Are you trying to decide between Exness and Pepperstone as a broker for your trading needs?
In this side-by-side comparison, we look at how Pepperstone and Exness stack up across the most important features, so you can make an informed decision about which one fits you best.
Below, you’ll find the pros and cons of each broker, a head-to-head comparison of features, fees, supported instruments, regulation, and more. Let’s get into it.
Pepperstone vs Exness
- Pepperstone is our recommended choice overall. It offers strong top-tier regulation (including FCA in the UK and ASIC in Australia), a wide range of trading platforms, and a deep set of trader-focused tools. You can read our in-depth Pepperstone review here.
- Exness is not recommended by our team. The reasons are detailed below. You can also read our in-depth Exness review here.
Disclaimer: Trading Forex and CFDs involves significant risk and may not be suitable for all investors. Keep in mind that most CFD traders lose money. Ensure you fully understand the risks involved and seek independent advice if necessary.
Video summary
Why we prefer Pepperstone
Overall, we recommend Pepperstone over Exness because it is regulated by top-tier authorities including the FCA (UK), ASIC (Australia), BaFin (Germany), CySEC (Cyprus), DFSA (Dubai), and FSCA (South Africa), with retail clients in those jurisdictions onboarded under the relevant top-tier entity (not an offshore subsidiary). This offers a higher level of trust, oversight, and investor protection.
Additionally, Pepperstone is endorsed by the r/Forex subreddit – the largest forex community on the internet – alongside Interactive Brokers, which further attests to its credibility within the forex and CFD trading community.
Why we don’t recommend Exness
At investingintheweb.com, we do not recommend Exness for the following reasons:
- Top-tier-regulated Exness entities don’t serve retail clients. Exness holds licences with the FCA (Exness UK Ltd, FRN 730729) and CySEC (Exness (Cy) Ltd, licence 178/12), but both of these top-tier entities are restricted to professional clients only – they don’t onboard retail clients. UK and EU retail accounts have been closed since 2018-2019. Retail traders in most regions (Vietnam, India, Thailand, parts of Africa, the Middle East) are instead onboarded under offshore entities like Nymstar Limited (FSA Seychelles, licence SD025), Exness Mauritius, or Exness BVI – all of which carry lighter regulatory burden and crucially no statutory investor compensation scheme.
- No investor protection for retail clients. Because retail accounts are routed to offshore entities, clients do not have access to the £85,000 FSCS protection (UK) or €20,000 ICF protection (EU). The only backstop is the Financial Commission, an industry self-regulatory body offering up to €20,000 per claim – which is a meaningfully weaker structure than statutory protection.
- Restricted in highly regulated markets. Exness does not accept retail clients from the US, Canada, the UK, the EU/EEA, Australia, New Zealand, Israel, Singapore, Malaysia, and several other jurisdictions. The company’s retail business is primarily focused on Southeast Asia, the Middle East, and Sub-Saharan Africa. This is a valid business decision, but it means the broker operates predominantly where regulatory scrutiny is lighter.
- Very high leverage. Offshore Exness entities offer leverage of up to 1:2000 (and in some cases “unlimited” leverage on smaller accounts), compared with the ESMA/FCA retail cap of 1:30. While high leverage can appeal to active traders, it dramatically increases the risk of total account loss, particularly for less experienced users.
That said, Exness earns a high 4.8/5 average score on Trustpilot across more than 21,000 reviews, processes over $4 trillion in monthly trading volume, and serves 800,000+ active clients globally. The company has been operating since 2008 and clearly satisfies a meaningful portion of its target market.
That said, considering the regulatory profile – particularly the gap between the headline FCA/CySEC licences and the offshore entities that actually onboard retail clients – we believe most readers will be better served by Pepperstone, which combines comparable platforms and pricing with top-tier retail regulation in its key markets.
About Pepperstone
Founded in 2010 in Melbourne, Australia, Pepperstone has grown into one of the world’s largest forex and CFD brokers, now serving over 400,000 active accounts worldwide.
Pepperstone is regulated by multiple top-tier financial authorities including ASIC (Australia), FCA (UK), BaFin (Germany), CySEC (Cyprus), DFSA (Dubai), SCB (Bahamas), and CMA (Kenya).
It offers leverage of up to 500:1 in some regions (via the SCB Bahamas entity), while in the UK, EU/EEA, and Australia retail leverage is capped at 1:30 for major FX pairs under ESMA/FCA/ASIC rules.
A minimum deposit of $0 is required for all account types.
Pepperstone also offers Islamic (swap-free) accounts for halal trading, and UK residents can access tax-free spread betting accounts.
Pepperstone pros and cons
Pros
- Quick customer support response times
- No fees for deposits, withdrawals, or account inactivity
- Competitive spreads in the Razor account with active trader rebates
- Higher leverage options are available depending on region and client categorization
Cons
- Limited to CFD trading; no direct asset ownership
- Higher Forex spreads in the standard account
- Crypto CFDs offerings are limited compared to competitors
- Limited educational resources
Regulation
- Pepperstone: regulated by multiple top-tier authorities including ASIC (Australia), FCA (UK), BaFin (Germany), CySEC (Cyprus), DFSA (Dubai), FSCA (South Africa), and CMA (Kenya). Retail clients in regulated markets are onboarded directly under these top-tier entities. Pepperstone is the clear winner here, particularly if you live in Australia, the UK, the EU, or the UAE.
- Exness: regulated by several authorities including the FCA (UK), CySEC (Cyprus), FSCA (South Africa), CMA (Kenya), FSA (Seychelles), CBCS (Curaçao and Sint Maarten), FSC (BVI), and FSC (Mauritius). You can review the full list here.
- Although Exness holds top-tier licences with the FCA (Exness UK Ltd, FRN 730729) and CySEC (Exness (Cy) Ltd, licence 178/12), both entities are professional-clients-only and don’t onboard retail clients. Retail traders are routed instead to offshore entities such as Nymstar Limited (FSA Seychelles, SD025), Exness Mauritius, or Exness BVI – which carry lighter regulatory burden and no statutory investor compensation scheme.
Fees and spreads
Both brokers offer competitive spreads, starting from around 0.1 pips on EUR/USD at Pepperstone (Razor account) and 0.0 pips on EUR/USD at Exness (Raw Spread/Zero accounts), both with commissions of around $3-3.50 per side per standard lot. Standard accounts at both brokers are spread-only (no commission), with somewhat wider spreads.
Trading platforms
- Pepperstone: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView.
- Exness: MetaTrader 4 (MT4), MetaTrader 5 (MT5), Exness Terminal (web/mobile), and TradingView.
Market instruments
- Pepperstone: over 1,200 financial instruments including forex (90+ currency pairs), indices, commodities, share CFDs, cryptocurrencies, and ETFs.
- Exness: over 220 instruments including 96+ forex pairs, plus CFDs on indices, commodities, share CFDs, and cryptocurrencies. No real stocks, ETFs, or bonds.
Customer support
- Pepperstone: 24/7 support via phone, live chat, and email.
- Exness: 24/7 support via live chat, email, and phone.
Deposits and withdrawals
Pepperstone
- Minimum deposit: $0
- Methods available: credit/debit cards, PayPal, bank transfer, and regional alternatives.
- Fees: no fees for deposits or withdrawals.
Exness
- Minimum deposit: from $1-$10 on Standard accounts; $200-$500 on Pro/Raw Spread/Zero accounts (varies by jurisdiction and payment method).
- Methods available: credit/debit cards, Neteller, Skrill, bank transfer, crypto, and regional e-wallets.
- Fees: no fees for deposits or withdrawals.
User experience and feedback
- Regulation in major markets: traders in the UK, EU, and Australia tend to prefer Pepperstone because their retail accounts are directly regulated by FCA, CySEC, or ASIC – with the corresponding statutory investor protection (FSCS £85k / ICF €20k / ASIC investor compensation).
- Customer service: Pepperstone consistently receives strong reviews for its customer support across independent ratings.
- Exness scale: Exness has strong scale (800K+ active clients, $4T+ monthly volume) and a 4.8/5 Trustpilot rating, particularly well-regarded by traders in Southeast Asia, the Middle East, and Africa where it primarily operates.
Exness vs Pepperstone: our veredict
Choosing between these two brokers isn’t always an obvious decision. The differences between Pepperstone and Exness come down to trading platforms, product range, regulation, and pricing structure.
Ultimately, the best trading platform for you will depend on your investor profile, preferences, and objectives. Explore both broker websites and decide for yourself.
Above all, always verify that the broker is regulated in your country of residence and offers the level of protection and security you consider essential. Check which entity you’ll actually be onboarded under – the headline regulator on a broker’s website isn’t always the same one that supervises your retail account.
Want to learn more? Explore our in-depth broker reviews, comparison tool, and BrokerMatch.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. CFD and forex trading involve significant risk – a majority of retail investor accounts lose money trading CFDs. Always do your own research and consider your own financial situation and risk tolerance before opening an account, and verify the regulatory entity that will serve your residency before depositing funds.
