Pepperstone or Oanda for MetaTrader trading?
Verdict
- Pepperstone is our pick for MetaTrader: MT4 and MT5 on both Standard and Razor accounts, its Smart Trader Tools add-ons, expert advisors allowed, and a free VPS for eligible and Pro clients.
- OANDA lists MT5 alongside its own OANDA Trade platform and TradingView; MT4 is not in our data for OANDA.
- On MetaTrader costs, Pepperstone publishes a 0.1-pip EUR/USD average on Razor plus $7 commission per round-turn lot; OANDA publishes 'from' spreads and no Core commission figure in our data.
- For Singapore residents, OANDA has a MAS-licensed company; Pepperstone serves Singapore from the Bahamas without a MAS licence.
If MetaTrader is your platform, the broker question narrows to three things: which MetaTrader versions you get, what extras come with them, and what each trade costs. Pepperstone leads on all three in the data we hold. OANDA's case rests on its brand and its MAS licence in Singapore.
Why Pepperstone suits MetaTrader traders better
Pepperstone offers both MT4 and MT5 on Standard and Razor accounts, so you can keep old MT4 expert advisors running while moving new work to MT5. It allows algorithmic trading and EAs, adds Smart Trader Tools such as Trade Terminal, Mini Terminal, Smart Lines and Correlation Matrix, and gives a free VPS to eligible and Pro clients. MetaTrader Signals is also available for copying strategies. OANDA, in our data, offers MT5 but not MT4.
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MetaTrader support compared
| Pepperstone | OANDA | |
|---|---|---|
| MT4 | Yes, Standard and Razor | Not in our data |
| MT5 | Yes, Standard and Razor | Yes |
| Other platforms | cTrader, TradingView (Razor), own web and app | OANDA Trade web/desktop, mobile app, TradingView |
| MetaTrader add-ons | Smart Trader Tools | Not in our data |
| Free VPS | For eligible and Pro clients | Not in our data |
| EUR/USD on MetaTrader | Razor 0.1 pips avg + $3.50/side on MT5 | From 1.0 pip, or from 0.1 plus commission (BVI) |
What a MetaTrader trade costs at Pepperstone
On MT5, Razor commission is $3.50 per side; on MT4 the same $7 per lot is charged once, when the position opens. With a 0.1-pip average spread, a round-turn standard lot of EUR/USD therefore costs $8 on either version. A Standard account on MT4 or MT5 costs the 1.1-pip average spread, $11 a lot, with no commission. OANDA's MetaTrader cost can't be worked out from our data, because its spreads are minimums and its Core commission rate isn't listed.
The Singapore angle
OANDA Asia Pacific Pte Ltd holds a MAS capital markets services licence. Pepperstone serves Singapore through Pepperstone Markets Limited, licensed in the Bahamas (SCB, SIA-F217), with retail leverage up to 1:200 on major FX and negative balance protection for retail clients. If you run expert advisors with a large balance, think about where that balance sits as well as the tools around it.
Setting up MetaTrader at Pepperstone
- Choose Standard or Razor; both include MT4 and MT5.
- Download MetaTrader and log in with the server and account number Pepperstone sends.
- Install Smart Trader Tools if you want the extra order and analysis panels.
- Ask whether your account qualifies for the free VPS before paying for one elsewhere.
Sources
Platform and pricing pages.
Does OANDA offer MT4?
MT4 is not among the platforms in our data for OANDA, which lists OANDA Trade, its mobile app, MT5 and TradingView.
Can I run expert advisors on Pepperstone's MT4 and MT5?
Yes. Pepperstone supports algorithmic trading and EAs on both, with a free VPS for eligible and Pro clients.
Is MT4 or MT5 cheaper at Pepperstone?
Neither: Razor costs $7 commission per round-turn lot on both. MT4 charges it at the open; MT5 splits it into $3.50 per side.
Automated and manual CFD trading both carry a high risk of rapid losses because of leverage. Pepperstone Markets Limited states that 80% of retail investor accounts lose money trading CFDs with it. Platform features don't reduce that risk. Not investment advice.