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Pepperstone vs XM: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

Pepperstone has a small advantage over XM for CFD trading, thanks to cTrader, TradingView and faster execution (30 ms against 66 ms). XM, on the other hand, offers micro accounts and managed accounts. Pepperstone is regulated by CySEC, BaFin, the FCA, ASIC and the DFSA, with an offshore company regulated by the SCB (Bahamas), while XM is regulated by CySEC, the DFSA, the CMA (Kenya) and the FSCA, with an offshore company regulated by the FSC (Belize). Pepperstone charges 9.50 USD per lot to trade EUR/USD, against 10.00 USD at XM, and lists 1,444 tradable symbols, against 1,400. Pepperstone asks for no minimum deposit and XM asks for 5.00 USD, and both brokers offer a demo account. XM offers 10 account base currencies at every company, while Pepperstone offers from 4 to 10, depending on the company. Pepperstone offers crypto CFDs except at the UK company, while XM offers them at the South African and offshore companies.

Best overall

Pepperstone

CFDCFD Pepperstone offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX Pepperstone offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side.
Pepperstone review ›
86CFD/FXOverall score Pepperstone scores 86/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

72.9% of retail investor accounts lose money when trading CFDs with this provider.

XM

CFDCFD XM offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX XM offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side.
XM review ›
79CFD/FXOverall score XM scores 79/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

75.12% of retail investor accounts lose money when trading CFDs with this provider.

Best for

What we compare A comparison of the kinds of traders Pepperstone and XM are best suited to, based on what each one actually offers in .
1 / 12

Pepperstone is better than XM for professional traders, high-volume traders and crypto traders. Both are a good fit for scalpers, swing traders and news traders.

Best for
Overall score Pepperstone 86 Best XM 79 -7
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise Pepperstone and the ones that supervise XM.
2 / 12

Pepperstone and XM are both regulated by top-tier authorities, Pepperstone by BaFin, CySEC and ASIC (Australia) and XM by CySEC.

Regulation
Section score Pepperstone 100 Best XM 90 -10
Tier-1 regulators
ESMA (European Union) i CySEC (Cyprus) CySEC (Cyprus)
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that Pepperstone and XM have in place to protect your money in .
3 / 12

Both Pepperstone and XM offer segregated client funds and an investor compensation scheme.

Safety
Section score Pepperstone 78 XM 78
Company info
Is it publicly traded i
Is it a bank i
Year founded i 2010 2009
Parent company i Pepperstone Group Limited Trading Point Holdings
CEO i Tamas Szabo Tasos Anastasiou
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A N/A
Brand power
Number of customers worldwide i 900,000 20,000,000
Annual revenue i USD 13,000,000 USD 1,000,000,000
Monthly website search traffic i 1.3M monthly visits

Costs

What we compare A comparison of what it costs to trade with Pepperstone and with XM in , both on each trade and on holding the account.
4 / 12

Pepperstone is better than XM for costs, as Pepperstone is cheaper on EUR/USD, at 9.5 USD per lot (against XM's 10 USD), has tighter S&P 500 CFD spreads, at 0.47 points (against XM's 0.6 points), and does not charge inactivity fees, unlike XM. Neither Pepperstone nor XM charges account maintenance fees or deposit fees.

Costs
Section score Pepperstone 72 Best XM 57 -15
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 7 USD 7
EUR/USD average standard spread i
1.1 pips
1.1 pips
EUR/USD average raw spread i
0.1 pips
0.2 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 9.5 USD 10
S&P 500 fees (CFD) i 0.47 points 0.6 points
Gold fees (CFD) i 0.5 points 0.3 points
Bitcoin fees (CFD) i
US stocks fees (CFD) i USD 0.02 Free
Fees on stocks
Stock fee type i Commission, Percentage Spread
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with Pepperstone and with XM in , and of how many instruments each one gives access to.
5 / 12

There is little between Pepperstone and XM on available markets. Both Pepperstone and XM offer CFDs on commodities, ETFs, forex, indices and stocks. Pepperstone goes a step further, as it offers CFDs on crypto, and gives access to 1,444 tradable symbols (against XM's 1,400).

Available markets
Section score Pepperstone 75 XM 75
Total tradable symbols i 1,444 1,400
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, ETF, Forex, Indices, Stocks Commodities, ETF, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that Pepperstone and XM make available to their clients in .
6 / 12

Pepperstone is better than XM for platforms, as Pepperstone offers a proprietary platform, cTrader and social trading, which XM does not. Pepperstone and XM both offer MetaTrader 5 and MetaTrader 4.

Platform
Section score Pepperstone 100 Best XM 63 -37
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of Pepperstone and XM in , and of what each one lets you do from your phone.
7 / 12

Pepperstone is better than XM for mobile trading, because Pepperstone offers the cTrader app, a social trading app and a copy trading app, which XM does not. Pepperstone and XM both offer a proprietary mobile app and the MetaTrader 5 app.

Mobile
Section score Pepperstone 100 Best XM 86 -14
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that Pepperstone and XM allow on their platforms in .
8 / 12

Pepperstone is better than XM for trading features, as Pepperstone executes orders faster, within 30 ms (against XM's 66 ms). Pepperstone and XM both offer negative balance protection and trailing stops.

Trading features
Section score Pepperstone 93 Best XM 87 -6
Trade execution
Broker type i NDD Agency
Average execution time i 30 ms 66 ms
Slippage occurrence i
Requotes occurrence i 0.08% 0%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1About this value. This is the major fx pairs leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 200:1 (the UAE, other accepted countries), 30:1 (the EU, Australia, the UK). 30:1About this value. This is the major fx pairs leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 30:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Minor/Exotic FX pairs leverage i 20:1About this value. This is the minor/exotic fx pairs leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 200:1 (the UAE, other accepted countries), 20:1 (the EU, Australia, the UK). 20:1About this value. This is the minor/exotic fx pairs leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 20:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Major indices leverage i 20:1About this value. This is the major indices leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 200:1 (the UAE, other accepted countries), 20:1 (the EU, Australia, the UK). 20:1About this value. This is the major indices leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 20:1 (the UAE), 500:1 (other accepted countries, South Africa).
Minor indices leverage i 10:1About this value. This is the minor indices leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 100:1 (the UAE, other accepted countries), 10:1 (the EU, Australia, the UK). 10:1About this value. This is the minor indices leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 250:1 (Kenya, other accepted countries, South Africa), 10:1 (the UAE).
Gold leverage i 20:1About this value. This is the gold leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 200:1 (the UAE, other accepted countries), 20:1 (the EU, Australia, the UK). 20:1About this value. This is the gold leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya), 20:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Commodities leverage i 10:1About this value. This is the commodities leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 50:1 (the UAE, other accepted countries), 10:1 (the EU, Australia, the UK). 10:1About this value. This is the commodities leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 400:1 (Kenya, other accepted countries, South Africa), 10:1 (the UAE).
Equities leverage i 5:1About this value. This is the equities leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 20:1 (the UAE, other accepted countries), 5:1 (the EU, Australia, the UK). 5:1About this value. This is the equities leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 20:1 (Kenya, other accepted countries, South Africa), 5:1 (the UAE).
Cryptocurrency leverage i 2:1About this value. This is the cryptocurrency leverage at Pepperstone EU Limited (CySEC). At Pepperstone's other companies: 20:1 (the UAE, other accepted countries), 2:1 (the EU, Australia). 2:1About this value. This is the cryptocurrency leverage at Trading Point of Financial Instruments Ltd (CySEC). At XM's other companies: 2:1 (the UAE), 1000:1 (other accepted countries, South Africa).
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at Pepperstone and at XM in , and of who each one is meant for.
9 / 12

Pepperstone is better than XM for account types, given that Pepperstone offers a professional traders account, an ECN account and a copy trading account, which XM does not. Both Pepperstone and XM offer a demo account and a corporate account.

Account types
Section score Pepperstone 75 Best XM 64 -11
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with Pepperstone and with XM in .
10 / 12

XM is better than Pepperstone for account opening, because XM offers 10 account base currencies (against Pepperstone's 4), supports 2 e-wallets (against Pepperstone's 1), and credits deposits faster, within the same day (against Pepperstone's 1 day). That said, Pepperstone asks for no minimum deposit at all (against XM's 5 USD).

Account opening
Section score Pepperstone 70 -20 XM 90 Best
Minimum deposit i USD 0 USD 5
Minimum withdrawal i USD 0 USD 5
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPalAbout this value. This is the ewallets at Pepperstone EU Limited (CySEC). It is different at Pepperstone's companies in the UAE, Australia and other accepted countries. Neteller, Skrill
Local payment methods i
Account base currencies i GBP, USD, EUR, CHFAbout this value. This is the account base currencies at Pepperstone EU Limited (CySEC). It is different at Pepperstone's companies in the UAE, the EU, other accepted countries and Australia. AUD, CHF, EUR, GBP, HUF, PLN, RUB, SGD, USD, ZAR
Deposit waiting time i up to 1 business days Instant
Withdrawal waiting time i up to 1 business days up to 1 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of Pepperstone and XM in , in how it can be reached and how fast it answers.
11 / 12

XM is better than Pepperstone for customer care, as XM offers customer support in 20 languages (against Pepperstone's 10), and has a website in 19 languages (against Pepperstone's 9). Both Pepperstone and XM offer a dedicated account manager and phone support.

Customer care
Section score Pepperstone 73 -5 XM 78 Best
Number of languages supported i 10 20
Website languages i Arabic, English, Italian, Korean, Polish, Russian, Spanish, Vietnamese, Chinese Arabic, Czech, German, Greek, English, French, Hungarian, Indonesian, Italian, Korean, Malay, Polish, Portuguese, Russian, Spanish, Tagalog, Thai, Vietnamese, Chinese
Website available in English i
Customer support languages i Arabic, English, Italian, Korean, Polish, Russian, Spanish, Thai, Vietnamese, Chinese Arabic, Czech, German, Greek, English, French, Hindi, Hungarian, Indonesian, Italian, Korean, Malay, Polish, Portuguese, Russian, Spanish, Tagalog, Thai, Vietnamese, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that Pepperstone and XM provide to their clients in .
12 / 12

Pepperstone and XM are equally good for learning, as both offer education for advanced traders and webinars.

Learning
Section score Pepperstone 88 XM 88
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
Pepperstone
Open Account 72.9% of retail investor accounts lose money when trading CFDs with this provider.
XM
Open Account 75.12% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

Pepperstone vs XM: which one should you choose?

Pepperstone

CFD/FX Choose Pepperstone if you want a forex brokerage service with cTrader and TradingView.

Open Account 72.9% of retail investor accounts lose money when trading CFDs with this provider.
XM

CFD/FX Choose XM if you want an online CFD broker with micro accounts and managed accounts.

Open Account 75.12% of retail investor accounts lose money when trading CFDs with this provider.

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