How does Pepperstone compare with ATFX?
Verdict
- Pepperstone is our pick, and the honest reason is what we can verify: its prices, platforms and the company serving Hong Kong are published, whereas ATFX is not in the verified fact set we work from, so we quote none of its licences or costs.
- Pepperstone serves Hong Kong through Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217); it holds no SFC licence.
- Whether ATFX holds an SFC licence takes two minutes to check on the SFC public register; do that before comparing anything else.
- Pepperstone's published averages: EUR/USD 0.1 pips plus $3.50 per side on Razor, 1.1 pips on Standard, gold 0.12 and 0.19, HK50 5 points.
We don't publish numbers we haven't checked against a broker's own pages, and we have no verified ATFX data. So this page does two things: sets out exactly what Pepperstone offers a Hong Kong trader, and gives you the questions that turn an ATFX sales page into a fair comparison.
What Pepperstone offers a Hong Kong trader
Pepperstone has no Hong Kong site; Hong Kong traders use its international site and contract with the Bahamas company. On it you get two accounts. Razor shows raw spreads and adds commission ($3.50 per side on MT5 and TradingView, $3.00 on cTrader FX, or HK$28.17 per side on an HKD account); Standard builds the cost into a wider spread. Retail leverage reaches 1:200 on major FX, gold and major indices, and retail clients are not liable for a negative balance. The site lists 93 FX pairs, 26 indices, 1,162 share CFDs and 31 crypto CFDs in its March 2025 count. Funding starts at $10, by card, Apple Pay, Google Pay, PayPal, Neteller, Skrill, crypto or bank transfer, all free.
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Put ATFX's answers next to these
Ask ATFX for each item in writing, or find it on its own site, and fill in the second column yourself:
| Item | Pepperstone | Ask ATFX |
|---|---|---|
| Company that would hold your account | Pepperstone Markets Limited, Bahamas | Which entity, and which regulator? |
| SFC licence | None | Licensed corporation on the SFC register? |
| EUR/USD cost | 0.1 pips avg + $3.50/side, or 1.1 pips avg | Average (not 'from') spread and commission |
| Gold cost | 0.12 avg (Razor), 0.19 avg (Standard) | Average XAU/USD spread |
| Platforms | MT4, MT5, cTrader, TradingView, own app | Which platforms for Hong Kong clients? |
| HKD base currency | Yes | Available? |
| Negative balance protection | Yes for retail | Written into the client terms? |
How to check a broker on the SFC register
- Open the SFC Public Register of Licensed Persons and Registered Institutions and search the company name.
- Note the exact legal name, CE number and the regulated activity types shown.
- Compare that name with the company named in the client agreement you are asked to sign. A brand can hold a Hong Kong licence while your account is booked offshore.
- Repeat the search for Pepperstone and you will see the result we found: no entry.
Where Pepperstone falls short
Being transparent isn't the same as being locally protected. Pepperstone's Bahamas entity names no compensation scheme, its international site says 80% of retail CFD accounts lose money, it publishes no Hong Kong-specific payment method such as FPS, and it offers no guaranteed stop-loss. If an SFC-licensed firm is a requirement for you rather than a preference, Pepperstone does not meet it.
Sources
Official pages we used for the Pepperstone side and the register check.
Is ATFX cheaper than Pepperstone?
We can't say: ATFX's prices aren't in our verified data. Compare its average EUR/USD spread plus commission with Pepperstone's roughly $8 per lot round trip on Razor.
Is Pepperstone licensed in Hong Kong?
No. Hong Kong clients deal with Pepperstone Markets Limited, regulated by the Securities Commission of The Bahamas.
Which is better for TradingView users?
Pepperstone connects TradingView to its Razor account. Ask ATFX whether it offers a TradingView link to Hong Kong clients.
Contracts for difference are leveraged products; you can lose money rapidly, and most retail traders do. Make sure you can afford the risk. Information only, not investment advice.