Choosing between Pepperstone and Oanda isn’t always an obvious choice.
Both are well-regulated, popular brokers, with millions of customers.
In this side-by-side comparison, we analyse Pepperstone vs Oanda to help you understand how these apps compare on some of the most common features.
Below, you’ll find the pros and cons of each broker, as well as a comparison of the features offered, the different fees charged, the financial instruments supported, the regulation, and more. Keep reading!
Pepperstone vs Oanda
- Pepperstone is best for international traders focused on CFDs/forex. Offers top-tier regulation, including FCA in the UK, and a wide range of platforms and additional tools. You can check our in-depth Pepperstone review here.
- Oanda is ideal for traders based in the USA or Canada. It is also best if you want to invest in real stocks (only available in Europe).
All in all, we believe you could be well served with both brokers. Both are regulated by several top-tier regulators such as the FCA In the UK.
Pepperstone takes the lead for international traders – it is even endorsed by the r/Forex subreddit—the largest forex community on the internet—alongside Interactive Brokers, which further attests to its credibility in the forex/CFD community. Furthermore, it is also best for traders that want to use cTrader – since Oanda doesn’t support it.
Oanda, on the other hand, is best for US-based or Canadian-based traders, since it is one of the oldest brokers around, compliant with all the required local regulations, and with low costs. Pepperstone doesn’t work in these regions.
Oanda is also best if you want to invest in real stocks, or want to earn interest on your cash. Pepperstone only offers CFDs – not real shares (check the differences between CFDs vs real shares here). Recently, Oanda started offering the option to own real shares with low commissions, which might be great for long-term, buy and hold investors. Plus, it also offers interest on your cash balances.
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.
Comparison table
About Pepperstone
Established in 2010, Pepperstone has become one of the world’s largest forex brokers.
Pepperstone is regulated by several top-tier financial authorities, including ASIC (Australia), FCA (UK), BaFin (Germany), Dubai (DFSA) and Cyprus (CySEC).
It offers leverage up to 500:1 in most regions. In the UK and Europe, leverage is capped at 30:1 due to EU regulations.
A minimum deposit of $0 USD is required for all account types.
It also offers Islamic Accounts (Swap-free – interest-free – accounts are available for halal trading) and UK residents can access tax-free spread betting accounts as well.
On the downside, Pepperstone does not work in countries like the USA and Canada, it also focuses on CFDs – no real stocks, shares, or crypto -, and it offers no interest your cash balances, a valued feature offered by other brokers.
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
- High leverage options up to 1:500 for Pro clients; Max retail leverage 1:400 (depending on location)
Cons
- Limited to CFD trading; no direct asset ownership
- Higher Forex spreads in the standard account
- Crypto offerings are limited compared to competitors
- Limited educational resources
About Oanda
Oanda is a reputable forex and CFD broker founded in 1996, offering trading services in currencies, commodities, indices, and bonds.
The platform caters to both novice and experienced traders with its proprietary Oanda Desktop platform, MetaTrader 4 (MT4), MT5, and integration with TradingView.
Regulated by top-tier authorities like IIROC in Canada and others globally, Oanda provides a secure trading environment with low forex fees and no minimum deposit requirement.
The platforms are user-friendly, featuring advanced charting tools, market analysis, and support for algorithmic trading through various API options.
While offering great research tools and a fast account opening process, the broker primarily focuses on forex and CFDs, with stock trading available only to EU clients.
Oanda pros and cons
Pros
- 0% commissions on real US stocks, Forex and CFDs on cryptocurrencies, indices and commodities
- Access to MetaTrader 5
- Good research tools
- Well-designed investment platforms
Cons
- OANDA accepts US clients, but only for forex and crypto
- Medium-to-high CFD fees
Regulation and security
- Pepperstone: Pepperstone is highly regulated by several top-tier authorities, including ASIC, the Financial Conduct Authority (FCA) in the UK, BaFin in Germany, CySEC, and the Dubai Financial Services Authority (DFSA). As such, it is the clear winner here, especially if you live in Australia, UAE, or the UK!
- Oanda: Oanda is regulated by several financial authorities worldwide, including the FCA (UK), the Malta Financial Services Authority (EU), the CFTC and the NFA in the USA, the CIRO in Canada, ASIC in Australia, the MAS in Singapore, the FFAJ in Japan, and the British Virgin Islands Financial Services Commission for other countries. Oanda operates according to high standards of security and transparency in all jurisdictions where it conducts business.
Non of the brokers are publicly listed or own a banking license, which is a downside.
Oanda is the clear winner in terms of regulation and security – since it has been operating since the 90s (strong track record), and is regulated worldwide by several top-tier institutions.
Fees and Spreads
Both offer very low spreads, with Oanda charging only spreads, and Pepperstone charging also commissions (depends on the account type you choose):
| Fee Type | Oanda | Pepperstone |
| EUR/USD Spread | 1.0 pips (built into spread) | 0.1 pips + $3.50 commission per lot per trade (varies by account type) |
| GBP/USD Spread | 1.5 pips (built into spread) | 0.2 pips + $3.50 commission per lot per trade (varies by account type) |
| S&P 500 CFD Spread | 0.3 points (built into spread) | 0.4 points (built into spread) |
| Withdrawal Fee | $0 | $0 (some transactions may incur fees) |
| Deposit Fee | $0 | $0 |
| Inactivity Fee | Yes ($10 monthly after 1 year inactivity) | No |
Both Oanda and Pepperstone offer competitive fee structures, but they cater to different types of traders:
- Oanda is suitable for traders who prefer simplicity with all fees included in the spread and no commissions. It’s ideal for those who trade less frequently or prefer not to calculate commissions separately.
- Pepperstone is ideal for active traders and scalpers who benefit from lower spreads and are comfortable with per-trade commissions. The Razor account, especially with cTrader, offers some of the lowest trading costs in the industry for high-volume forex traders.
Trading Platforms
- Pepperstone: MT4, MT5, cTrader, and TradingView.
- Oanda: Oanda’s platform, MetaTrader 4 (MT4), MetaTrader 5 (MT5), TradingView.
Investment instruments
- Pepperstone: Over 1,200 financial instruments, including forex (90 currency pairs), indices, commodities, cryptocurrencies, shares.
- Oanda: Wide range of stock CFD, forex, indices, commodities, and crypto CFDs (Over 3,000 financial instruments). Oanda also offers the opportunity to invest in real stocks for EU customers (+2200 individual shares are available). Plus, you can earn interest on uninvested cash balances.
When it comes investment products, we believe Oanda is the winner. It offers the possibility to invest in US and EU-listed companies, while Pepperstone only allows you to do it through CFDs. Plus, the option to earn interest on your unused margin is another upside of Oanda.
Customer Support
- Pepperstone: Availability: 24/7 via phone, live chat, and email.
- Oanda: Availability: 24/7 via email, phone, and live chat.
Deposits and Withdrawals
Pepperstone
- Minimum Deposit: $0
- Methods Available: Credit/debit cards, PayPal, bank transfer, and others.
- Fees: No fees for deposits and withdrawals.
Oanda
- Minimum Deposit: $0
- Methods Available: Credit/debit cards, PayPal, Neteller, Skrill, bank transfer, and more.
- Fees: No fees for deposits and withdrawals.
Oanda vs Pepperstone: our veredict
Pepperstone
Best for international traders focused on CFDs/ForexOanda
Best for US or Canada-based traders, and those looking to invest in real stocks
Choosing between these two online brokers isn’t always an obvious decision.
Ultimately, the best trading platform for you will depend on your profile, personal preferences, and objectives. Explore the websites above and decide for yourself!
Additionally, always verify whether the broker is regulated in your country and offers the levels of protection and security that you deem essential.
Want to know more about Pepperstone vs Oanda? Explore our in-depth broker reviews, comparison table, and BrokerMatch tool.
Disclaimer: Trading Forex and CFDs involves significant risk and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.
