Pepperstone
Trust rank #10 · Founded 2010
Pepperstone is a well-regarded forex broker offering access to forex and CFD markets through multiple trading platforms, with tools for analysis and risk management.
Read the Pepperstone reviewPepperstone vs XM (2026): regulation, platforms and costs compared
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Data refreshed 25 Aug 2026 · Compiled by David Ispiryan
XM
Trust rank #26 · Founded 2009
XM is a well-regarded forex and CFD broker providing online access to multiple markets on widely used platforms, along with research tools, education, and multilingual support.
Read the XM reviewPepperstone (Australia, founded 2010) holds 8 regulatory licences (ASIC, BaFin, CMA, CySEC, DFSA…), 3 of them tier-1, offers cTrader, MT4, MT5, TradingView and sits in our low-fee bracket. XM (Cyprus, founded 2009) holds 5 regulatory licences (ASIC, CySEC, DFSA, FCA, IFSC), 2 of them tier-1, offers MT4, MT5 and sits in our low-fee bracket. The two overlap in 227 countries; Pepperstone is available in 2 countries where XM is not, and XM in 2 where Pepperstone is not.
Verdict at a glance
- Pepperstone leads on trust rank, regulatory coverage, platform choice, instrument range and tier-1 licences.
- XM leads on track record.
- Level on country coverage and fee level.
Scored on 8 measurable dimensions where both brokers have verified data. Dimensions missing for either side are excluded rather than guessed. This is a data summary, not a recommendation.
Pepperstone vs XM: side-by-side data
| Criteria | Pepperstone | XM |
|---|---|---|
| Trust rank | #10 | #26 |
| Founded | 2010 | 2009 |
| Headquarters | Australia | Cyprus |
| Regulators | ASIC, BaFin, CMA, CySEC, DFSA, FCA, FSCA, SCB | ASIC, CySEC, DFSA, FCA, IFSC |
| Broker type | ECN, STP | Market Maker, STP |
| Platforms | cTrader, MT4, MT5, TradingView | MT4, MT5 |
| Instruments | Commodities, Cryptocurrencies, Forex, Indices, Metals | Commodities, Forex, Indices, Metals |
| Countries accepted | 229 countries | 229 countries |
| Fee level | Low | Low |
| Trading types | CFD Trading, Spot Trading | CFD Trading, Spot Trading |
| Best-for use cases | Copy Trading, Professional Trading, Retail Trading | Professional Trading, Retail Trading |
Highlighted cells mark the stronger value where a direction is objectively better (e.g. more licences, lower fees). "Not verified" means the field is not yet in our catalogue for that broker — we never fill gaps with estimates.
Pros
Pepperstone
- Raw spreads from 0.0 pips + low commissions
- Ultra-low-latency market execution, deep liquidity
- NDD/STP model with scalping, hedging, and EAs allowed
- MT4/MT5, cTrader, TradingView, and API support
- Top-tier regulation (FCA, ASIC)
XM
- CySEC and ASIC regulation
- Low $5 minimum deposit
- MT4/MT5 platform support (desktop/web/mobile)
- Negative balance protection
- Low-spread account options (commission-free and commission-based)
Cons
Pepperstone
- No guaranteed stop-loss orders
- Negative balance protection limited to EU/UK retail clients
- Not available to U.S. residents
- CFDs-only offering (no real stocks/ETFs)
- No proprietary trading platform
XM
- Offshore regulation via IFSC Belize
- CFDs only (no real stocks/ETFs ownership)
- MT4/MT5 only; no proprietary platform
- Inactivity fee applies
- No ECN/DMA accounts
Key features
Pepperstone
- Agency model no dealing desk market execution
- Razor raw spreads and Standard pricing
- MT4 MT5 cTrader and TradingView platforms
- Advanced tools Autochartist Smart Trader Tools cTrader Automate and VPS
- Tier 1 regulation and segregated client funds ASIC FCA CySEC DFSA BaFin
- Wide range of CFDs forex indices commodities shares and crypto where permitted
XM
- Multi asset CFD trading Forex Indices Commodities Equities Metals Energies
- MetaTrader 4 and MetaTrader 5 with algorithmic trading and VPS support
- Negative balance protection and segregated client funds
- Multi jurisdiction regulation CySEC ASIC DFSA IFSC
- Multiple account types Micro Standard Ultra Low with tight spreads
- Market execution low latency and high fill rates with no requotes
Country availability: Pepperstone vs XM
Available at both (227): Afghanistan, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belize, Benin, Bermuda, Bhutan, Bolivia, Bonaire, Bosnia and Herzegovina, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Burundi, Cabo Verde, Cambodia, Cameroon, Cayman Islands, Central African Republic, Chad, Chile, China, Christmas Island and 187 more.
Only Pepperstone (2): Canada, Israel.
Only XM (2): Belgium, Spain.
- Pepperstone accepted countries
- XM accepted countries
- Best forex brokers in Afghanistan
- Best forex brokers in Albania
- Best forex brokers in Algeria
- Best forex brokers in American Samoa
- Best forex brokers in Andorra
- Best forex brokers in Angola
Availability reflects the countries each broker declares it serves. Local rules change; confirm on the broker's own site before signing up.
Pepperstone vs XM: common questions
Which broker is more regulated, Pepperstone or XM?
Pepperstone holds more regulatory licences: Pepperstone (ASIC, BaFin, CMA, CySEC, DFSA, FCA, FSCA, SCB) versus XM (ASIC, CySEC, DFSA, FCA, IFSC). Tier-1 licences: Pepperstone 3, XM 2.
Which trading platforms do Pepperstone and XM offer?
Pepperstone offers cTrader, MT4, MT5, TradingView; XM offers MT4, MT5.
Which has lower fees, Pepperstone or XM?
Both sit in the same fee bracket (low) in our catalogue; compare the spreads and commission rows above for detail.
Which is older, Pepperstone or XM?
XM is the older of the two, founded in 2009; Pepperstone was founded in 2010.
Are Pepperstone and XM available in the same countries?
They overlap in 227 countries. Pepperstone is additionally available in 2 countries (Canada, Israel) and XM in 2 countries (Belgium, Spain).
Keep comparing
Pepperstone
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- Is Pepperstone regulated?
- Pepperstone trading platforms
- Pepperstone accepted countries
XM
Risk warning: CFDs and forex are complex, leveraged instruments and carry a high risk of losing money rapidly. A majority of retail investor accounts lose money when trading CFDs. Nothing on this page is financial advice; verify licence status on the regulator's register before depositing. Full risk disclosure.