Pepperstone vs Plus500 for Australian traders
Verdict
- Pepperstone is our pick over Plus500 for most Australian traders: it publishes average spreads, offers MT4, MT5, cTrader and TradingView, and charges no inactivity fee.
- Plus500 (Plus500AU Pty Ltd, AFSL 417727) runs only its own platform and publishes no EUR/USD spread figure, so its costs can't be checked in advance.
- Plus500's guaranteed stop order is its main edge; Pepperstone offers no guaranteed stops.
- Plus500's fee page that we checked lists an inactivity fee of up to USD 10 a month after three months without logging in.
Plus500 and Pepperstone target different traders. Plus500 offers a single, simple proprietary app; Pepperstone offers raw pricing and the main third-party platforms. For an Australian who wants to see costs before trading, that difference decides it.
Why Pepperstone comes first
The biggest gap is price transparency. Pepperstone publishes average spreads, such as 0.1 pips on EUR/USD for Razor and 1.1 for Standard, plus a commission table by platform. Plus500 says it earns through the spread and charges no commission, but publishes no EUR/USD spread figure; its fees page uses a spread only as a worked example. You also get platform choice at Pepperstone, so strategies built for MetaTrader or cTrader move across unchanged, and you can start with $10.
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Comparison table
| Pepperstone | Plus500 | |
|---|---|---|
| ASIC entity | Pepperstone Group Limited, AFSL 414530 | Plus500AU Pty Ltd, AFSL 417727 |
| Platforms | MT4, MT5, cTrader, TradingView, own app | Own web platform and app only |
| EUR/USD pricing | Published averages | No published figure |
| Commission | Razor only; Standard is commission-free | None; cost is in the spread |
| Guaranteed stop | No | Yes, via a wider spread, not on all instruments |
| Inactivity fee | None | Up to USD 10/month after 3 months without login (fee page we checked) |
| Negative-balance protection | Yes for retail | Yes |
Where Plus500 may suit you better
If guaranteed stops matter more than price, Plus500 offers a 'Guaranteed Stop Order' that caps your loss at a set level, paid for through a wider spread, on some instruments. Its single-app design suits traders who don't want MetaTrader. Two cautions: the inactivity fee we cite comes from Plus500's UAE fees page, so confirm the Australian terms, and Plus500 sets minimum deposits per payment method rather than one headline figure.
Questions Australians usually ask
- Funding: Pepperstone takes PayID, BPAY, cards, PayPal, Neteller and Skrill free of charge; PayID and cards from $10.
- Account currency: Pepperstone offers an AUD base currency along with USD, EUR, GBP, SGD and HKD.
- Automation: Pepperstone supports EAs, cTrader cBots and API trading; Plus500 lists no third-party platforms.
- Client money: Pepperstone segregates retail funds at banks; no compensation scheme is named for Australian clients.
Sources
Does Plus500 offer MetaTrader?
We found no MT4, MT5 or TradingView on Plus500's site; it runs its own platform.
Is Pepperstone or Plus500 cheaper?
Pepperstone publishes its averages, Plus500 doesn't, so only Pepperstone's cost can be calculated in advance. Compare live spreads on demo accounts.
Are both regulated in Australia?
Yes. Pepperstone under AFSL 414530 and Plus500AU Pty Ltd under AFSL 417727.
CFDs and margin FX are complex, leveraged products with a high risk of losing money rapidly. Read Pepperstone's PDS and TMD and decide whether you can afford that risk. This page is general information, not investment advice.