Tickmill vs Pepperstone
Both are FCA-regulated execution-focused brokers offering raw spread accounts with low per-lot commissions, MT4 and MT5 support, and no minimum deposit. The differences are marginal — Tickmill's Raw account commission is slightly lower; Pepperstone adds cTrader and a larger platform ecosystem.
Our Verdict
For pure cost on MT4/MT5, Tickmill's Raw account ($3/side, $6 round-turn) is marginally cheaper than Pepperstone's Razor (~AU$7 / ~£3.50 round-turn equivalent). Pepperstone wins on platform breadth — cTrader, a larger trader community, and no minimum deposit. Both are excellent for active forex and CFD traders; the choice often comes down to platform preference.
Quick Verdict
Choose Tickmill if…
- You want the lowest available per-lot commission on a Raw/ECN-style account
- You trade primarily on MT4 or MT5 and don't need cTrader
- You want a focused execution broker without excessive product complexity
Choose Pepperstone if…
- You want cTrader alongside MT4 and MT5
- You prefer a larger, more established broker with a broader trader community
- You want spread betting as well as CFDs
- You want no minimum deposit with the same raw spread model
At a Glance
Pepperstone
Detailed Comparison
| Broker | Fees | Platforms | Markets | Regulation | Minimum Deposit |
|---|---|---|---|---|---|
| Classic (spread-only) or Raw (raw spread + $3/side commission) | MT4, MT5, Web Trader, Mobile | forex, indices, commodities, bonds, crypto | FCA, CySEC, FSA Seychelles | £100 | |
| commission+spread | MT4, MT5 | forex, indices, commodities, stocks, crypto | FCA | £0 |
Regulation & Safety
Tickmill
- Tickmill UK Ltd — FCA authorised
- Segregated client funds and negative balance protection
- FSCS protection on eligible deposits up to £85,000
- Also regulated by CySEC and FSA Seychelles for non-UK clients
Pepperstone
- Pepperstone Limited — FCA authorised
- Segregated client funds and negative balance protection
- FSCS protection on eligible deposits up to £85,000
- Also regulated by ASIC, DFSA, SCB and others
Verdict: Both are FCA-regulated with FSCS protection and comparable client protections. No meaningful differentiation for UK retail clients.
Pricing & Costs
Tickmill
- Classic account: spread-only pricing (wider spreads)
- Raw account: raw interbank spreads + $3/side commission ($6 round-turn)
- Typical EUR/USD Raw spread from 0.0 pips — total cost ~$6/lot round-turn
- £100 minimum deposit
Pepperstone
- Standard account: spread-only pricing
- Razor account: raw spreads + ~£3.50/lot commission (round-turn) — typically ~AU$7 or equivalent
- Typical EUR/USD Razor spread from 0.0 pips
- No minimum deposit
Verdict: Tickmill's Raw commission ($6 round-turn) is marginally lower than Pepperstone's Razor (~AU$7 / ~£3.50 round-turn equivalent). For high-volume MT4/MT5 traders this adds up; for lower volumes the difference is negligible.
Platforms & Tools
Tickmill
- MetaTrader 4 and MetaTrader 5
- Web Trader and mobile apps
- No cTrader support
- Clean, straightforward setup — good for MT4/MT5 purists
Pepperstone
- MetaTrader 4 and MetaTrader 5
- cTrader — full ECN-style interface
- TradingView integration
- Broader platform ecosystem than Tickmill
Verdict: Pepperstone's platform range is broader. Tickmill covers MT4/MT5 well but lacks cTrader, which is a meaningful gap for traders who prefer it.
Asset Coverage
Tickmill
- Forex pairs, indices, commodities, bonds, cryptocurrency CFDs
- No stocks or ETFs — focused execution broker
Pepperstone
- Forex pairs, indices, commodities, share CFDs, cryptocurrency CFDs
- Spread betting alongside CFDs for UK clients
- Broader overall asset list than Tickmill
Verdict: Pepperstone offers a wider asset range including share CFDs and spread betting. Tickmill covers the core execution markets well but doesn't offer share CFDs.
Risks & Considerations
- Both are execution-focused brokers — not suitable for long-term investing
- Raw/Razor accounts are cost-efficient for active traders; standard accounts may not be
- Overnight financing costs apply on all leveraged positions
- CFDs are leveraged products — losses can exceed expectations
Trading Style Suitability
| Trader Type | Better Choice |
|---|---|
| Lowest commission (MT4/MT5) | Tickmill |
| cTrader user | Pepperstone |
| Scalper | Either |
| Algorithmic trader | Either |
| Spread betting | Pepperstone |
| Share CFD trader | Pepperstone |
| No minimum deposit | Pepperstone |
Strengths & Weaknesses
Tickmill
Strengths
- FCA regulated with a clear focus on execution quality
- Raw account raw spreads from 0.0 pips + $3/side per lot commission — highly competitive for active traders
- MT4 and MT5 both supported
- Low minimum deposit of £100
- Fast execution with low latency — suited to scalpers and high-frequency traders
Weaknesses
- No stocks, ETFs, ISA, or SIPP — CFD/forex only
- Classic account spreads are less competitive than the Pro account
- Less brand recognition than larger established brokers
- Research and educational tools are more limited than some competitors
Pepperstone
Strengths
- FCA-regulated with segregated client funds and negative balance protection
- Razor account with low raw spreads for active traders
- MT4, MT5 and cTrader platform support
- Suitable for algorithmic and scalping strategies
Weaknesses
- Primarily CFD-focused — no traditional investing or share ownership
- No proprietary beginner-style simplified platform
- Financing costs apply to overnight leveraged positions
Frequently Asked Questions
Is Tickmill or Pepperstone cheaper?
Tickmill's Raw account charges $3/side ($6 round-turn), which is marginally cheaper than Pepperstone's Razor at approximately £3.50/lot round-turn. For high-volume traders the difference compounds; for occasional traders it's negligible.
Does Tickmill offer cTrader?
No — Tickmill supports MT4 and MT5. Pepperstone also offers cTrader, making it the better choice for cTrader users.
Which has a lower minimum deposit?
Pepperstone has no minimum deposit. Tickmill requires £100.
Are both suitable for scalping?
Yes — both offer raw spread accounts with fast execution and no restrictions on scalping strategies.
Ready to Choose?
Visit either broker to open an account and start trading.
Methodology & Disclosure
This comparison is based on published fee schedules, FCA regulatory status, platform capabilities, and user feedback. It is not financial advice. Affiliate relationships do not influence evaluation.
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Risk Warning: This website does not provide financial, investment, or trading advice. All information is for educational purposes only. Trading and investing involve substantial risk of loss. You should carefully consider your financial situation and consult with qualified professionals before making any financial decisions.
Last updated: 2026-05-26