Pepperstone or CMC Markets, which has lower overall trading costs?
Verdict
- It is close, and it depends on what you trade. Pepperstone is our overall pick: cheaper published minimums on spot gold and on spread bets, a published EUR/USD average, and no inactivity fee.
- On EUR/USD commission, CMC's FX Active account is fractionally cheaper: 0.0025% per transaction works out at €2.50 a side per lot, against €2.60 at Pepperstone on a EUR account.
- On commission-free pricing CMC wins: EUR/USD from 0.5 pips, against Pepperstone Standard's 1.0 minimum and 1.1 average.
- Withdrawals are free at both for normal methods; Pepperstone's pages conflict on a £15 international wire fee.
There is no single answer to 'cheaper': CMC wins some lines and Pepperstone others. Here are the published numbers market by market, with the maths, so you can weigh them against what you actually trade.
Our verdict: Pepperstone, by a narrow margin
For a trader who mixes FX, gold and indices, Pepperstone's published figures come out level or lower more often, and it is the only one of the two that publishes average spreads, so you know your typical cost as well as your best-case cost. Spot gold on Razor starts at 0.08 and on spread bets at 0.1, against CMC's 'from 0.2 points'. Pepperstone also charges no inactivity or account-keeping fee.
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EUR/USD: one lot, worked out
CMC FX Active charges 0.0025% of the trade value per transaction. On one lot of EUR/USD (€100,000) that is €2.50 to open and €2.50 to close: €5 round turn plus a spread from 0.0. Pepperstone Razor on a EUR account charges €2.60 per side, €5.20 round turn, plus a spread that averages 0.1 pips. So CMC is about €0.20 a lot cheaper on commission at the minimum spread; the gap per lot is small, but it adds up for very high-volume traders.
| Account | Spread | Commission per round-turn lot |
|---|---|---|
| CMC FX Active | From 0.0 | €5 (0.0025% × 2 on €100,000) |
| Pepperstone Razor (EUR account) | 0.0 min / 0.1 avg | €5.20 |
| CMC Standard | From 0.5 | None |
| Pepperstone Standard | 1.0 min / 1.1 avg | None |
| Pepperstone spread bet | 0.5 min | None |
Gold and other markets
- Spot gold: Pepperstone 0.08 (Razor, plus commission), 0.1 (spread bet), 0.19 (Standard); CMC from 0.2 points.
- Indices: Pepperstone publishes US500 from 0.4, GER40 from 0.9 and UK100 from 1 on Razor and spread bets. CMC's index spreads are not in our data.
- Shares: Pepperstone charges 0.10% per side on UK share CFDs (minimum £0.01) and $0.02 a share on US shares.
Non-trading costs
CMC says card and standard bank withdrawals are free, with UK domestic transfers taking one to two working days. Pepperstone lists all withdrawals as free in its table but mentions £15 for international wires in its costs FAQ. Guaranteed stops cost money at CMC (refunded if not triggered); Pepperstone doesn't offer them, so there's no fee to compare.
Sources
Costs as published by each firm.
Is CMC Markets cheaper than Pepperstone for forex?
On commission-free accounts, yes: CMC's EUR/USD from 0.5 pips is tighter than Pepperstone Standard's 1.0 minimum. On raw-spread accounts the two are close, with CMC FX Active about €0.20 a lot cheaper on commission.
Which is cheaper for gold?
Pepperstone on published minimums: 0.08 on Razor (plus commission) and 0.1 on spread bets, against CMC's from 0.2 points.
Does either charge an inactivity fee?
Pepperstone does not. CMC's inactivity terms are not in our verified data, so check its charges page.
CFDs and spread bets are leveraged, complex products, and you can lose money quickly. Pepperstone Limited reports that 73.6% of its retail investor accounts lose money trading them; other providers publish their own figures. Nothing on this page is investment or tax advice.