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Pepperstone vs Exness - 2024 Comparison | FX Scouts
AuthorAuthor: Björn MichelsUpdated: Oct 12, 2023

Last Updated On Oct 12, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Scouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

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Broker Score
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.61/ 5 USD 0FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityNDDCommodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices, Metals10019
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
  • Limited market analysis
Read Review 111115/ 5 11110.54.5/ 5 111115/ 5 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 86%400:10 pips cTrader Razor, MT5 Razor, MT4 Razor, Standard, Swap-free MT4, MT5, cTrader, TradingViewBank Transfer, Visa, Mastercard, POLi, BPay, Paypal, Neteller, Skrill, UnionpayFrom 7 USD / lot - Razor Account
11110.54.32/ 5 USD 3FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services CommissionMarket MakerCryptocurrencies, Energies, Stock CFDs, Forex, Indices, Metals10034
  • Highly competitive spreads and low trading costs (7 USD per lot).
  • Extensive selection of trading instruments and over 100 Forex pairs
  • User-friendly trading platforms: MT4 MT5 and Exness Terminal.
  • Minimum deposit requirement of only 3 USD
  • Offers copy trading options
  • Extreme leverage
  • Limited range of share CFDs
Read Review 111104/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 1110.503.5/ 5 111104/ 5 11110.54.5/ 5 71.67%Unlimited:10.10 pips Pro MT4, Pro MT5, Pro Raw Spread MT5, Pro Raw Spread MT4, Standard Cent MT4, Standard MT4, Standard MT5, Pro Zero MT4 MT4, MT5, Exness TerminalOzow, Tether, Bitcoin, Visa, Mastercard, Bank Transfer, Neteller, Skrill, PerfectMoney, WebMoney7 USD/lot

How do Pepperstone and Exness stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

Exness

Pepperstone

At FX Scouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare Pepperstone and Exness, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does Pepperstone or Exness have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that Pepperstone holds three Tier 1 and two Tier 2 licences, and Exness holds no Tier 1 and no Tier 2 licences.

 

Is Pepperstone financially regulated?

Yes Pepperstone was founded in 2010 and is regulated by ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB.

 

Is Exness financially regulated?

Yes Exness was founded in 2008 and is regulated by B.V.I FSC, CMA, FSC, FSCA and FSA-Seychelles.

 

Based on these findings, Pepperstone earned a higher trust rating than Exness.

Does Pepperstone or Exness have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Exness has overall lower trading costs than Pepperstone. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Pepperstone
11110.54.5/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
1.00 pips
USD 10
0.17 pips
0.59 pips
0.26 pips
USD 0
Exness
111115/ 5
USD, EUR, GBP, AUD, ZAR, CHF, JPY, NZD, SGD+40
0.70 pips
USD 7
0 pips
0.10 pips
0 pips
USD 0

 

Does Pepperstone or Exness offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, Pepperstone offers support for cTrader, MT4, MT5 and TradingView and Exness offers support for MT4, MT5 and Exness Terminal. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Exness and Pepperstone offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
Pepperstone
111115/ 5
TradingView
Exness
11110.54.5/ 5
Exness Terminal

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Pepperstone offers a greater range and depth of instruments to trade than Exness. Pepperstone offers 100 Forex pairs to trade and Exness offers 100 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, Exness offers 34 cryptocurrencies while Pepperstone offers 19 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Exness.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither Exness nor Pepperstone charges a withdrawal fee. Overall, Exness has better deposit and withdrawal processes than Pepperstone. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

Exness and Pepperstone both have moderate educational support. Both Exness and Pepperstone offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Pepperstone
Medium
Exness
Medium

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that Pepperstone offers better research analysis than Exness and that both Exness and Pepperstone offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Pepperstone
Exness

 

Our overall Verdict on Pepperstone

One of our highest-rated brokers for Nigerian traders, Pepperstone was founded in Australia in 2010 and is globally renowned for its low trading costs and choice of trading platforms. Pepperstone keeps costs low with some of the tightest spreads we’ve seen, averaging at 1 pips (EUR/USD) on its Standard Account. For those who prefer classic ECN trading, the Razor Account has low commissions and spreads, averaging just 0.24 pips on the EUR/USD. Neither account has a required minimum deposit.

Despite the low costs, we are disappointed with Pepperstone’s complicated commission structure. But more experienced traders will appreciate Pepperstone’s trading platform options, including MT4, MT5, TradingView, and cTrader.  Additionally, Pepperstone offers a wide range of tradable assets, including over 90 Forex pairs and 1000+ stock CFDs. It also has great education and market analysis, making it a good option for beginner traders. 

Overall, Pepperstone ticks all the boxes for those looking for a wide range of assets to trade, low costs, and a great choice of trading platforms and tools.

Traders can also choose between a number of top trading platforms, including MT4, MT5, and cTrader and a wide selection of trading tools. Furthermore, Pepperstone does not charge any withdrawal or deposit fees and allows hedging, scalping, and copy trading.  Pepperstone provides a good selection of educational and market analysis material and provides negative balance protection for all clients. However, some Nigerians will be disappointed that Pepperstone doesn't offer Islamic swap-free accounts. As our highest-rated pure ECN broker, if you only want to pay a small commission for tight spreads, you won't find much better than Pepperstone.

Our overall Verdict on Exness

Exness is a popular global broker with nine different trading accounts and one of the lowest-cost Cent Accounts in the industry.  Nigerians are onboarded through its company in Seychelles. This means that your money will be held overseas, and any disputes you have with Exness won’t be governed by Nigerian laws.

Exness offers support for MT4, MT5, and its user-friendly proprietary platform, Exness Terminal, available as a desktop and mobile app. In addition to fundamental and technical market analysis tools, including FXStreet News and Trading Central, Exness also hosts expert-led educational seminars in various regions as well as live webinars.

Which broker has the highest overall rating?

Pepperstone has an overall rating of 4.61 and Exness has an overall rating of 4.32. For more detail please read our reviews of Pepperstone and Exness.

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