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Side-by-side review

Pepperstone XM

Detailed comparison of Pepperstone and XM on costs, regulation, platforms and features. Last updated September 2026.

Pepperstone and XM score identically at 8.5/10. Pepperstone opens for less ($0 vs $5). Pepperstone quotes the tighter spread, from 0.00 pips. Maximum leverage is 1:500 at Pepperstone and 1:1000 at XM. Which one fits depends on your account size and how often you trade — the full breakdown is below.

Pepperstone 8.5/10
XM 8.5/10
Min deposit $0 · $5
Spread from 0.00 · 0.60 pips
Regulation
4 · 0 regulators
Pepperstone vs XM — see details below.
Trading costs
Pepperstone has lower spreads
Compare spreads, commission and minimum deposit.
Platforms
4 · 2 platforms
Pepperstone supports more platforms.
Overall score
Tie
Based on FX ReviewLab ratings.
Comparing
Pepperstone
8.5 /10 Regulated
Visit Pepperstone
XM
8.5 /10 Regulated
Visit XM
General info
Founded
2010
2009
Headquarters
Melbourne, Australia
Cyprus
Status
Regulated
Regulated
FX ReviewLab score
8.50 / 10
8.50 / 10
Trustpilot
4.7 ★ (12,000)Better
4.4 ★ (1,000)
Regulation & safety
Regulators
ASIC BaFin CySEC FCA
— None on record
Trading conditions
Min deposit
$0Better
$5
Max leverage
1:500
1:1000
Spread from
0.00 pipsBetter
0.60 pips
Commission / lot
$3.50
$0.00Better
Platforms & products
Platforms
MT4MT5cTraderTradingView
MT4MT5
Account types
StandardRazor MT4Razor MT5Razor cTrader
StandardMicroUltra LowShares
Instruments
ForexIndicesCommoditiesCryptoSharesETFs
ForexCFDsStocksIndicesCommoditiesMetalsCrypto
Features
Demo account
Yes
Yes
Islamic account
Yes
Yes
Copy trading
Yes
Yes
Deposits & withdrawals
Payment methods
VisaMastercardBank wirePayPalSkrillNetellerApple Pay
—
Pepperstone Visit Pepperstone →
Pepperstone review Broker profile
XM Visit XM →
XM review Broker profile

Frequently asked questions: Pepperstone vs XM

Which is better, Pepperstone or XM?

Pepperstone and XM score similarly in our review, so the better pick depends on your priorities such as cost, regulation and platform — compare them side by side below.

Is Pepperstone regulated?

Pepperstone is regulated by no regulator on record.

Is XM regulated?

XM is regulated by no regulator on record.

Which has the lower minimum deposit, Pepperstone or XM?

Pepperstone has the lower minimum deposit (Pepperstone: $0 vs XM: $5).

Risk warning: Forex, CFDs and other leveraged products carry a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. The content on this page is for information only and does not constitute financial advice. Consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.