How do Pepperstone and ATFX 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.

At FxScouts, 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 ATFX, 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 ATFX 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 four Tier 1 and no Tier 2 licences, and ATFX holds two 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 and FCA.

 

Is ATFX financially regulated?

Yes ATFX was founded in 2015 and is regulated by CySEC, FCA, FSA-St-Vincent and FSC.

 

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

Does Pepperstone or ATFX 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 ATFX and Pepperstone have the same trading costs. 

 

Does Pepperstone or ATFX 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 ATFX offers support for MT4. 

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 ATFX and Pepperstone offer copy trading.

 

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 ATFX. Pepperstone offers 90 Forex pairs to trade and ATFX offers 43 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, Pepperstone offers 30 cryptocurrencies while ATFX offers 4 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Pepperstone.

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 ATFX charges a withdrawal fee and Pepperstone does not. Overall, ATFX 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. 

ATFX has better educational support than Pepperstone. Both ATFX and Pepperstone offer educational support for more experienced traders.

 

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 ATFX and that both ATFX and Pepperstone offer frequent webinars.

 

Our overall Verdict on Pepperstone

One of our highest rated brokers for South African 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, starting at 1.00 (EUR/USD) on its Standard Account. For those who prefer classic ECN trading, the Razor Account has low commissions and spreads averaging at just 0.10 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 and lack of FSCA regulation. But more experienced traders will appreciate Pepperstone’s trading platform options, including MT4, MT5, and cTrader, which integrates seamlessly with the TradingView tool. All are available on desktop and mobile devices. Pepperstone’s education section is not the most extensive we’ve seen, but it is competent and well-structured, making it a good place to start for beginner traders. 

Our overall Verdict on ATFX

Please note that ATFX in South Africa is rebranding as ATFX Africa. This review will be updated as soon as new information becomes available. 

Founded in 2013, ATFX Africa (formerly Khwezi Trade) is an FSCA-regulated local broker with low-deposit ZAR accounts and fast trade execution. It is renowned for its customer-focused approach to traders. In November 2023, KhweziTrade was acquired by ATFX, a large global broker.

ATFX Africa’s commission-free ZAR account accommodates beginner traders with a minimum deposit of 500 ZAR and spreads starting at 0.4 pips on the EUR/USD, which is much tighter than other brokers. Its USD account features similar spreads and has a minimum deposit of 50 USD. 

Both accounts come with a personal account manager, which benefits both beginners just getting started and experienced traders looking for flexibility in their trading conditions. 

ATFX Africa’s CFD assets outside of its Forex offering are limited compared to other brokers, with only 11 indices, and 7 commodities available, restricting traders who wish to diversify their trading strategy. 

Overall, ATFX Africa appeals to South African traders looking for an MT5 broker with personalised customer support, ZAR trading accounts, and low trading costs.

Which broker has the highest overall rating?

Pepperstone has an overall rating of 4.61 and ATFX has an overall rating of 3.93. For more detail please read our reviews of Pepperstone and ATFX.