Head-to-head · 2026
Pepperstone vs XM
Pepperstone edges it overall with 4.6 versus 4.1, winning 4 of six categories. Both brokers cost about the same to trade on EUR/USD.
Pepperstone
Active traders who want tier-1 regulation and raw pricing
4.6/5
Visit PepperstoneFull review| Feature | Pepperstone | XM |
|---|---|---|
| Overall score | 4.6 | 4.1 |
| EUR/USD standard spread | 1.1 pips | 1.6 pips |
| Raw account | 0.1 + $7 | 0.1 + $7 |
| Cheapest cost per lot | $8.0 | $8.0 |
| Minimum deposit | $0 | $5 |
| Tier-1 regulators | ASIC, FCA, CySEC, BaFin | CySEC, ASIC |
| All regulators | ASIC, FCA, CySEC, BaFin, DFSA, CMA (Kenya), SCB (Bahamas) | CySEC, ASIC, DFSA, FSCA, FSC (Belize) |
| Founded | 2010 | 2009 |
| Currency pairs | 90+ | 55+ |
| Max leverage | 1:500 pro / 1:30 retail | 1:1000 (1:30 EU retail) |
| Platforms | MT4, MT5, cTrader, TradingView, Pepperstone App | MT4, MT5, XM App |
| Copy trading | Yes | Yes |
| Swap-free accounts | Yes | Yes |
| US clients | No | No |
Highlighted cells mark the better value where one is clearly better. Data checked October 2026.
Category by category
Costs: Pepperstone vs XM
Both brokers cost about the same to trade on EUR/USD. On its standard, commission-free account Pepperstone quotes around 1.1 pips on EUR/USD. On its standard, commission-free account XM quotes around 1.6 pips on EUR/USD. Both offer raw-spread pricing: Pepperstone at $7 and XM at $7 per round-turn lot.
Regulation and safety
Pepperstone is regulated by ASIC, FCA, CySEC, BaFin, DFSA, CMA (Kenya), SCB (Bahamas). XM is regulated by CySEC, ASIC, DFSA, FSCA, FSC (Belize). Pepperstone scores higher for trust in our methodology. Both are available in European Union, Australia and Most other countries. Only Pepperstone serves United Kingdom. Only XM serves South Africa.
Platforms
Both support MT4, MT5. Pepperstone offers MT4, MT5, cTrader, TradingView, Pepperstone App; XM offers MT4, MT5, XM App.
Which should you choose?
Choose Pepperstone if…
- razor account with raw spreads and $7 round-turn commission
- fCA, ASIC, CySEC and BaFin regulation
- mT4, MT5, cTrader and TradingView
Choose XM if…
- very low $5 minimum deposit and micro accounts
- excellent free education, webinars and daily analysis
- mT4 and MT5 on every account type
Frequently asked questions
Is Pepperstone better than XM?
Pepperstone edges it overall with 4.6 versus 4.1, winning 4 of six categories. Both brokers cost about the same to trade on EUR/USD.
Which is safer, Pepperstone or XM?
Pepperstone scores higher for trust (4.8 vs 4.2), with tier-1 regulation from ASIC, FCA, CySEC, BaFin.
Which has the lower minimum deposit?
Pepperstone has the lower minimum at $0, compared with $5.
Do Pepperstone and XM both offer MetaTrader?
Pepperstone: MT4, MT5. XM: MT4, MT5.
Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly. Between roughly 60% and 89% of retail investor accounts lose money when trading CFDs, depending on the provider. Consider whether you understand how they work and can afford to lose your money. Read the full risk warning.