OANDA vs Pepperstone
A matchup defined by geography. OANDA is one of the oldest forex brokers (founded 1996) and one of the few accepting US traders under CFTC regulation. Pepperstone is a modern Australian ECN broker with raw spreads and TradingView integration. We tested both to see how they compare on trading conditions.
This comparison depends entirely on where you live. If you are a US resident, OANDA is your best option — it is one of the few CFTC-regulated forex brokers accepting American traders, and Pepperstone does not serve the US market. For everyone else, Pepperstone is the stronger broker with 0.0 pip raw spreads, TradingView integration, cTrader, and faster execution. OANDA's standard spreads start from 1.0 pips, significantly wider than Pepperstone's Razor account. Pepperstone wins for non-US traders on every metric except US access.
Head-to-Head Comparison
| Feature | OANDA | Pepperstone |
|---|---|---|
| Score | 4.4/5 | 4.7/5 |
| Min Deposit | $0 | $200 |
| Spreads | 0.6 pips (Standard) | 0.0 pips (Razor) |
| Regulation | FCA, CFTC, ASIC, MAS, IIROC | FCA, ASIC, CySEC, DFSA, SCB |
| Founded | 1996 | 2010 |
| HQ | USA | Australia |
| Platforms | MT4, fxTrade | MT4, MT5, cTrader, TradingView |
| Trustpilot | 3.8★ (1,900 reviews) | 4.6★ (3,900 reviews) |
| Islamic Account | No | Yes |
Spreads & Fees
The spread difference is substantial. OANDA's standard account starts from 1.0 pips on EUR/USD with no commission — a straightforward but wider cost structure. Pepperstone's Razor account offers 0.0 pip raw spreads with a $3.50 per lot commission. Even after adding Pepperstone's commission, the total cost per trade is significantly lower than OANDA's spread-only pricing on most pairs. OANDA does not offer a raw-spread account type. Where OANDA wins on costs is the $0 minimum deposit — you can start with any amount — versus Pepperstone's $200 minimum. Neither broker charges withdrawal fees on standard methods.
Regulation & Safety
OANDA's standout regulatory feature is its CFTC registration and NFA membership, making it one of the few brokers legally serving US retail forex traders. OANDA also holds FCA, ASIC, MAS, and IIROC licences. Pepperstone holds FCA, ASIC, CySEC, DFSA, and SCB licences. Both are well-regulated, but they serve different markets. OANDA is the go-to for US and Singapore (MAS) traders. Pepperstone is the go-to for UK, Australia, UAE, and European traders. OANDA has been operating since 1996 — 30 years of track record — while Pepperstone launched in 2010.
Platforms & Tools
Pepperstone offers a far wider platform selection: MT4, MT5, cTrader, and native TradingView integration. OANDA offers MT4 and its proprietary fxTrade platform. The TradingView integration is Pepperstone's killer feature — direct execution from the world's most popular charting platform. cTrader adds advanced order types and depth of market data that fxTrade cannot match. OANDA's fxTrade platform is clean and functional but lacks the advanced features serious traders expect. If platform choice matters to you — and you are not restricted to US brokers — Pepperstone wins decisively.
You are a US resident who needs a CFTC-regulated forex broker. OANDA is one of the very few options available to American traders, with a 30-year track record, $0 minimum deposit, and the proprietary fxTrade platform. Also an excellent choice for Singapore traders via MAS regulation.
Open OANDA Account →You are outside the US and want the best trading conditions available. Pepperstone's 0.0 pip raw spreads, TradingView integration, cTrader, and FCA+ASIC+DFSA regulation make it the superior choice for non-US traders on every metric.
Open Pepperstone Account →Can't Decide?
We recommend Pepperstone
Pepperstone scored 4.7/5 in our testing. $200 minimum deposit, FCA, ASIC, CySEC, DFSA, SCB regulated.
Open Pepperstone Account →We opened live accounts with both brokers, deposited real funds, and tested spreads, execution, and withdrawals over 30 days. Scores are based on our transparent methodology. Last updated: April 2026.
CFDs are complex instruments. 74-89% of retail accounts lose money. Data accurate April 2026.