Pepperstone vs FP Markets for Australian traders
Verdict
- Pepperstone is our pick over FP Markets for Australian traders on overall terms: tighter published averages on EUR/USD, GBP/USD and USD/JPY, a $10 minimum against $100, and fee-free PayID and BPAY funding.
- FP Markets (First Prudential Markets Pty Ltd, AFSL 286354) charges USD 3.00 per side on its Raw account, below Pepperstone's MT5 rate of USD 3.50 and equal to its cTrader rate.
- Net of commission, the two raw accounts are within about USD 0.10–0.30 a lot on EUR/USD and GBP/USD.
- FP Markets offers Iress and states clearly that scalping, EAs and hedging are allowed.
This is one of the closest match-ups in Australia: both are ASIC-licensed, both publish average spreads, and both run MT4, MT5, cTrader and TradingView. Pepperstone edges it on standard-account pricing and entry cost; FP Markets on commission and stated trading rules.
Why Pepperstone edges it
On the commission-free accounts the gap is clearest: Pepperstone Standard averages 1.1 pips on EUR/USD against FP Markets Standard's 1.21, and 1.2 against 1.43 on GBP/USD. On gold, Pepperstone's Standard average is 0.19 against 0.25. For a trader who wants no commission and simple pricing, that is a real saving on every trade. Add the $10 minimum, PayID and BPAY deposits at no charge, and Pepperstone's own web platform and app alongside the MetaTrader suite, and it is our first choice of the two.
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Published averages, both accounts
Raw-account cost per round-turn standard lot on EUR/USD: Pepperstone cTrader USD 1 + USD 6 = USD 7; Pepperstone MT5 USD 1 + USD 7 = USD 8; FP Markets USD 1.10 + USD 6 = USD 7.10. On GBP/USD: USD 8 (cTrader) or USD 9 (MT5) at Pepperstone, USD 9.30 at FP Markets.
| Instrument | Pepperstone Razor | FP Markets Raw | Pepperstone Standard | FP Markets Standard |
|---|---|---|---|---|
| EUR/USD | 0.1 | 0.11 | 1.1 | 1.21 |
| GBP/USD | 0.2 | 0.33 | 1.2 | 1.43 |
| USD/JPY | 0.3 | 0.71 | 1.3 | 1.81 |
| XAU/USD | 0.12 | 0.12 | 0.19 | 0.25 |
Where FP Markets does better
- Commission: USD 3.00 per side on all its raw platforms, so MetaTrader users avoid Pepperstone's higher MT5 rate.
- Iress: FP Markets lists the Iress platform, which Pepperstone doesn't offer.
- Stated rules: FP Markets says scalping, EAs and hedging are allowed. Pepperstone allows EAs, but its Australian pages we checked carry no general scalping or hedging statement.
Before you choose
- Pick your platform; it changes Pepperstone's commission.
- Check the average spread on the pairs you trade most, not only EUR/USD.
- Confirm the entity: both brokers' figures above come from their main websites, so ask whether the ASIC company quotes the same.
- Fund with a small amount first: $10 at Pepperstone, $100 at FP Markets.
Sources
Is FP Markets regulated by ASIC?
Yes. First Prudential Markets Pty Ltd holds AFSL 286354.
Which is cheaper on EUR/USD?
Raw accounts: Pepperstone on cTrader (USD 7 a round turn) narrowly beats FP Markets (USD 7.10), which beats Pepperstone on MT5 (USD 8). Standard accounts: Pepperstone, at 1.1 vs 1.21 pips.
What is the minimum deposit at each?
$10 at Pepperstone and $100 at FP Markets.
Trading CFDs with leverage can lose you money quickly, including all of the funds you deposit. Nothing here is personal advice; broker terms change, so confirm them on the broker's own site and in its Product Disclosure Statement.