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FxPro vs Pepperstone (UK)
Reviewed by Phillip Ashdown
This comparison is for informational purposes only and does not constitute investment advice. Affiliate links may be present.
Quick Verdict
FxPro and Pepperstone are two of the most directly comparable brokers available to UK traders. Both offer five platforms (MT4, MT5, cTrader, TradingView, and a proprietary option), both run raw-spread accounts with commission-based pricing (FxPro Raw+ and Pepperstone Razor), and both are FCA authorised with the standard UK retail protections. For most active traders, the choice comes down to small differences in platform preferences and account structure rather than a decisive feature gap. Pepperstone has the edge on overall client base (830,000+ globally) and brand recognition in the active-trader space. FxPro counters with a longer UK history (since 1999), a dedicated spread betting platform called FxPro Edge, and a genuinely unique Limited Risk Account that guarantees you can't lose more than your deposit, at no extra cost. For most UK traders choosing between them, the spread betting angle and the platform experience on cTrader are likely the tiebreakers.
Best for cost-sensitive traders: Pepperstone — Razor account offers 0 pip EUR/USD + $7 round-trip commission on MT4/MT5, comparable to FxPro Raw+. Standard account spreads are tighter at Pepperstone (1.1 pips EUR/USD) vs FxPro (1.2 pips EUR/USD). For high-volume raw-spread trading the brokers are close; for casual spread-only trading Pepperstone is slightly cheaper.
Best for beginners: Pepperstone — Neither broker is positioned for complete beginners, but Pepperstone's Standard account offers a simpler entry point with tighter spread-only pricing (1.1 pips EUR/USD) and a lower £10 minimum deposit. FxPro's Standard account at 1.2 pips is less competitive on cost and the account structure is more complex (Standard/Raw+/Elite tiers).
Best overall: Pepperstone — Pepperstone's larger client base (830,000+ traders), cleaner account structure (two tiers: Standard and Razor), and slightly tighter retail-facing spreads make it the overall pick for most UK traders. FxPro remains a strong alternative for spread betters wanting the free Limited Risk Account feature or traders who prefer the FxPro Edge spread betting platform.
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FxPro and Pepperstone are among the most directly comparable FCA-regulated brokers serving UK traders. Both run five trading platforms, both offer raw-spread commission accounts alongside spread-only options, and both target active and intermediate traders rather than complete beginners. This comparison examines where the small but meaningful differences sit — pricing, platform experience, account structure, and UK-specific features like spread betting and guaranteed stops.
FxPro vs Pepperstone: At a Glance
| Feature | FxPro | Pepperstone |
|---|---|---|
| FCA Regulation | Yes (FRN 509956) | Yes (FRN 684312) |
| Minimum Deposit | $100 | £10 |
| Pricing Model | Standard, Raw+ and Elite tiers | Standard or Razor (raw + commission) |
| Spread Betting Available | Yes (FxPro Edge) | Yes |
| Platforms Offered | MT4, MT5, cTrader, TradingView, FxPro Platform, FxPro Edge | MT4, MT5, cTrader, TradingView, Pepperstone Platform |
| Guaranteed Stop Loss | Yes (free, Limited Risk Account on FxPro Edge) | Not offered |
| Inactivity Fees | Not publicly disclosed | None |
| Forex Pairs | 70+ | 90+ |
| Best For | Spread betters wanting Limited Risk Account and platform breadth | Active traders wanting tight raw spreads and a simple account structure |
Spreads and Fees
Typical spreads by pair
FxPro Standard accounts start from around 1.2 pips on EUR/USD, while the Raw+ account offers raw spreads from 0.0 pips with a commission of $3.50 per side ($7 round-trip) on MT4 and MT5. Pepperstone Standard runs slightly tighter at around 1.1 pips on EUR/USD, with the Razor account also offering raw 0.0 pip spreads and a commission of around £2.25 per side on MT4 and MT5 (or USD 6 round-trip on cTrader).
Commission and account fees
All-in costs on the raw-spread accounts are very close — both brokers land around $7 round-trip equivalent on EUR/USD during normal market conditions. The difference matters more on standard spread-only pricing, where Pepperstone's 1.1 pip EUR/USD undercuts FxPro's 1.2 pips. On gold, FxPro Raw+ quotes from around 25 cents and Pepperstone Razor from around 0.1 points, both plus commission.
Overnight financing and inactivity costs
Neither broker charges deposit or withdrawal fees. Pepperstone charges no inactivity fee. FxPro's inactivity policy is not publicly disclosed in the same headline form, so traders should check current account terms before funding. Overnight financing applies on leveraged positions held past rollover for both brokers.
For a detailed breakdown of how spreads affect trading costs, see our guide to forex spreads explained.
| Fee | FxPro | Pepperstone |
|---|---|---|
| Min deposit (CFD) | $100 | £10 |
| EUR/USD Standard spread | from 1.2 pips | from 1.1 pips |
| EUR/USD Raw spread | from 0 pips | from 0 pips |
| Raw commission (MT4/5) | $3.5/side ($7 round-trip) | £2.25/side (MT4/MT5) |
| Raw commission (cTrader) | Not disclosed for cTrader | USD 6 round-trip |
| Gold Standard spread | 25 cents | 0.1 pts |
| Inactivity fee | Not publicly disclosed | £0 |
| Deposit/withdrawal fees | £0 | £0 |
Platforms
FxPro's platform lineup
FxPro offers MT4, MT5, cTrader, TradingView and its own FxPro Platform for CFD trading, plus a dedicated spread betting platform called FxPro Edge. FxPro Edge is widget-based, with trading available from charts, tickers and custom quick-trade setups, and it's the entry point for the Limited Risk Account feature.
Pepperstone's platform lineup
Pepperstone supports MT4, MT5, cTrader and TradingView alongside its own Pepperstone Trading Platform. Spread betting is offered within the existing platform suite rather than as a separate product. cTrader on both brokers will feel familiar to algorithmic traders; commission on cTrader runs around USD 6 round-trip at Pepperstone versus an undisclosed cTrader figure at FxPro.
Both brokers fully support EAs on MT4, MT5 and cTrader. The standout structural difference is FxPro's free guaranteed stop via the Limited Risk Account, which Pepperstone does not currently match.
| Feature | FxPro | Pepperstone |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| TradingView | Yes | Yes |
| Proprietary web | FxPro Platform + FxPro Edge (spread betting) | Pepperstone Platform |
| Total platforms | 5–6 | 5 |
| EA trading | Yes (MT4, MT5, TradingView, cTrader) | Yes (MT4, MT5, cTrader) |
| Guaranteed stop loss | Free (Limited Risk Account on FxPro Edge) | Not offered |
FCA Regulation and Safety
Regulatory status and client protections
FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (FRN 509956), with its registered office at 80 Coleman Street, EC2R 5BJ London. Pepperstone Limited is authorised and regulated by the FCA (FRN 684312), with its registered office at 70 Gracechurch Street, EC3V 0HR London. Eligible client deposits at both brokers are covered by the Financial Services Compensation Scheme up to £85,000 per person, per firm.
Company structure and history
Both brokers segregate retail client funds in tier-1 bank accounts and provide negative balance protection for retail clients in line with FCA rules. FxPro has been operating since 1999 and has a long UK trading history. Pepperstone launched in 2010 and has grown to more than 830,000 clients globally, with multi-jurisdiction regulation supporting its execution infrastructure.
Verify each broker's authorisation on the FCA Register: FxPro on the FCA Register and Pepperstone on the FCA Register.
For more on what FCA regulation means for traders, see our guide to FCA regulation explained.
Both brokers provide FSCS protection for eligible UK retail clients up to £85,000 per person, per firm.
Who should choose FxPro over Pepperstone?
- FxPro is the better pick for UK spread betters wanting the free Limited Risk Account feature, which guarantees you can't lose more than your initial deposit at no additional cost. Competitors charge a premium for equivalent guaranteed stop protection. This matters for traders who want structural risk control built into their account, not optional per-trade.
- FxPro also appeals to traders who want a dedicated spread betting platform. FxPro Edge is separate from their CFD platforms, with a widget-based interface and trading from charts, tickers, or custom quick-trade setups. Pepperstone handles spread betting within its existing platform suite.
- Longer UK presence is a minor edge. FxPro has been operating since 1999 (27 years) versus Pepperstone's UK operation being more recent. For traders who weight broker history heavily, FxPro has the longer track record globally.
Ready to open an account? Visit FxPro.
Who should choose Pepperstone over FxPro?
- Pepperstone is the better overall pick for most UK active traders. The client base is much larger (830,000+ globally), suggesting more confidence from the active-trader community. The account structure is simpler (Standard or Razor) rather than FxPro's three-tier Standard/Raw+/Elite system.
- Pepperstone is slightly cheaper on spread-only pricing for casual traders, with 1.1 pip EUR/USD on the Standard account versus FxPro's 1.2 pips. For raw-spread active traders, the brokers are comparable, though Pepperstone's cTrader commission of $6 round-trip is slightly better than FxPro's $7.
- Both brokers are FCA authorised and offer the same core protections (FSCS eligibility up to £85,000, negative balance protection for retail clients). Both are solid choices — but Pepperstone's combination of tighter spreads, simpler accounts, and larger client base edges it for most users.
Ready to open an account? Visit Pepperstone.
Final Verdict
FxPro and Pepperstone are closely matched FCA-regulated brokers built for active and intermediate UK traders. Pepperstone edges ahead on overall client base, slightly tighter standard spreads, simpler account structure, and a marginally cheaper cTrader commission. FxPro counters with a longer UK trading history, a dedicated spread betting platform in FxPro Edge, and a genuinely differentiated free Limited Risk Account that guarantees you cannot lose more than your initial deposit. For most UK traders Pepperstone is the safer overall pick. For UK spread betters who value structural risk control, FxPro's Limited Risk Account is a meaningful reason to pick FxPro instead.
Read our full individual reviews for more detail: Read full FxPro review and Read full Pepperstone review. You can also compare both brokers against the wider market on our best forex brokers UK page.
Frequently Asked Questions
Which is cheaper, FxPro or Pepperstone?
For active traders using raw-spread accounts, FxPro Raw+ and Pepperstone Razor are comparable in cost (both around $7 round-trip commission with 0 pip EUR/USD spreads). For casual traders using spread-only pricing, Pepperstone is slightly cheaper with 1.1 pips EUR/USD versus FxPro's 1.2 pips. The overall cost difference is small for most UK traders.
Which broker offers more platforms?
Both FxPro and Pepperstone offer five platforms: MT4, MT5, cTrader, TradingView, and a proprietary option. FxPro also has FxPro Edge for spread betting specifically, giving it six platforms total for UK traders. Pepperstone keeps spread betting within its existing platform suite.
Are FxPro and Pepperstone FCA regulated?
Yes. FxPro UK Limited and Pepperstone Limited are both authorised and regulated by the Financial Conduct Authority (FCA) in the UK. Both offer FSCS protection up to £85,000 per eligible client, negative balance protection for retail clients, and segregated client funds. You can verify each broker's authorisation on the FCA Register.
Which is better for beginners — FxPro or Pepperstone?
Neither FxPro nor Pepperstone is primarily positioned for complete beginners — both target active or experienced traders. Between the two, Pepperstone has a slightly simpler account structure (Standard or Razor) and a lower £10 minimum deposit, making it marginally more approachable for newer traders. For beginners, consider IG or XTB as more appropriate first brokers.
Does FxPro offer guaranteed stop loss?
Yes, through its Limited Risk Account feature on the FxPro Edge spread betting platform. This account type guarantees you cannot lose more than your initial deposit, at no additional cost. Pepperstone does not currently offer guaranteed stops. This is a meaningful point of differentiation for risk-conscious UK spread betters.
Which has tighter spreads on CFD trading?
On the raw-spread account types (FxPro Raw+ and Pepperstone Razor), all-in costs are very similar — both typically around $7 round-trip commission with 0 pip spreads on EUR/USD during normal market conditions. On spread-only accounts, Pepperstone's Standard offers 1.1 pips EUR/USD versus FxPro's 1.2 pips. For Gold, FxPro Raw+ offers 10 cents plus commission versus Pepperstone's 0.1 points plus commission.
Risk Warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how these instruments work and whether you can afford the high risk of losing your money.