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Our top alternative brokers to Pepperstone
IC Markets
4.5
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73% of retail CFD accounts lose money
Axi
4.4
Visit broker
76.4% of retail CFD accounts lose money
Our top alternative brokers to Pepperstone
IC Markets
4.5
Visit broker
73% of retail CFD accounts lose money
Axi
4.4
Visit broker
76.4% of retail CFD accounts lose money
Pepperstone Alternatives

The best alternatives to Pepperstone are

  1. IC Markets - Global forex broker
  2. Axi - Australian forex broker
  3. TMGM - Global forex broker
  4. Eightcap - Global forex broker

Let's see in a bit more detail how the Pepperstone alternatives compare to Pepperstone and each other:

Pepperstone alternatives comparison
Pepperstone IC Markets Axi TMGM Eightcap
Overall score 4.6 4.5 4.4 4.4 4.2
Fees score 4.4 stars 4.5 stars 4.6 stars 4.6 stars 4.5 stars
Account opening score 5.0 stars 5.0 stars 4.4 stars 5.0 stars 5.0 stars
Deposit and withdrawal score 4.3 stars 4.9 stars 4.4 stars 4.3 stars 4.5 stars
Web platform score 2.8 stars 2.8 stars 2.8 stars 2.8 stars 3.0 stars
Markets and products score 1.7 stars 1.8 stars 1.8 stars 1.9 stars 1.3 stars
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73% of retail CFD accounts lose money
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76.4% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money

Why are these brokers considered good alternatives to Pepperstone? There are many areas based on which Pepperstone can be compared with others. When we say a given online broker is a good alternative to Pepperstone we mean these brokers are comparable in the following areas:

  • The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
  • The type of clients they target, i.e. beginners, experienced investors, or day traders.

Pepperstone alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

  • Pepperstone is recommended for forex traders looking for great account opening and customer service
  • IC Markets is recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options
  • Axi is recommended for forex traders familiar with the metatrader 4 platform
  • TMGM is recommended for forex traders who prefer the metatrader platform
  • Eightcap is recommended for forex traders who prefer the metatrader platform

Important factors of finding Pepperstone alternatives

So far BrokerChooser has reviewed 86 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

  • open a live account
  • check over 100 criteria, with weighting based on readers' preferences
  • refresh data regularly

Whether Pepperstone or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Pepperstone is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Pepperstone alternative.

Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Pepperstone this is not a problem as you can have it ready on the same day you registered.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at Pepperstone, this might not be the case at its alternatives.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Pepperstone alternative is a must.


Now let's dive into the details of how Pepperstone and its alternatives perform in the most important areas!

Pepperstone alternatives
IC Markets

IC Markets is an Australia-based global forex broker that was founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).

IC Markets is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options

Pros Cons
Low forex fees Limited product selection
Easy and fast account opening Slow live chat support
Free deposit and withdrawal No investor protection for non-EU clients

Visit broker
73% of retail CFD accounts lose money

Fees
4.5

IC Markets has low trading and non-trading fees. There is no inactivity or withdrawal fee. On the negative side, financing rates for CFDs are high.
Pros Cons
Low trading fees High financing rate for CFDs
Low non-trading fees
Low forex fees
Pepperstone vs. IC Markets: Trading fees
IC Markets Pepperstone
EURUSD benchmark fee $6.9 $6.9
EURGBP benchmark fee $7.5 $8.5

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

Visit broker More
73% of retail CFD accounts lose money

Account opening
5.0

The account opening process at IC Markets is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
Pepperstone vs. IC Markets: Minimum deposit, time to open an account
IC Markets Pepperstone
Minimum deposit $200 $0
Time to open account 1 day 1 day

If you are interested more in IC Markets minimum deposit, this overview will help you.

Visit broker More
73% of retail CFD accounts lose money

Deposit and withdrawal
4.9

IC Markets's deposit and withdrawal services are great, with many options available, mostly free of charge. On the negative side, international bank withdrawals are expensive.
Pros Cons
Credit/Debit card available AUD 20 fee for international bank withdrawal
No deposit fee
Several account base currencies
Pepperstone vs. IC Markets: Withdrawal options
IC Markets Pepperstone
Bank transfer Yes Yes
Credit/debit card Yes Yes
Electronic wallets Yes Yes
Withdrawal fee $0 $0

Visit broker More
73% of retail CFD accounts lose money

Web trading platform
2.8

The web trading platform of IC Markets is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
Web trading platform of IC Markets, a Pepperstone alternative
Pepperstone vs. IC Markets: Trading platform scores
IC Markets Pepperstone
Web platform score 2.8 stars 2.8 stars
Mobile platform score 3.8 stars 3.8 stars
Desktop platform score 3.4 stars 3.4 stars

Learn more about IC Markets's web trading platform in the detailed IC Markets review.

Visit broker
73% of retail CFD accounts lose money

Markets and products
1.8

At IC Markets, you can trade only forex and CFDs. This means that many popular asset classes, such as real stocks or ETFs, are not available.
Pepperstone vs. IC Markets: Markets and products
IC Markets Pepperstone
Stock No No
ETF No No
Forex Yes Yes
Fund No No
Bond No No
Options No No
Futures No No
CFD Yes Yes
Crypto Yes Yes

Visit broker More
73% of retail CFD accounts lose money

Verdict

IC Markets is a great forex broker. 

Its forex fees are low and opening an account is fast and easy. Deposits and withdrawals are free and the process is user-friendly. The education section of the website is also a plus.

On the other hand, IC Markets offers only forex and CFD products for trading. In addition, live chat support could be better, and non-EU clients are not covered by any investor protection scheme.

Feel free to try IC Markets, as you can have an account within a day and there is no inactivity fee.

Below you can find links to all aspects of IC Markets in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our IC Markets fees article.

What about the minimum deposit?

Our ultimate guide to the IC Markets minimum deposit is updated regularly.

How to start your IC Markets account?

Look no further than our evaluation of the IC Markets account opening.

How's their trading app?

Here's our expert view after checking the IC Markets trading app.

Is the quality of customer service satisfactory?

All you need to know about the IC Markets customer service.

Legit or scam?

Is IC Markets legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether IC Markets is really free.

Is this broker good for beginners?

We checked it in Is IC Markets good for beginners.

Should you buy your silver bullets on IC Markets?

Research for silver bugs in the Silver buy on IC Markets guide

I want to trade options, are they available at IC Markets?

We explored the topic in Can you trade options on IC Markets?

IC Markets
Summary IC Markets is a global forex and CFD broker. The company is regulated by finanacial authorities globally, including the top-tier ASIC.
Fees score 4.5 stars
Recommended for Forex and CFD traders who value easy account opening and free deposit/withdrawal options

Visit broker More
73% of retail CFD accounts lose money

Pepperstone alternatives
Axi

Axi (previously known as AxiTrader) is an Australian forex broker founded in 2007. The new brand "Axi" was launched in 2020.

Axi is regulated by multiple financial authorities worldwide, such as the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA). As such, Axi is considered safe because it is regulated by several top-tier authorities.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders familiar with the metatrader 4 platform

Pros Cons
Low forex fees and no inactivity fee Offers only forex and CFD trading
No withdrawal and deposit fees Limited research tools
Fully digital account opening 24/5 customer service

Visit broker
76.4% of retail CFD accounts lose money

Fees
4.6

Axi has low forex and CFD fees. Non-trading fees are also low, as no withdrawal or inactivity fees are charged.
Pros Cons
Low non-trading fees None
Low forex fees
Low CFD fees
Pepperstone vs. Axi: Trading fees
Axi Pepperstone
EURUSD benchmark fee $5.6 $6.9
EURGBP benchmark fee $4.4 $8.5

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

Visit broker More
76.4% of retail CFD accounts lose money

Account opening
4.4

Account opening at Axi is user-friendly and fully digital, but it takes a bit longer than at similar online brokers.
Pros Cons
Fully digital Slower account opening time
No minimum deposit
Low minimum deposit
Pepperstone vs. Axi: Minimum deposit, time to open an account
Axi Pepperstone
Minimum deposit $0 $0
Time to open account 1-3 days 1 day

If you are interested more in Axi minimum deposit, this overview will help you.

Visit broker More
76.4% of retail CFD accounts lose money

Deposit and withdrawal
4.4

Axi charges no deposit or withdrawal fees. You can use credit/debit cards, bank transfer and electronic wallets for deposits, but only wire transfers and e-wallets for withdrawals.
Pros Cons
Credit/Debit card available Withdrawal only via wire transfer or e-wallets
Free withdrawal
No deposit fee
Pepperstone vs. Axi: Withdrawal options
Axi Pepperstone
Bank transfer Yes Yes
Credit/debit card No Yes
Electronic wallets Yes Yes
Withdrawal fee $0 $0

Visit broker More
76.4% of retail CFD accounts lose money

Web trading platform
2.8

The web trading platform of Axi (provided by MetaTrader) is highly customizable and has a clear fee report. On the other hand, its design is outdated and it lacks a two-step login and price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
Web trading platform of Axi, a Pepperstone alternative
Pepperstone vs. Axi: Trading platform scores
Axi Pepperstone
Web platform score 2.8 stars 2.8 stars
Mobile platform score 3.8 stars 3.8 stars
Desktop platform score 3.4 stars 3.4 stars

Learn more about Axi's web trading platform in the detailed Axi review.

Visit broker
76.4% of retail CFD accounts lose money

Markets and products
1.8

Axi provides only forex and CFDs. Popular asset classes, like real stocks or ETFs, are not available.
Pepperstone vs. Axi: Markets and products
Axi Pepperstone
Stock No No
ETF No No
Forex Yes Yes
Fund No No
Bond No No
Options No No
Futures No No
CFD Yes Yes
Crypto Yes Yes

Visit broker More
76.4% of retail CFD accounts lose money

Verdict

Axi is regulated by multiple authorities globally, like the UK's FCA and ASIC in Australia.

On the plus side, forex fees are low and no inactivity fee is charged. Deposits and withdrawals are also free of charge. Account opening is easy and fully digital, without any minimum deposit, which is also great.

AxiTrader has some drawbacks, though. Its product range is limited to FX and CFDs, and its research tools lack recommendations and fundamental data. In addition, customer support is only 24/5.

Feel free to try Axi, as the trading fees are low and there are no deposit, withdrawal or inactivity fees.

Below you can find links to all aspects of Axi in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Axi fees article.

What about the minimum deposit?

Our ultimate guide to the Axi minimum deposit is updated regularly.

How to start your Axi account?

Look no further than our evaluation of the Axi account opening.

How's their trading app?

Here's our expert view after checking the Axi trading app.

Is the quality of customer service satisfactory?

All you need to know about the Axi customer service.

Legit or scam?

Is Axi legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Axi is really free.

Is this broker good for beginners?

We checked it in Is Axi good for beginners.

Should you buy your silver bullets on Axi?

Research for silver bugs in the Silver buy on Axi guide

I want to trade options, are they available at Axi?

We explored the topic in Can you trade options on Axi?

Axi
Summary Axi was previously known as AxiTrader. It is an Australian forex broker, regulated by top-tier authorities such as the UK FCA or Australia's ASIC.
Fees score 4.6 stars
Recommended for Forex traders familiar with the MetaTrader 4 platform

Visit broker More
76.4% of retail CFD accounts lose money

Pepperstone alternatives
TMGM

TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

TMGM is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders who prefer the metatrader platform

Pros Cons
Low forex fees Slim product portfolio
Easy and fast account opening Limited research and educational tools
Free deposit and withdrawal No negative balance protection

Visit broker
74-89% of retail CFD accounts lose money

Fees
4.6

TMGM has low forex and CFD fees. In addition, non-trading fees are low and the broker doesn't charge fees for withdrawals.
Pros Cons
Low forex fees Inactivity fee
No withdrawal fee
No inactivity fee
Pepperstone vs. TMGM: Trading fees
TMGM Pepperstone
EURUSD benchmark fee $6.7 $6.9
EURGBP benchmark fee $7.7 $8.5

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

Visit broker More
74-89% of retail CFD accounts lose money

Account opening
5.0

The account opening process at TMGM is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
Pepperstone vs. TMGM: Minimum deposit, time to open an account
TMGM Pepperstone
Minimum deposit $100 $0
Time to open account 1 day 1 day

If you are interested more in TMGM minimum deposit, this overview will help you.

Visit broker More
74-89% of retail CFD accounts lose money

Deposit and withdrawal
4.3

TMGM's depositing and withdrawal services are great. Many options are available for moving your money in and out, and they are free of charge.
Pros Cons
Credit/Debit card available Minor currencies not accepted
Free withdrawal
No deposit fee
Pepperstone vs. TMGM: Withdrawal options
TMGM Pepperstone
Bank transfer Yes Yes
Credit/debit card Yes Yes
Electronic wallets Yes Yes
Withdrawal fee $0 $0

Visit broker More
74-89% of retail CFD accounts lose money

Web trading platform
2.8

TMGM uses the MetaTrader web trading platform. It is highly customizable and has a clear fee report, but its design is outdated and it lacks a two-step login and price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
Web trading platform of TMGM, a Pepperstone alternative
Pepperstone vs. TMGM: Trading platform scores
TMGM Pepperstone
Web platform score 2.8 stars 2.8 stars
Mobile platform score 3.8 stars 3.8 stars
Desktop platform score 3.4 stars 3.4 stars

Learn more about TMGM's web trading platform in the detailed TMGM review.

Visit broker
74-89% of retail CFD accounts lose money

Markets and products
1.9

At TMGM, you can trade only forex, CFDs and cryptos. This means that many popular asset classes, like real stocks and ETFs, are not available.
Pepperstone vs. TMGM: Markets and products
TMGM Pepperstone
Stock No No
ETF No No
Forex Yes Yes
Fund No No
Bond No No
Options No No
Futures No No
CFD Yes Yes
Crypto Yes Yes

Visit broker More
74-89% of retail CFD accounts lose money

Verdict

TMGM's forex fees are low and account opening is fast and easy. Deposits and withdrawals are free of charge and the process is user-friendly.

On the other hand, the product portfolio covers only forex and CFDs. In addition, clients are not covered by any investor protection.

Feel free to try TMGM, as you will have an account within a day and there is no inactivity fee.

Below you can find links to all aspects of TMGM in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our TMGM fees article.

What about the minimum deposit?

Our ultimate guide to the TMGM minimum deposit is updated regularly.

How to start your TMGM account?

Look no further than our evaluation of the TMGM account opening.

How's their trading app?

Here's our expert view after checking the TMGM trading app.

Is the quality of customer service satisfactory?

All you need to know about the TMGM customer service.

Legit or scam?

Is TMGM legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether TMGM is really free.

Is this broker good for beginners?

We checked it in Is TMGM good for beginners.

Should you buy your silver bullets on TMGM?

Research for silver bugs in the Silver buy on TMGM guide

I want to trade options, are they available at TMGM?

We explored the topic in Can you trade options on TMGM?

TMGM
Summary TMGM is an Australian forex broker. It is regulated by both ASIC and VFSC, and is available globally for clients.
Fees score 4.6 stars
Recommended for Forex traders who prefer the MetaTrader platform

Visit broker More
74-89% of retail CFD accounts lose money

Pepperstone alternatives
Eightcap

Eightcap is an Australian global forex broker that was founded in 2009. The company operates two entities, regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Eightcap is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders who prefer the metatrader platform

Pros Cons
Low forex fees Slim product selection
Seamless, quick account opening Limited research and educational tools
Free deposit and withdrawal No negative balance protection

Visit broker
74-89% of retail CFD accounts lose money

Fees
4.5

Eightcap has low forex and CFD fees, especially if you choose the Raw account. There are also no inactivity or withdrawal fees you have to pay.
Pros Cons
Low trading fees None
Low non-trading fees
Low forex fees
Pepperstone vs. Eightcap: Trading fees
Eightcap Pepperstone
EURUSD benchmark fee $6.4 $6.9
EURGBP benchmark fee $6.9 $8.5

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

Visit broker More
74-89% of retail CFD accounts lose money

Account opening
5.0

Opening an account at Eightcap is seamless and fast. The whole process is fully digital and your account should be approved within one day.
Pros Cons
Fully digital None
Low minimum deposit
User-friendly
Pepperstone vs. Eightcap: Minimum deposit, time to open an account
Eightcap Pepperstone
Minimum deposit $100 $0
Time to open account 1 day 1 day

If you are interested more in Eightcap minimum deposit, this overview will help you.

Visit broker More
74-89% of retail CFD accounts lose money

Deposit and withdrawal
4.5

At Eightcap deposits are free, as are most withdrawal methods, with e-wallet options also available. The selection of account base currencies is limited however to major currencies.
Pros Cons
Credit/Debit card available No minor currencies available
Free withdrawal
No deposit fee
Pepperstone vs. Eightcap: Withdrawal options
Eightcap Pepperstone
Bank transfer Yes Yes
Credit/debit card No Yes
Electronic wallets Yes Yes
Withdrawal fee $0 $0

Visit broker More
74-89% of retail CFD accounts lose money

Web trading platform
3.0

Surprisingly, MT4 web is not available at Eightcap, only MT5, which is a bummer. The platform itself is similar to MT4 - it is customizable, but has more order types. However, price alerts are still not available, and there's no two-factor authentication.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Good variety of order types
Web trading platform of Eightcap, a Pepperstone alternative
Pepperstone vs. Eightcap: Trading platform scores
Eightcap Pepperstone
Web platform score 3.0 stars 2.8 stars
Mobile platform score 3.8 stars 3.8 stars
Desktop platform score 3.4 stars 3.4 stars

Learn more about Eightcap's web trading platform in the detailed Eightcap review.

Visit broker
74-89% of retail CFD accounts lose money

Markets and products
1.3

Eightcap's product selection covers only forex and CFDs for MT4 users. MT5 users can also access CFD cryptos but overall, popular asset types like real stocks and ETFs are not available.
Pepperstone vs. Eightcap: Markets and products
Eightcap Pepperstone
Stock No No
ETF No No
Forex Yes Yes
Fund No No
Bond No No
Options No No
Futures No No
CFD Yes Yes
Crypto Yes Yes

Visit broker More
74-89% of retail CFD accounts lose money

Verdict

We recommend Eightcap for users looking for a MetaTrader 4-5 broker with low forex fees and fast and easy account opening. It is also great that deposits and withdrawals are free of charge on the broker's end, with a user-friendly process.

On the other hand, available products are limited to CFDs, forex and cryptos (for MT5 clients). Also, clients are not covered by a negative balance protection scheme.

Feel free to try Eightcap if you'd like to have a verified broker account with low forex fees within a day.

Below you can find links to all aspects of Eightcap in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Eightcap fees article.

What about the minimum deposit?

Our ultimate guide to the Eightcap minimum deposit is updated regularly.

How to start your Eightcap account?

Look no further than our evaluation of the Eightcap account opening.

How's their trading app?

Here's our expert view after checking the Eightcap trading app.

Is the quality of customer service satisfactory?

All you need to know about the Eightcap customer service.

Legit or scam?

Is Eightcap legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Eightcap is really free.

Is this broker good for beginners?

We checked it in Is Eightcap good for beginners.

Should you buy your silver bullets on Eightcap?

Research for silver bugs in the Silver buy on Eightcap guide

I want to trade options, are they available at Eightcap?

We explored the topic in Can you trade options on Eightcap?

Eightcap
Summary Eightcap is an Australian forex broker. It is regulated by both ASIC and VFSC, and is available globally for clients.
Fees score 4.5 stars
Recommended for Forex traders who prefer the MetaTrader platform

Visit broker More
74-89% of retail CFD accounts lose money

Pepperstone alternatives
Pepperstone

Pepperstone is an Australian forex broker that also offers CFDs. It was established in 2010 and opened a London office in 2015 to be able to better serve its European clients. After Brexit, new clients registering from the EU are served by their German and Cyprus arm.

Pepperstone is considered safe because it's regulated by three top-tier financial authorities: the UK's Financial Conduct Authority (FCA), Germany's BaFin and the Australian Securities and Investments Commission (ASIC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for great account opening and customer service

Pros Cons
Fast and fully digital account opening Only forex and CFDs
Great customer service Basic news flow
Seamless and free deposit and withdrawal

Fees
4.4

Pepperstone has low forex and non-trading fees, as no inactivity or account fee is charged. However, the CFD financing rates, i.e. fees for holding CFD positions overnight, are high for a few assets.
Pros Cons
Low forex fees High costs for holding positions overnight
No withdrawal fee
No inactivity fee
Pepperstone alternatives trading fees
Pepperstone IC Markets Axi TMGM Eightcap
EURUSD benchmark fee $6.9 $6.9 $5.6 $6.7 $6.4
EURGBP benchmark fee $8.5 $7.5 $4.4 $7.7 $6.9

Includes spreads, commissions, and financing rate for opening a $20k position, holding for a week, and closing.

Account opening
5.0

Pepperstone's account opening process is great. It is fully digital, user-friendly, and requires no minimum deposit for the Standard account.
Pros Cons
Fast None
Fully digital
No minimum deposit
Pepperstone alternatives minimum deposit and account open times
Pepperstone IC Markets Axi TMGM Eightcap
Minimum deposit $0 $200 $0 $100 $100
Time to open account 1 day 1 day 1-3 days 1 day 1 day

Learn more about Pepperstone minimum deposit here.

Deposit and withdrawal
4.3

Pepperstone provides plenty of deposit and withdrawal options, as well as a wide selection of account base currencies. However, there is a high, $20 fee for bank withdrawals for clients outside the EU and Australia.
Pros Cons
Credit/Debit card available High bank withdrawal fee for clients outside the EU/Australia
No deposit fee
Several account base currencies
Pepperstone and alternatives withdrawal options and fees
Pepperstone IC Markets Axi TMGM Eightcap
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card Yes Yes No Yes No
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $0

Web trading platform
2.8

Pepperstone's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks two-step login and price alerts, and its design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation
Pepperstone - Web trading platform
Pepperstone and alternatives trading platform scores
Pepperstone IC Markets Axi TMGM Eightcap
Web platform score 2.8 stars 2.8 stars 2.8 stars 2.8 stars 3.0 stars
Mobile platform score 3.8 stars 3.8 stars 3.8 stars 3.8 stars 3.8 stars
Desktop platform score 3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars

Learn more about Pepperstone's web trading platform in the detailed Pepperstone review.

Markets and products
1.7

At Pepperstone you can only trade with forex and other CFDs (commodities, stock indices, share CFDs, cryptos). This means that many popular asset classes, like real stocks and ETFs, are missing.
Pepperstone and alternatives markets and products
Pepperstone IC Markets Axi TMGM Eightcap
Stock No No No No No
ETF No No No No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

Verdict

Pepperstone is a great forex and CFD broker, regulated by the top-tier FCA, BaFin and ASIC.

The account opening is fast and fully digital. Customer service is great, giving you relevant answers within a short time. Deposit and withdrawal are a breeze, with no fees charged.

On the other hand, at Pepperstone you can trade only forex, cryptos and CFDs. Their news flow is rather basic. Lastly, while the majority of customers do have negative balance protection, this is not the case outside the EU/UK/Australia/Middle East.

Feel free to try Pepperstone since there is no inactivity fee or minimum deposit for standard accounts.

Below you can find links to all aspects of Pepperstone in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Pepperstone fees article.

What about the minimum deposit?

Our ultimate guide to the Pepperstone minimum deposit is updated regularly.

How to start your Pepperstone account?

Look no further than our evaluation of the Pepperstone account opening.

How's their trading app?

Here's our expert view after checking the Pepperstone trading app.

Is the quality of customer service satisfactory?

All you need to know about the Pepperstone customer service.

Legit or scam?

Is Pepperstone legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Pepperstone is really free.

Is this broker good for beginners?

We checked it in Is Pepperstone good for beginners.

Should you buy your silver bullets on Pepperstone?

Research for silver bugs in the Silver buy on Pepperstone guide

I want to trade options, are they available at Pepperstone?

We explored the topic in Can you trade options on Pepperstone?

Pepperstone
Summary Pepperstone is a forex and CFD broker regulated by both the UK FCA and the ASIC in Australia.
Fees score 4.4 stars
Recommended for Forex traders looking for great account opening and customer service

Pepperstone alternatives
Bottom line

Based on our analysis, there are several good alternatives to Pepperstone. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Pepperstone alternatives
Broker Info Recommended for
Pepperstone Australian forex broker Forex traders looking for great account opening and customer service
IC Markets Global forex broker Forex and CFD traders who value easy account opening and free deposit/withdrawal options
Axi Australian forex broker Forex traders familiar with the MetaTrader 4 platform
TMGM Global forex broker Forex traders who prefer the MetaTrader platform
Eightcap Global forex broker Forex traders who prefer the MetaTrader platform

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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