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Head-to-head
OANDA vs Pepperstone: fees, regulation and platforms compared
OANDA and Pepperstone side by side on the things that decide which one suits you: who regulates the company you would join, what a trade costs, which platforms you get and whether you can open an account where you live.
Short answer: If you live in the US, only OANDA accepts US retail forex clients, so the choice is made for you. Outside the US, choose OANDA if you prefer simple spread-only pricing with no separate commission; choose Pepperstone if you want raw Razor pricing with no minimum deposit.
OANDA vs Pepperstone at a glance
| OANDA | Pepperstone | |
|---|---|---|
| Regulation of main companies | CFTC/NFA (US), FCA, ASIC, CIRO | ASIC, FCA, CySEC, SCB, DFSA, CMA, BaFin |
| Minimum deposit | None in the US, UK and Australia | $0 (minimum top-up $10) |
| EUR/USD pricing (headline) | From 0.6 pips, spread-only (UK) | Razor from 0.0 pips (avg 0.1) + $3.50 per lot per side |
| Platforms | OANDA platform, TradingView, MT4, MT5 | Pepperstone platform, MT4, MT5, cTrader, TradingView |
| US retail forex clients | Yes (CFTC-registered, NFA member; 50:1 cap on majors) | No |
| Background | Founded 1996 | Founded 2010, Melbourne |
| 1-lot EUR/USD round turn at headline prices | about $6 | about $7 |
Round-turn costs use each broker's headline "from" price for 1 standard lot (100,000 units, $10 per pip) including any published commission. Real spreads are often wider. Try your own numbers in our forex cost calculator.
Which should you choose?
Choose OANDA if:
- you live in the US and want a CFTC-registered, NFA-member broker
- you want no minimum deposit in the US, UK or Australia
- you want TradingView alongside MT4 and MT5
Watch out: Pricing is spread-only on standard accounts, so very active traders may find raw-plus-commission accounts elsewhere cheaper.
Choose Pepperstone if:
- you want raw Razor pricing with no minimum deposit
- you want the widest platform choice: MT4, MT5, cTrader and TradingView
- you want an FCA-authorised UK company
Watch out: TradingView is offered on the Razor account only.
Regulation and safety
OANDA lists CFTC/NFA (US), FCA, ASIC, CIRO. Pepperstone lists ASIC, FCA, CySEC, SCB, DFSA, CMA, BaFin. A broker's headline licences do not always cover you: the company that opens your account depends on where you live, and only that company's regulator protects you. Our legal entity guide shows how to check it on the regulator's own register.
Costs
OANDA: From 0.6 pips, spread-only (UK). Pepperstone: Razor from 0.0 pips (avg 0.1) + $3.50 per lot per side. Also compare overnight swap rates if you hold trades, and any deposit, withdrawal, inactivity or currency conversion fees. See spreads and commissions explained.
Platforms
OANDA: OANDA platform, TradingView, MT4, MT5. Pepperstone: Pepperstone platform, MT4, MT5, cTrader, TradingView. If you run Expert Advisors, check MetaTrader support first; see MT4 vs MT5.
FAQ
Is OANDA or Pepperstone cheaper?
On headline figures, a 1-lot EUR/USD round turn costs about $6 at OANDA and about $7 at Pepperstone. That makes OANDA cheaper on paper, but headline "from" prices are minimums and real spreads widen at quiet times.
Which is better regulated, OANDA or Pepperstone?
OANDA: CFTC/NFA (US), FCA, ASIC, CIRO. Pepperstone: ASIC, FCA, CySEC, SCB, DFSA, CMA, BaFin. What matters is the company that would hold your account, which depends on where you live.
Do OANDA and Pepperstone accept US clients?
OANDA: Yes (CFTC-registered, NFA member; 50:1 cap on majors). Pepperstone: No.
What is the minimum deposit at OANDA and Pepperstone?
OANDA: None in the US, UK and Australia. Pepperstone: $0 (minimum top-up $10).
Which platforms do OANDA and Pepperstone offer?
OANDA: OANDA platform, TradingView, MT4, MT5. Pepperstone: Pepperstone platform, MT4, MT5, cTrader, TradingView.
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Sources
- Forex Awards OANDA review (sources listed there)
- Forex Awards Pepperstone review (sources listed there)
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