Introduction
Pepperstone and FP Markets are two Australian-born brokers cut from the same cloth: no-dealing-desk execution, raw-spread accounts with small commissions, MetaTrader plus cTrader plus TradingView support, and dual ASIC and CySEC regulation. On headline pricing they finish almost level, so the winner depends on what you trade and where you live.
Pepperstone is the better choice for most forex and CFD traders. It carries the broader regulatory stack (FCA, BaFin and DFSA on top of ASIC and CySEC), has no minimum deposit, offers the industry’s widest platform lineup including its own polished proprietary app, and swept five Best in Class awards in ForexBrokers.com’s 2026 rankings, including Trading Fees, Copy Trading and Algo Trading. Its Razor account, with all-in EUR/USD costs around 0.8 pips, is the benchmark against which low-cost brokers are measured.
FP Markets is the better choice for traders who want equities depth and richer bundled tools. Its Iress platform provides direct market access to more than 10,000 real shares and ETFs across nine global exchanges, something Pepperstone simply does not offer, and its Raw account matches Pepperstone’s pricing almost exactly at $6 round turn. Free Autochartist and Trading Central research, the new TradeMedic AI trade analytics tool, and genuine 24/7 support round out a package that punches above its profile.
If you are a pure forex or CFD trader, Pepperstone edges it. If your trading spans currencies and serious stock market activity, FP Markets is the more complete home. The detail below shows exactly where each broker earns its points.
Comparison Table
| Feature | Pepperstone | FP Markets |
|---|---|---|
| Founded | 2010 | 2005 |
| Headquarters | Melbourne, Australia | Sydney, Australia |
| Regulation | ASIC, FCA, CySEC, BaFin, DFSA, CMA (Kenya), SCB (Bahamas) | ASIC, CySEC, FSCA, FSC Mauritius, FSA (offshore entities) |
| Publicly Listed | No (private company) | No (private company) |
| Minimum Deposit | None set (about $10 practical minimum) | $100 (Iress accounts from AUD 1,000) |
| Trading Platforms | MT4, MT5, cTrader, TradingView, Pepperstone platform, API | MT4, MT5, cTrader, TradingView, Iress, mobile app |
| Tradable Assets | 1,350+ CFD instruments | CFDs plus 10,000+ shares/ETFs via Iress DMA |
| Maximum Leverage | 1:30 retail (tier-1), up to about 1:500 offshore | 1:30 retail (tier-1), up to 1:500 offshore/professional |
| Spreads | Razor from 0.0 pips (approx. 0.1 avg EUR/USD) | Raw from 0.0 pips (approx. 0.1 to 0.3 avg EUR/USD) |
| Commissions | Approx. $3.50/side on Razor ($7 round turn) | $3.00/side on Raw ($6 round turn) |
| Inactivity Fee | None | None |
| Account Types | Standard, Razor, Professional, Islamic, Spread betting (UK/IE) | Standard, Raw, Iress tiers, Professional, Islamic |
| Demo Account | Yes, $50,000 virtual funds | Yes, all platforms |
| Islamic Account | Yes | Yes (not via the Australian entity) |
| Copy Trading | Yes (dedicated app, DupliTrade, Myfxbook, Pelican, MT Signals) | Yes (Social Trading portal, MT4-based) |
| Social Trading | Yes | Yes |
| Mobile Trading | Yes, proprietary app plus platform apps | Yes, mobile app plus platform apps |
| Desktop Platform | MT4, MT5, cTrader desktop | MT4, MT5, cTrader, Iress desktop |
| Web Platform | Yes, proprietary plus platform web versions | Yes, WebTrader and platform web versions |
| Educational Resources | Good, functional rather than market-leading | Improving, courses and webinars |
| Research Tools | In-house analysis, Autochartist via MT4, Capitalise.ai | Autochartist plus Trading Central free, TradeMedic AI analytics |
| Customer Support | 24/5 plus about 18 hours on weekends | 24/7 |
| Deposit Methods | Cards, PayPal, Apple Pay, Google Pay, Skrill, Neteller, BPAY, PIX, more | Cards, wire, Skrill, Neteller, crypto, broker transfer |
| Withdrawal Methods | Same as deposits, no broker fees | Same as deposits, no internal fees |
| Processing Time | Typically 1 to 3 business days | Typically 1 to 3 business days |
| Investor Protection | FSCS (UK), ICF (EU), segregated funds, negative balance protection | ICF (EU), segregated funds at tier-1 banks, negative balance protection |
Conditions vary by entity and change often. Confirm current figures on the official Pepperstone and FP Markets websites before opening an account.
Company Overview
Pepperstone
Founded in Melbourne in 2010, Pepperstone has grown into one of the largest retail forex brokers in the world, processing an average of $12.55 billion in trades daily for more than 400,000 retail trading accounts across 176 countries. Its pitch has never changed: agency-style execution with no dealing desk, raw pricing from tier-1 liquidity providers, and complete freedom over platform choice.
That platform freedom is now the widest in the industry. Alongside MetaTrader 4, MetaTrader 5, cTrader and full TradingView integration, Pepperstone has launched its own proprietary platform and mobile app, and offers API access for algorithmic traders. Execution averages around 30 milliseconds, with independent testing showing symmetrical slippage, the hallmark of a genuine non-dealing-desk model. Scalping, hedging and EAs face no restrictions, and the Active Trader program rebates up to $3 per lot daily for traders clearing roughly 200 lots per month.
Recognition followed the growth: in ForexBrokers.com’s 2026 Annual Awards, Pepperstone finished Best in Class for Trading Fees, Copy Trading, Algo Trading, TradingView and MetaTrader. One governance note for balance: in 2026 Pepperstone Group voluntarily withdrew from the Financial Commission, which trims external dispute-resolution options for some offshore clients, though its regulated entities remain covered by their statutory schemes.
FP Markets
FP Markets (First Prudential Markets) is the elder of the pair, founded in Sydney in 2005, giving it more than two decades of continuous operation with a clean regulatory record. It runs the same core model as Pepperstone: hybrid ECN/STP execution with no dealing desk, a commission-free Standard account and a raw-pricing account for active traders, delivered across MetaTrader, cTrader and TradingView.
Where FP Markets separates itself is equities. Its Iress platform suite provides direct market access to more than 10,000 real shares and ETFs across nine international exchanges including the ASX, NYSE, NASDAQ, LSE and HKEX, complete with Level 2 order books and exchange-based commissions. No forex-first rival in this price bracket offers anything comparable. The broker has also been investing in trader tooling: both Autochartist and Trading Central are bundled free, and 2026 saw the launch of TradeMedic, an AI-powered analytics tool for MetaTrader that dissects your past trades to expose recurring mistakes.
Independent testing routinely clocks FP Markets’ execution below 35 milliseconds with minimal, fairly distributed slippage, and ForexBrokers.com awarded it Best in Class honors for MetaTrader and Algo Trading in 2026.
Regulation & Safety
Both brokers are safe, multi-regulated operators, but Pepperstone’s license map is broader at the top tier.
Pepperstone is regulated in seven-plus jurisdictions: ASIC in Australia, the FCA in the UK (FRN 684312), CySEC in the EU (388/20), BaFin in Germany, the DFSA in Dubai, the CMA in Kenya and the SCB in the Bahamas. UK clients get FSCS protection up to GBP 85,000, EU clients get ICF coverage up to EUR 20,000, and retail clients under tier-1 entities receive negative balance protection. Client funds are segregated across all entities, and the company has operated since 2010 without a material regulatory incident.
FP Markets is regulated by ASIC (AFSL 286354) and CySEC (371/18) at the top tier, plus the FSCA in South Africa, the FSC in Mauritius and offshore FSA registrations covering international clients. EU clients receive ICF protection, funds sit segregated at tier-1 Australian banks, and negative balance protection applies. Its 20-year history without major sanctions is a genuine trust asset.
The shared caveat: at both brokers, many international clients are onboarded through offshore entities (Bahamas or Kenya for Pepperstone; St Vincent, Seychelles or Mauritius for FP Markets) where statutory compensation schemes do not exist and higher leverage is offered. Whichever broker you choose, confirm which entity will hold your account, because your real protection depends on it far more than on the brand.
Trust verdict: Pepperstone by a nose, thanks to FCA, BaFin and DFSA coverage that FP Markets lacks. FP Markets counters with a five-year-longer operating history. Both are firmly in the industry’s upper trust tier.
Trading Products
Pepperstone offers more than 1,350 CFD instruments: 90+ forex pairs and currency indices, major and minor equity indices, commodities and metals, a large share CFD range across US, UK, European and Australian markets, ETFs, and 26 cryptocurrency CFD pairs (unavailable to UK retail clients). UK and Irish clients can additionally trade the entire range via tax-efficient spread betting. Everything is a derivative; Pepperstone offers no real share ownership.
FP Markets covers the same CFD categories (60+ forex pairs, indices, commodities, metals, bonds, ETFs and a smaller crypto CFD selection), then adds its trump card: real equities. Through Iress, clients trade actual shares and ETFs with direct market access on nine global exchanges, with Level 2 depth and exchange-grade order types. For traders and investors who want genuine stock ownership beside their forex activity, this is a structural advantage no pricing tweak can offset. The trade-offs are cost and complexity: Iress carries a monthly platform fee of AUD 55 (refunded if you place three trades in the month), a higher AUD 1,000 minimum, and its own commission schedule.
Verdict: Pepperstone for a bigger, tidier CFD universe and spread betting; FP Markets for anyone who wants real global share trading under the same roof.
Trading Platforms
Pepperstone supports MetaTrader 4, MetaTrader 5, cTrader, TradingView and its own proprietary platform and app, plus API access, the widest lineup in the industry. Automation is covered from every angle: Expert Advisors on MetaTrader, cTrader Automate, Capitalise.ai text-based automation on MT4, and native TradingView execution. The proprietary app has matured into a genuinely polished front end rather than an afterthought. This flexibility, paired with roughly 30ms execution, is why Pepperstone keeps winning platform-category awards.
FP Markets supports MetaTrader 4, MetaTrader 5, cTrader and TradingView, matching Pepperstone’s third-party core, then diverges with Iress, an institutional-grade DMA equities platform with Level 2 order books, conditional orders and streaming exchange data (available primarily to ASIC-entity clients). Its in-house VPS hosting supports automated strategies, and execution on the Raw account via cTrader averaged under 35 milliseconds in independent three-week testing with no requotes.
Verdict: a tie with different flavors. Pepperstone wins on proprietary platform polish and API breadth; FP Markets wins if Iress-grade equities trading matters to you. MetaTrader, cTrader and TradingView users lose nothing either way.
Trading Costs
The pricing battle is close enough that most traders would not feel the difference, but here is the detail.
Raw pricing accounts. Pepperstone’s Razor account offers spreads from 0.0 pips, averaging around 0.1 pips on EUR/USD, with a commission of about $3.50 per side ($7 round turn) on MetaTrader. ForexBrokers.com measured the all-in effective cost at 0.80 pips using recent data. FP Markets’ Raw account offers spreads from 0.0 pips averaging roughly 0.1 to 0.3 pips, with a lower commission of $3.00 per side ($6 round turn), producing an all-in cost of about 0.8 to 0.9 pips in the same methodology. Net result: Pepperstone runs slightly tighter underlying spreads, FP Markets charges a slightly lower commission, and the all-in totals land within a tenth of a pip of each other.
Standard accounts. Pepperstone’s Standard account averages around 1.1 pips on EUR/USD; FP Markets’ Standard account averages roughly 1.2 to 1.3 pips. Both build the fee into the spread with no commission. Slight edge to Pepperstone.
Volume programs. Pepperstone’s Active Trader program pays cash rebates up to $3 per lot, credited daily, for high-volume traders (typically 200+ lots per month). FP Markets offers professional accounts and negotiated conditions for wholesale clients rather than an equivalent published rebate ladder.
Non-trading fees. Both are clean: no inactivity fees, no internal deposit or withdrawal fees on standard methods. FP Markets applies an AUD 12.50 fee on international non-AUD bank wire deposits and the refundable AUD 55 monthly Iress platform fee. Neither broker pays interest on idle cash. Swap rates apply at both for overnight positions and should be compared per instrument if you hold trades for days.
| Cost Item | Pepperstone | FP Markets |
|---|---|---|
| Raw EUR/USD avg spread | Approx. 0.1 pips (Razor) | Approx. 0.1 to 0.3 pips (Raw) |
| Raw commission (round turn) | Approx. $7 | $6 |
| All-in raw cost (EUR/USD) | Approx. 0.8 pips | Approx. 0.8 to 0.9 pips |
| Standard account avg spread | Approx. 1.1 pips | Approx. 1.2 to 1.3 pips |
| Volume rebates | Up to $3/lot (Active Trader) | Negotiated/professional terms |
| Inactivity fee | None | None |
| Deposit/withdrawal fees | None | None internal (AUD 12.50 on intl non-AUD wires) |
Cost verdict: effectively a tie on raw accounts, with Pepperstone marginally ahead on standard pricing and rebates, and FP Markets ahead on headline commission.
Account Types
Pepperstone:
- Standard: commission-free, spread-only, suits occasional traders.
- Razor: raw spreads plus commission, the flagship for active traders, scalpers and algos.
- Professional: higher leverage and fewer protections for qualifying experienced clients.
- Islamic: swap-free variants available.
- Spread betting: UK and Ireland only, tax-efficient under current rules.
- Demo: free, loaded with $50,000 virtual funds.
There is no set minimum deposit; around $10 gets you started, though $200 or more is sensible for real risk management.
FP Markets:
- Standard: commission-free, spreads from about 1.0 pip, $100 minimum.
- Raw: 0.0 pip pricing plus $3 per side, $100 minimum, the value pick.
- Iress accounts: DMA share trading in Standard (AUD 1,000), Platinum (AUD 25,000) and Premier (AUD 50,000) tiers with descending brokerage rates.
- Professional/Wholesale: up to 1:500 leverage for qualifying clients.
- Islamic: swap-free with an administration fee, though not offered via the Australian entity.
- Demo: free across MT4, MT5 and cTrader.
| Account Feature | Pepperstone | FP Markets |
|---|---|---|
| Minimum deposit | None set | $100 |
| Raw commission (RT) | Approx. $7 | $6 |
| DMA equities account | No | Yes (Iress tiers) |
| Spread betting | Yes (UK/IE) | No |
| Islamic option | Yes | Yes (entity dependent) |
| Base currencies | 10 | 12 |
Deposits & Withdrawals
Pepperstone offers one of the most modern funding menus in the industry: Visa and Mastercard, PayPal, Apple Pay, Google Pay, Skrill, Neteller, bank transfer, BPAY, UnionPay and PIX, depending on region. Deposits are free and mostly instant; withdrawals carry no broker fees and typically complete within 1 to 3 business days.
FP Markets supports cards, bank wire, Skrill, Neteller, cryptocurrency funding and broker-to-broker transfers across 12 base currencies. Electronic deposits process near-instantly, withdrawals carry no internal fees, and the only notable charge is the AUD 12.50 fee on international non-AUD wire deposits. Withdrawal requests generally complete within 1 to 3 business days depending on method.
| Funding Feature | Pepperstone | FP Markets |
|---|---|---|
| Cards | Yes | Yes |
| PayPal | Yes | No |
| Apple Pay / Google Pay | Yes | No |
| Skrill / Neteller | Yes | Yes |
| Crypto funding | Yes (BTC, ETH, USDC, SOL, region dependent) | Yes |
| Broker fees | None | None internal (minor wire exception) |
| Base currencies | 10 | 12 |
Research & Education
Neither broker is a research powerhouse on the level of IG or Saxo, but both bundle useful tools.
Pepperstone provides in-house market analysis, webinars, an economic calendar, Autochartist on MT4 and Capitalise.ai automation. Its research is competent and its education functional, but even sympathetic reviewers describe Pepperstone as a pricing story rather than a research story.
FP Markets bundles more: both Autochartist and Trading Central come free, the research team publishes regular pair and event coverage, and the new TradeMedic AI analytics tool reviews your own MetaTrader history for recurring errors, a genuinely useful addition for developing traders. Education has improved year on year with structured courses, videos and webinars, though it still trails the industry leaders.
Verdict: FP Markets, by a modest but real margin, thanks to the dual third-party research bundle and TradeMedic.
Customer Support
FP Markets runs true 24/7 support via live chat, phone and email. Independent testing recorded live chat responses within 2 to 3 minutes and knowledgeable handling of platform and funding queries, with a specialist team for Iress questions.
Pepperstone offers 24/5 support extended by roughly 18 hours per day on weekends, via live chat, phone and email, with consistently strong service ratings. In practice the difference only matters to weekend crypto traders and tinkerers.
| Support Channel | Pepperstone | FP Markets |
|---|---|---|
| Live chat | Yes | Yes |
| Phone | Yes | Yes |
| Yes | Yes | |
| Multilingual | Yes | Yes |
| Coverage | 24/5 plus weekend hours | 24/7 |
Mobile Trading Experience
Pepperstone has invested heavily here, and it shows. Its proprietary mobile app is modern and fast, with clean charting, price alerts, full account management and smooth execution, and it sits alongside the MT4, MT5 and cTrader mobile apps for traders who prefer those. Among ECN-style brokers, Pepperstone’s mobile experience is now one of the best.
FP Markets offers its own mobile app plus the standard platform apps. The proprietary app covers watchlists, charts and order management competently, but independent reviewers note it lacks the depth of tooling and charting found on the best mobile apps, making the MetaTrader or cTrader apps the better choice for serious mobile execution at this broker.
Verdict: Pepperstone, clearly, for mobile-first traders.
Pros & Cons
Pepperstone
Pros
- All-in Razor costs around 0.8 pips on EUR/USD, benchmark-low among regulated brokers
- Seven-plus regulators including FCA, ASIC, CySEC, BaFin and DFSA
- No minimum deposit and no inactivity fees
- Widest platform lineup: MT4, MT5, cTrader, TradingView, proprietary app, API
- Five Best in Class awards in 2026, including Trading Fees and Copy Trading
- Active Trader rebates up to $3 per lot, paid daily
- Modern funding options including PayPal, Apple Pay and Google Pay
Cons
- No real share ownership; everything is a CFD or spread bet
- Research and education are functional rather than market-leading
- Withdrew from the Financial Commission in 2026, reducing dispute options for some offshore clients
- Does not pay interest on idle cash
- Not available to US or Canadian retail clients
FP Markets
Pros
- Raw account at $6 round turn with all-in costs around 0.8 to 0.9 pips
- Iress DMA access to 10,000+ real shares and ETFs on nine exchanges
- 20+ years of operation under ASIC with a clean record
- Autochartist and Trading Central bundled free, plus TradeMedic AI analytics
- True 24/7 customer support
- 12 base currencies and in-house VPS hosting
- Best in Class 2026 for MetaTrader and Algo Trading
Cons
- Fewer tier-1 licenses than Pepperstone (no FCA, BaFin or DFSA)
- $100 minimum deposit versus Pepperstone’s none
- Iress platform fee and higher minimums add complexity for stock traders
- Proprietary mobile app trails the best in the category
- Islamic accounts unavailable via the Australian entity; crypto CFD range is small
Who Should Choose Pepperstone?
Choose Pepperstone if you are a forex-first or CFD-first trader who values regulatory depth, platform freedom and the lowest possible friction. Beginners can start with any amount thanks to the absent minimum, mobile-first traders get the best proprietary app in this matchup, and algorithmic traders get every automation route on the market, from EAs to cTrader Automate to API access. High-volume traders should model the Active Trader rebates, which can undercut FP Markets’ commission advantage at scale. UK and Irish residents gain FCA protection and spread betting; German and Middle Eastern clients gain local BaFin and DFSA entities.
Who Should Choose FP Markets?
Choose FP Markets if your ambitions extend beyond CFDs into real equities, or if you want more bundled analytical firepower for the same money. The Iress suite turns one account into a genuine multi-asset setup: raw-spread forex on cTrader beside DMA stock trading with Level 2 depth on the world’s major exchanges. Cost-sensitive traders get the marginally cheaper $6 round-turn commission, developing traders get Trading Central, Autochartist and TradeMedic at no charge, and anyone who trades odd hours gets true 24/7 human support. Its two decades under ASIC also appeal to traders who weight longevity heavily.
Final Verdict
This is one of the closest pairings in the industry, because these brokers were built to the same blueprint and have spent 15 years matching each other’s pricing.
Pepperstone wins overall for the typical forex and CFD trader. Stronger tier-1 regulatory coverage, no deposit barrier, the widest platform stack, a superior mobile app and award-winning costs make it the safer default recommendation in 2026.
FP Markets wins for multi-asset traders and tool-hungry improvers. Real DMA share trading through Iress is a capability Pepperstone cannot answer, the Raw account is a fraction cheaper on commission, and the free research bundle is more generous.
Treat raw-account costs as a tie and decide on structure: pure derivatives trading points to Pepperstone, derivatives plus real equities points to FP Markets. Whichever you pick, confirm the regulatory entity that will hold your account, and remember that the large majority of retail CFD accounts lose money; leverage magnifies losses as efficiently as gains.
Frequently Asked Questions
Is Pepperstone or FP Markets cheaper?
They are nearly identical. Pepperstone’s Razor account works out around 0.8 all-in pips on EUR/USD ($7 round-turn commission over slightly tighter raw spreads); FP Markets’ Raw account lands around 0.8 to 0.9 all-in pips ($6 round turn over slightly wider raw spreads). Standard accounts are marginally cheaper at Pepperstone. High-volume traders may tip the balance back to Pepperstone via Active Trader rebates.
Which broker is better regulated?
Pepperstone holds more tier-1 licenses: FCA, ASIC, CySEC, BaFin and DFSA, plus Kenyan and Bahamian entities. FP Markets holds ASIC and CySEC at the top tier plus FSCA and offshore registrations, backed by a 20-year clean record. Both segregate funds and provide negative balance protection for retail clients under tier-1 entities.
What are the minimum deposits?
Pepperstone has no set minimum deposit (around $10 works in practice). FP Markets requires $100 for Standard and Raw accounts and AUD 1,000 or more for Iress share trading accounts.
Can I trade real stocks at either broker?
Only at FP Markets. Its Iress platform offers direct market access to 10,000+ real shares and ETFs across nine exchanges including the ASX, NYSE, NASDAQ and LSE. Pepperstone offers share exposure through CFDs (and spread betting for UK/IE clients) but no share ownership.
Which broker is better for scalping and algorithmic trading?
Both are excellent and both won 2026 Best in Class awards for algo trading. Pepperstone offers roughly 30ms execution, API access, cTrader Automate and Capitalise.ai; FP Markets offers sub-35ms fills, in-house VPS and the same MT/cTrader automation stack. Neither restricts scalping, hedging or EAs.
Do these brokers support TradingView and cTrader?
Yes, both. Pepperstone and FP Markets each offer MT4, MT5, cTrader and TradingView connectivity. Pepperstone adds a proprietary platform and API; FP Markets adds the Iress DMA platform.
Are there inactivity fees at Pepperstone or FP Markets?
No. Neither broker charges inactivity fees. Both keep deposits and standard withdrawals free, with FP Markets’ only notable exception being an AUD 12.50 fee on international non-AUD wire deposits and the refundable AUD 55 monthly Iress platform fee.
Which broker has better copy trading?
Pepperstone, which finished Best in Class for Copy Trading in 2026. It supports a dedicated copy trading app in some regions plus DupliTrade, Myfxbook, Pelican and MetaTrader Signals. FP Markets offers a functional MT4-based Social Trading portal but with thinner performance analytics.
Do Pepperstone and FP Markets offer Islamic accounts?
Yes, both offer swap-free accounts, replacing overnight swaps with administration fees. Note that FP Markets does not offer Islamic accounts through its Australian entity, so availability depends on where you onboard.
Which broker is better for beginners?
No. Neither Pepperstone nor FP Markets accepts US retail clients, and FP Markets also excludes Japan. US-based traders should look at CFTC-regulated alternatives instead.
Can US residents open accounts?
Pepperstone for its zero minimum deposit, simpler two-account structure and polished app; FP Markets for its richer free tooling (Trading Central, Autochartist, TradeMedic) and 24/7 support. Both provide unlimited-risk-free demo accounts, and both expose beginners to the same leverage risks, so start small either way.
How fast are withdrawals?
Both brokers typically process withdrawals within 1 to 3 business days, with e-wallet methods at the faster end and international bank wires slower once bank processing is included. Neither charges internal withdrawal fees on standard methods.
