.
Swissquote also offers both MetaTrader platforms, but on top of that, they have a proprietary platform called Advanced Trader. This combines charts from TradingView with a range of different order types, plus the ability for you to create your own DIY tools.
View Swissquotes ReviewVisit Swissquotes
How many trading tools are available?
Most of the trading tools offered by Pepperstone are copy-trading tools. Myfxbook, DupliTrade, and Pelican Trader give you access to a community of professional and highly successful traders. Through these tools, you can easily copy the trades that they make and benefit from their success.
Both brokers offer MetaTrader Signals, an add-on for MetaTrader which is also a social-trading tool. There are over 3,200 signals (traders) available for you to follow.
Swissquote also offers AutoChartist, a top charting tool to help you better analyse trades before making them. It can monitor the markets for you to identify top trades that you may be interested in making.
Verdict
Pepperstone is our winner for both platforms and tools. There is a wide range of platforms and trading tools for you to select between, with the offerings dwarfing what Swissquote offers.
Pepperstone boasts of an account system that offers no minimum deposit, though they recommend starting with $200. Their diverse payment options include bank transfer, Visa/Mastercard credit and debit cards, and eWallets like Neteller, Skrill, PayPal, and UnionPay. On the other hand, Swissquote’s accounts each come with a distinct minimum deposit. Their funding options are more limited, primarily focusing on bank transfers and Visa/Mastercard.
When it comes to spreads, Pepperstone clearly has an edge. Their average spreads are generally lower, with pairs like EUR/USD having a minimum spread of just 0.6 pips. Swissquote, in contrast, has higher spreads that vary depending on the account type. For instance, their UK/EU Premium account features a minimum spread of 1.3 pips, while their Prime account offers 0.6 pips.
In terms of trading platforms, Pepperstone provides a broad spectrum, including the popular MetaTrader 4 and 5, cTrader, and more. Swissquote, while offering both MetaTrader platforms, also introduces its proprietary platform, Advanced Trader, which integrates charts from TradingView and allows for custom tool creation.
Verdict: Based on the provided information, Pepperstone offers superior accounts and features, making it the preferable choice for traders seeking optimal account benefits.
Having dived deep into both Pepperstone and Swissquote, I’ve found that the trading experience varies quite a bit between the two. Pepperstone, for instance, stands out in our testing as the best for MT4 trading. This is a significant advantage for traders who prefer the MetaTrader 4 platform, which is renowned for its user-friendly interface and comprehensive tools.
Now, while Swissquote does have its merits, especially with its Advanced Trader platform, Pepperstone’s offerings, particularly in MT4 and automation, give it a slight edge. The ease of use, combined with the advanced tools, makes the trading journey smoother and more efficient.
Verdict: Based on our analysis and testing, Pepperstone offers the best overall trading experience and ease for traders.
Pepperstone Trust Score
Swissquote Trust Score
We measure regulators in two regions. However, at the end of the day, make sure to use a broker regulated in the country you are trading from to maximise protection.
Pepperstone has five of the top regulators regulating them, alongside one second-tier regulator. These are:
Traders outside any of the aforementioned regions will trade with the Pepperstone subsidiary based in the Bahamas, which is regulated by the Securities Commission Of The Bahamas (SCB).
In comparison, Swissquote has four top-tier regulators:
| Pepperstone | Swissquote | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) |
FCA (UK) CYSEC (Cyprus) MAS (Singapore) |
| Tier 2 Regulation | DFSA (Dubai) | DFSA (Dubai) MFSA (Europe) SFC CSSF FINMA (Switzerland) |
| Tier 3 Regulation | SCB (Bahamas) CMA (Kenya) |
Forex pairs are the most commonly traded CFD instrument, but there is also a wide range of other CFD products available, like indices, commodities, crypto, shares and ETFs.
Pepperstone has an impressive range of currency pairs, at 62. Retail leverage is capped at 30:1 in tier-one regulatory regions, 400:1 in Kenya, and 200:1 elsewhere. Pro traders in top-tier regulatory regions have access to 500:1 leverage.
SwissQuote has 76 forex pairs available, however, you can’t trade CFDs in Switzerland. Retail leverage for all regions goes up to 30:1, with pro leverage for all regions at 400:1.
In terms of other products, Pepperstone comfortably wins in share offerings, with over one thousand stocks to choose from on Pepperstone.
Verdict
While both brokers have a strong range of CFD products available, our winner is Pepperstone. With consistent global offerings plus a competitive range of trading instruments, it is hard to go wrong with trading on Pepperstone.
Pepperstone:
Swissquote:
Verdict: Based on our team’s testing, Pepperstone scores slightly higher in terms of educational resources, making it the preferred choice for traders looking for comprehensive learning materials.
When it comes to trading, having reliable customer service is paramount. It’s the backbone that ensures traders have a smooth experience, especially when unforeseen issues arise. From our in-depth analysis and testing, both Pepperstone and Swissquote have shown a strong commitment to customer satisfaction.
Pepperstone’s customer service is available 24/5, offering multiple channels of communication, including live chat, email, and phone support. They also boast a comprehensive FAQ section that addresses common queries. Swissquote, on the other hand, also provides 24/5 support, with a dedicated team ready to assist via phone, email, and live chat. Their website is also equipped with a detailed help centre, ensuring that traders have access to immediate answers.
| Feature | Pepperstone | Swissquote |
|---|---|---|
| Availability | 24/5 | 24/5 |
| Live Chat | Available | Available |
| Phone Support | Available | Available |
| Email Support | Available | Available |
| FAQ Section | Comprehensive | Detailed |
| Response Time | Quick | Prompt |
While both brokers offer robust support, the quality of service can vary. Pepperstone is known for its quick response times and knowledgeable support team. Swissquote, while also efficient, places a strong emphasis on providing detailed answers, ensuring that traders fully understand the solutions provided.
Verdict: Based on our team’s scores and testing, Pepperstone edges out slightly in terms of customer service, offering a more responsive and efficient support experience for traders.
When it comes to funding options, both Pepperstone and Swissquote have made significant strides to accommodate a wide range of payment methods for their clients. Pepperstone, for instance, offers a diverse set of options ranging from bank wire transfers to electronic wallets. Swissquote, on the other hand, while having a robust set of traditional payment methods, has also ventured into more modern solutions to cater to a broader audience.
The table below provides a comprehensive comparison of the funding options available for both brokers:
| Funding Option | Pepperstone | Swissquote |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Credit Card | ✓ | ✓ |
| PayPal | ✓ | ✗ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| UnionPay | ✓ | ✗ |
| FasaPay | ✓ | ✗ |
| POLi | ✓ | ✗ |
| BPay | ✓ | ✗ |
| Rapid Transfer | ✓ | ✗ |
Verdict: Based on the available funding options, Pepperstone clearly offers a more diverse range of payment methods compared to Swissquote.
Pepperstone accounts have no minimum deposit, but do recommend $200 to start with. To pay, you can use a bank transfer, Visa/Mastercard credit cards or debit cards or BPay/POLi in Australia. You could also use eWallets like Neteller, Skrill, PayPal and UnionPay.
Each of Swissquote’s accounts has a different minimum deposit, so be careful not to mix them up. Funding options are limited, these being bank, Visa and MasterCard.
For the UK/EU accounts: Premium has a $1000 minimum deposit in a base currency or the equivalent in USD. Prime is at $5000, and Elite and Prime are at $10,000.
Outside the UK and Europe, there are 3 accounts with minimum deposits for each Account being $1000 for Standard, $10,000 for Premium, and $50,000 for Prime.
Pepperstone is the winner because it consistently outperforms Swissquote in most of the key areas that traders value the most, from spreads and fees to trading platforms and customer service. The table below summarises the key information leading to this verdict:
| Criteria | Pepperstone | Swissquote |
|---|---|---|
| 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 | ✓ | ✗ |
For those just starting out in the trading world, Pepperstone offers a more user-friendly platform and comprehensive educational resources.
For seasoned traders looking for advanced tools and competitive spreads, Pepperstone remains the top choice.
Pepperstone generally offers lower costs compared to Swissquote. Specifically, Pepperstone boasts some of the industry’s most competitive spreads, often starting from as low as 0.0 pips for major currency pairs. This is especially evident when trading on their Razor account. For a more detailed comparison of broker commissions, you can visit this comprehensive guide on low commissions.
Both brokers offer MetaTrader 4, but Pepperstone is often regarded as superior due to its enhanced tools and tighter spreads on this platform. Their integration with MT4 is seamless, providing traders with a robust trading experience. For those keen on exploring the best brokers for MetaTrader 4, this list of top MT4 brokers is a valuable resource.
Pepperstone stands out when it comes to social or copy trading, offering various platforms and tools that facilitate this trading style. Swissquote, while having its strengths, doesn’t have as pronounced a focus on social trading as Pepperstone. For traders interested in diving deeper into social trading platforms, here’s a comprehensive review of the best forex social trading platforms.
Pepperstone offers spread betting, especially for UK traders. This form of trading is tax-free in the UK and is a popular alternative to traditional forex trading. Swissquote, on the other hand, does not have a pronounced focus on spread betting. For those interested in exploring spread betting further, here’s a comprehensive guide on the best spread betting brokers in the UK.
In my opinion, Pepperstone stands out as the superior choice for Australian forex traders. Not only is Pepperstone ASIC regulated, but it’s also an Australian-founded company, giving it a home-ground advantage. Swissquote, while a reputable broker, is based overseas. Pepperstone’s deep understanding of the Australian market, combined with its robust offerings, makes it a top pick. For a broader perspective on Australian forex brokers, you can check out this detailed review of Australian forex brokers.
For UK traders, I personally believe Swissquote has a slight edge. Both brokers are FCA regulated, ensuring a high level of trust and security for UK traders. However, Swissquote’s global presence and its adaptability to various markets give it an advantage in the UK. While Pepperstone is a strong contender, Swissquote’s offerings are more tailored to the UK market. For more insights on the best brokers for UK traders, here’s a comprehensive list of top UK trading platforms.
Ask an Expert