Oanda vs. Pepperstone

Canadian-based broker Oanda and its Australian competitor Pepperstone present well-regulated environments with growing client bases. Oanda developed its proprietary trading platform for manual traders but also offers MT4. Pepperstone presents MT4, MT5, and cTrader. Both brokers have an extensive upgrade suite for MT4, creating two of the best trading experiences with 28 plugins at each broker.

Both brokers maintain a low-cost price structure, but Pepperstone takes the lead in the overall core trading environment amid a notably broader choice of trading instruments, higher leverage, and third-party social trading providers.

Beginner traders get a more in-depth educational platform at Pepperstone versus Oanda, but the available market commentary and research rank similarly. Live webinars are available at Oanda and Pepperstone alike. We have conducted an in-depth review of Oanda and Pepperstone to determine which one presents the better overall choice and from which traders will benefit the most.

Headquarters
British Virgin IslandsAustralia
Regulators
ASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSAASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established
19962010
Execution Type(s)
ECN/STP, Market Maker, Matched Principal BrokerNo Dealing Desk, NDD
Minimum Deposit
$0$200
Negative Balance Protection
N/A
Trading Platform(s)
MetaTrader 4, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Trading View
Average Trading Cost EUR/USD
0.9 pips1.1 pips
Average Trading Cost GBP/USD
1.3 pips1.6 pips
Average Trading Cost WTI Crude Oil
$0.03 $0.03
Average Trading Cost Gold
$0.30 $0.20
Retail Loss Rate
78.3%78.60%
Minimum Raw Spreads
0.0 pips0.0 pips
Minimum Standard Spreads
0.6 pips1.0 pips
Minimum Commission for Forex
$5.00 per round lot6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5)
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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Features and Platforms

MT4
MT5
MT4/MT5 Add-Ons
N/A
cTrader
Proprietary Platform
Automated Trading
Social/Copy Trading
N/A
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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Noteworthy:

Pepperstone grants algorithmic traders an edge amid higher leverage and faster order execution, but the Oanda proprietary trading platform is beneficial to manual traders.

Available Markets

Currency Pairs
Cryptocurrencies
N/A
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks
N/A
Stocks (non-CFDs)
N/A
Bonds
N/A
ETFs
Options
N/A
Futures
Synthetics
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Oanda offers broader exposure to the Forex market with more currency pairs than Pepperstone, but Pepperstone also includes three currency indices. The absence of equity CFDs at Oanda is notable, while Pepperstone presents a well-balanced choice, including in-demand ETFs. Neither broker offers cryptocurrency traders a broad selection of trading instruments.

Typical Spreads and Fees

Average Trading Cost EUR/USD
0.9 pips1.1 pips
Average Trading Cost GBP/USD
1.3 pips1.6 pips
Average Trading Cost WTI Crude Oil
$0.03 $0.03
Average Trading Cost Gold
$0.30 $0.20
Average Trading Cost Bitcoin
$62 $16.50
Minimum Raw Spreads
0.0 pips0.0 pips
Minimum Standard Spreads
0.6 pips1.0 pips
Minimum Commission for Forex
$5.00 per round lot6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5)
Deposit Fee
Withdrawal Fee
Inactivity Fee
$10 monhtly after 12 months$0
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Oanda and Pepperstone offer traders a low-cost commission-based pricing structure, where the former maintains a minor advantage. Once traders consider swap rates on leveraged overnight positions, Pepperstone presents cheaper overall trading costs, as Oanda levies higher financing costs plus administrative fees on select trading instruments.

Security and Trust

Country of the Regulator
Australia, Canada, Japan, Malta, Singapore, United Kingdom, United States, British Virgin IslandsUnited Arab Emirates, Australia, The Bahamas, Cyprus, Germany, Kenya, United Kingdom
Name of the Regulator
ASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSAASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Regulatory License Number
Undisclosed, 0325821, 542574, C95813, 412981, 2137, CMS100122-4, SIBA/L/20/1130414530, F217, 388/20, F004356, 91279, 128, 684312
Regulatory Tier
1, 1, 1, 1, 1, 1, 1, 4N/A
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Negative balance protection exists at both brokers. Oanda and Pepperstone also segregate client deposits from corporate funds and have a clean regulatory track record.

Oanda vs Pepperstone – Verdict

Oanda

ProsCons
Excellent 28-tool MT4 upgrade packageLimited asset selection with equities missing
Trustworthy broker with more than 25 years of experienceNo modern payment processors
Competitive pricing environment
Quality market commentary on the Oanda blog MarketPulse

Pepperstone

ProsCons
Excellent choice of trading platforms consisting of MT4/MT5, and cTraderMinimum deposit slightly higher but within a reasonable range
Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
Leverage of up to 1:500 and superb trade execution

Oanda presents Forex scalpers with a competitive offer, but Pepperstone offers more balance for all strategies. The asset selection, order execution, and leverage remain superior at Pepperstone versus Oanda, where beginners also get more education.

Pepperstone ranks among the most competitive brokers, suitable for all traders.

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FAQs

Which broker is better than Pepperstone?

Pepperstone ranks among the most competitive brokers, suitable for all traders.

Is Oanda the best broker?

Oanda maintains a well-balanced trading environment but does not rank among the best brokers.

Is Oanda a good broker for beginners?

While Oanda maintains educational content, it does not provide in-depth topics but suffices as a low-level introduction. Pepperstone counters with a higher-quality approach, making it a better choice for beginner traders.

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