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Head to head

Pepperstone vs XM

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. XM is licensed by CySEC in the European Union, DFSA in the United Arab Emirates (DIFC) and FSCA in South Africa. 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 $5 at XM. Both offer negative balance protection and segregated client money.

Facts last checked: Pepperstone on 20 October 2026, XM on 20 October 2026.

Pepperstone profileXM 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
XMStrictly regulatedRead the profile
Comparing
PepperstoneAustralia
XMEuropean Union

Overview

Founded
Not yet checked
2009
Headquarters
Melbourne, Australia
Not yet checked
Official websites
  • pepperstone.com
  • xm.com
  • trading-point.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
Pepperstone Group Limited
Trading Point of Financial Instruments Ltd
Regulator
ASIC
Australia
CySEC
European Union
Regulation level
Strictly regulated
Strictly regulated
Licence number
AFSL 414530
Check the register
120/10
Check the register
Clients this company serves
Australian residents
Residents of EU and EEA countries (CySEC lists xm.com and trading-point.com as its approved domains)
All licences held
  • ASIC (Australia)
  • FCA (United Kingdom)
  • CySEC (European Union)
  • BaFin (Germany)
  • DFSA (Dubai (DIFC), UAE)
  • SCB (The Bahamas)
  • CySEC (European Union)
  • DFSA (United Arab Emirates (DIFC))
  • FSCA (South Africa)
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
ICF (Cyprus) for eligible clients of Trading Point of Financial Instruments Ltd; none named for XM Global Limited

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 1:1000 (XM Global Limited); EU retail clients are limited to 1:30 on major pairs
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
Not yet checked
Stop-out level
50% (MT4 and MT5)
Not yet checked

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
  • XM App
Markets
90+ forex pairs, indices, commodities, share CFDs, ETFs, currency indices and crypto CFDs (not for UK retail)
Currency pairs, indices, commodities and share CFDs; real shares on the Shares account
Demo account
Yes
Yes
Copy trading
Yes
Yes
Expert advisors (automated trading)
Yes
Yes
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 yet checked
Inactivity fee
Not yet checked
Not yet checked

Support

Customer support
24 hours Monday to Friday and 18 hours at weekends
Not yet checked

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
  • Low minimum deposit of $5 on the Standard and Ultra Low accounts
  • Negative balance protection on all accounts, according to XM's account page
  • EU clients can contract with a CySEC-licensed company (licence 120/10)
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
  • XM's global site names XM Global Limited, which it says is regulated by the FSC of Belize (licence 8557558). We could not confirm this licence on the Belize FSC's online register on 2026-10-20, so we do not list it.
  • Leverage of up to 1:1000 on the global site magnifies losses as much as gains
  • The Standard account is marketed with deposit bonuses; read the bonus terms before you accept one
  • XM no longer holds a UK licence (the FCA register shows its passport as cancelled) and its former Australian company now trades as Trading.com Markets

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.
  • XM: Risk Warning: Our services involve a significant risk and can result in the loss of your invested capital.

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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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