Should I use Pepperstone or CMC Markets for CFD trading?
Verdict
- Use Pepperstone if you want platform choice and raw-spread pricing: its Razor CFD account runs on MT4, MT5, cTrader, TradingView and its own platform, with EUR/USD at 0.1 pips on average plus commission.
- Use CMC Markets if guaranteed stop-loss orders matter to you: CMC offers them, refunding the fee in full if the stop isn't triggered; Pepperstone doesn't offer them.
- Both are FCA-authorised (Pepperstone Limited 684312; CMC Markets UK plc 173730) and both offer spread betting as well as CFDs.
- CMC lists its platforms as Next Generation, its mobile app and MT4; MT5, cTrader and TradingView are not among them in our data.
Pepperstone and CMC Markets are both long-standing FCA-authorised CFD providers, so the decision rests on how you trade. For most CFD traders who use third-party platforms or automate, the published facts point to Pepperstone.
Why Pepperstone suits most CFD traders
Pepperstone gives you two CFD accounts. Razor pairs a raw EUR/USD spread (0.0 minimum, 0.1 average) with commission from £2.25 per lot per side in GBP; Standard is commission-free at a 1.1-pip average. Platform choice is the bigger difference: MT5, cTrader and Pepperstone's own platform on both accounts, plus MT4 and TradingView on Razor. For automation there are MT4/MT5 expert advisors, cTrader Automate (C# cBots) and API trading.
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Pepperstone vs CMC Markets: CFD terms side by side
| Pepperstone | CMC Markets | |
|---|---|---|
| FCA entity | Pepperstone Limited, 684312 | CMC Markets UK plc, 173730 |
| EUR/USD | Razor 0.0 min / 0.1 avg + commission; Standard 1.1 avg | Standard from 0.5; FX Active from 0.0 + 0.0025% per transaction |
| Platforms | Own web/app, MT4 (Razor), MT5, cTrader, TradingView (Razor) | Next Generation, mobile app, MT4 |
| Guaranteed stops | Not offered | Yes; fee refunded if not triggered |
| Major FX leverage / margin | 1:30 | Margin from 3.34% |
| Indices and commodities | 1:20 major indices and gold; 1:10 other commodities | Margin from 5% |
| Minimum deposit | £10 by card | None |
Where CMC Markets has the edge
- Guaranteed stop-loss orders, with the fee refunded if the stop isn't hit.
- No minimum deposit.
- Withdrawal terms spelled out: requests before 4 pm UK time are processed the same day, and card and standard bank withdrawals carry no charge.
- A commission-free EUR/USD spread from 0.5 pips, tighter than Pepperstone Standard's published minimum of 1.0.
Questions to settle before choosing
- Which platform do you need? If it is MT5, cTrader or TradingView, Pepperstone is the one that offers it in our data.
- Do you need guaranteed stops? Only CMC offers them of these two.
- Do you trade shares? Pepperstone charges 0.10% per side on UK share CFDs and $0.02 a share on US ones; check CMC's live rates.
- Compare live spreads on your three most-traded markets at the same time of day.
Sources
Terms as published by each firm.
Is CMC Markets regulated in the UK?
Yes. CMC Markets UK plc is authorised by the FCA under register number 173730; CMC Markets Investments Limited is also listed, under 948126.
Does Pepperstone offer MetaTrader 5 for CFDs?
Yes, on both its Standard and Razor CFD accounts. MT4 and TradingView are available on Razor only.
Which broker offers guaranteed stop-losses?
CMC Markets does; the fee is refunded in full if the stop is not triggered. Pepperstone's UK terms say stops cannot be guaranteed.
Spread bets and CFDs are complex instruments and carry a high risk of losing money rapidly because of leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone Limited. Consider whether you understand how these products work and whether you can afford to lose your money. This page is general information, not investment advice.