Broker comparison
Pepperstone vs XM
Pepperstone is built around raw pricing and platform choice; XM around a $5 minimum deposit and high leverage at its offshore entity.
Terms checked on 3 Nov 2026 against each broker's own website and legal documents
Founded
2010, Melbourne
Trading Point group, Limassol
Minimum deposit
$0
$5 (Standard and Ultra Low)
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
Zero account (EU entity): raw spreads + $3.50 per $100,000 per side
Spread-only pricing
Standard from 1.0 pips (average 1.1), no commission
"As low as 0.8 pips" per XM; not published per account
Platforms
Pepperstone platform, MT4, MT5, cTrader, TradingView (Razor only)
MT4, MT5, XM App
Regulation
ASIC (AFSL 414530), FCA (FRN 684312), CySEC (388/20), SCB Bahamas (SIA-F217)
CySEC (120/10) for EU clients; most other clients join XM Global, regulated in Belize
Maximum retail leverage
1:30 UK, EU and Australia; up to 1:200 at the Bahamas entity
1:30 EU; up to 1:1000 at XM Global
FCA-authorised UK company
Yes (FRN 684312)
No FCA entity listed
Which to choose
Pepperstone publishes Razor raw pricing with a commission and offers cTrader, TradingView and its own platform. XM publishes spreads "as low as 0.8 pips" and offers MT4, MT5 and its own app.
UK traders can only use Pepperstone of the two through an FCA company. Outside the UK, EU and Australia, XM Global's leverage up to 1:1000 means far larger possible losses.
Read the full Pepperstone review and XM 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 Spotted something out of date?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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