Is Pepperstone cheaper than City Index for forex trading?
Verdict
- Mostly yes. On EUR/USD, Pepperstone Razor on cTrader costs $6 per round-turn lot at its minimum spread, against about $7 at City Index's published 'from 0.7 pips'; Pepperstone's spread betting minimum is 0.5.
- City Index has become StoneX Trading in the UK: cityindex.com now redirects there, and the FCA entity is StoneX Financial Ltd (446717).
- Pepperstone's Standard account is the exception: its 1.0-pip minimum is wider than StoneX's 0.7.
- StoneX offers guaranteed stops; Pepperstone doesn't.
If you're comparing with City Index, you are really comparing with StoneX Trading: the City Index UK site now redirects to StoneX, under the same FCA authorisation. On the published EUR/USD numbers, Pepperstone is cheaper on two of its three accounts.
Why Pepperstone comes out cheaper for most forex traders
Pepperstone's Razor account starts EUR/USD at 0.0 pips and averages 0.1, with commission of $3.00 per side on cTrader and $3.50 on MT5, or £2.25 per side on a GBP account. Its spread betting account starts EUR/USD at 0.5 with no commission. StoneX publishes EUR/USD 'from 0.7 pips' on its market page, with no FX commission stated.
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EUR/USD per round-turn lot
At $10 a pip on one standard lot, using each firm's lowest published EUR/USD figure. StoneX doesn't publish an average in our data; Pepperstone's average adds $1 to each Razor line.
| Account | Spread | Commission | Total |
|---|---|---|---|
| Pepperstone Razor, cTrader | 0.0 | $6 | $6 |
| Pepperstone Razor, MT5 | 0.0 | $7 | $7 |
| StoneX Trading (City Index) | 0.7 = $7 | None stated | $7 |
| Pepperstone Standard | 1.0 = $10 | None | $10 |
What happened to City Index
When we checked on 21 October 2026, cityindex.com/en-uk redirected to stonex.com, where the service is called StoneX Trading, a trading name of StoneX Financial Ltd (FCA 446717), the same company behind FOREX.com UK. Its forex page also quotes spreads 'from 0.4 points' and its homepage 'from 0.5 points'; those are headline figures across pairs, so we use the EUR/USD page's 0.7 here.
Other differences that affect cost
- Minimum deposit: Pepperstone £10 by card; StoneX has no minimum but sets £100 per card transaction.
- Platforms: Pepperstone offers MT4, MT5, cTrader, TradingView and its own platform; StoneX lists its Web Trader, apps, MT4 and TradingView.
- Guaranteed stops: StoneX offers them, charged if triggered; Pepperstone doesn't.
- Both offer spread betting and negative balance protection for retail clients.
Sources
Pricing as published by each firm.
Does City Index still exist?
In the UK the City Index site redirects to StoneX Trading, operated by StoneX Financial Ltd (FCA 446717). Treat City Index as a retired consumer brand.
Is Pepperstone's Standard account cheaper than City Index?
No. Pepperstone Standard's EUR/USD minimum is 1.0 pips against StoneX's from 0.7. Pepperstone's Razor and spread betting accounts are the cheaper options.
Does StoneX charge commission on forex?
No FX commission is stated on its UK pages; its cost is in the spread.
Trading on margin magnifies losses as well as gains. Spread bets and CFDs are complex and high-risk: 73.6% of retail investor accounts lose money when trading them with Pepperstone Limited. Fees and terms change, so confirm them on each broker's own site before you trade. Not investment advice.