What makes Pepperstone different from other ECN brokers?
Verdict
- Pepperstone differs from other raw-spread ('ECN-style') brokers in three ways: it publishes average spreads rather than only minimums, it reports execution data (a 99.32% fill rate with no dealer intervention), and its Razor account runs on five platforms.
- Its commission varies by platform, from USD 3.00 per side on cTrader to USD 3.50 on MT5, where some rivals charge a flat USD 3.00.
- Pepperstone's account is called Razor rather than 'ECN'; in Australia its CFDs are issued by Pepperstone Group Limited (AFSL 414530) under its PDS.
- It is our top pick in Australia, though IC Markets publishes tighter raw averages on the main FX pairs.
'ECN' is a marketing label more than a regulatory one; brokers use it for accounts with raw market spreads plus a commission. Pepperstone's version is Razor. Here is what genuinely sets it apart from the raw accounts at IC Markets, FP Markets and Vantage, using what each publishes.
Three things Pepperstone does differently
First, transparency: Pepperstone publishes averages for Razor (EUR/USD 0.1, GBP/USD 0.2, USD/JPY 0.3) and Standard, so you can estimate costs before trading; Vantage, for example, publishes only 'from' figures for its Raw ECN account. Second, execution data: Pepperstone reports fills from 50 milliseconds and a 99.32% fill rate with no dealer intervention for Q1 2026 trades. Third, platform breadth: Razor runs on MT4, MT5, cTrader, TradingView and Pepperstone's own web platform and app.
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Razor against other raw-spread accounts
| Pepperstone Razor | IC Markets Raw Spread | FP Markets Raw | Vantage Raw ECN | |
|---|---|---|---|---|
| EUR/USD figure | 0.1 average | 0.01 average | 0.11 average | from 0.0 |
| Commission per side | USD 3.00 cTrader; USD 3.50 MT5/TradingView | USD 3.50 | USD 3.00 | USD 3.00 |
| cTrader | Yes | Yes | Yes | Not listed |
| TradingView | Yes | Yes | Yes | Yes |
| Execution statistics published | Yes | Not in our data | Not in our data | Not in our data |
| Minimum deposit | $10 | 0 | $100 | $50 |
Extras that come with the account
- Smart Trader Tools add-ons for MetaTrader (Trade Terminal, Correlation Matrix, Mini Terminal and more).
- A free Bloomberg.com Premium Digital subscription for Pepperstone traders, terms applying.
- A free VPS for eligible and pro clients.
- cTrader Automate and API trading for systematic strategies.
Where it is no different, or behind
Like the others, Pepperstone's CFDs are over-the-counter contracts issued by the broker, not trades on an exchange order book, whatever the account is called. It doesn't offer guaranteed stops. IC Markets' published raw averages are tighter on EUR/USD, GBP/USD, USD/JPY and gold, and FP Markets and Vantage charge a flat USD 3.00 commission on MetaTrader where Pepperstone charges USD 3.50.
Sources
Is Pepperstone an ECN broker?
It offers a raw-spread account, Razor, with a separate commission and says execution has no dealer intervention. The CFDs themselves are issued by Pepperstone under its PDS.
Which raw-spread broker is cheapest in Australia?
On published EUR/USD averages, IC Markets Raw Spread and Pepperstone Razor on cTrader are within ten cents a lot; Pepperstone on MT5 is about USD 1 more.
Does Razor have a minimum deposit?
Pepperstone's Australian minimum deposit is $10.
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.