Forex.com vs Pepperstone: which is actually cheaper to trade?
Both are popular, regulated brokers aimed at active traders. The headline spreads look similar, so the real question is what a round trip actually costs once commission is included. Here is the side-by-side on EUR/USD.
The verdict
The gap is about $2.00 per standard lot, which mainly matters at higher volume. Beyond cost, weigh execution quality, the leverage available in your region, and platform preference. Both are regulated choices.
Cost breakdown
| Account | Spread (EUR/USD) | Commission (round trip) | Cost per 1.0 lot | Max leverage |
|---|---|---|---|---|
| Forex.com · regulated (NFA / CFTC / FCA) | ||||
| Standard | 1.5 pips | $0.00 | $15.00 | 1:30 |
| Raw Spread | 0.0 pips | $5.00 | $5.00 | 1:30 |
| Pepperstone · regulated (FCA / ASIC / CySEC) | ||||
| Standard | 1.0 pips | $0.00 | $10.00 | 1:30 |
| Raw Spread | 0.0 pips | $7.00 | $7.00 | 1:30 |
Cost = round-trip spread ($10 per pip per standard lot on EUR/USD) + round-trip commission. Illustrative typical values; live spreads vary with market conditions. *Headline leverage; regulated retail accounts are capped at 1:30 in the EU/UK/AU and 1:50 in the US.
How they differ
Leverage
Forex.com lists 1:30 and Pepperstone lists 1:30 as headline leverage. In regulated regions (EU, UK, Australia) both are capped at 1:30 on major FX, so any headline difference only applies under a non-EU/UK entity.Cost model
Raw or ECN accounts charge near-zero spreads plus a commission, while standard accounts fold the cost into a wider spread with no commission. The cheapest route on EUR/USD is Forex.com’s Raw Spread account at $5.00 per round-trip lot.Regulation
Forex.com is overseen by NFA / CFTC / FCA; Pepperstone by FCA / ASIC / CySEC. Both operate regulated entities, but confirm which entity you are onboarded to, as it determines your leverage cap and fund protection.Compare with your own strategy
Cost per lot is only half the story. What matters is how much each broker erodes your edge: your win rate, stop, and target. PipRival’s free tool strips each broker’s spread and commission out of your strategy and ranks them by expectancy per trade, so you see the one that’s cheapest for the way you actually trade.
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