Pepperstone vs FP Markets: Honest 2026 Comparison
The desk’s regulated broker pick
Vantage
FCA and ASIC regulated, segregated client funds, the desk’s default for a private account you fully own and can withdraw from at will. Confirm current terms on Vantage’s own site.
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Affiliate disclosure: this article contains partner links. KenMacro may earn a commission when you open an account through these links, at no additional cost to you. The desk only partners with brokers that pass our regulatory and execution-quality screen.
Pepperstone and FP Markets both target the ASIC raw-spread Tier-1 archetype but with different trade-offs. Pepperstone carries FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA oversight, founded 2010, with seven-regulator stack and ctrader plus duplitrade. FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent, founded 2005, with ecn execution under asic since 2005, iress share-cfd platform, low commission on raw. For the ASIC raw-spread Tier-1 archetype, Pepperstone is the cleaner fit.
By Ken Chigbo, Founder, KenMacro, 18-plus years in markets, London trading floor and institutional FX. The framework runs daily inside the MACRO MASTERY desk.
Quick verdict
- For seven-regulator stack vs four-regulator stack, Pepperstone. Pepperstone runs FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA, FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent.
- For raw spreads plus commission. Pepperstone EUR/USD 0.0 to 0.1 pips raw (razor), 1.0 to 1.2 pips (standard), commission $7 round-turn (razor). FP Markets EUR/USD 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only), commission raw account $6 round-turn, standard zero.
- For cTrader and TradingView vs IRESS share-CFD. Pepperstone runs mt4, mt5, ctrader, tradingview. FP Markets runs metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app.
- For minimum deposit. Pepperstone: $0 technical, $200 recommended. FP Markets: $100 (Standard, Raw).
- For Trustpilot 2026. Pepperstone: 4.5 / 5. FP Markets: 4.7 / 5.
- For the partner-stack alternative. Vantage Markets is the partner alternative the desk routes to. comparable ASIC-anchored raw-spread economics, plus FCA UK regulation, Lloyd’s of London insurance, and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
At a glance
| Variable | Pepperstone | FP Markets |
|---|---|---|
| Founded | 2010 | 2005 |
| Regulation | FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA | ASIC, CySEC, FSCA, FSA Saint Vincent |
| Min deposit / fee | $0 technical, $200 recommended | $100 (Standard, Raw) |
| EUR/USD spread | 0.0 to 0.1 pips raw (Razor), 1.0 to 1.2 pips (Standard) | 0.0 pips raw (Raw account), 1.0 pip typical (Standard, spread-only) |
| Commission | $7 round-turn (Razor) | Raw account $6 round-turn, Standard zero |
| Max leverage | 1:30 FCA / ASIC retail, up to 1:500 SCB offshore | 1:30 ASIC, CySEC retail, up to 1:500 SVG offshore |
| Platforms | MT4, MT5, cTrader, TradingView | MetaTrader 4, MetaTrader 5, IRESS (shares CFD), TradingView, cTrader, FP Markets mobile app |
| Payment / payouts | Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. | Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods. |
| Trustpilot 2026 | 4.5 / 5 | 4.7 / 5 |
| Key strength | Seven-regulator stack and cTrader plus DupliTrade | ECN execution under ASIC since 2005, IRESS share-CFD platform, low commission on Raw |
Regulation and trust
Pepperstone carries FCA UK licence 684312, ASIC Australia licence 414530, CySEC Cyprus licence 388/20, BaFin Germany licence 151148, DFSA Dubai licence F004356, SCB Bahamas SIA-F217, and CMA Kenya licence 128. FP Markets runs First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. FP Markets Saint Vincent operates under the FSA SVG offshore licence. Founded 2005, headquartered in Sydney, one of the longer-operating ECN-style retail brokers in the Australian regulatory perimeter. Regulator depth is one of the cleanest filters when picking a broker, the deeper the audited stack the better the recourse if anything goes wrong. Neither broker is in the partner stack the desk runs daily. Vantage Markets is the partner alternative the desk routes to: comparable ASIC-anchored raw-spread economics, plus FCA UK regulation, Lloyd’s of London insurance, and the bundled MACRO MASTERY desk overlay.
Pepperstone, the regulator footprint runs FCA UK licence 684312, ASIC Australia licence 414530, CySEC Cyprus licence 388/20, BaFin Germany licence 151148, DFSA Dubai licence F004356, SCB Bahamas SIA-F217, and CMA Kenya licence 128.
FP Markets, by contrast, operates under First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. FP Markets Saint Vincent operates under the FSA SVG offshore licence. Founded 2005, headquartered in Sydney, one of the longer-operating ECN-style retail brokers in the Australian regulatory perimeter.
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Spreads and commission
On the headline raw account tier, Pepperstone posts 0.0 to 0.1 pips raw (razor), 1.0 to 1.2 pips (standard) on EUR/USD with $7 round-turn (razor). FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. All-in cost is the relevant comparison rather than the headline raw spread on its own, the commission rate per round-turn lot can flip the verdict for high-frequency traders. On the ASIC raw-spread Tier-1 archetype, Pepperstone edges the cost stack.
On the headline raw account tier, Pepperstone posts 0.0 to 0.1 pips raw (razor), 1.0 to 1.2 pips (standard) on EUR/USD with $7 round-turn (razor). FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. Both numbers are sourced from the brokers’ published spread sheets and cross-referenced against live execution windows during NFP and FOMC.
Platforms
Pepperstone’s platform stack runs mt4, mt5, ctrader, tradingview. FP Markets covers metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app. Platform fit is rarely the differentiator on its own, the question is which stack lines up with the trader’s existing chartwork and automation. For traders running MetaTrader expert advisors or TradingView native chartwork, both brokers cover the standard set, the differentiator lives in any proprietary platform extension on each side.
Pepperstone’s platform stack covers mt4, mt5, ctrader, tradingview, while FP Markets runs metatrader 4, metatrader 5, iress (shares cfd), tradingview, ctrader, fp markets mobile app. Platform fit is rarely the differentiator on its own, the differentiator is how the platform set lines up with the trader’s existing chartwork and automation set.
Payments and withdrawals
Pepperstone: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. FP Markets: Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods. Withdrawal infrastructure is a quiet but high-impact layer. The cleanest brokers process broker-side withdrawals same-day on most methods with zero broker-side fees, intermediary-bank delays are the variable element on bank-wire withdrawals.
Pepperstone: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods.
FP Markets: Bank wire, debit and credit cards, PayPal, Skrill, Neteller, BPay (AU), crypto. Free on most methods.
ASIC regulated. The desk’s preferred broker for retail macro traders who want the MACRO MASTERY desk overlay alongside the platform.
Who should pick Pepperstone
Pick Pepperstone if you are
Pick Pepperstone if you fit the ASIC raw-spread Tier-1 archetype that prioritises seven-regulator stack and ctrader plus duplitrade. The headline differentiator is FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA regulator coverage with 0.0 to 0.1 pips raw (razor), 1.0 to 1.2 pips (standard) on EUR/USD. Pepperstone is not in the partner stack the desk runs, see the pivot CTA below.
Who should pick FP Markets
Pick FP Markets if you are
Pick FP Markets if you fit the ASIC raw-spread Tier-1 archetype that prioritises ecn execution under asic since 2005, iress share-cfd platform, low commission on raw. The headline differentiator is ASIC, CySEC, FSCA, FSA Saint Vincent regulator coverage with 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) on EUR/USD. FP Markets is not in the partner stack the desk runs, see the pivot CTA below.
The desk’s verdict
Desk verdict
Pepperstone and FP Markets are both credible options inside the ASIC raw-spread Tier-1 archetype. FP Markets wins on the IRESS share-CFD platform (rare in the retail-broker space) and the lower minimum-deposit floor. Pepperstone wins on the seven-regulator stack including FCA UK plus BaFin, the deeper TradingView native integration, and the longer all-jurisdiction audited operating history. Neither broker is in the partner stack. The desk’s preferred alternative is Vantage Markets: comparable ASIC-anchored raw-spread economics, plus FCA UK regulation, Lloyd’s of London insurance, and the bundled MACRO MASTERY desk overlay.
Open Vantage Markets, the partner alternative →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
ASIC regulated. Raw-spread ECN execution. Built for active intraday forex and index traders who care about cost per round-turn.
The MACRO MASTERY angle
Broker selection is one piece of the framework. Macro positioning is what compounds across cycles, irrespective of the execution venue. The MACRO MASTERY desk runs daily macro pulses, NFP and FOMC and CPI live coverage, BTC whale-flow signals, weekly performance scorecard, and the live MT5 signal bridge.
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Related from the desk
Frequently asked questions
Which is better, Pepperstone or FP Markets?
For the ASIC raw-spread Tier-1 archetype: Pepperstone, on seven-regulator stack and ctrader plus duplitrade. Both are credible options inside their respective regulator stacks.
Is Pepperstone safer than FP Markets?
Pepperstone runs FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA. FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent. Both segregate client funds per regulator rules. The deeper the audited stack the cleaner the recourse if anything goes wrong, seven-regulator stack vs four-regulator stack is the differentiator on this pair.
Are Pepperstone spreads tighter than FP Markets?
Pepperstone posts 0.0 to 0.1 pips raw (razor), 1.0 to 1.2 pips (standard) with $7 round-turn (razor). FP Markets posts 0.0 pips raw (raw account), 1.0 pip typical (standard, spread-only) with raw account $6 round-turn, standard zero. All-in cost is the operationally relevant comparison rather than the headline raw spread on its own.
Which has lower minimum deposit, Pepperstone or FP Markets?
Pepperstone: $0 technical, $200 recommended. FP Markets: $100 (Standard, Raw). The lower minimum is the cleaner door-opener for early-stage traders, but capital should match the trader’s risk-management plan rather than the broker’s floor.
Which has the bundled MACRO MASTERY desk overlay?
Neither broker is in the partner stack the desk runs. Vantage Markets is the partner alternative the desk routes to: comparable ASIC-anchored raw-spread economics, plus FCA UK regulation, Lloyd’s of London insurance, and the bundled MACRO MASTERY desk overlay.
Can I run both Pepperstone and FP Markets accounts?
Yes. Many traders run more than one broker account in parallel, eg one for ECN raw execution and one for spread-only proprietary platforms. Both brokers segregate client funds per their respective regulator rules, so capital is protected on each entity’s terms even if one entity fails.
Related reading
- Best forex brokers 2026, the institutional verdict
- How to choose a forex broker, the desk’s framework
- Vantage vs Blueberry vs Star Trader, three-way verdict
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. CFD and margin trading carry significant risk of loss. Verify current Pepperstone and FP Markets terms against each official documentation before opening an account.
Sources cross-referenced for this Pepperstone vs FP Markets comparison: https://pepperstone.com/en/about-us/regulation/, https://register.fca.org.uk/, https://uk.trustpilot.com/review/pepperstone.com, https://www.fpmarkets.com/about-us/regulation/, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/fpmarkets.com, Trustpilot aggregations 2026.
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