Pepperstone is one of the most heavily regulated retail brokers in the world, licensed by the FCA, ASIC, CySEC, DFSA, CMA and SCB. NextTrade is the brand new offering from the FunderPro team, licensed by FSC Mauritius. They sound like opposites on paper, but they compete for the same trader: the one hunting raw spreads and a decent MT5 build.
Quick verdict
Pepperstone is the safer, more established choice. If you want FCA or ASIC cover, TradingView integration or cTrader depth, this is the one. NextTrade is cheaper per lot, offers higher leverage and has a lower entry point, but it is a 2026 launch with a thinner regulatory footprint.
Spreads and commission head to head
Both quote 0.0 pips raw on their premium accounts. The real number is the round turn commission:
- NextTrade Raw: $4 per lot round turn. VIP tier reduces further with volume.
- Pepperstone Razor (MT4/MT5): $7 per lot round turn ($3.50 per side).
- Pepperstone Razor (cTrader): $6 round turn per $100k notional.
NextTrade is the cheaper venue per lot by a clear margin. For a scalper running 50 round-turn lots per day, the monthly saving is around $75 on standard MT5 execution.
Regulation
Pepperstone's regulatory stack is its headline. Six active licences, including FCA (684312), ASIC (414530) and CySEC (388/20). That means segregated client funds under tier-one frameworks and, for UK clients, FSCS cover up to £85,000.
NextTrade operates under one licence only: FSC Mauritius GB25204563. It is a real authorisation but the investor protection backstop is not comparable to FCA or ASIC. If something goes wrong, recourse is through Mauritian civil courts rather than a compensation scheme.
Leverage
NextTrade runs at 1:1000 maximum. Pepperstone caps offshore clients at 1:500 and UK, EU or Australian retail clients at 1:30. Margin-heavy traders get more room at NextTrade.
Platforms
Pepperstone supports MT4, MT5, cTrader and TradingView. The TradingView integration is a genuine edge: you can place live trades directly from TradingView charts. NextTrade is MT5 only at launch.
If you already use TradingView as your chart engine, staying on Pepperstone and skipping the platform switch is the sensible play.
Account types
Pepperstone offers Razor, Standard and Islamic accounts. Razor is the pick for scalpers. Standard rolls commission into the spread, which most advanced traders avoid.
NextTrade offers Standard, Raw and VIP. The VIP tier, based on traded volume, is the cheapest of the lot and is aimed squarely at prop firm graduates moving to live capital.
Deposits and withdrawals
Both accept cards, bank transfer and crypto. Pepperstone adds PayPal, Skrill and Neteller. NextTrade adds alternative local payment methods via its processors. Withdrawal timing is broadly the same on cards and crypto.
Minimum deposit
Pepperstone has no official minimum deposit. You can fund an account with whatever you want. NextTrade requires $100 to open its Raw account.
That said, a $0 minimum is useful in marketing copy but almost no one trades with $50 realistically. On a practical entry bar, the two are similar.
Who should pick which
Pick Pepperstone if you want FCA or ASIC cover, TradingView integration, cTrader or a fully established broker with a ten year track record. Pick NextTrade if you want lower per lot commission on Raw and VIP, higher leverage or you specifically want to trade with FunderPro's broker sister.
FAQ
Is Pepperstone regulated by the FCA?
Yes. Pepperstone is authorised by the Financial Conduct Authority under FRN 684312. UK clients of the Pepperstone UK entity are covered by the FSCS up to £85,000.
Is NextTrade FCA regulated?
No. NextTrade holds a single licence with FSC Mauritius (GB25204563). It is not authorised by the FCA, ASIC or CySEC.
Which is cheaper to trade?
NextTrade is cheaper on per-lot commission. Raw is $4 round turn versus Pepperstone Razor at $7. Spreads on both brokers start from 0.0 pips during London and New York sessions.
Does NextTrade offer TradingView trading?
No. NextTrade runs MetaTrader 5 only at launch. Pepperstone supports direct trading from TradingView charts.
Which has higher leverage?
NextTrade at 1:1000 offshore. Pepperstone caps at 1:500 offshore and 1:30 for UK, EU and Australian retail clients.
Can I use EAs on both?
Yes. Both run MetaTrader 5 and allow automated strategies. NextTrade does not support MT4, so if your EA is MT4-only you will need Pepperstone.