Trading CFDs carries a high risk of losing money rapidly. Confirm this broker's current loss-rate disclosure and regulated entity before opening an account. Read the full risk disclosure.
Pepperstone vs XM
A field-by-field comparison based on the current BrokaBoy catalogue. Check current pricing and the regulated entity on each broker's website before deciding.
Last updated: 4 October 2026 · Reviewed by BrokaBoy Research Team
| Field | Pepperstone | XM |
|---|---|---|
| BrokaBoy score | 9.2/10 | 8.0/10 |
| Trustpilot rating | Trustpilot 4.2 (3,580 reviews) | Trustpilot 2.1 (3,130 reviews) |
| Listed minimum deposit | $10 | $5 |
| Advertised spread from | 0.0 pips | 0.6 |
| Advertised maximum leverage | 1:400 | 1:1000 (equity dependent) |
| Regulators | FCA, ASIC, CySEC, DFSA, SCB, BaFin, CMA | CySEC, ASIC, IFSC, DFSA |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView | MetaTrader 4, MetaTrader 5 |
| Instruments | Forex, CFDs, Indices, Commodities, Crypto | Forex, CFDs, Stocks, Commodities, Crypto |
| Account types | Standard, Razor | Standard, Ultra Low, Shares |
| Founded | 2010 | 2009 |
| Spread type | Razor account quotes raw spreads from 0.1 pips; Standard account is commission-free with a markup. | Spreads from 0.6 pips on Standard, tighter on Ultra Low; Micro accounts share Standard pricing. |
| Commission | Around $3.50 per lot per side on Razor; zero on Standard. | No commission on Micro, Standard or Ultra Low accounts. |
| Overnight / swap | Overnight financing charged or credited daily, with a triple debit mid-week. | Standard nightly swap; Islamic accounts available swap-free. |
| Withdrawals | Free withdrawals to most cards and e-wallets; international wires may incur a bank fee. | XM covers withdrawal fees on most methods; inactivity fee applies after 90 days idle. |
Key differences
- XM has a lower listed minimum deposit ($5 vs $10).
- Pepperstone has the higher BrokaBoy score (9.2/10 vs 8.0/10).
- Both brokers hold licences with ASIC, CySEC, DFSA.
- Only Pepperstone lists cTrader, TradingView among its platforms.
- Only Pepperstone lists Indices among its instruments.
- Only XM lists Stocks among its instruments.
Which should you choose?
- Choose XM if a lower listed opening deposit is your priority.
- Choose Pepperstone if you want the broader platform list shown in our catalogue (4 vs 2).
- Choose Pepperstone if access to Indices is essential, and confirm it is available under your entity.
- Choose XM if access to Stocks is essential, and confirm it is available under your entity.
- Choose the broker whose regulated entity covers your country and provides the protections you need; confirm this on the regulator's register.
Frequently asked questions
Which has the lower minimum deposit, Pepperstone or XM?+
XM has the lower listed minimum deposit ($5 vs $10). Confirm current terms with each broker.
Are Pepperstone and XM regulated by the same authorities?+
They share ASIC, CySEC, DFSA. Pepperstone lists FCA, ASIC, CySEC, DFSA, SCB, BaFin, CMA; XM lists CySEC, ASIC, IFSC, DFSA in our catalogue.
Which has the higher BrokaBoy score?+
Pepperstone scores 9.2/10 against 8.0/10. The score is calculated from advertised catalogue data and excludes Trustpilot ratings.
Do Pepperstone and XM support the same platforms?+
Both list MetaTrader 4, MetaTrader 5. Pepperstone lists more platforms overall.
