Which trading platform is best, Pepperstone or City Index?

City Index is objectively a better trading platform compared to Pepperstone based on the nine criteria set out below. City Index offers the most markets to trade, the most different account types and is the more established brand and has the lowest trading costs when compared to Pepperstone.

Compare Pepperstone to Saxo Capital Markets. Check independent broker reviews and see prices, fees and features.

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
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Pepperstone Versus City Index

City Index Key Features


Visit City Index
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
City Index Reviews
Total Markets12,000
Forex Pairs84
Commodities25
Indices21
UK Stocks?
US Stocks?
Broker specifics
2019 Revenue£41,570,000 (until q3 2019)
Number Active Clients126,000
Minimum Deposit£100
Inactivity Fee£12 per month
Founded1983
FX Retails SpreadsCity Index
EUR/USD Euro vs US Dollar0.5
GBP/USD British pound vs US dollar0.9
USD/JPY US Dollar vs Japanese Yen0.6
EUR/GBP Euro vs British Pound0.9
AUD/USD Australian Dollar vs US Dollar0.5
USD/CAD US Dollar vs Canadian Dollar0.19
USD/CHF US Dollar vs Swiss Franc0.15
NZD/USD NZ Dollar vs US Dollar0.22
EUR/JPY Euro vs Japanese Yen0.17
EUR/AUD Euro vs Australian Dollar0.42
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 Dollar30:01:00
Commodity Spreads
WTI crude (oil)0.3
Brent crude (oil)0.23
Natural Gas0.18
Gold0.8
Silver0.2
Copper (comex)0.4
Corn0.1
Wheat1
Soyabeans1.5
Gasoline RBOBnot quoted
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 RBOBnot quoted
Steelnot quoted
Aluminiumnot quoted
Ironnot quoted
Index Spreads
Dow Jones Industrials Average (US 30)3.5
Standard & Poor’s 500 (S&P 500)0.4
Nasdaq (Composite and Nasdaq 100)1
Dow Jones Industrials (DJIA)not quoted
UK FTSE 100 (FTSE 100)1
CAC 40 (France 40)1.3
DAX (Germany 30)1.2
Euro Stoxx 50 (Euro 50)1.9
Japan 225 (Nikkei 225)10
Hong Kong (Hang Seng Index)20
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 Spreads0.80%
US Stock Spreads$0.018 per share
Stocks & Shares Margins
US Stock Margins05:01
UK Stock Margins05:01
Overnight Financing Rates
Forex (tom next plus or minus )variable based on instrument and swap rates
CommoditiesVariable based on differentials between front month future, cash price and days to carry to futures expiry
IndicesLibor +/-2.50%
UK StocksLibor +/-2.50%
US StocksLibor +/-2.50%
Compare AlternativesCity Index Versus IG
City Index Versus CMC Markets
City Index Versus Pepperstone
City Index Versus Spreadex
City Index Versus Saxo Markets

Which trading platform has the best customer reviews?

The Pepperstone trading platform has better customer reviews compared to City Index. In the Good Money Guide multi-factor scoring system Pepperstone are rated at 4.625 out of 5.0, versus the City Index rating of 3.40. Pepperstone scored higher than City Index across all the review metrics we use in our scoring system.

Find out why customer reviews are important

Which trading platform offers the most markets?

City Index offers more markets than Pepperstone. City Index clients can trade 12,000 different instruments compared to Pepperstone's 178. City Index offers 84 FX pairs compared to 36 pairs available at Pepperstone, and you can trade in 25 commodities at City Index versus 16 at Pepperstone.

Find out why market access is important

Which trading platform offers the most platforms?

Pepperstone offers more trading platforms than City Index. Pepperstone has both the Metaquotes MT4 and MT5 platforms as well as cTrader, all of which are available in desktop or mobile variants. Whilst City Index offers its own web-based trader and Metaquotes MT4 again in desktop or mobile versions.

Find out why trading platforms are important

Which trading platform offers the most different types of account?

City Index offers more types of trading account compared to Pepperstone. City Index has accounts for CFD trading, Forex trading and financial spread betting, for both retail and professional clients, and you can trade on-exchange futures and buy and sell options through an account at its parent company Stonex Group.

Pepperstone offers two types of margin trading account, alongside a Spread Betting account, which are available to both retail and professional clients.

Find out why account types are important

Which trading platform is a more established business?

City Index more established than Pepperstone and was founded in 1983 it has been through several changes of ownership in that time and is now part of the US Stonex Group. Pepperstone was established in 2010 and is a private company owned by senior management.

Find out why a trading platforms history is important

Which trading platform has the lowest trading costs?

The City Index trading platform has the lowest trading costs overall when compared to Pepperstone. Pepperstone has narrower spreads in the 10 active FX pairs that we sampled with an average spread of 0.323 versus City Index‘s 0.455. However, City Index has tighter spreads than Pepperstone, in equity indices, commodities and US stocks.

Find out why trading costs are important

Which trading platform offers the most margin?

Pepperstone offers the most margin with leverage of up to 500:1 available to professional clients versus the maximum leverage of 400:1 for professional clients of City Index.

For retail traders, both brokers apply the FCA/ESMA margin restrictions which are the maximum levels of leverage available to retail clients in the UK and Europe under current legislation.

Find out why leverage and margin are important

Which trading platform offers the lowest overnight financing rates?

Pepperstone does not publish details of its overnight financing charges or their methodology so no direct compression was possible here.

Find out why overnight financing rates are important

Which trading platform offers the most added value?

City Index offers more added value as a trading platform compared to Pepperstone. Both brokers offer 5 out of the 6 metrics we look for in this category. However, City Index’s 360 view service which provides news, pricing and analysis on trading instruments, all in one place, is the difference between the two firms.

Both City Index and Pepperstone offer educational resources for beginner and advanced traders, alongside regular research and market analysis.

Find out why added value is important

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