Pepperstone vs FOREX.com UK 2026: Which Broker Is Better?
Reviewed by Phillip Ashdown, Senior Forex Analyst · Last updated · How we review
This comparison is for informational purposes only and does not constitute investment advice. Affiliate links may be present.
Quick Verdict
Pepperstone and FOREX.com are both FCA-regulated brokers built for active traders, but they take different approaches to cost and platform choice. Pepperstone's Razor account undercuts FOREX.com on raw pricing and adds cTrader and MT5 to its platform lineup — both absent at FOREX.com. FOREX.com counters with the backing of NASDAQ-listed StoneX Group, a no-rollover-before-11pm policy on intraday positions, and an interest scheme on uninvested funds for larger balances. Neither offers spread betting via this specific comparison's forex.com side; only Pepperstone does.
Best for cost-sensitive traders: Pepperstone — Razor account offers raw EUR/USD spreads from 0.0 pips plus a fixed per-lot commission, typically beating FOREX.com's spread-only Standard pricing once trade volume picks up, and Pepperstone charges no inactivity fee versus FOREX.com's £12/month.
Best for beginners: FOREX.com — FOREX.com's Standard account and enhanced MT4 with FX Blue tooling and integrated Reuters news offer a more guided experience, backed by the transparency of a NASDAQ-listed parent.
Best overall: Pepperstone — Broader platform choice (MT5, cTrader, TradingView), spread betting availability, no inactivity fee, and a lower cost structure for active trading make Pepperstone the stronger all-rounder for most UK traders.
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Pepperstone and FOREX.com are both FCA-regulated brokers serving active UK forex traders, though their platform ecosystems and pricing structures differ meaningfully. Pepperstone spreads its offering across five platforms including cTrader and MT5, with a Razor account for raw-spread pricing. FOREX.com currently offers two account types — Standard and MT4 — backed by StoneX Group, a NASDAQ-listed financial services firm with over $15 billion in disclosed customer assets. This comparison covers pricing, platform choice, regulation and trader suitability so you can see which fits your trading style.
New to comparing? Start here: how to compare forex brokers.
Pepperstone vs FOREX.com: At a Glance
| Feature | Pepperstone | FOREX.com |
|---|---|---|
| FCA Regulation | Yes (FRN 684312) | Yes (FRN 446717) |
| Minimum Deposit | £10 | Not disclosed — check current terms |
| Pricing Model | Spread-only or raw spread + commission (Razor) | Spread-only (Standard) |
| Spread Betting Available | Yes | No |
| Platforms Offered | MT4, MT5, cTrader, TradingView, Pepperstone Trading Platform | Web Trading, MT4, TradingView |
| Inactivity Fees | None | £12/month after 12 months (GBP accounts) |
| Forex Pairs | 90+ | 80+ |
| Best For | Active traders wanting raw spreads and platform choice | Traders wanting StoneX-backed transparency and no intraday rollover charges |
Spreads and Fees
Typical spreads by pair
Pepperstone offers two account types. The Standard account uses spread-only pricing. The Razor account provides raw spreads from 0.0 pips with a commission of around £2.25 per side per standard lot on MT4 and MT5. Pepperstone charges no inactivity fee.
Commission and account fees
FOREX.com's Standard account quotes EUR/USD spreads from around 0.7 points with no separate commission on forex, indices or commodities (share CFDs carry a separate commission). FOREX.com charges an inactivity fee of £12 per month for GBP accounts after 12 months with no trading activity or open positions.
Overnight financing and inactivity costs
FOREX.com does not charge rollover or financing interest on intraday positions closed before 11pm European time — a genuine cost advantage for day traders who don't hold positions overnight. Pepperstone's Razor account, meanwhile, typically offers the lower all-in cost for active traders running higher volume, since raw spreads plus a fixed per-lot commission usually beats spread-only pricing once trade frequency increases.
For a detailed breakdown of how spreads affect trading costs, see our guide to forex spreads explained. To turn a spread into pounds on your trade size, use our pip value calculator, and to estimate what a trade would make or lose at either broker, try the forex profit calculator.
| Fee | Pepperstone | FOREX.com |
|---|---|---|
| Minimum deposit | £10 | Not disclosed |
| EUR/USD min spread (Standard) | 1.1 pips | 0.7 pts (verify — site shows inconsistent figures) |
| EUR/USD min spread (Razor/raw) | 0.0 pips + £2.25/side commission | n/a (no raw account) |
| Inactivity fee | None | £12/month after 12 months (GBP) |
| Rollover/financing on intraday positions | Standard rollover applies | None if closed before 11pm European time |
| Interest on uninvested funds | Not offered | Yes, for £20,000+ average balance |
Platforms
Pepperstone's platform lineup
Pepperstone supports MT4, MT5, cTrader and TradingView, alongside its own proprietary trading platform on web and mobile. cTrader in particular draws algorithmic traders who want depth-of-market visibility, and MT5 support gives Pepperstone a platform range FOREX.com currently doesn't match.
FOREX.com's platform lineup
FOREX.com's platform lineup is narrower: its proprietary Web Trading platform, a Mobile app, an enhanced MT4 (with integrated Reuters news and the FX Blue add-on suite of 20+ tools and 9 Expert Advisors), and a genuine TradingView execution integration. FOREX.com does not currently offer MT5 or cTrader.
Traders who specifically want MT5 or cTrader should choose Pepperstone. Traders who want MT4 with unusually strong add-on tooling (FX Blue, integrated Reuters news) may find FOREX.com's enhanced MT4 build worthwhile despite the narrower platform count overall.
| Feature | Pepperstone | FOREX.com |
|---|---|---|
| MT4 | Yes | Yes (enhanced, with FX Blue suite) |
| MT5 | Yes | No |
| cTrader | Yes | No |
| TradingView | Yes | Yes (execution integration) |
| Proprietary platform | Yes | Yes (Web Trading) |
| Spread betting | Yes | No |
FCA Regulation and Safety
Regulatory status and client protections
Both brokers are authorised and regulated by the Financial Conduct Authority. Pepperstone Limited operates under FRN 684312 and is privately held, with additional licences across Australia, Cyprus and other jurisdictions. FOREX.com trades under StoneX Financial Ltd, authorised under FRN 446717, and is backed by StoneX Group Inc., a NASDAQ-listed financial services firm regulated across eight jurisdictions including the UK, US, Australia and Japan.
Company structure and history
Client funds at both brokers are held in segregated accounts, with negative balance protection for retail clients and FSCS eligibility up to £85,000 per person, per firm. StoneX Group discloses over $15 billion in customer assets and $2.6 billion in equity capital as of March 2026, giving FOREX.com a level of public financial disclosure that privately held Pepperstone doesn't provide, though both meet the same FCA standards for UK retail clients.
Verify each broker's authorisation on the FCA Register: Pepperstone on the FCA Register and FOREX.com 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 Pepperstone?
- Active traders and scalpers who want raw spread pricing with low commissions
- Traders who specifically want MT5 or cTrader — neither is available at FOREX.com
- Those who want no inactivity fee and a low £10 minimum deposit
- UK traders who want spread betting alongside CFDs — FOREX.com doesn't offer this
Ready to open an account? Visit Pepperstone.
73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Who Should Choose FOREX.com?
- Traders who value the transparency of a NASDAQ-listed parent group with disclosed financials
- Day traders who benefit from no rollover charge on intraday positions closed before 11pm European time
- Larger-balance traders (£20,000+) who want to earn interest on uninvested funds via FOREX.com's Interest Payment Scheme
- MT4 users who want the FX Blue add-on suite and integrated Reuters news
Ready to open an account? Visit FOREX.com.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider.
Final Verdict
Pepperstone and FOREX.com suit different priorities. Pepperstone offers broader platform choice with MT5 and cTrader, spread betting, no inactivity fee, and generally lower costs for active traders via its Razor account. FOREX.com's advantages are structural rather than pricing-led: no rollover charge on intraday positions, an interest scheme for larger uninvested balances, and the financial transparency of a NASDAQ-listed parent group. For most UK traders wanting platform flexibility and lower trading costs, Pepperstone is the stronger pick. For day traders who value the no-rollover policy or who hold significant uninvested balances, FOREX.com's structural features are worth a closer look.
Read our full individual reviews for more detail: View Pepperstone Review and View FOREX.com Review. You can also compare both brokers against the wider market on our best forex brokers UK page.
Frequently Asked Questions
Does FOREX.com offer MetaTrader 5?
No. FOREX.com currently offers a Standard Account (proprietary Web Trading platform, Mobile app, and TradingView integration) and an MT4 Account — MT5 is not available. Pepperstone offers MT4, MT5, cTrader and TradingView, giving it the broader platform range of the two.
Is Pepperstone or FOREX.com cheaper for active traders?
Pepperstone is typically cheaper for active traders. Its Razor account offers raw EUR/USD spreads from 0.0 pips plus a fixed commission of around £2.25 per side per lot, which usually beats FOREX.com's spread-only Standard pricing once trading volume increases. Pepperstone also charges no inactivity fee, while FOREX.com charges £12/month on GBP accounts after 12 months of no activity.
Does FOREX.com charge rollover interest on forex trades?
Not on intraday positions. FOREX.com doesn't apply rollover or financing charges to positions closed before 11pm European time, which marks the end of the trading day in the global forex market. Positions held open past that point are subject to standard rollover/financing rates, published daily within the platform.
Are both Pepperstone and FOREX.com FCA regulated?
Yes. Pepperstone Limited holds FRN 684312. FOREX.com trades under StoneX Financial Ltd, authorised under FRN 446717. Both segregate client funds, provide negative balance protection for retail clients, and offer FSCS eligibility up to £85,000 per person, per firm.
Does FOREX.com offer spread betting?
No, FOREX.com's UK offering is CFD trading only. Pepperstone offers spread betting alongside its CFD accounts, which UK residents may find tax-advantageous since spread betting profits are generally free from Capital Gains Tax and stamp duty, subject to individual circumstances and current tax law.
Can I earn interest on money I'm not trading with at FOREX.com?
Yes, if you qualify. FOREX.com's Interest Payment Scheme pays interest on tradable account funds for clients who maintain an average balance of £20,000 or more per month and keep an active trading status. It isn't automatic — you need to contact FOREX.com directly to register your interest in the scheme. Pepperstone does not offer an equivalent scheme.
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.