Broker comparison

Admirals vs.
Pepperstone

Which broker fits your needs?

Platforms, products and fees side by side.

Checked on 22 October 2026

See comparison

Summary

Your goal decides

Pepperstone has a higher rating of 4.5/5 compared to Admirals (4.2/5). The minimum deposit is lower at Pepperstone with 0 €. Oversight: Admirals: CySEC/FCA/ASIC; Pepperstone: BaFin/FCA/ASIC. Admirals: No, CFDs on forex, stocks and more. Pepperstone: No, but over 1,200 CFD instruments. Admirals has been in the market since 2001, making it the more experienced provider.

Multi-regulated broker with MetaTrader Supreme Edition

ECN broker with Razor account and ultra-fast execution

At a glance

The key differences

Criterion
PlatformsMT4, MT5, MetaTrader Supreme Edition, Admirals AppMT4, MT5, cTrader, TradingView
Product typesForex, CFDs, Stocks CFDs, Indices, Commodities, Crypto, ETFsForex, CFDs, Indices, Commodities, Stocks CFDs, Crypto, Currency Indices
Options tradingNo, CFDs on forex, stocks and moreNo, but over 1,200 CFD instruments
Fee modelSpreads from 0.5 pip, stock CFDs from $0.02 per shareRazor account: from 0.0 pip + €2.60 commission/lot, Standard: from 1.0 pip
Minimum deposit100 €0 €
RegulationCySEC/FCA/ASICBaFin/FCA/ASIC
More informationDetailsDetails

Platforms

Admirals

MT4, MT5, MetaTrader Supreme Edition, Admirals App

Pepperstone

MT4, MT5, cTrader, TradingView

Product types

Admirals

Forex, CFDs, Stocks CFDs, Indices, Commodities, Crypto, ETFs

Pepperstone

Forex, CFDs, Indices, Commodities, Stocks CFDs, Crypto, Currency Indices

Options trading

Admirals

No, CFDs on forex, stocks and more

Pepperstone

No, but over 1,200 CFD instruments

Fee model

Admirals

Spreads from 0.5 pip, stock CFDs from $0.02 per share

Pepperstone

Razor account: from 0.0 pip + €2.60 commission/lot, Standard: from 1.0 pip

Minimum deposit

Admirals

100 €

Pepperstone

0 €

Regulation

Admirals

CySEC/FCA/ASIC

Pepperstone

BaFin/FCA/ASIC

More information

Admirals

Details

Pepperstone

Details

Product access and costs depend on market, account and permissions.

Detailed comparison

Comparing fees

Compare total costs, not just the order fee.

Spreads from 0.5 pip, stock CFDs from $0.02 per share

Published fee
Spreads from 0.5 pip, stock CFDs from $0.02 per share
Minimum deposit
100 €
Inactivity
€10/month after 24 months of inactivity
See terms at provider

Razor account: from 0.0 pip + €2.60 commission/lot, Standard: from 1.0 pip

Published fee
Razor account: from 0.0 pip + €2.60 commission/lot, Standard: from 1.0 pip
Minimum deposit
0 €
Spread figure
EUR/USD from 0.0 pip (Razor) + $3.50 per lot
See terms at provider

The relevant costs depend on market, currency, order size and trading style.

Worked out

What does it actually cost?

Typical months at Admirals and Pepperstone, priced from their published fee schedules. Spreads, FX and exchange fees come on top depending on the venue.

ScenarioAdmiralsPepperstone
ETF savings plan, ≈ €200 a month€1Invest.MT5 DE: 0.10% of €200 = €0.20 → minimum €1; no savings plan—Not offered – ETF CFDs only, no real ETFs/savings plans
10 stock buys of ≈ €1,000 a month€10Invest.MT5 Germany/France: 0.10% × €1,000 = €1 (min €1) × 10—Not offered – share CFDs only (commission 0.07–0.20% per side)
10 lots of EUR/USD a monthUS$50Trade.MT5, no commission: spread from 0.5 pip (minimum, not average) × $10 × 10US$113Standard account: average EUR/USD spread 1.13 pip × $10 × 10; no commission
Custody and account fee per year€0Account maintenance free; inactivity €10/month only after 24 months without trades€0No account-keeping or inactivity fee

Checked on 22 October 2026. Prices can change; the current fee schedule is what counts. Sources: admiralmarkets.com · pepperstone.com · pepperstone.com · pepperstone.com

Execution quality

Order type, venue and liquidity affect execution.

Check the provider’s execution policy and available order types for your account.

Provider information

Check the provider’s execution policy and available order types for your account.

Provider information

Product range

ForexCFDsStocks CFDsIndicesCommoditiesCryptoETFs
ForexCFDsIndicesCommoditiesStocks CFDsCryptoCurrency Indices

Categories come from broker profiles. Check specific markets and permissions before deciding.

Trading platforms

MT4 · MT5 · MetaTrader Supreme Edition · Admirals App

Admirals offers MT4, MT5, the exclusive MetaTrader Supreme Edition, and the Admirals App. The MetaTrader Supreme Edition extends the standard MetaTrader with professional additional tools: Mini Terminal for quick trading, Trade Terminal for advanced order management, Tick Chart Trader, and Sentiment Trader. MT4 and MT5 provide access to automated trading with Expert Advisors. The Admirals App enables mobile trading with price queries, charts, and order placement.

Explore platform

MT4 · MT5 · cTrader · TradingView

Pepperstone offers four trading platforms: MT4 and MT5 for classic forex trading with Expert Advisors and automated strategies. cTrader impresses with a modern interface, advanced charting, Level II price data, and algorithmic trading via cAlgo. TradingView enables social trading with one of the world's largest trader communities. All platforms support the Razor account with raw spreads and offer mobile versions for trading on the go.

Explore platform

Regulation & security

Admirals

Admirals Europe Ltd (formerly Admiral Markets Cyprus Ltd), Cyprus, reg. no. 310328

Supervisor
CySEC (licence 201/13)
Investor compensation
Cyprus ICF: up to €20,000 (CySEC firm); membership not confirmed on an Admirals page
Cash
Client money segregated (MiFID standard); no deposit guarantee; not verified on an official page

Pepperstone

Pepperstone GmbH, Düsseldorf (HRB 91279)

Supervisor
BaFin
Investor compensation
German EdW investor compensation: 90% up to €20,000 per client
Cash
Client money segregated from company funds under WpHG; EdW up to €20,000; no bank deposit guarantee

Regulation does not protect against market losses. What counts is the entity you sign the contract with.

Your investor profile

Who might it suit?

Multi-regulated broker with MetaTrader Supreme Edition

  • MetaTrader Supreme Edition with extra tools
  • Comprehensive educational resources
  • Multiple account types available
  • Inactivity fee after 24 months
  • No BaFin regulation

ECN broker with Razor account and ultra-fast execution

  • Razor account with raw spreads from 0.0 pip
  • Fast execution speed
  • MT4, MT5, cTrader and TradingView
  • No options trading
  • No real stocks, only CFDs

Find the broker that fits

Admirals oder Pepperstone?

Side by side. Decided with knowledge.

See the differences that matter, and the Academy lessons that explain them.

Admirals4.2
  • MetaTrader Supreme Edition with extra tools
  • Comprehensive educational resources
  • Multiple account types available
Pepperstone4.5
  • Razor account with raw spreads from 0.0 pip
  • Fast execution speed
  • MT4, MT5, cTrader and TradingView
VS
  • Fees
  • Platform
  • Regulation
  • Matching lessons
Two brokers. Many options. Your call.
Open The Dealing Room

Admirals and Pepperstone do not earn the same way

The table shows what they cost. These lessons show how they earn, which is what the difference is made of.

Who is on the other side?

Whether your order leaves the building or stops at the desk

Open the lesson →

The fill you actually get

Why the price on screen and the price you get are not the same

Open the lesson →

Where the price comes from

How several bank quotes become one spread on your screen

Open the lesson →

Your questions

Frequently asked questions

How do fees differ between Admirals and Pepperstone?
Admirals: Spreads from 0.5 pip, stock CFDs from $0.02 per share. Pepperstone: Razor account: from 0.0 pip + €2.60 commission/lot, Standard: from 1.0 pip. Compare total costs for the specific market, product, currency and order size in the current fee schedule.
Which broker offers more products: Admirals or Pepperstone?
Admirals offers Forex, CFDs, Stocks CFDs, Indices, Commodities, Crypto, ETFs. Pepperstone offers Forex, CFDs, Indices, Commodities, Stocks CFDs, Crypto, Currency Indices.
How are Admirals and Pepperstone regulated?
The broker profiles list CySEC/FCA/ASIC for Admirals and BaFin/FCA/ASIC for Pepperstone. Your account's contracting entity determines the applicable oversight and protection rules; check its current disclosures.
Is Admirals or Pepperstone better for beginners?
Admirals lists a 100 € minimum deposit and offers MT4, MT5, MetaTrader Supreme Edition, Admirals App. Pepperstone lists 0 € and offers MT4, MT5, cTrader, TradingView. Compare usability, available products and costs for your intended use.
Admirals vs Pepperstone: Which broker is better overall?
The choice between Admirals (4.2/5, 1300 reviews) and Pepperstone (4.5/5, 1800 reviews) depends on your needs. Admirals: Multi-regulated broker with MetaTrader Supreme Edition. Pepperstone: ECN broker with Razor account and ultra-fast execution.
How do spreads compare between Admirals and Pepperstone?
Admirals offers typical spreads of EUR/USD from 0.5 pip (Trade.MT5), 0.0 pip (Zero.MT5) + $1.80–3.00 per lot. Pepperstone offers EUR/USD from 0.0 pip (Razor) + $3.50 per lot. Tighter spreads reduce trading costs especially for active trading.
Do Admirals or Pepperstone charge an inactivity fee?
Admirals: €10/month after 24 months of inactivity. Pepperstone: no inactivity fee.

Your next step

Your next step

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Before you pick a broker

The guides worth reading before your first trade, whichever of the two you choose.

Options risks & opportunitiesWhat you can lose, and what the risk buys you.Options taxes in GermanyFlat-rate tax, loss offsetting and allowances.Options trading basicsStrike, expiry, underlying: the building blocks of every option.
Terms in the glossary:MarginPremiumCall optionUnderlyingExercise