Vantage or Pepperstone for low spreads?
Verdict
- Pepperstone is our pick for low spreads: its published average spreads on GBP/USD (0.2) and USD/JPY (0.3) are lower than Vantage's published minimums on those pairs (0.5 and 0.4) on the raw accounts.
- On the commission-free accounts, Pepperstone Standard's averages (EUR/USD 1.1, GBP/USD 1.2, USD/JPY 1.3) are all below Vantage Standard STP's 'from' figures (1.4, 1.6, 1.5).
- On EUR/USD both raw accounts start from 0.0 pips; Vantage doesn't publish an average.
- Vantage's USD 3.00 commission per side equals Pepperstone's cTrader rate and is below its USD 3.50 MT5 rate.
An average is what you typically pay; a minimum is the best moment of the day. When one broker's averages are tighter than the other's minimums, the comparison is about as clear as published data gets, and on most pairs that is what Pepperstone's figures show.
Pepperstone's averages vs Vantage's minimums
Pepperstone publishes average spreads for its Razor and Standard accounts. Vantage publishes 'from' figures, the lowest spreads it quotes. Placing them side by side favours Vantage, since a minimum is always at or below its own average, yet Pepperstone still comes out tighter on five of the six figures below. Only EUR/USD on the raw accounts is a tie at the 0.0 floor; there, Pepperstone's 0.1-pip average is the number you can plan around.
| Pair | Pepperstone Razor (avg) | Vantage Raw ECN (from) | Pepperstone Standard (avg) | Vantage Standard STP (from) |
|---|---|---|---|---|
| EUR/USD | 0.1 | 0.0 | 1.1 | 1.4 |
| GBP/USD | 0.2 | 0.5 | 1.2 | 1.6 |
| USD/JPY | 0.3 | 0.4 | 1.3 | 1.5 |
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Adding commission back in
Spread is only half of a raw account's cost. Vantage charges USD 3.00 per side per lot on Raw ECN. Pepperstone charges USD 3.00 per side on cTrader, USD 3.50 on MT5 and TradingView, and USD 7 on opening for MT4. So on cTrader the commission is identical and the spread comparison above decides it; on MT5 Pepperstone carries an extra USD 1 per round turn, worth 0.1 pips on a standard lot. Even with that, Pepperstone's GBP/USD average plus MT5 commission (0.9 pips all-in) is below Vantage's minimum spread plus commission (1.1 pips).
A caution on Vantage's own figures
Vantage's spreads page lists Standard STP EUR/USD from 1.4 pips, while its account summary elsewhere says from 1.0. We use the spreads-page figure in the table because it is pair-specific. If the 1.0 figure applies, Pepperstone Standard's 1.1-pip average would sit just above Vantage's minimum on EUR/USD; the other pairs are unaffected.
Who should still test Vantage
- MetaTrader traders focused only on EUR/USD, where the raw floors tie and Vantage's commission is USD 0.50 per side lower than Pepperstone's MT5 rate.
- Anyone wanting Vantage's copy-trading or ProTrader platform.
- Traders who can verify Vantage's live average over a few weeks on a demo account.
Sources
Does Vantage publish average spreads?
Not in our data; it publishes 'from' figures, such as EUR/USD from 0.0 on Raw ECN.
Which Pepperstone account has the lowest spreads?
Razor, averaging 0.1 pips on EUR/USD, with a separate commission. Standard has no commission and averages 1.1 pips.
Is the lowest spread always the cheapest account?
No. Add commission: a raw account with a 0.0 spread and USD 7 round-turn commission costs the same as a 0.7-pip spread with no commission on a standard lot.
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.