Pepperstone vs XM: costs, regulation and platforms compared
For a standard lot of EUR/USD, Pepperstone costs $8.00 all-in and XM $8.00 in the EU; Pepperstone ranks #1 and XM #4 of 7 ranked brokers there.
For a standard lot of EUR/USD, Pepperstone costs $8.00 all-in in the UK; XM does not take clients in the UK; Pepperstone ranks #1 of 8 ranked brokers there.
For a standard lot of EUR/USD, Pepperstone costs $8.00 all-in in Australia; we have no verified all-in figure for XM in Australia; Pepperstone ranks #1 and XM #2 of 8 ranked brokers there.
For a standard lot of EUR/USD, Pepperstone costs $8.00 all-in in other countries; we have no verified all-in figure for XM in other countries; Pepperstone ranks #1 and XM #5 of 13 ranked brokers there.
| Measure | Pepperstone | XM |
|---|---|---|
| BrokersNest score and rank | 91.78/100 · #1 of 7 in the EU (higher score) | 77.57/100 · #4 of 7 in the EU |
| All-in cost per lot (EUR/USD) | $8.00 | $8.00 |
| Typical spread + commission | 0.1 pips + $7.00 commission (Razor) | 0.1 pips + $7.00 commission (Zero) |
| Minimum deposit | No minimum (recommended $200) | $5 (Standard / Ultra Low / Zero); Shares account $10,000 |
| Max. leverage (retail) | 1:30 | 1:30 |
| Regulator and entity | Pepperstone EU Limited · CySEC 388/20 | Trading Point of Financial Instruments Ltd · CySEC 120/10 |
| Platforms | MT4 · MT5 · cTrader · TradingView · Pepperstone Platform | MT4 · MT5 · XM app |
| Instruments | 1,300+ | 1,400+ |
| Hedging | Available | Available |
| Scalping | Available | Available |
| Demo account | Unlimited | 90 days |
| Withdrawal payout | 1 business day | 1 business day |
| Data verified | 21 Sep 2026 | 21 Sep 2026 |
Not linked from your region.
| Measure | Pepperstone | XM Not available in the UK |
|---|---|---|
| BrokersNest score and rank | 91.78/100 · #1 of 8 in the UK (higher score) | 77.57/100 |
| All-in cost per lot (EUR/USD) | $8.00 | — |
| Typical spread + commission | 0.1 pips + $7.00 commission (Razor) | — |
| Minimum deposit | No minimum (recommended $200) | $5 (Standard / Ultra Low / Zero); Shares account $10,000 |
| Max. leverage (retail) | 1:30 | — |
| Regulator and entity | Pepperstone Limited · FCA 684312 | — |
| Platforms | MT4 · MT5 · cTrader · TradingView · Pepperstone Platform | MT4 · MT5 · XM app |
| Instruments | 1,300+ | 1,400+ |
| Hedging | Available | Available |
| Scalping | Available | Available |
| Demo account | Unlimited | 90 days |
| Withdrawal payout | 1 business day | 1 business day |
| Data verified | 21 Sep 2026 | 21 Sep 2026 |
Not linked from your region.
| Measure | Pepperstone | XM |
|---|---|---|
| BrokersNest score and rank | 91.78/100 · #1 of 8 in Australia (higher score) | 77.57/100 · #2 of 8 in Australia |
| All-in cost per lot (EUR/USD) | $8.00 | — |
| Typical spread + commission | 0.1 pips + $7.00 commission (Razor) | — |
| Minimum deposit | No minimum (recommended $200) | $5 (Standard / Ultra Low / Zero); Shares account $10,000 |
| Max. leverage (retail) | 1:30 | 1:30 |
| Regulator and entity | Pepperstone Group Limited · ASIC 414530 | Trading Point of Financial Instruments Pty Ltd · ASIC 443670 |
| Platforms | MT4 · MT5 · cTrader · TradingView · Pepperstone Platform | MT4 · MT5 · XM app |
| Instruments | 1,300+ | 1,400+ |
| Hedging | Available | Available |
| Scalping | Available | Available |
| Demo account | Unlimited | 90 days |
| Withdrawal payout | 1 business day | 1 business day |
| Data verified | 21 Sep 2026 | 21 Sep 2026 |
Not linked from your region.
| Measure | Pepperstone | XM |
|---|---|---|
| BrokersNest score and rank | 91.78/100 · #1 of 13 globally (higher score) | 77.57/100 · #5 of 13 globally |
| All-in cost per lot (EUR/USD) | $8.00 | — |
| Typical spread + commission | 0.1 pips + $7.00 commission (Razor) | — |
| Minimum deposit | No minimum (recommended $200) | $5 (Standard / Ultra Low / Zero); Shares account $10,000 |
| Max. leverage (retail) | 1:400 | 1:1000 |
| Regulator and entity | Pepperstone Markets Limited · SCB · DFSA · CMA | XM Global Limited · FSC Belize · FSA Seychelles · FSCA |
| Platforms | MT4 · MT5 · cTrader · TradingView · Pepperstone Platform | MT4 · MT5 · XM app |
| Instruments | 1,300+ | 1,400+ |
| Hedging | Available | Available |
| Scalping | Available | Available |
| Demo account | Unlimited | 90 days |
| Withdrawal payout | 1 business day | 1 business day |
| Data verified | 21 Sep 2026 | 21 Sep 2026 |
Not linked from your region.
How we compare: the same verified figures as each broker’s review, scored with one published method. How we rank →
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 53% and 80% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Pepperstone or XM?
Which is cheaper, Pepperstone or XM?
All-in cost per standard lot of EUR/USD (spread plus commission): in the EU, Pepperstone $8.00 and XM $8.00.
Are Pepperstone and XM regulated in the UK, EU or Australia?
Pepperstone is regulated in the UK (FCA 684312), the EU (CySEC 388/20) and Australia (ASIC 414530). XM is regulated in the EU (CySEC 120/10) and Australia (ASIC 443670); not in the UK.
Which has the lower minimum deposit, Pepperstone or XM?
Minimum deposit at Pepperstone: No minimum (recommended $200). At XM: $5 (Standard / Ultra Low / Zero); Shares account $10,000.
How do Pepperstone and XM score in the BrokersNest rankings?
Pepperstone scores 91.78/100 and XM 77.57/100 under our published method.