Pepperstone Alternatives

May 2019
Our top picks for Pepperstone alternatives
Oanda FXCM
Pepperstone Alternatives

The best alternatives to Pepperstone are

  1. Oanda - American FX broker
  2. FXCM - UK-based forex broker
  3. IC Markets - Australian forex broker

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

Pepperstone alternatives comparison
PepperstoneOandaFXCMIC Markets
Overall score4.44.24.34.5
Fees score 4 stars 3 stars 4 stars 5 stars
Account opening score 4 stars 4 stars 4 stars 5 stars
Deposit and withdrawal score 4 stars 4 stars 4 stars 5 stars
Web platform score 4 stars 5 stars 3 stars 4 stars
Markets and products score 1 stars 1 stars 1 stars 1 stars
Visit broker Visit broker Visit broker Visit broker

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 aiming for a good customer service
  • Oanda is recommended for price sensitive forex and traders
  • FXCM is recommended for forex traders looking for easy account opening, funding, and withdrawal processes
  • IC Markets is recommended for forex traders preferring easy account opening and free deposit and withdrawals

Important factors of finding Pepperstone alternatives

So far Brokerchooser has reviewed 29 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.

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

Pepperstone logo

Pepperstone is an Australian forex broker that also offers some CFDs. It was established in 2010 and opened a London office in 2015 to better serve European clients.

Pepperstone is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.

Pepperstone is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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.

Best customer support

Recommended for forex traders aiming for a good customer service

Pros
  • Great customer service
  • User-friendly and fast account opening
  • Easy-to-use and good-looking platforms
Cons
  • Limited product portfolio
  • Limited research
  • Limited education

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Pepperstone
Fees 4 stars

Pepperstone has low trading fees and average non-trading fees. It has no inactivity fee. On the negative side, the withdrawal fee is high.
Pros
  • Low trading fees
  • No inactivity fee
  • Transparent fee structure
Cons
  • Withdrawal fee
Pepperstone alternatives trading fees
PepperstoneOandaFXCMIC Markets
EURUSD benchmark fee$17.6$19.4$13.8$15.7
EURGBP benchmark fee$14.1$14.7$16.4$12.0

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

More Visit broker

Pepperstone
Account opening 4 stars

Pepperstone account opening is great. It is fully digital and user-friendly. On the negative side, it can take several days.
Pros
  • Fully digital account opening
  • User-friendly
  • Many account types
  • No minimum deposit for Standard Account
Cons
  • It can take 4-5 business days
Pepperstone alternatives minimum deposit and account open times
PepperstoneOandaFXCMIC Markets
Minimum deposit$0$0$0$200
Time to open account1-3 days1-3 days1-3 days1 day

Learn more about the Pepperstone minimum deposit here.

More Visit broker

Pepperstone
Deposit and withdrawal 4 stars

Pepperstone offers a lot of deposit options, which are user-friendly. However, the withdrawal fees are high.
Pros
  • User-friendly
  • Free bank and electronic wallets deposit
  • Free credit and debit cards withdrawal
Cons
  • High withdrawal fee
Pepperstone and alternatives withdrawal options and fees
PepperstoneOandaFXCMIC Markets
Bank TransferYesYesYesYes
Credit/Debit cardYesNoYesYes
Electronic walletsYesNoNoYes
Withdrawal fee$20$35$0$0

More Visit broker

Pepperstone
Web trading platform 4 stars

Pepperstone offers only third-party trading platforms. We tested cTrader, which is a great platform: it is well-designed and user-friendly. On the negative side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safe) login
Pepperstone - Web trading platform
Pepperstone and alternatives trading platform scores
PepperstoneOandaFXCMIC Markets
Web platform score 4 stars 5 stars 3 stars 4 stars
Mobile platform score 4 stars 4 stars 2 stars 4 stars
Desktop platform score 4 stars 3 stars 3 stars 4 stars

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

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Pepperstone
Markets and products 1 stars

At Pepperstone you can only trade with forex, some CFDs, and cryptos.
Pepperstone and alternatives markets and products
PepperstoneOandaFXCMIC Markets
StockNoNoNoNo
ETFNoNoNoNo
ForexYesYesYesYes
FundNoNoNoNo
BondNoNoNoNo
OptionsNoNoNoNo
FuturesNoNoNoNo
CFDYesYesYesYes
CryptoYesNoYesYes

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#1 Pepperstone alternative - Oanda
Oanda

Oanda logo

Oanda is an American FX broker established in 1996. It is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.

Oanda is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

Best API

Recommended for price sensitive forex and traders

Pros
  • Easy-to-use web trading platform
  • Easy and digital account opening
  • Powerful research tools
Cons
  • Only FX, and some CFDs
  • Poor customer service
  • Pricey withdrawal

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Oanda
Fees 3 stars

Oanda offers low trading fees and high non-trading fees. The withdrawal fee can be really high.
Pros
  • Low trading fees
Cons
  • Withdrawal fee
  • High financing rate
  • Financing rate calculation is non-transparent
Pepperstone vs. Oanda: Trading fees
OandaPepperstone
EURUSD benchmark fee$19.4$17.6
EURGBP benchmark fee$14.7$14.1

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

More Visit broker

Oanda
Account opening 4 stars

Oanda account opening is hassle-free and straightforward. There is no minimum balance required. On the other hand, the sales team is pushy.
Pros
  • Fast account opening
  • Fully digital account opening
  • No minimum account balance
Cons
  • Sales team pushy
  • It can take up to 3 business days
Pepperstone vs. Oanda: Minimum deposit, time to open an account
OandaPepperstone
Minimum deposit$0$0
Time to open account1-3 days1-3 days

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

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Oanda
Deposit and withdrawal 4 stars

You can use many options for both deposit and withdrawal, and the first withdrawal is free for cards. However, the withdrawal can take long and the withdrawal fee can be high.
Pros
  • Several account base currencies
  • User-friendly
  • First withdrawal is free for credit/debit cards and electronic wallets
Cons
  • High withdrawal fee
  • Slow funding and withdrawal - over 3 days
Pepperstone vs. Oanda: Withdrawal options
OandaPepperstone
Bank TransferYesYes
Credit/Debit cardNoYes
Electronic walletsNoYes
Withdrawal fee$35$20

More Visit broker

Oanda
Web trading platform 5 stars

The Oanda trading platform is great. It is very user-friendly with great customizability and good search functions. On the other hand, you cannot set price alerts.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No price alerts
Web trading platform of Oanda, a Pepperstone alternative
Pepperstone vs. Oanda: Trading platform scores
OandaPepperstone
Web platform score 5 stars 4 stars
Mobile platform score 4 stars 4 stars
Desktop platform score 3 stars 4 stars

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

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Oanda
Markets and products 1 stars

At Oanda, you can trade only forex and some CFDs.
Pepperstone vs. Oanda: Markets and products
OandaPepperstone
StockNoNo
ETFNoNo
ForexYesYes
FundNoNo
BondNoNo
OptionsNoNo
FuturesNoNo
CFDYesYes
CryptoNoYes

More Visit broker

#2 Pepperstone alternative - FXCM
FXCM

FXCM logo

FXCM, or Forex Capital Market, is a London-based forex broker that also offers some CFDs. FXCM was established in 1999 and has two main shareholders: Jefferies Financial Group and Global Brokerage. Both parent companies are listed on stock exchanges.

FXCM is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.

FXCM is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.79% 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.

Best technical tools

Recommended for forex traders looking for easy account opening, funding, and withdrawal processes

Pros
  • Low trading fees and financing rates
  • Good technical research tools
  • Fast and straightforward account opening
Cons
  • Limited product portfolio
  • Poor mobile platform
  • Poor desktop trading platform

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FXCM
Fees 4 stars

FXCM offers low trading fees and average non-trading fees.
Pros
  • Low trading fees
  • No withdrawal fee
  • Low financing rate
  • Transparent fee structure
Cons
  • Inactivity fee
Pepperstone vs. FXCM: Trading fees
FXCMPepperstone
EURUSD benchmark fee$13.8$17.6
EURGBP benchmark fee$16.4$14.1

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

More Visit broker

FXCM
Account opening 4 stars

The account opening process at FXCM is hassle-free and straightforward. Furthermore, there is no minimum balance requirement.
Pros
  • Fully digital account opening
  • No minimum account balance
  • User-friendly
Cons
  • Account opening takes several days
Pepperstone vs. FXCM: Minimum deposit, time to open an account
FXCMPepperstone
Minimum deposit$0$0
Time to open account1-3 days1-3 days

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

More Visit broker

FXCM
Deposit and withdrawal 4 stars

There are several options both for deposit and withdrawal. Also, the deposit is free of charge. On the negative side, withdrawal can be slow.
Pros
  • Credit/Debit card deposit and withdrawal
  • No deposit fee
  • User-friendly
Cons
  • Slow funding and withdrawal - over 3 days
  • Withdrawal fee for bank transfer can be high
Pepperstone vs. FXCM: Withdrawal options
FXCMPepperstone
Bank TransferYesYes
Credit/Debit cardYesYes
Electronic walletsNoYes
Withdrawal fee$0$20

More Visit broker

FXCM
Web trading platform 3 stars

FXCM's trading platform is extremely customizable. It also offers a lot of order types. On the other hand, there is no two-step login and setting alerts is a pain.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safe) login
  • Setting alerts is complicated
Web trading platform of FXCM, a Pepperstone alternative
Pepperstone vs. FXCM: Trading platform scores
FXCMPepperstone
Web platform score 3 stars 4 stars
Mobile platform score 2 stars 4 stars
Desktop platform score 3 stars 4 stars

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

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FXCM
Markets and products 1 stars

At FXCM you will only have access to some forex, some CFDs, and Bitcoin trading.
Pepperstone vs. FXCM: Markets and products
FXCMPepperstone
StockNoNo
ETFNoNo
ForexYesYes
FundNoNo
BondNoNo
OptionsNoNo
FuturesNoNo
CFDYesYes
CryptoYesYes

More Visit broker

#3 Pepperstone alternative - IC Markets
IC Markets

IC Markets logo

IC Markets is an Australian forex broker offering some CFDs too. It was founded in 2007.

IC Markets is considered safe because it is regulated by the top-tier Australian regulator, the Australian Securities and Investments Commission (ASIC).

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 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 preferring easy account opening and free deposit and withdrawals

Pros
  • Low fees
  • Easy and fast account opening
  • Free deposit and withdrawal
Cons
  • No investor protection
  • No negative balance protection
  • Only forex, CFD, and crypto trading is provided

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IC Markets
Fees 5 stars

IC Markets has low trading and non-trading fees.
Pros
  • Low trading fees
  • Low non-trading fees
  • No withdrawal fee
Cons
None
Pepperstone vs. IC Markets: Trading fees
IC MarketsPepperstone
EURUSD benchmark fee$15.7$17.6
EURGBP benchmark fee$12.0$14.1

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

More Visit broker

IC Markets
Account opening 5 stars

The account opening at IC Markets is user-friendly and fully digital. It was also very fast, it took only 1 day until our account was approved.
Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
None
Pepperstone vs. IC Markets: Minimum deposit, time to open an account
IC MarketsPepperstone
Minimum deposit$200$0
Time to open account1 day1-3 days

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

More Visit broker

IC Markets
Deposit and withdrawal 5 stars

IC Markets does great at deposit and withdrawal. There are no fees for deposit and withdrawal. You can also use a lot of options for transferring money.
Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • User-friendly
Cons
None
Pepperstone vs. IC Markets: Withdrawal options
IC MarketsPepperstone
Bank TransferYesYes
Credit/Debit cardYesYes
Electronic walletsYesYes
Withdrawal fee$0$20

More Visit broker

IC Markets
Web trading platform 4 stars

IC Markets offers only third-party trading platforms. We tested cTrader which is a great platform. It is well designed and user-friendly. On the flip side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safe) login
Web trading platform of IC Markets, a Pepperstone alternative
Pepperstone vs. IC Markets: Trading platform scores
IC MarketsPepperstone
Web platform score 4 stars 4 stars
Mobile platform score 4 stars 4 stars
Desktop platform score 4 stars 4 stars

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

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IC Markets
Markets and products 1 stars

At IC Markets, you can trade only forex, some CFDs, and cryptos. It lacks real stock, fund, bonds, options, and futures asset classes.
Pepperstone vs. IC Markets: Markets and products
IC MarketsPepperstone
StockNoNo
ETFNoNo
ForexYesYes
FundNoNo
BondNoNo
OptionsNoNo
FuturesNoNo
CFDYesYes
CryptoYesYes

More Visit broker

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
BrokerInfoRecommended for
PepperstoneAustralian forex brokerForex traders aiming for a good customer service
OandaAmerican FX brokerPrice sensitive forex and traders
FXCMUK-based forex brokerForex traders looking for easy account opening, funding, and withdrawal processes
IC MarketsAustralian forex brokerForex traders preferring easy account opening and free deposit and withdrawals

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

AUTHOR

Dan Sallai
Dan Sallai
CMO
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
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