When choosing an online broker, the decision can be overwhelming with so many options available. Three popular names that often come up are FXPro, Pepperstone, and eToro. In this article, we’ll compare these three brokers, FXPro vs Pepperstone, and include eToro to give you a broader perspective on which one might be best for your trading style.
| Feature | FXPro | Pepperstone | eToro |
|---|---|---|---|
| Founded | 2006 | 2010 | 2007 |
| Regulation | FCA (UK), CySEC (Cyprus), FSCA (South Africa) | FCA (UK), ASIC (Australia), BaFin (Germany) | FCA (UK), CySEC (Cyprus), ASIC (Australia) |
| Trading Platforms | MT4, MT5, cTrader, FXPro Edge | MT4, MT5, cTrader | Proprietary web platform and mobile app |
| Spreads | From 1.2 pips (MT4), 0 pips (cTrader, with commission) | From 1.0 pips (Standard), 0 pips (Razor, with commission) | Higher spreads, e.g., EUR/USD from 1 pip |
| Commission Fees | On cTrader accounts (for tight spreads) | On Razor account (for tight spreads) | No commission, but wider spreads |
| Leverage | Up to 1:30 (retail), 1:500 (professional) | Up to 1:30 (retail), 1:500 (professional) | Up to 1:30 (retail), lower for cryptocurrencies |
| Assets Available | Forex, CFDs on commodities, indices, shares, futures | Forex, CFDs on commodities, indices, shares | Forex, stocks, ETFs, cryptocurrencies, commodities |
| Social Trading | No | No | Yes, copy trading feature |
| Minimum Deposit | $100 | $200 | $50 |
| Customer Support | 24/5 (live chat, email, phone) | 24/5 (live chat, email, phone) | 24/5 (live chat, email, no phone support) |
| Best For | Experienced traders looking for platform variety | Low-cost trading and fast execution | Beginners, social traders, copy trading |
1. Company Overview
FXPro
FXPro is a UK-based broker that has been around since 2006. It offers access to forex and CFD trading on commodities, indices, shares, and futures. The company is regulated by multiple top-tier regulators such as the FCA (UK), CySEC (Cyprus), and FSCA (South Africa), giving traders confidence in their safety.
Pepperstone
Pepperstone, founded in 2010 in Australia, is known for its fast trade execution and competitive spreads. It’s also regulated by the FCA and ASIC (Australia), ensuring its operations meet high standards. Pepperstone is especially popular among forex traders and those who value low trading costs.
eToro
Unlike FXPro and Pepperstone, eToro operates primarily as a social trading platform. Founded in 2007, eToro allows users to copy the trades of professional traders, making it ideal for beginners or those who want a hands-off approach. It offers a range of assets, including cryptocurrencies, stocks, and ETFs, alongside traditional forex trading. eToro is regulated by the FCA, CySEC, and ASIC.
2. Trading Platforms
FXPro
FXPro offers four different platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and their proprietary FXPro Edge. These platforms cater to both beginner and experienced traders. MT4 and MT5 are the most popular platforms in the forex world, offering advanced charting tools and automated trading options.
Pepperstone
Pepperstone also provides MetaTrader 4, MetaTrader 5, and cTrader, which means its offerings are very similar to FXPro. However, Pepperstone is well-regarded for its lightning-fast execution speeds and low latency, making it attractive to high-frequency traders.
eToro
eToro stands out for its proprietary web-based platform and mobile app. The platform is user-friendly and ideal for beginners. Its main feature is social trading, allowing users to copy the trades of others. While eToro lacks the advanced charting tools of MT4/MT5, it compensates with a simplified interface and social trading functionalities.
3. Fees and Spreads
FXPro
FXPro offers competitive spreads but doesn’t provide commission-free trading on all accounts. The spreads on the MT4 platform start as low as 1.2 pips for major currency pairs like EUR/USD, while cTrader offers spreads from 0 pips but with commission fees. Overall, FXPro is considered slightly more expensive compared to Pepperstone.
Pepperstone
Pepperstone is known for its low-cost trading, offering tight spreads and minimal commissions. The Standard account provides commission-free trading, with spreads starting from 1.0 pips. Their Razor account, designed for more advanced traders, offers spreads from 0.0 pips but charges a commission per trade. Pepperstone’s low fees make it an attractive choice for cost-conscious traders.
eToro
eToro operates on a spread-based fee model and generally has higher spreads than both FXPro and Pepperstone. For instance, the EUR/USD spread can be as high as 1 pip, and additional fees can apply for overnight positions. However, eToro compensates for these higher costs with the convenience of social trading, which many users find valuable.
4. Leverage
FXPro
FXPro offers leverage up to 1:30 for retail traders under the regulations of the FCA and CySEC. However, professional traders can access higher leverage, up to 1:500, depending on their account type.
Pepperstone
Pepperstone also offers leverage up to 1:30 for retail traders, aligning with regulatory guidelines. Like FXPro, professional traders can get leverage as high as 1:500. It’s important to note that using high leverage increases both potential profits and risks.
eToro
eToro’s leverage limits are slightly more conservative, with a maximum of 1:30 for retail accounts. For certain assets like cryptocurrencies, the leverage may be even lower. Professional traders on eToro can access higher leverage, depending on their account status.
5. Customer Support
FXPro
FXPro provides 24/5 customer support through live chat, email, and phone. The support team is known for being responsive and helpful. They also offer a comprehensive FAQ section for self-service.
Pepperstone
Pepperstone’s customer service is highly rated and available 24/5 via live chat, phone, and email. They also offer a helpful online support center with guides and articles.
eToro
eToro’s customer support can be slower compared to FXPro and Pepperstone, especially during peak times. Their support is available via live chat and email, but there is no phone support. However, the platform has an extensive help section with guides and tutorials.
6. Regulation and Safety
All three brokers are highly regulated by top-tier regulatory bodies, providing a high level of safety for traders. FXPro is regulated by FCA, CySEC, and FSCA, Pepperstone is regulated by FCA, ASIC, and BaFin (Germany), while eToro is regulated by FCA, CySEC, and ASIC. In terms of regulation, all three brokers are on an even playing field.
7. Which Broker Should You Choose?
- Choose FXPro if you are an experienced trader looking for multiple platform choices and high-leverage options. FXPro is also a good choice for traders who prioritize security and regulation.
- Choose Pepperstone if you’re looking for low-cost trading, fast execution, and access to a wide range of forex pairs and CFDs. High-frequency traders will especially appreciate Pepperstone’s competitive pricing and execution speed.
- Choose eToro if you are a beginner or someone who prefers a social trading experience. If you want to follow the strategies of experienced traders, eToro offers a unique, community-driven approach to trading that’s easy to understand.
Conclusion
When it comes to “FXPro vs Pepperstone” and comparing them with eToro, your choice depends on your personal trading style. FXPro and Pepperstone cater to more traditional traders with advanced platforms and low fees, while eToro stands out for its social trading feature. Regardless of which one you choose, ensure that the broker fits your trading goals and experience level.