Pepperstone vs FP Markets: Which ASIC broker wins in 2026?
Pepperstone is the better choice for active forex-only traders who want TradingView integration and the polished execution that comes with the AUD 3.50 per-side commission. Pepperstone now has no minimum deposit, matching FP Markets' accessibility tier. FP Markets wins on three specific dimensions: lowest entry capital among premier ASIC brokers (AUD 100 minimum), AUD 1 per round-turn cheaper commission (AUD 3.00 per side), and the only retail forex broker offering IRESS for direct ASX share trading from the same account. Both are ASIC-regulated, both offer MT4 / MT5 / cTrader, both support PayID and BPAY, both quote 0.1 pip average EUR/USD on raw-spread accounts.
Quick verdict: Which should you choose?
Choose Pepperstone if:
- You use TradingView for analysis and order placement
- You trade primarily during London / New York sessions
- You prioritise execution polish during high-impact news
- You want the broadest forex / CFD platform selection
- You want the broadest platform set including TradingView
Choose FP Markets if:
- You want ASX share trading from the same account (IRESS)
- You want IRESS for direct ASX share trading from one account
- You trade enough volume that AUD 1 per round-turn matters
- You value structured beginner education content
- You do not need TradingView integration
At-a-glance comparison
| Feature | Pepperstone | FP Markets | Winner |
|---|---|---|---|
| ASIC licence | AFSL 414530 | AFSL 286354 | Tie |
| Headquarters | Melbourne | Sydney | Tie |
| Founded | 2010 | 2005 | FP Markets |
| Minimum deposit | AUD 0 Trading involves risk. | AUD 100 | Pepperstone |
| EUR/USD avg spread (raw) | 0.1 pip | 0.1 pip | Tie |
| Commission per side (raw) | AUD 3.50 | AUD 3.00 | FP Markets |
| Round-turn commission | AUD 7.00 | AUD 6.00 | FP Markets |
| Platforms | MT4, MT5, cTrader, TradingView | MT4, MT5, cTrader, IRESS | Different strengths |
| TradingView integration | Yes | No | Pepperstone |
| IRESS (direct ASX shares) | No | Yes | FP Markets |
| Single-login all platforms | Yes | Yes | Tie |
| News event execution | Very good | Good | Pepperstone |
| Education content depth | Good | Strongest among AU peers | FP Markets |
| PayID / BPAY support | Yes | Yes | Tie |
| Overall rating | 4.8 / 5 | 4.6 / 5 | Pepperstone |
Risk warning: Trading CFDs and FX carries significant risk of loss and may not be suitable for all investors. Past performance is not indicative of future results. Pepperstone Group Limited holds AFSL 414530.
Regulation and safety
The two brokers diverge sharply on regulator footprint. Pepperstone holds AFSL 414530 under Pepperstone Group Limited (Melbourne, since 2010) and stacks six additional international licences on top of ASIC: FCA, CySEC, BaFin, DFSA, SCB, CMA. FP Markets holds AFSL 286354 under First Prudential Markets Pty Ltd (Sydney, since 2005) with a narrower international footprint but five extra years of continuous AU operating history. Both run clean ASIC records (no enforcement actions, no client fund breaches, no significant sanctions), so the baseline ASIC protections (segregated trust accounts, retail negative balance protection, AFCA dispute resolution) sit identically across the two.
Client protections are identical: segregated trust accounts with Australian Tier-1 banks, negative balance protection for retail accounts, AFCA dispute resolution access. FP Markets has been operating since 2005 (five years longer than Pepperstone), which is a small but real advantage for clients who weigh corporate longevity. Neither broker has ever lost a client funds dispute through ASIC or AFCA.
Spreads and commissions: cost to actually trade
This is where the comparison gets specific. The two brokers quote nearly identical raw spreads on majors. The cost difference shows up in the per-side commission.
| Cost component | Pepperstone (Razor) | FP Markets (Raw) |
|---|---|---|
| EUR/USD avg spread (London / NY) | 0.1 pip | 0.1 pip |
| EUR/USD spread cost per standard lot | ~AUD 1.50 | ~AUD 1.50 |
| Commission per side | AUD 3.50 | AUD 3.00 |
| Round-turn commission per standard lot | AUD 7.00 | AUD 6.00 |
| Total round-turn cost (EUR/USD, raw) | ~AUD 8.50 | ~AUD 7.50 |
What does AUD 1 per round-turn actually mean?
For a casual trader executing 5 round-turns per week on a standard lot, the saving is AUD 5 per week, or AUD 260 per year. Marginal.
For an active scalper running 100 round-turns per week, the saving is AUD 100 per week, or AUD 5,200 per year. Material.
For a high-frequency EA running 1,000 round-turns per week (not unusual for some grid or scalping strategies), the saving compounds to AUD 52,000 per year. Strategy-defining.
The break-even point where FP Markets' commission advantage outweighs Pepperstone's other features depends on your volume profile. Below 50 round-turns per week, the difference is noise. Above 200 per week, it is the dominant factor in broker selection.
What about AUD pair spreads?
Both brokers quote 0.1 to 0.2 pips on AUD/USD during overlap hours. During Asian session, FP Markets' Sydney-based liquidity infrastructure produces marginally tighter AUD-pair spreads (similar to IC Markets' edge over Pepperstone documented in the Pepperstone vs IC Markets comparison). The difference is in the order of 0.1 pip on AUD majors during local hours.
Decided? Skip ahead and open the account with our pick.
Open Account with PepperstonePlatforms compared
Both brokers offer the standard MT4 / MT5 / cTrader trio, both support all platforms from a single login, both have functional mobile apps. The differentiator is the fourth platform.
| Platform | Pepperstone | FP Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes (same login) | Yes (same login) |
| TradingView (direct order placement) | Yes | No |
| IRESS (direct ASX share trading) | No | Yes |
| Mobile app quality | Strong | Strong |
The TradingView vs IRESS choice is the single most consequential difference between these two brokers. They are mutually exclusive (no broker offers both), and they appeal to fundamentally different user types.
FP Markets IRESS: the unique advantage
IRESS is institutional-grade Australian equity trading software. Wealth managers, financial advisers, and institutional dealers across Australia run IRESS as their primary equity platform. Retail brokerage exposure to IRESS is rare. FP Markets is the only retail forex broker offering direct IRESS access.
What this means in practice:
- Direct ASX share trading from the same account used for forex. No need for a separate broker for shares. Real share ownership, not synthetic CFD exposure.
- Level 2 depth of market showing the actual bid / ask ladder rather than just the top of book. Useful for entering large orders without disturbing price.
- Integrated market intelligence including company announcements, dividend dates, broker research, and corporate action data.
- Cross-asset margin in some account types, where ASX share holdings can collateralise forex margin.
For a trader who wants both forex / CFD activity and direct ASX share investing, FP Markets is structurally unique among AU brokers. The competing approach is to maintain separate accounts at a forex broker and an ASX broker (e.g., CommSec, SelfWealth, Stake), which is operationally more complex.
If you only trade forex, IRESS is irrelevant and Pepperstone's TradingView edge wins.
Account minimums and accessibility
FP Markets at AUD 100 is competitive on entry capital. Pepperstone now has no minimum deposit at all, sitting in the no-minimum group (alongside Fusion Markets, CMC Markets, IG Markets, ThinkMarkets) as the most accessible entry tier.
For a true beginner with limited initial capital, both brokers are accessible (Pepperstone no minimum; FP Markets AUD 100). Position sizing math at 1 percent risk per trade is straightforward at either; see the position size calculator for the math.
For a trader funding with AUD 1,000 or more, the minimum deposit becomes irrelevant and other factors (platforms, commission, execution) drive the decision.
Deposits and withdrawals
Both brokers accept PayID, BPAY, bank transfers, and credit cards. PayID at both clears in minutes during business hours. FP Markets minimum is AUD 100; Pepperstone has no minimum. Neither charges deposit fees.
Withdrawal speed is comparable. Pepperstone averages 18 hours request to cleared funds in Australian bank accounts. FP Markets averages 20 to 24 hours. Both are well within industry norms.
Who wins on specific use cases
Active forex day trader using TradingView
Winner: Pepperstone. TradingView integration is the single feature that decides this. FP Markets cannot match it.
Beginner with limited starting capital
Winner: Pepperstone. No minimum deposit means even AUD 50 funds a live account. FP Markets remains a solid choice at the AUD 100 entry tier with stronger structured education content.
High-volume scalper or EA trader
Winner: FP Markets. AUD 1 per round-turn commission saving compounds materially above 100 round-turns per week. EUR/USD raw spreads are identical.
Australian investor combining forex + ASX shares
Winner: FP Markets. IRESS is structurally unique. No other ASIC retail forex broker offers direct ASX share access. Pepperstone offers share CFDs but not direct ownership.
Trader prioritising news event execution
Winner: Pepperstone. Marginally better fill rates during FOMC, CPI, RBA decisions. Both are very good; Pepperstone is slightly better.
MT4 / MT5 traditional Metatrader user
Toss-up. Both offer MT4 and MT5 with comparable execution. Pick on price (FP Markets) or platform breadth (Pepperstone) based on what else matters to you.
Asian-hours specialist
Winner: FP Markets (slight). Sydney-based infrastructure produces marginally tighter AUD-pair spreads in local hours. IC Markets has the same edge for the same reason; if Asian session is your priority, IC Markets is also worth considering.
Pepperstone for active forex, FP Markets for ASX share access
If you only trade forex and you use TradingView, choose Pepperstone. The platform integration is the deciding factor and FP Markets cannot match it.
If you trade enough volume that AUD 1 per round-turn matters (200+ round-turns per week), choose FP Markets. The savings compound into real money.
If you want both forex and ASX share access from one account, choose FP Markets. IRESS is structurally unique among ASIC retail forex brokers.
If you are starting with under AUD 200, choose FP Markets. The minimum is the deciding factor.
For everyone else (mid-volume forex traders, no TradingView dependency), both are excellent. Pepperstone has the more polished experience and better news event execution. FP Markets has lower commission and stronger educational content. Pick on whichever priority is closer to your trading reality.
Many serious traders maintain accounts at both, using Pepperstone for active forex and FP Markets for ASX share investing plus a lower-cost forex secondary.
For the wider Sydney-vs-Melbourne ASIC ECN broker landscape, also see Pepperstone vs IC Markets (Melbourne vs Sydney ECN angle), IC Markets vs FP Markets (the two Sydney ECN brokers head-to-head), Pepperstone vs Eightcap (Pepperstone vs the low-minimum TradingView Melbourne sibling), and Plus500 vs Pepperstone (LSE-listed brand-backing vs ECN cost efficiency).
Pepperstone
No minimum deposit. TradingView integrated. AFSL 414530.
FP Markets
AUD 100 minimum. AUD 6.00 round-turn. IRESS for ASX shares. AFSL 286354.
Frequently asked questions
Pepperstone is the better overall choice for active forex traders who want TradingView integration and a premium platform experience. FP Markets wins for traders prioritising lower commission (AUD 3.00 vs 3.50 per side), or who want to trade ASX shares from the same account via IRESS. (Pepperstone now matches FP Markets on accessibility with its no-minimum deposit.) Both are ASIC-regulated with nearly identical EUR/USD spreads on raw accounts.
Yes, marginally. FP Markets charges AUD 3.00 per side (AUD 6.00 round-turn) on its Raw account versus Pepperstone's AUD 3.50 per side (AUD 7.00 round-turn). On 100 standard lots traded per month, that is AUD 100 saved at FP Markets. EUR/USD raw spreads are functionally identical at both at 0.1 pip average. The commission gap matters most for high-volume scalpers and EA users.
Only at FP Markets. FP Markets is the only retail forex broker in Australia that offers IRESS, the institutional-grade equity trading platform with direct ASX share access, Level 2 depth of market data, and integrated market intelligence. Pepperstone offers share CFDs (synthetic exposure to share prices) but does not offer direct share ownership. If you want the same account for forex trading and ASX equity investing, FP Markets is the only viable option in this comparison.
Pepperstone has no minimum deposit. FP Markets requires AUD 100. Pepperstone is now the more accessible of the two on entry capital, alongside the no-minimum group (Fusion Markets, CMC Markets, IG Markets, ThinkMarkets). FP Markets remains a strong AUD 100 entry point if the AvaTrade / Eightcap tier is more familiar.
FP Markets, on two counts: more comprehensive structured education content and lower per-trade commission. With Pepperstone now no-minimum-deposit, the entry-capital comparison flips in Pepperstone's favour. FP Markets remains the better fit for traders who want the broader educational onboarding before going live.
No. TradingView integration is a Pepperstone-only feature among the two. If your analysis workflow centres on TradingView charts and you want to place orders directly from the chart interface, Pepperstone is the only option in this comparison. FP Markets compensates with strong cTrader support and the unique IRESS platform, but TradingView users will be unsatisfied.
Yes. Many active traders maintain accounts at multiple brokers as a diversification strategy. The two have complementary strengths: Pepperstone for forex / CFD with TradingView, FP Markets for ASX shares plus a lower-cost forex secondary account. Splitting capital also reduces single-broker risk.
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