Pepperstone vs SpreadEx… Which is the better mobile trading platform? Which has the better spreads? Which is best for spread betting? Let’s explore the ins-and-outs of both brokers to find out.
Which is the Better Trading Broker: Pepperstone or SpreadEx?
Most people will have heard of SpreadEx as a spread betting broker. Well, that’s only one part of the story. They have managed to build fully-fledged options trading, CFD trading, and proprietary platforms that, frankly, impress on so many levels.
But how do they compare to Pepperstone’s spreads, platform offering and user experience? Let’s dive into Pepperstone vs SpreadEx to find out.
1. Key Features Comparison
| IG VS City Index | 
First | 
Second | |
|---|---|---|---|
| Regulation | FCA (UK), ASIC (Australia), NFA (US), and more | FCA (UK) | |
| Trading Platforms | Proprietary Platform, MT4, MT5, cTrader, TradingView | Proprietary Platform, MT4, TradingView | |
| Minimum Deposit | £0 | £5 | |
| Spreads | Starting from 0.0 pips on forex + £2.25 round-turn on Razor Account | Starting from 0.6 pips on forex | |
| Commissions | Commissions on Razor account & shares | Spread-only pricing for most products | |
| Range of Assets | 2400+ spread betting & forex CFDs | 10,000+ | |
| Education Resources | Good | Comprehensive | |
| Customer Support | 24/5 via live chat, phone, and email | 24/5 via phone, chat, and email | |
| Funding Options | Credit/Debit Card, PayPal, Bank Transfer | Credit/Debit Card, PayPal, Bank Transfer | |
| Inactivity Fee | No inactivity fee | No inactivity fee | |
| Join Pepperstone | Join SpreadEx |
In Summary: SpreadEx offers a better mobile trading experience, with Trading Signals built into its proprietary platform for technical analysis. Pepperstone offers the cheaper spreads overall, more platform variety and is better for high-volume trading.
- Both offer no inactivity fees and have low spreads. Pepperstone’s forex spreads on their spread betting account start from 0.6 pips; SpreadEx offers the same.
- Both offer a proprietary platform, but Pepperstone offers a wider variety of platforms with MT5 & cTrader opening the door for more algorithmic trading options.
- Both offer comprehensive education and wraparound support through videos, daily market summaries and weekly analysis.
The similarities are striking, but there is one crucial difference. If you are looking for a native mobile trading platform with a wider variety of stocks and options, choose SpreadEx. If you are looking for an ECN-style, low-fee account to trade commodities or forex, choose Pepperstone.
2. Fees and Spreads: Who Wins on Costs?
Pepperstone Fees
Pepperstone’s fees start at 0.0 pips on their Razor account, their standard CFD trading account starts at 1 pip, and their spread betting account starts at 0.6 pips. SpreadEx’s fees also start at 0.6 pips (even on its CFD trading account), but that isn’t the whole story. Just looking at the starting pip spread leaves out a major question… who is cheaper for the most highly-traded pairs?
Well, we looked across 5 major currency pairs and compared their spread betting costs:
- EURUSD (0.6 pips each)
- USDCAD (1 pip Pepperstone vs 1.3 pips SpreadEx),
- GBPUSD (0.9 pips each),
- AUDUSD (0.6 pips each)
- USDJPY (0.7 pips each)
So across the five major pairs, there is only a 0.3-pip difference, and that advantage goes to Pepperstone. Really, what we are saying is that there isn’t much in it when it comes to spread betting forex pairs (see screenshots below).
For commodities trading, Pepperstone famously introduced gold to their Razor account this year, which means they offer extremely low fees: 0.1-pip spreads + £2.25 round-turn commission (£4.5 total + smaller spread cost). This makes them extremely good for low-cost commodities trading, especially gold.
Spread Ex Fees
SpreadEx offers low-pip spreads even without a Razor or ECN-style account, starting at 0.6 pips for EUR/USD for spread betting and CFD trading. Their spreads are extremely competitive – we mentioned in our SpreadEx review that SpreadEx forex CFD pip spreads are the same as IG – and that’s saying something.
They also offer low commodity trading fees starting at 0.3 pips on gold, and whilst not as low as Pepperstone’s 0.1 pip spread, this is still extremely competitive.
Verdict
Pepperstone is slightly more competitive for fees on their spread betting account. SpreadEx & Pepperstone are extremely close on fees, to the point of nearly being identical. However, Pepperstone’s Razor account still offers the best value for high-frequency or high-volume trading.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
3. Trading Platforms: Who offers the better platforms?
Pepperstone’s Trading Platforms
Pepperstone offers the wider variety of platforms with MT4, MT5, cTrader, TradingView, and Pepperstone Platform. This enables Pepperstone to compete on a variety of algorithmic trading fronts: enabling EAs on MetaTrader, PineScripts on TradingView, and even cBots on cTrader. The algorithmic trading opportunities are much greater on Pepperstone.
Now, when it comes to proprietary platforms, Pepperstone Platform is simple and easy to use. However, compared to SpreadEx, it’s lacking on several fronts.
SpreadEx Trading Platforms
SpreadEx offers perhaps the best mobile trading platform. It is similar to all the best bits of MT4. A clean interface, easy navigation and great UX. They also offer charting signals, called Trading Signals, powered by AutoChartist (see below for a screenshot) within their application. This makes it suitable for all kinds of traders, from beginners to advanced traders. SpreadEx also integrates with TradingView, but there is no MT4, MT5 or cTrader option but, frankly, you probably won’t miss them.
When it comes to their desktop application, SpreadEx’s platform is simple and easy to navigate, making it easy to find instruments; they even categorise by country with flag icons (see below) to highlight where the stock is listed for quick navigation. This makes SpreadEx a fantastic broker for stock trading. You also get the same great charting tools on mobile as well as embedded news and data.
Verdict
Pepperstone wins for platform variety, but SpreadEx wins for a better proprietary platform and mobile trading app. It depends on what you prefer; choosing between them is a matter of preference. Both offer TradingView.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
4. Range of Tradable Assets: Which offers more instrument variety?
Pepperstone Asset Range
Pepperstone offers 2,700+ instruments across spread bets and CFDs. This is primarily focused on commodities, forex, and indices, which are trading staples. Their range of stocks is more limited, but they offer 900+ stocks according to their documentation, including most major blue-chip stocks across the UK and USA. Most major, minor and some exotic FX pairs also appeared in our testing.
SpreadEx Asset Range
SpreadEx offers over 10,000+ instruments across forex, commodities, stocks, ETFs, bonds and indices. This is honestly a staggering amount and far beyond what i expected. Their range is in line with IG, CMC and even Trading 212 territory.
SpreadEx also offers something that you rarely find on most major brokers nowadays, perhaps because of the complexity and how geared towards professional traders it is, and that’s European-style options trading. This was the last thing i expected to find on SpreadEx, and it impressed me that they considered adding this, despite it’s perceived complexity in the UK.
Verdict
SpreadEx is the clear winner here in terms of variety. They offer 10,000+ instruments. Their range was impressive & options trading was a huge bonus.
£5 Minimum Deposit
Best Mobile App
SpreadEx is a broker that just works. Easy to use, great professional feel and exceptional proprietary platforms.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
5. Spread Betting: Which is better for spread betting?
Pepperstone Spread Betting
So we’ve covered spread betting fees, where Pepperstone has the slight advantage on one of the major pairs (USD/CAD) vs SpreadEx. But here we need to explore a little deeper. Looking beyond fees, platform options and user experience, Pepperstone is just a dedicated Spread Betting broker.
From their homepage through to their marketing copy, they make it clear they are focused on spread betting. They even enlisted Mark Holstead,d who ran a dedicated YouTube channel covering spread betting in the UK, to front their own Pepperstone UK YouTube channel.
SpreadEx Spread Betting
When I first came across SpreadEx, i only knew them as a spread betting broker. That speaks to how much they’ve embedded themselves in the British psyche. They have since evolved into a fully fledged broker covering spread betting, CFDs, options trading, and more.
However, they still remain true to their roots. When you first open an account, you are taken to their spread betting account rather than their CFD trading account. Their marketing copy is still ‘spread betting’ led, and they appeal squarely to that audience.
Verdict
SpreadEx & Pepperstone both appeal to spread bettors and have a deep history in the space. SpreadEx offers a better mobile spread betting app. Pepperstone offers lower spread betting fees.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
6. Professional Trading: Which is better for professionals?
Pepperstone Professional Offering
Pepperstone offers a Pro account for UK traders, with monthly rebates for eligible clients, low-cost options for high-volume trading, and much more. It’s an extremely competitive offering, up there with the best professional accounts.
If you don’t qualify for the professional account, you have access to their Razor account, which offers 0.0 pip spreads and a £2.25 round-turn commission. This is great for scalping, high-volume, or high-frequency trading.
SpreadEx Pro Offering
SpreadEx also offers a professional account type. This includes a 6-month FT subscription, hospitality invites, cash rebates, lower margins and increased leverage, as well as access to cryptocurrencies. However, it also comes with fewer protections under FCA guidance.
Verdict:
Both offer professional account types, but the Razor account type for professional/advanced traders who may not meet FCA requirements puts Pepperstone in the lead here for serious traders.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
7. Educational Resources: Which is better for beginners?
Pepperstone Education
Pepperstone provides some of the most comprehensive beginner guidance we’ve seen, aside from IG Academy. They provide detailed YouTube content, daily market analysis and beginner guides. They offer comprehensive training on how to set up a cTrader account, an MT4/5 account, and use their Pepperstone Platform. This beginner-friendly guidance, combined with their multiple platform options, means Pepperstone is really well-suited for beginners looking to learn about forex trading.
SpreadEx Education
SpreadEx offers comparable educational content via their Education Hub, which covers the basics like how to start trading, chart patterns, CFD trading vs Spread Betting, and more. This is supplemented by a YouTube Channel which covers the basics like how to use their charts and platform and how to spread bet gold etc.
But some of the videos are quite old, and the content on their YouTube channel is dedicated to both trading and betting (SpreadEx’s other division), which can lead to potential confusion.
Verdict:
Pepperstone offers more comprehensive wraparound beginner support – market analysis, beginner guides & YouTube video content. SpreadEx has brilliant content, market analysis and beginner guides on-site but older video content.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
FAQ’s
1. Is Pepperstone better than SpreadEx for forex trading?
On the standard CFD trading accounts, SpreadEx offers more competitive spreads (1 pip spreads for Pepperstone vs 0.6 pip spreads for SpreadEx) across a lot of pairs. However, for spread betting forex, Pepperstone & SpreadEx are roughly equal on fees (~0.6 – 0.9 pips).
Overall, Pepperstone is better suited to high-frequency, high-volume trading with its Razor account offering. SpreadEx excels with a great mobile trading platform and no-fuss setup for spread betting forex.
When it comes to forex CFD instruments, both Pepperstone & SpreadEx appeared to offer roughly the same number of forex major, minor and exotic pairs from our testing. However, SpreadEx offers more instruments overall (10,000+ vs 2,700+ on Pepperstone).
2. Is Pepperstone better than SpreadEx for beginner traders?
In terms of beginner education, Pepperstone offers better YouTube content, alongside their guides and analysis. SpreadEx excels at on-site content, such as guides and analysis, but falls short on video content to support beginner traders. While it’s there, it is older and not on par with Pepperstone’s investment in beginner education.
In terms of ease of use, and which is better for beginners just starting out, SpreadEx offers a more user-friendly mobile app and proprietary platform.
3. Is Pepperstone better than SpreadEx for spread betting?
They are roughly equal. Both offer competitive spreads starting from 0.6 pips for EUR/USD. Pepperstone offers more platforms, but SpreadEx offers a better native proprietary platform.
If you are looking for a broker with a native spread betting platform that works across mobile and desktop, then choose SpreadEx. If you are looking for a broker that offers MT5, cTrader, as well as a host of other integrations for algorithmic spread betting options, then choose Pepperstone.
Ultimately, the choice depends on the trader, given the fees are roughly equal. If you are a beginner spread bettor or looking to spread bet forex, choose Pepperstone as it has better educational material. If you are currently trading on MT4, or are an intermediate to advanced spread bettor looking to primarily spread bet on stocks, then choose SpreadEx.
4. Is Pepperstone better than SpreadEx for stock trading?
SpreadEx is a better broker for stocks and complex instruments like ETFs, Bonds, Interest Rate futures, and European-style options. They have a wider instrument range, and the navigation on their mobile and desktop application makes it simple to find stocks listed in different GEOs.
Pepperstone is better suited to high-volume commodity CFD trading (such as gold) and forex CFD trading.
5. Is Pepperstone better than SpreadEx for Professionals?
Pepperstone recently featured in our list of Best Brokers for Professionals in 2026. Their combination of a generous Pro account, a Razor account (for non-professional advanced-level traders), and great customer support makes them a top contender. SpreadEx is a broker that offers a similarly generous Pro account and is well-suited to professional traders,s given the range of instruments it offers across ETFs, Stocks, and more complex derivatives.
6. Is Pepperstone better than SpreadEx for high-volume trading?
Yes, Pepperstone is designed for high-volume traders. Their Razor account offers low fees for active,d high-volume traders. SpreadEx offers no commission-based accounts.
Final Verdict
| Criteria | Winner |
|---|---|
| Fees and Spreads | Equal / Pepperstone slight advantage |
| Platforms | Equal / Pepperstone for platform range & SpreadEx for best proprietary platform |
| Asset Range | SpreadEx for 10,000+ instruments |
| Advanced/Professional Traders | Pepperstone for the Razor Account |
| Beginner-Friendliness | Pepperstone for holistic education/support |
| Spread Betting | Equal / Pepperstone for fees |
Pepperstone and SpreadEx are remarkably similar brokers in terms of fees, asset range, spread betting, and even beginner-friendliness.
However, Pepperstone’s addition of up-to-date YouTube tutorials, a Razor account for high-frequency / high-volume trading & platform range (cTrader & MT5) slightly beat SpreadEx.
SpreadEx’s advantages remain firmly in its more diversified trading options, such as ETFs, Bonds, Stocks, and even options trading, as well as having one of the best proprietary platforms on mobile and desktop.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
Who Should You Choose?
Pepperstone is the better choice for forex & commodities trading, high-volume trading or professional trading. Pepperstone is also suited to beginners and intermediate traders, offering wraparound video content and articles/guides.
SpreadEx is the better choice if you are looking to trade options, ETFs or stocks. SpreadEx is suited to intermediate to advanced traders looking to trade more complex derivatives on a great mobile and desktop application.
- Pepperstone vs SpreadEx: UK Broker Comparison - August 14, 2026
- Pepperstone vs City Index UK Broker Comparison - August 6, 2026
- Best High Volume Brokers for UK Traders - July 22, 2026
