Canadian-based broker Oanda and its Australian competitor Pepperstone present well-regulated environments with growing client bases. Oanda developed its proprietary trading platform for manual traders but also offers MT4. Pepperstone presents MT4, MT5, and cTrader. Both brokers have an extensive upgrade suite for MT4, creating two of the best trading experiences with 28 plugins at each broker.
Both brokers maintain a low-cost price structure, but Pepperstone takes the lead in the overall core trading environment amid a notably broader choice of trading instruments, higher leverage, and third-party social trading providers.
Beginner traders get a more in-depth educational platform at Pepperstone versus Oanda, but the available market commentary and research rank similarly. Live webinars are available at Oanda and Pepperstone alike. We have conducted an in-depth review of Oanda and Pepperstone to determine which one presents the better overall choice and from which traders will benefit the most.
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- Oanda vs. Pepperstone - Verdict
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Headquarters | British Virgin Islands | Australia |
Regulators | ASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSA | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB |
Tier 1 Regulator(s)? | ||
Owned by Public Company? | ||
Year Established | 1996 | 2010 |
Execution Type(s) | ECN/STP, Matched Principal Broker | No Dealing Desk, NDD |
Minimum Deposit | $0 | $0 |
Negative Balance Protection | N/A | |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform, Trading View | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ |
Average Trading Cost EUR/USD | 0.9 pips | 1.1 pips |
Average Trading Cost GBP/USD | 1.3 pips | 1.4 pips |
Average Trading Cost WTI Crude Oil | $0.03 | $2.50 |
Average Trading Cost Gold | $0.30 | $0.15 |
Retail Loss Rate | 78.3% | 74-89% |
Minimum Raw Spreads | 0.0 pips | 0.0 pips |
Minimum Standard Spreads | 0.6 pips | 1.0 pips |
Minimum Commission for Forex | $5.00 per round lot | 6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5) |
Islamic Account | ||
Signals | ||
US Persons Accepted? | ||
Managed Accounts | ||
| Visit Website | Visit Website 75-95% of traders on margin lose |
Features and Platforms
| | |
MT4 | ||
MT5 | ||
MT4/MT5 Add-Ons | N/A | |
cTrader | ||
Proprietary Platform | ||
Automated Trading | ||
Social/Copy Trading | N/A | |
DOM? | ||
Guaranteed Stop Loss | ||
Scalping | ||
Hedging | ||
One-Click Trading | ||
OCO Orders | ||
Interest on Margin | ||
| Visit Website | Visit Website 75-95% of traders on margin lose |
Noteworthy:
Pepperstone grants algorithmic traders an edge amid higher leverage and faster order execution, but the Oanda proprietary trading platform is beneficial to manual traders.
Available Markets
| | |
Currency Pairs | ||
Cryptocurrencies | N/A | |
Commodities | ||
Crude Oil | ||
Gold | ||
Metals | ||
Equity Indices | ||
Stocks (non-CFDs) | N/A | |
Bonds | N/A | |
ETFs | ||
Options | N/A | |
Futures | ||
Synthetics | ||
| Visit Website | Visit Website 75-95% of traders on margin lose |
Oanda offers broader exposure to the Forex market with more currency pairs than Pepperstone, but Pepperstone also includes three currency indices. The absence of equity CFDs at Oanda is notable, while Pepperstone presents a well-balanced choice, including in-demand ETFs. Neither broker offers cryptocurrency traders a broad selection of trading instruments.
Typical Spreads and Fees
| | |
Average Trading Cost EUR/USD | 0.9 pips | 1.1 pips |
Average Trading Cost GBP/USD | 1.3 pips | 1.4 pips |
Average Trading Cost WTI Crude Oil | $0.03 | $2.50 |
Average Trading Cost Gold | $0.30 | $0.15 |
Average Trading Cost Bitcoin | $62 | 25 |
Minimum Raw Spreads | 0.0 pips | 0.0 pips |
Minimum Standard Spreads | 0.6 pips | 1.0 pips |
Minimum Commission for Forex | $5.00 per round lot | 6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5) |
Deposit Fee | ||
Withdrawal Fee | ||
Inactivity Fee | $10 monhtly after 12 months | $0 |
| Visit Website | Visit Website 75-95% of traders on margin lose |
Oanda and Pepperstone offer traders a low-cost commission-based pricing structure, where the former maintains a minor advantage. Once traders consider swap rates on leveraged overnight positions, Pepperstone presents cheaper overall trading costs, as Oanda levies higher financing costs plus administrative fees on select trading instruments.
Security and Trust
| | |
Country of the Regulator | Australia, Canada, Japan, Malta, Singapore, United Kingdom, United States, British Virgin Islands | United Arab Emirates, Australia, The Bahamas, Cyprus, Germany, Kenya, United Kingdom |
Name of the Regulator | ASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSA | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB |
Regulatory License Number | Undisclosed, 0325821, 542574, C95813, 412981, 2137, CMS100122-4, SIBA/L/20/1130 | 414530, 91279, 128, 388/20, F004356, 684312, F217 |
Regulatory Tier | 1, 1, 1, 1, 1, 1, 1, 4 | N/A |
| Visit Website | Visit Website 75-95% of traders on margin lose |
Negative balance protection exists at both brokers. Oanda and Pepperstone also segregate client deposits from corporate funds and have a clean regulatory track record.
Oanda vs Pepperstone – Verdict
Oanda
Pros | Cons |
|---|---|
| Excellent 28-tool MT4 upgrade package | Limited asset selection with equities missing |
| Trustworthy broker with more than 25 years of experience | No modern payment processors |
| Competitive pricing environment | |
| Quality market commentary on the Oanda blog MarketPulse |
Pepperstone
| Pros | Cons |
| Excellent choice of trading platforms consisting of MT4/MT5, and cTrader | Minimum deposit slightly higher but within a reasonable range |
| Market-leading MT4/MT5 upgrade package, Autochartist, and API trading | |
| Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade | |
| Leverage of up to 1:500 and superb trade execution |
Oanda presents Forex scalpers with a competitive offer, but Pepperstone offers more balance for all strategies. The asset selection, order execution, and leverage remain superior at Pepperstone versus Oanda, where beginners also get more education.
Pepperstone ranks among the most competitive brokers, suitable for all traders.
You might also be interested in reviewing the below broker comparisons:
- Oanda vs Forex.com
- Oanda vs Alpari
- Oanda vs FXCM
- Pepperstone vs Plus500
- Pepperstone vs Fondex
- Pepperstone vs AxiTrader
FAQs
Which broker is better than Pepperstone?
Pepperstone ranks among the most competitive brokers, suitable for all traders.
Is Oanda the best broker?
Oanda maintains a well-balanced trading environment but does not rank among the best brokers.
Is Oanda a good broker for beginners?
While Oanda maintains educational content, it does not provide in-depth topics but suffices as a low-level introduction. Pepperstone counters with a higher-quality approach, making it a better choice for beginner traders.