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Head to head

Pepperstone vs WM Markets

Pepperstone is licensed by ASIC in Australia; FCA in the United Kingdom; CySEC in the European Union; BaFin in Germany; DFSA in Dubai (DIFC), UAE and SCB in The Bahamas. WM Markets has no licence we could confirm on a regulator's register. The licence that applies to you depends on where you live, so check which company you would contract with before comparing anything else.

Minimum deposits start at $0 at Pepperstone and $50 at WM Markets. Both offer negative balance protection and segregated client money.

Facts last checked: Pepperstone on 20 October 2026, WM Markets on 20 October 2026.

Pepperstone profileWM Markets profile
Broker 1
Broker 2
Broker 3

Monthly cost uses the account chosen in each slot: cost per lot × your lots. Swap and other fees are extra. The lowest monthly cost is highlighted only as a fact about cost, not as a recommendation.

Broker
PepperstoneStrictly regulatedRead the profile
WM MarketsRead the profile
Comparing
PepperstoneAustralia
WM Markets

Overview

Founded
Not yet checked
Not yet checked
Headquarters
Melbourne, Australia
Fomboni, Mwali (Comoros)
Official websites
  • pepperstone.com
  • wmmarkets.com
  • en.wmmarkets.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
Pepperstone Group Limited
No licence listed
Regulator
ASIC
Australia
No licence listed
Regulation level
Strictly regulated
No licence listed
Licence number
AFSL 414530
Check the register
No licence listed
Clients this company serves
Australian residents
No licence listed
All licences held
  • ASIC (Australia)
  • FCA (United Kingdom)
  • CySEC (European Union)
  • BaFin (Germany)
  • DFSA (Dubai (DIFC), UAE)
  • SCB (The Bahamas)
None listed
Segregated client money
Yes
Yes
Negative balance protection
Yes
Yes
Compensation scheme
FSCS up to £85,000 (UK); ICF up to €20,000 (Pepperstone EU); none for the Bahamas company
None

Costs

Your monthly cost
No accounts listed
No accounts listed
Cost per lot (EUR/USD)
No accounts listed
No accounts listed
Spread from
No accounts listed
No accounts listed
Typical EUR/USD spread
No accounts listed
No accounts listed
Commission per lot (round turn)
No accounts listed
No accounts listed
Typical GBP/USD spread
Not yet checked
Not yet checked
Typical USD/JPY spread
Not yet checked
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Not yet checked
Yes

Leverage and margin

Maximum retail leverage
1:30 on major pairs (UK, EU, Australia)
Up to 1:2000 (dynamic, set per instrument)
Retail leverage by asset class
  • Major currency pairs: 1:30
  • Other currency pairs: 1:20
  • Other commodities and non-major indices: 1:10
  • Share CFDs: 1:5
Not yet checked
Margin call level
Not yet checked
100%
Stop-out level
50% (MT4 and MT5)
20%

Account

Minimum deposit (this account)
No accounts listed
No accounts listed
Base currencies
No accounts listed
No accounts listed
Execution
No accounts listed
No accounts listed

Platforms and features

Platforms
  • MetaTrader 4
  • MetaTrader 5
  • cTrader
  • TradingView
  • Pepperstone platform
  • Mobile app
  • MetaTrader 4
  • MetaTrader 5
  • WM Markets mobile app
  • MT4 WebTrader
Markets
90+ forex pairs, indices, commodities, share CFDs, ETFs, currency indices and crypto CFDs (not for UK retail)
CFDs on forex, metals, indices, energies, commodities, treasuries, shares, ETFs and cryptocurrencies
Demo account
Yes
Yes
Copy trading
Yes
Yes
Expert advisors (automated trading)
Yes
Not yet checked
News trading allowed
Not yet checked
Not yet checked
Guaranteed stops
Not yet checked
Not yet checked

Deposits and withdrawals

Deposit methods
  • Debit card
  • Credit card
  • Apple Pay
  • Google Pay
  • Bank transfer
Not yet checked
Withdrawal fee
Free by card, Apple Pay, Google Pay and bank transfer (UK)
Not published; the agreement allows transfer-related and termination fees
Inactivity fee
Not yet checked
Accounts with no trading for six months are disabled and may pay maintenance charges (amount not published)

Support

Customer support
24 hours Monday to Friday and 18 hours at weekends
24/5 multilingual support by live chat

Our notes

Strengths
  • Licensed by four strict regulators (ASIC, FCA, CySEC, BaFin), with retail money held in segregated accounts
  • Negative balance protection for retail clients
  • Razor account commission is published per currency (for example £2.25 per lot per side on GBP accounts)
  • No minimum deposit for bank transfers in the UK, and free withdrawals
  • Negative balance protection is written into the client agreement
  • The agreement says client money is kept apart from the company's own funds
  • Says it holds a client funds insurance policy of up to $1,000,000
Watch out for
  • Says Pepperstone Markets Kenya Limited holds CMA licence 128; we could not confirm it on the Capital Markets Authority register on 2026-10-20 because the CMA website was unavailable.
  • Says Pepperstone Financial Services LLC holds UAE CMA licence 20200000358 for introduction and financial consultation; we could not confirm it on the regulator's register on 2026-10-20.
  • Clients outside the UK, EU and Australia may be placed with the Bahamas company, which has no compensation scheme
  • Pepperstone publishes minimum spreads, not typical spreads; Pro clients lose negative balance protection
  • Says WM Markets Ltd holds MISA licence BFX2024009; we could not confirm it on MISA's register on 2026-10-20 (the register blocked automated access).
  • The agreement gives the company a lien over client assets and lets it pledge or reinvest assets held for clients
  • Leverage up to 1:2000, and payment methods and withdrawal fees are not listed on the public website
  • Inactive accounts are disabled after six months and may be charged maintenance fees that are not published

Risk warnings

The buttons to a broker’s website above the table are partner links: we may earn a commission if you open an account through them. That never changes the facts shown here. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Each broker’s own warning:

  • Pepperstone: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
  • WM Markets: Contracts for Difference (CFD) are complex financial instruments carrying a substantial level of risk and may not be suitable for all investors, as may result in the loss of all invested capital rapidly due to leverage. You should consider whether you understand how CFDs work, your investment objectives, level of experience, risk appetite, and, if necessary, seek advice from an independent financial advisor.

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Other head-to-head pages

Cost per lot is the typical EUR/USD spread in busy hours × $10, plus any round-turn commission, for one standard lot. “Not yet checked” means we have not confirmed that fact yet. This page compares facts; it does not rank the brokers or recommend either. Confirm costs and licences on each broker’s site and the regulator’s public register before opening an account: see how we review brokers and check a broker yourself.

Nothing on this page is financial advice. Read the full disclaimer.

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