Written by ForexBrokers.com
In this head to head comparison of Pepperstone vs HFM, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Pepperstone and HFM are online brokers founded in 2010. Neither is publicly traded or a bank. In terms of regulation, Pepperstone holds 3 Tier-1 licenses (highly trusted by ForexBrokers.com) and 2 Tier-2 licenses (trusted), while HFM holds 2 Tier-1 and 3 Tier-2 licenses. That gives Pepperstone more top-tier oversight, with HFM offering wider mid-tier coverage.
ForexBrokers.com assigns Pepperstone a Trust Score of 94/99 (highly trusted: 90–99) and HFM an 85/99 (trusted: 80–89). If you’re weighing safety and regulation, Pepperstone edges ahead on top-tier licensing and overall Trust Score, while HFM remains a trusted option backed by multiple regulators.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Year Founded | 2010 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 2 |
| Tier-2 Licenses | 2 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 2 |
Pepperstone comes out ahead of HFM on commissions and fees, especially for traders who use its Razor account or join the Active Trader program. Pepperstone’s Razor account uses commission-based pricing, with an average EUR/USD spread of 0.10 pips in July 2024 and an all-in cost of 0.80 pips once commission is included. Its Standard account is free of commission, but the average EUR/USD spread of 1.1 pips makes it more expensive than Razor. Pepperstone is rated 5 stars and ranks #6 out of 36 brokers for commissions and fees.
HFM’s trading costs are slightly above the industry average. Its standard accounts typically show a 1.2 pip spread, though no date range is given, so the real cost could be higher. The Zero account can come in at an effective 0.7 pips after commission, but that is not an average spread. HFM is rated 4 stars and ranks #29 out of 36 brokers for commissions and fees.
In simple terms, Pepperstone is the better choice if keeping trading costs low is your main goal, while HFM is more middle of the pack. Pepperstone also gives active traders a chance to reduce costs further through rebates, with terms that vary by region and trading volume.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Minimum Deposit | $10 | $0 |
| Average spread (EUR/USD) - Standard account | 1.1 | 1.8 |
| All-in Cost EUR/USD - Active | 0.8 | 1.1 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
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Pepperstone and HFM both let clients trade forex as CFDs or spot contracts, and both also offer copy trading plus cryptocurrency CFDs. Neither broker offers exchange-traded securities on U.S. or international exchanges, and neither allows clients to buy actual, delivered cryptocurrency. Where Pepperstone stands out is choice: it lists 1,726 tradeable symbols and 65 forex pairs, compared with HFM’s 344 tradeable symbols and 38 forex pairs. For investors who want a wider range of markets to choose from, Pepperstone has the larger selection.
Both brokers are rated 4 out of 5 stars for Range of Investments, but their market coverage rankings differ. Pepperstone is ranked #23 out of 36 brokers by ForexBrokers.com in this category, while HFM is ranked #29. In simple terms, both provide a similar overall investing setup, but Pepperstone offers more products and more forex pairs, making it the stronger option for traders who value variety.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 344 |
| Forex Pairs (Total) | 65 | 38 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Pepperstone and HFM both give traders a wide set of platform choices, including free demo accounts, their own in-house platforms, Windows desktop downloads, browser-based trading, copy trading, and access to MetaTrader 4 and MetaTrader 5. Both brokers also let you trade straight from a price chart, which can make order entry faster and easier for active traders. In short, each broker covers the main platform needs most traders look for, whether you want to test strategies, trade on the go, or use familiar third-party software.
When it comes to trading platforms and tools, Pepperstone and HFM are evenly matched in ForexBrokers.com’s star rating, with both earning 4 out of 5 stars. The main difference is in ranking: Pepperstone places #21 out of 36 brokers, while HFM comes in at #34. That gives Pepperstone a slight edge overall in this category, even though both brokers offer a similar set of core trading tools.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 15 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and HFM both offer mobile trading apps for iPhone and Android, and each app includes price alerts, trendline drawing, auto-saved chart drawings, and a 4-star rating for mobile trading. For traders who want a simple way to monitor the market and place trades on the go, both brokers cover the basics well.
The bigger difference is in app depth and syncing. Pepperstone lets users sync watchlists between the mobile app and online account, while HFM does not. Pepperstone also gives traders access to 30 technical studies in its mobile charts, compared with just 5 at HFM. That extra charting range helps Pepperstone stand out, and it may be the better pick for traders who want more tools in a mobile platform. This is also reflected in ForexBrokers.com’s rankings, where Pepperstone places #19 out of 36 brokers for Mobile Trading Apps, ahead of HFM at #33.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Pepperstone and HFM both give traders a similar set of market research tools. Each broker offers daily market commentary, forex news from major sources like Bloomberg and Reuters, Autochartist tools, sentiment data showing long and short positioning, and an economic calendar for tracking key global events. Neither broker includes Trading Central or TipRanks research.
The main difference is that HFM also offers research tools from Acuity Trading, such as Signal Centre, while Pepperstone does not. Even so, Pepperstone comes out slightly ahead overall, with a 4.5-star research rating and a #13 ranking out of 36 brokers from ForexBrokers.com, compared with HFM’s 4-star rating and #18 ranking.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone and HFM both give beginners plenty of ways to learn the basics of forex and CFDs. Each broker offers at least 10 educational pieces focused on these markets, along with monthly online client webinars and a strong set of beginner and advanced video lessons. That means new traders can find help whether they want short explainers, live sessions, or more detailed trading lessons.
When comparing the two, Pepperstone comes out ahead in education quality and standing. Pepperstone is rated 4.5 out of 5 stars for Education and ranks 15th out of 36 brokers at ForexBrokers.com, while HFM is rated 4 out of 5 stars and ranks 29th. For beginners looking for slightly better learning support, Pepperstone has the edge, though HFM still offers a solid range of educational material.
| Feature |
Pepperstone
|
HFM
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Pepperstone is better than HFM. Pepperstone finished with an overall rank of #17, while HFM finished with an overall rank of #27.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
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HFM
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| Trust Score | 94 | 85 |
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Pepperstone vs HFM: both brokers offer cryptocurrency CFD trading, but neither allows the purchase or custody of actual (delivered) cryptocurrencies.
In this comparison of online brokers Pepperstone vs HFM, Pepperstone supports ACH/SEPA transfers, PayPal, and bank wire deposits/withdrawals, while HFM offers Skrill and bank wires but not ACH/SEPA or PayPal; Visa/Mastercard availability is not specified for either broker.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Pepperstone | HFM | |
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| Trust Score | 94 | 85 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | HFM Review |
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| Regulation | Pepperstone | HFM | |
|---|---|---|---|
| Trust Score | 94 | 85 | |
| Year Founded | 2010 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 2 | |
| Tier-2 Licenses | 2 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 2 |
| Tier-1 Licenses (Highly Trusted) | Pepperstone | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Pepperstone | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Pepperstone | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1726 | 344 | |
| Forex Pairs (Total) | 65 | 38 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Pepperstone | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.1 | 1.8 | |
| All-in Cost EUR/USD - Active | 0.8 | 1.1 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | HFM | |
|---|---|---|---|
| Minimum Deposit | $10 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Pepperstone | HFM | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | No |
| Trading Tools | Pepperstone | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 15 | 38 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Pepperstone | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 5 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Pepperstone | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Pepperstone | HFM | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Pepperstone Review | HFM Review |
| Overall | Pepperstone | HFM | |
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| Trust Score | 94 | 85 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | HFM Review |
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