Plus500 vs Pepperstone (UK)
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 is the stronger choice for most active UK forex traders. It offers spread betting as well as CFDs, raw-spread pricing on its Razor account, five platforms including MT4, MT5, cTrader and TradingView, and no inactivity fee. Plus500 suits beginners who want one simple CFD platform with no separate dealing commission (other fees may apply) and a free demo account to practise on first. The deciding questions are usually spread betting, which only Pepperstone offers, and whether you need MetaTrader or cTrader, which Plus500 does not support.
Best for cost-sensitive traders: Pepperstone — Raw spreads on the Razor account, a 0.5-pip EUR/USD minimum on spread bets and no inactivity fee make Pepperstone cheaper for most active traders.
Best for beginners: Plus500 — Plus500's single, uncluttered platform and free demo account make it a straightforward place to learn how CFDs work before trading with real money.
Best overall: Pepperstone — Spread betting, five platforms including MetaTrader and cTrader, a wider forex range and no inactivity fee make Pepperstone the more versatile choice as traders progress.
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Plus500 and Pepperstone are both FCA-regulated brokers with large UK client bases, but they suit different traders. Plus500 offers CFDs through a single proprietary platform designed to be easy to use, and its parent is listed on the London Stock Exchange. Pepperstone, founded in 2010, is known for raw-spread pricing, a choice of third-party platforms and fast execution, and it offers spread betting as well as CFDs. Whether you are comparing Plus500 with Pepperstone or Pepperstone with Plus500, this guide sets out the differences in costs, platforms, products, deposits and regulation.
New to comparing? Start here: how to compare forex brokers.
Plus500 vs Pepperstone: At a Glance
| Feature | Plus500 | Pepperstone |
|---|---|---|
| FCA Regulation | Yes (FRN 509909) | Yes (FRN 684312) |
| Spread Betting Available | No (CFDs only) | Yes |
| EUR/USD Spread | From 0.6 pips | From 0.5 pips (spread betting); 0.0 pips plus commission (Razor) |
| Pricing Model | No separate dealing commission (other fees may apply) | Spread only (spread betting and Standard) or raw spread plus commission (Razor) |
| Minimum Deposit | £50 | £10 (no minimum by bank wire) |
| Inactivity Fee | Up to $10/month after 3 months without logging in | None |
| Platforms Offered | Plus500 platform (web and app) | Pepperstone platform, MT4, MT5, cTrader, TradingView |
| Guaranteed Stops | Yes (via a wider spread) | No |
| Forex Pairs | 60+ | 90+ |
| Retail Loss Rate | 82% | 73.6% |
| Best For | Beginners who want one simple CFD platform and a free demo account | Active traders who want raw spreads, spread betting or MetaTrader and cTrader |
Spreads and Fees
Typical spreads by pair
Plus500 does not charge a separate dealing commission on its CFDs, although other fees may apply. Its costs are built into the spread, with EUR/USD from 0.6 pips. Other charges to know about are overnight funding on positions held past the daily cut-off, a currency conversion fee of up to 0.7% on trades in a currency different from your account, and an inactivity fee of up to $10 per month after three months without logging in. Plus500 does not charge for deposits or withdrawals.
Commission and account fees
Pepperstone offers three ways to trade. Its spread betting account is spread only, with EUR/USD from 0.5 pips. The CFD Standard account is also spread only, from 1.0 pip. The Razor account offers raw spreads from 0.0 pips plus a commission of £2.25 per lot per side on MT4 and MT5 for GBP accounts. Pepperstone has no inactivity fee and does not charge for deposits or withdrawals, except international bank wires (£15).
Overnight financing and inactivity costs
For active traders, Pepperstone's Razor account and no inactivity fee usually make it the cheaper option, and spread betting can remove Capital Gains Tax on profits for UK residents. Plus500's single all-in pricing is simpler to follow, which some beginners prefer, but the three-month inactivity trigger is one of the shortest among UK brokers.
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 | Plus500 | Pepperstone |
|---|---|---|
| EUR/USD min spread | 0.6 pips | 0.5 pips (spread betting); 1.0 pip (Standard); 0.0 pips (Razor) |
| GBP/USD spread | Variable (shown in platform) | 0.8 pips min (spread betting) |
| Razor commission | Not applicable | £2.25 per lot per side (MT4/MT5, GBP account) |
| Minimum deposit | £50 | £10 |
| Inactivity fee | Up to $10/month after 3 months | None |
| Withdrawal fees | None | None (international wire £15) |
Platforms
Plus500's platform lineup
Plus500 runs a single proprietary platform on web and mobile. It is designed to be clean and simple, with stop loss, limit and guaranteed stop orders, price alerts and a free demo account. It does not support MT4, MT5, cTrader or TradingView.
Pepperstone's platform lineup
Pepperstone offers its own web platform and app alongside MT4, MT5, cTrader and TradingView. MetaTrader supports Expert Advisors for automated trading, cTrader offers depth-of-market and algorithmic tools, and TradingView suits chart-led traders. Pepperstone does not offer guaranteed stops.
If you want the simplest possible starting point, Plus500's single platform is easy to learn. If you want to automate strategies, use third-party indicators or choose your own platform, Pepperstone is the clear fit.
| Feature | Plus500 | Pepperstone |
|---|---|---|
| Proprietary platform | Yes (Plus500 platform) | Yes (Pepperstone platform) |
| MT4 | No | Yes |
| MT5 | No | Yes |
| cTrader | No | Yes |
| TradingView integration | No | Yes |
| Spread betting | No | Yes |
| Guaranteed stops | Yes (wider spread) | No |
| Mobile app | Yes | Yes |
| Demo account | Yes (free) | Yes |
| Stock exchange listed | Yes (LSE, FTSE 250) | No (privately held) |
Markets and Instruments
Plus500 offers 60+ forex pairs alongside indices, commodities, shares and ETFs, all traded as CFDs through its own platform. It does not offer spread betting in the UK.
Pepperstone offers 90+ forex pairs as part of more than 1,350 markets, including indices, commodities, shares and ETFs. UK clients can trade through spread bets or CFDs. Spread betting profits are typically exempt from Capital Gains Tax for UK residents, while CFD profits are not; tax treatment depends on individual circumstances and can change.
FCA Regulation and Safety
Regulatory status and client protections
Both brokers are authorised and regulated by the Financial Conduct Authority. Plus500UK Ltd operates under FRN 509909 and Pepperstone Limited operates under FRN 684312. Client funds at both are held in segregated accounts, retail clients benefit from negative balance protection, and eligible clients are covered by the Financial Services Compensation Scheme up to £85,000 per person, per firm. Both apply the FCA's retail leverage limits, up to 1:30 on major currency pairs.
Company structure and history
Plus500 Ltd is listed on the London Stock Exchange as a FTSE 250 constituent; Plus500UK was fined £205,128 by the FCA in 2012 for transaction reporting failures. Pepperstone was founded in 2010, is privately held and reports more than 900,000 client accounts worldwide. Retail loss rates differ: 82% of retail investor accounts lose money when trading CFDs with Plus500, and 73.6% when trading spread bets and CFDs with Pepperstone.
Verify each broker's authorisation on the FCA Register: Plus500 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 Plus500?
- Beginners who want one simple platform, with a free demo account to practise on before trading live
- Traders who prefer pricing with no separate dealing commission (other fees may apply)
- Traders who want guaranteed stops available on their CFD positions
- Traders who value a London Stock Exchange listed parent company
- Casual CFD traders who do not need spread betting or MetaTrader
Ready to open an account? Visit Plus500.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Who Should Choose Pepperstone?
- Active traders and scalpers who want raw spreads from 0.0 pips on the Razor account
- UK traders who want spread betting as well as CFDs
- Traders who use MT4, MT5, cTrader or TradingView
- Occasional traders who want no inactivity fee
- Traders who want a wider forex range, with 90+ pairs
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.
Final Verdict
Pepperstone is the more complete broker for most UK forex traders. It offers spread betting as well as CFDs, raw-spread pricing on its Razor account, five platforms including MetaTrader, cTrader and TradingView, a wider forex range and no inactivity fee. Plus500 is a simpler alternative for beginners who want one easy-to-use CFD platform, no separate dealing commission (other fees may apply), guaranteed stops and a free demo account to practise on. Plus500's three-month inactivity trigger and currency conversion fee are worth checking before you open an account. If you want to spread bet, automate strategies or trade actively, Pepperstone is the better fit; if you want the simplest possible start, Plus500 is worth considering.
Read our full individual reviews for more detail: View Plus500 Review and View Pepperstone Review. You can also compare both brokers against the wider market on our best forex brokers UK page.
Frequently Asked Questions
Is Plus500 or Pepperstone cheaper?
For most active traders, Pepperstone. Its spread betting account quotes EUR/USD from 0.5 pips, its Razor account offers raw spreads from 0.0 pips plus £2.25 per lot per side, and it has no inactivity fee. Plus500 quotes EUR/USD from 0.6 pips with no separate dealing commission, but other fees may apply, including overnight funding, a currency conversion fee of up to 0.7% and an inactivity fee of up to $10 per month after three months without logging in.
Does Plus500 offer spread betting like Pepperstone?
No. Plus500 offers CFDs only in the UK, while Pepperstone offers both spread betting and CFDs. For UK residents, spread betting profits are typically exempt from Capital Gains Tax, whereas CFD profits are not. Tax treatment depends on individual circumstances and can change.
Can I use MetaTrader or cTrader with Plus500?
No. Plus500 runs only its own proprietary platform. Pepperstone supports MT4, MT5, cTrader and TradingView alongside its own platform, so traders who use Expert Advisors or cTrader will need Pepperstone.
Is Plus500 safe and regulated in the UK?
Yes. Plus500UK Ltd is authorised and regulated by the FCA (FRN 509909), and its parent, Plus500 Ltd, is listed on the London Stock Exchange as a FTSE 250 constituent. Client funds are held in segregated accounts, negative balance protection applies, and eligible clients are covered by the FSCS up to £85,000. Plus500UK was fined £205,128 by the FCA in 2012 for transaction reporting failures. 82% of retail investor accounts lose money when trading CFDs with Plus500.
Is Pepperstone safe for UK traders?
Pepperstone Limited is authorised and regulated by the FCA (FRN 684312). Client money is held in segregated accounts with top-tier banks, retail clients have negative balance protection, and eligible clients are covered by the FSCS up to £85,000. Pepperstone has operated since 2010 and is privately held. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone.
How long do Plus500 withdrawals take?
Plus500 says withdrawal requests are usually processed within one to three business days. After that, the time for funds to arrive depends on the payment method, with e-wallets typically faster than bank transfers, which can take several more working days. Plus500 does not charge for withdrawals, although your bank or card provider may.
Which is better for beginners, Plus500 or Pepperstone?
Plus500 is often chosen by beginners for its single, simple platform, and its free demo account lets new traders practise with virtual funds before trading with real money. Pepperstone has a demo account too and more room to grow, with five platforms and spread betting, but its range of account types and platforms can feel like more to learn at the start.
Risk Warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with Plus500. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.