Which trading platform is best, CMC Markets or Pepperstone?

In a comparison of CMC Markets versus Pepperstone based purely on the data within our database and scoring systems, CMC Markets is judged to have the best platform in terms of the breadth of markets and products it offers, when compared to Pepperstone. Pepperstone does beat CMC Markets by 6 to 5 in the 11 FX instruments we sampled and Pepperstone’s average spreads across those instruments were also lower overall whereas CMC Markets is a FTSE 250 company with a market of £1.24 billion, whilst the smaller Pepperstone is privately held and owned by its management giving CMC Markets a technical advantage.

CMC Markets Key Features


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67% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
CMC Markets Reviews
Total Markets9300
Forex Pairs71
Commodities33
Indices22
UK Stocks629
US Stocks3441
Cryptocurrencies13
Broker specifics
2019 Revenue£130.800,000
Number Active Clients53,308
Minimum Deposit£100
Inactivity Fee£10 per month
Founded1989
FX Retails SpreadsCMC Markets
EUR/USD Euro vs US Dollar0.7
GBP/USD British pound vs US dollar0.9
USD/JPY US Dollar vs Japanese Yen0.7
EUR/GBP Euro vs British Pound0.11
AUD/USD Australian Dollar vs US Dollar0.14
USD/CAD US Dollar vs Canadian Dollar1.7
USD/CHF US Dollar vs Swiss Franc1
NZD/USD NZ Dollar vs US Dollar0.18
EUR/JPY Euro vs Japanese Yen0.15
EUR/AUD Euro vs Australian Dollar0.16
FX Retail Margins
EUR/USD Euro vs US Dollar30:01:00
GBP/USD British pound vs US dollar30:01:00
USD/JPY US Dollar vs Japanese Yen30:01:00
EUR/GBP Euro vs British Pound30:01:00
AUD/USD Australian Dollar vs US Dollar20:01
USD/CAD US Dollar vs Canadian Dollar30:01:00
USD/CHF US Dollar vs Swiss Franc30:01:00
NZD/USD NZ Dollar vs US Dollar20:01
EUR/JPY Euro vs Japanese Yen30:01:00
EUR/AUD Euro vs Australian Dollar20:01
Commodity Spreads
WTI crude (oil)0.3
Brent crude (oil)0.3
Natural Gas0.8
Gold0.3
Silver0.25
Copper (comex)0.3
Corn0.9
Wheat0.8
Soyabeans1.5
Gasoline RBOB80
Steelnot quoted
Aluminiumnot quoted
Ironnot quoted
Commodity Margins
WTI crude (oil)10:01
Gold20:01
Corn10:01
Brent crude (oil)10:01
Natural Gas10:01
Silver10:01
Copper10:01
Wheat10:01
Soyabeans10:01
Gasoline RBOB10:01
Steelnot quoted
Aluminiumnot quoted
Ironnot quoted
Index Spreads
Dow Jones Industrials Average (US 30)2.4
Standard & Poor’s 500 (S&P 500)0.5
Nasdaq (Composite and Nasdaq 100)2
Dow Jones Industrials (DJIA)not quoted
UK FTSE 100 (FTSE 100)1
CAC 40 (France 40)1
DAX (Germany 30)1
Euro Stoxx 50 (Euro 50)1.6
Japan 225 (Nikkei 225)15
Hong Kong (Hang Seng Index)5
Index Margins
Dow Jones Industrials Average (US 30)20:01
Standard & Poor’s 500 (S&P 500)20:01
Nasdaq (Composite and Nasdaq 100)20:01
Dow Jones Industrials (DJIA)not quoted
UK FTSE 100 (FTSE 100)20:01
CAC 40 (France 40)20:01
DAX (Germany 30)20:01
Euro Stoxx 50 (Euro 50)20:01
Japan 225 (Nikkei 225)20:01
Hong Kong (Hang Seng Index)10:01
Stocks & Shares Spreads
UK Stock Spreads0.10%
US Stock Spreads$0.02 per share
Stocks & Shares Margins
US Stock Margins05:01
UK Stock Margins05:01
Overnight Financing Rates
Forex (tom next plus or minus )0.00%
CommoditiesVariable based on differentials between front month future, cash price and days to carry to futures expiry
Indices
UK Stocksinterbank rate +/-0.0082%
US Stocksinterbank rate +/-0.0082%
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Pepperstone Key Features

pepperstone review
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79.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Pepperstone Reviews
Total Markets178
Forex Pairs36
Commodities16
Indices14
UK Stocks0
US Stocks64
Broker specifics
2019 RevenueNA
Number Active Clients57,000
Minimum Deposit£100
Inactivity FeeNone
Founded2010
FX Retails SpreadsPepperstone
EUR/USD Euro vs US Dollar0.13
GBP/USD British pound vs US dollar0.44
USD/JPY US Dollar vs Japanese Yen0.25
EUR/GBP Euro vs British Pound0.41
AUD/USD Australian Dollar vs US Dollar0.14
USD/CAD US Dollar vs Canadian Dollar0.14
USD/CHF US Dollar vs Swiss Franc0.64
NZD/USD NZ Dollar vs US Dollar0.32
EUR/JPY Euro vs Japanese Yen0.22
EUR/AUD Euro vs Australian Dollar0.54
FX Retail Margins
EUR/USD Euro vs US Dollar30:01:00
GBP/USD British pound vs US dollar30:01:00
USD/JPY US Dollar vs Japanese Yen30:01:00
EUR/GBP Euro vs British Pound30:01:00
AUD/USD Australian Dollar vs US Dollar20:01
USD/CAD US Dollar vs Canadian Dollar30:01:00
USD/CHF US Dollar vs Swiss Franc30:01:00
NZD/USD NZ Dollar vs US Dollar20:01
EUR/JPY Euro vs Japanese Yen30:01:00
EUR/AUD Euro vs Australian Dollar20:01
Commodity Spreads
WTI crude (oil)0.5
Brent crude (oil)0.5
Natural Gas0.5
Gold0.5
Silver0.5
Copper (comex)0.195
Cornnot quoted
Wheatnot quoted
Soyabeans1.19
Gasoline RBOBnot quoted
Steelnot quoted
Aluminiumnot quoted
Ironnot quoted
Commodity Margins
WTI crude (oil)10:01
Gold20:01
Cornnot quoted
Brent crude (oil)10:01
Natural Gas10:01
Silver10:01
Copper10:01
Wheatnot quoted
Soyabeans10:01
Gasoline RBOBnot quoted
Steelnot quoted
Aluminiumnot quoted
Ironnot quoted
Index Spreads
Dow Jones Industrials Average (US 30)2.4
Standard & Poor’s 500 (S&P 500)0.6
Nasdaq (Composite and Nasdaq 100)1
Dow Jones Industrials (DJIA)not quoted
UK FTSE 100 (FTSE 100)3
CAC 40 (France 40)1
DAX (Germany 30)0.9
Euro Stoxx 50 (Euro 50)2
Japan 225 (Nikkei 225)8
Hong Kong (Hang Seng Index)30
Index Margins
Dow Jones Industrials Average (US 30)20:01
Standard & Poor’s 500 (S&P 500)20:01
Nasdaq (Composite and Nasdaq 100)20:01
Dow Jones Industrials (DJIA)not quoted
UK FTSE 100 (FTSE 100)20:01
CAC 40 (France 40)20:01
DAX (Germany 30)20:01
Euro Stoxx 50 (Euro 50)20:01
Japan 225 (Nikkei 225)20:01
Hong Kong (Hang Seng Index)10:01
Stocks & Shares Spreads
UK Stock Spreadsnot quoted
US Stock Spreads$0.02 per share
Stocks & Shares Margins
US Stock Margins05:01
UK Stock Marginsnot quoted
Overnight Financing Rates
Forex (tom next plus or minus )not published
Commoditiesnot published
Indicesnot published
UK Stocksnot published
US Stocksnot published
Compare AlternativesPepperstone Versus IG
Pepperstone Versus CMC Markets
Pepperstone Versus Saxo Markets
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Which trading platform has the best customer reviews?

Pepperstone has an average customer review rating that is +16 % above that of CMC Market when using our unique approach to analysing customer reviews where we rank brokers and platforms using our proprietary scoring system.

Find out why customer reviews are important

Which trading platform offers the most markets?

CMC Markets is the clear winner, offering more than 9,000 markets and instruments across different asset classes, compared to Pepperstone’s far smaller universe of just a few hundred markets.

Find out why market access is important

Which trading platform offers the most platforms?

Pepperstone offers more trading platforms than CMC Markets which include MT4, MT5,  cTrader and their respective mobile versions. While CMC Markets only offers its in-house next-generation platform, alongside MT4, with both platforms made available in desktop and mobile variants.

Find out why trading platforms are important

Which trading platform offers the most different types of account?

Pepperstone offers more accounts types than CMC Markets. Pepperstone has four different account types on offer, compared to CMC Markets three. Both firms offer FX and CFD trading alongside spread betting, and each offers professional trading and retail accounts to its customers.

However, Pepperstone offers a Razor account that is specifically aimed at high-frequency traders and EA users whilst CMC Markets has a prime brokerage and institutional division, an area of business that Pepperstone is not involved in, however, that is not relevant in a comparison for retails or professional traders.

Find out why account types are important

Which trading platform is a more established business?

CMC Markets is the more established business, founded in 1989, compared to Pepperstone which was set up in 2010. CMC Markets is also a listed company and a member of the FTSE 250 Index, with a market capitalisation of £1.24 billion as of the time of writing (August 2021). Pepperstone is a private company that is owned by members of its management team, following a 2018 buyout from its former Private Equity owners.

Find out why a trading platforms history is important

Which trading platform has the lowest trading costs?

When it comes to the spreads charged on equity indices, CMC Markets comes out ahead with an average spread of 3.28 points compared to Pepperstone's 5.78 points. however, direct comparisons here are directly impacted by the fact that CMC Markets offers so many more instruments than Pepperstone. Pepperstone has the edge in 11 key FX rates whilst CMC markets are cheaper in energy markets.

Find out why trading costs are important

Which trading platform offers the most margin?

CMC Markets offers slightly better margins compared to Pepperstone as their professional account offers leverage of upto 500:1 on indices and forex trading. Pepeprstone matches CMC Markets on pro margins in FX, but it only offers maximum leverage of 200:1 in indices trading.

Margins on major FX pairs are the same across the board at CMC markets and Pepperstone with each of them applying the now-familiar FCA/ ESMA restrictions of 30: 1 with volatile pairs such as AUD USD and EUR JPY offered at margins of 20:1 There is also uniformity in commodity contracts where margins are set at 10:1, and indices where 20:1 is the norm except for the Hong Kong 50 which is the lower rate of 10:1.

Find out why leverage and margin are important

Which trading platform offers the lowest overnight financing rates?

CMC Markets is quite transparent about its overnight financing charges whereas Pepperstone doesn’t publish its fees or calculation methodology for products, other than FX, and even here it simply refers to” tom next rates” without specifying or publishing what these are. This means that we can’t make a direct comparison between the two sets of costs.

Find out why overnight financing rates are important

Which trading platform offers the most added value?

CMC Markets adds more value than Pepperstone, with six points of added value compared to Pepperstones five. Both firms offer analysis, news, research, charting and personal service. CMC Market also offers client sentiment. plus positioning tools and data, something that Pepperstone doesn't offer as standard.

Find out why added value is important

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