Broker comparison
Pepperstone vs Exness
Both offer raw-spread accounts. The big difference is regulation: Pepperstone has tier-one retail entities, while Exness onboards most retail clients offshore.
Terms checked on 3 Nov 2026 against each broker's own website and legal documents
Founded
2010, Melbourne
2008
Minimum deposit
$0
Varies by account, payment method and region
Raw pricing
Razor from 0.0 pips (average 0.1) + $3.50 per side on its own platform and TradingView, $3.00 on cTrader; check MT4/MT5 pricing
Raw Spread from 0.0 pips + up to $3.50 per side; Zero from 0.0 pips + from $0.05 per side
Spread-only pricing
Standard from 1.0 pips (average 1.1), no commission
Pro from 0.1 pips, no commission
Platforms
Pepperstone platform, MT4, MT5, cTrader, TradingView (Razor only)
MT4, MT5, Exness Terminal, Exness Trade app
Regulation
ASIC (AFSL 414530), FCA (FRN 684312), CySEC (388/20), SCB Bahamas (SIA-F217)
Retail clients are usually onboarded offshore, e.g. FSA Seychelles (SD025); FCA and CySEC entities do not serve retail clients
Maximum retail leverage
1:30 UK, EU and Australia; up to 1:200 at the Bahamas entity
Up to 1:Unlimited offshore for small balances
FCA-authorised UK company
Yes (FRN 684312)
FCA entity does not serve retail
Which to choose
Exness offers several raw and zero-spread accounts, its own terminal and very high offshore leverage. Pepperstone offers cTrader and TradingView with no minimum deposit.
Traders in the UK, EU and Australia can join a Pepperstone company regulated there; Exness states its FCA and CySEC entities do not serve retail clients.
Read the full Pepperstone review and Exness review.
How we chose. These shortlists use published terms only: costs, minimum deposit, platforms and the regulator of the entity you would join. We have not ranked brokers on scores, and the order is not a recommendation for your circumstances. Read our methodology and affiliate disclosure.
CFDs and leveraged forex are complex and carry a high risk of losing money rapidly. Most retail accounts lose money. Only trade with money you can afford to lose.
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Written by the Forex Awards research desk
Guides are checked against current broker documents and regulator rules. Spotted something out of date? Tell us and we will re-check it.
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