The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare Pepperstone and FXCM, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that Pepperstone holds three Tier 1 and two Tier 2 licences, and FXCM holds three Tier 1 and no Tier 2 licences.
Based on these findings, Pepperstone earned a higher trust rating than FXCM.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Pepperstone has overall lower trading costs than FXCM.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, Pepperstone offers support for MT4, MT5, cTrader and TradingView and FXCM offers support for MT4 and TradeStation.
In this case both FXCM and Pepperstone offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Pepperstone offers a greater range and depth of instruments to trade than FXCM. Pepperstone offers 100 Forex pairs to trade and FXCM offers 45 Forex pairs to trade.
In this case, Pepperstone offers 19 cryptocurrencies while FXCM offers 7 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Pepperstone.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that FXCM charges a withdrawal fee and Pepperstone does not. Overall, Pepperstone has better deposit and withdrawal processes than FXCM.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
FXCM and Pepperstone both have moderate educational support. Both FXCM and Pepperstone offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that Pepperstone offers better research analysis than FXCM and that both FXCM and Pepperstone offer frequent webinars.
One of our highest-rated brokers for Malaysian traders, Pepperstone was founded in Australia in 2010 and is globally renowned for its low trading costs and choice of trading platforms. Pepperstone keeps costs low with some of the tightest spreads we've seen, starting from 1.00 (EUR/USD) on its Standard Account. For those who prefer classic ECN trading, the Razor Account has low commissions and spreads averaging just 0.10 pips on the EUR/USD. Neither account has a required minimum deposit. Islamic accounts are also available for Malaysian residents.
Despite the low costs, we are disappointed with Pepperstone's complicated commission structure. But more experienced traders will appreciate Pepperstone’s trading platform options, including MT4, MT5, and cTrader, which integrates seamlessly with the TradingView tool. All are available on desktop and mobile devices. Pepperstone’s education section is not the most extensive we’ve seen, but it is competent and well-structured, making it a good place to start for beginner traders.
FXCM may appeal to high-volume traders who appreciate a wide platform choice and an extensive suite of advanced trading tools. However, its fixed leverage, high trading costs, high currency conversion fees, and high interest rates on accounts that go into a negative balance may deter some traders.
A well-regulated broker, FXCM offers an average number of financial instruments compared to other brokers, including Forex, commodities, indices, share CFDs, and cryptocurrencies. FXCM's single account has a minimum deposit of 50 USD and average spreads of 1.30pips (EUR/USD), which is wider than other brokers. Clients with a notional trading volume of more than 10 million USD per month are eligible for rebates, dedicated customer support, free VPS services, and free access to multiple APIs.
FXCM 's range of trading platforms includes MT4, various advanced specialty platforms, and FXCM's award-winning proprietary platform, Trading Station. It also offers numerous trading tools, including various API tools, TradingView, Zulutrade, and a host of FXCM apps.
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