Is Pepperstone cheaper than IG on forex?
Verdict
- On published figures, Pepperstone is cheaper than IG on forex whenever IG's EUR/USD spread is above its 0.6-point minimum: Pepperstone Razor's all-in average is the equivalent of 0.7 pips on cTrader and 0.8 on MT5.
- At IG's best-case 0.6 points, IG matches or slightly beats Pepperstone's average all-in cost.
- Pepperstone's Standard account (1.1-pip average, no commission) is dearer than IG's minimum; choose Razor if cost is the goal.
- IG publishes a minimum, not an average, so the honest comparison needs live spreads at your trading hours.
Probably, for an active trader on Pepperstone's Razor account, but the published numbers don't settle it outright. Pepperstone publishes average spreads; IG publishes a 'from' figure. Here is the arithmetic, converted to pips so the commission and no-commission models line up.
The short answer: Razor usually wins, Standard doesn't
Turn Pepperstone's commission into pips and the comparison becomes straightforward. One standard lot of EUR/USD is worth USD 10 a pip. Razor's round-turn commission is USD 6 on cTrader (0.6 pips) or USD 7 on MT5 and TradingView (0.7 pips). Add the published 0.1-pip average spread and the all-in cost is 0.7 pips on cTrader and 0.8 on MT5. IG says EUR/USD is 'from 0.6 points' with no commission, which is its lowest quote. If IG's typical spread is at or below 0.6, IG is cheaper; whenever it is wider than 0.7 or 0.8, Pepperstone is.
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All-in EUR/USD cost compared
| Account | Spread | Commission (round turn) | All-in, in pips |
|---|---|---|---|
| Pepperstone Razor, cTrader | 0.1 average | USD 6 | 0.7 |
| Pepperstone Razor, MT5 | 0.1 average | USD 7 | 0.8 |
| Pepperstone Standard | 1.1 average | None | 1.1 |
| IG | from 0.6 (minimum) | None | 0.6 at best |
Beyond EUR/USD
Pepperstone publishes averages for other majors too: GBP/USD 0.2 on Razor and 1.2 on Standard, USD/JPY 0.3 and 1.3. IG's pair-by-pair figures for those aren't in our data. The gap between a broker's minimum and its average usually widens on less liquid pairs and outside the London and New York sessions, which is where averages matter more than headline numbers. Gold follows the same logic: Pepperstone's XAU/USD average is 0.12 on Razor and 0.19 on Standard.
Costs that aren't in the spread
- Overnight swap applies at both brokers on positions held past the daily rollover; compare the long and short rates on your pairs.
- IG's guaranteed stop carries a premium when triggered; Pepperstone has no guaranteed stop option.
- Pepperstone charges no deposit or withdrawal fees in Australia and no inactivity fee.
- IG's minimum deposit figures conflict across its own pages; its international table lists $450 for Australia, against $10 at Pepperstone.
How to test it yourself
- Open Pepperstone's Razor demo and IG's demo.
- Record the EUR/USD spread on both at the same moments over a week, during your usual trading hours.
- Add Pepperstone's commission (0.6 or 0.7 pips) to its spread and compare.
Sources
Does IG charge commission on forex?
Not on its standard spread bets and CFDs, according to IG; the cost is in the spread, from 0.6 points on EUR/USD.
Which Pepperstone platform is cheapest for forex?
cTrader, at USD 3.00 per side on FX against USD 3.50 on MT5 and TradingView.
Is the Standard account cheaper than IG?
Not on EUR/USD: Pepperstone Standard averages 1.1 pips, above IG's 0.6-point minimum.
CFD trading is high risk because leverage magnifies losses as well as gains. General information only, not financial advice. Check each provider's PDS and current fees before opening an account.