FP Markets vs Pepperstone

Quick Answer

Best for	Winner	Why
Raw-account commission	FP Markets	About $6 per lot round turn against $7

A “winner” here means the better published figure on that one line. It is not a recommendation: the right broker depends on where you live and how you trade.

Comparison Table

	FP Markets	Pepperstone
Operating since	2005	2010 (founded in Melbourne)
Company for international clients	FP Markets Ltd, registered in Saint Lucia (a registration, not a licence)	Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217)
Regulators in the group	ASIC, CySEC, FSCA, FSA Seychelles, CMA Kenya; Saint Lucia registration	FCA, ASIC, CySEC, BaFin, DFSA, CMA Kenya, SCB Bahamas
Minimum deposit	None stated	No minimum (top-ups from $10)
Commission-free spreads	Standard from 1.0 pip (EUR/USD average 1.2)	Standard from 1.0 pips
Raw-spread account	Raw from 0.0 pips (EUR/USD average 0.1) plus US$3 per side	Razor from 0.0 pips plus $3.50 per side
Maximum leverage	1:500	1:200 for retail clients of the Bahamas company (Pro clients up to 1:1000 on forex and gold); 1:30 on major pairs for UK and EU retail clients
Platforms	MT4, MT5, cTrader, TradingView	MT4, MT5, cTrader, TradingView, Pepperstone platform
Copy trading	Social Trading on MT4 and MT5; cTrader Copy	CopyTrading by Pepperstone on MT4 and MT5, and cTrader Copy (no Pepperstone fee; providers may charge a performance fee)
Inactivity fee	None	None
Withdrawal fee	None on bank wires from FP Markets	None, except $20 on international bank wires
Swap-free	Islamic accounts with admin fees after a grace period	No swap-free account described on its global site
Bonus	None; Refer a Friend only	None (refer a friend: up to $1,000 each)

Figures come from each broker’s official site, checked on 11 October 2026 (Pepperstone on 19 October 2026). Spreads move through the day, and conditions vary by country and by the company that holds your account.

Regulation and Safety

FP Markets’ group is regulated by ASIC in Australia and CySEC in Cyprus, and its site also names the FSCA in South Africa and the FSA in Seychelles. Many international clients, however, are placed with FP Markets Ltd, which is registered in Saint Lucia and is not a member of an investor compensation fund.

Pepperstone was founded in Melbourne in 2010. Its group holds licences from the FCA in the UK (684312), ASIC in Australia (AFSL 414530), CySEC in Cyprus (388/20), BaFin in Germany (151148), the DFSA in Dubai (F004356) and Kenya’s CMA (128). Most international clients join Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217), which keeps retail client money in segregated accounts with tier-1 banks and gives retail clients negative balance protection. India’s RBI lists Pepperstone on its alert list.

Both groups hold top-tier licences, but those protect only the clients of the licensed companies. What matters is which company your country places you with, so check your client agreement before you deposit.

Trading Costs

On commission-free accounts, FP Markets lists: Standard from 1.0 pip (EUR/USD average 1.2). Pepperstone lists: Standard from 1.0 pips. “From” figures are minimums, so expect wider live spreads, especially around news.

Both offer a raw-spread account. FP Markets: Raw from 0.0 pips (EUR/USD average 0.1) plus US$3 per side. Pepperstone: Razor from 0.0 pips plus $3.50 per side. For frequent traders, a raw account usually costs less per trade than a spread-only one.

FP Markets lists no inactivity fee. Pepperstone lists no inactivity fee. Withdrawal fees: FP Markets: none on bank wires from FP Markets; Pepperstone: none, except $20 on international bank wires.

Platforms and Copy Trading

FP Markets offers MT4, MT5, cTrader and TradingView. Pepperstone offers MT4, MT5, cTrader, TradingView and Pepperstone platform.

FP Markets’s copy trading: Social Trading on MT4 and MT5; cTrader Copy. Pepperstone’s copy trading: CopyTrading by Pepperstone on MT4 and MT5, and cTrader Copy (no Pepperstone fee; providers may charge a performance fee). Copying another trader doesn’t remove risk: you can lose money as fast as trading yourself.

Leverage

FP Markets’s maximum leverage: 1:500. Pepperstone’s: 1:200 for retail clients of the Bahamas company (Pro clients up to 1:1000 on forex and gold); 1:30 on major pairs for UK and EU retail clients.

A higher maximum is not an advantage in itself. Leverage multiplies losses as fast as gains, so beginners should use far less than either broker allows.

Which One Should You Choose?

Go with FP Markets if:

• You trade often and want raw spreads with a low commission
• You want cTrader or TradingView
• You want a group with ASIC and CySEC licences

Go with Pepperstone if:

• You want FCA, ASIC or CySEC regulation in the group
• You want raw spreads with cTrader or TradingView
• You don’t want a minimum deposit or an inactivity fee

Whichever you choose, test a small withdrawal early, verify your account before you need your money, and risk only what you can afford to lose.

FAQ

Which has the lower minimum deposit, FP Markets or Pepperstone? They are level: FP Markets: none stated; Pepperstone: no minimum (top-ups from $10).

How are FP Markets and Pepperstone regulated? FP Markets’s international clients deal with FP Markets Ltd, registered in Saint Lucia (a registration, not a licence). Pepperstone’s deal with Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217). Group regulators: FP Markets: ASIC, CySEC, FSCA, FSA Seychelles, CMA Kenya; Saint Lucia registration; Pepperstone: FCA, ASIC, CySEC, BaFin, DFSA, CMA Kenya, SCB Bahamas.

Which is cheaper to trade with? It depends on the account. Commission-free: FP Markets: Standard from 1.0 pip (EUR/USD average 1.2); Pepperstone: Standard from 1.0 pips. Raw accounts: FP Markets: Raw from 0.0 pips (EUR/USD average 0.1) plus US$3 per side; Pepperstone: Razor from 0.0 pips plus $3.50 per side.

Does either charge an inactivity fee? FP Markets: none. Pepperstone: none.

Do both offer copy trading? FP Markets: Social Trading on MT4 and MT5; cTrader Copy. Pepperstone: CopyTrading by Pepperstone on MT4 and MT5, and cTrader Copy (no Pepperstone fee; providers may charge a performance fee).

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