Pepperstone vs Tickmill: the short answer
Choose Pepperstone if you want published average raw spreads, no minimum deposit and cTrader. Choose Tickmill if the lowest commission matters most: $6 per round turn on its Raw account against Pepperstone's $7 on MT4 and MT5. On a raw account, Tickmill is only cheaper if its real EUR/USD spread stays very tight, and Tickmill does not publish averages, so Pepperstone's costs are easier to verify. Neither broker accepts US residents.
Quick verdict: Pepperstone scores 92/100 and ranks 1st in our broker ranking. Tickmill scores 84/100 and ranks 6th. They tie on costs (23/25). Pepperstone leads on regulation (33/35 vs 32/35), platforms (15/15 vs 13/15), access (8/10 vs 7/10) and track record (13/15 vs 9/15). See our methodology for how scores are built. All figures were verified November 2026.
Side-by-side comparison
| Pepperstone | Tickmill | |
|---|---|---|
| WizardTrader score | 92/100 (rank 1) | 84/100 (rank 6) |
| Regulators | ASIC (AFSL 414530), FCA (684312), CySEC (388/20), DFSA (F004356), SCB Bahamas (SIA-F217) | FCA (717270), CySEC (278/15), DFSA (F007663), FSCA (49464), FSA Seychelles (SD008) |
| EUR/USD cost | Razor avg 0.1 pips + $7 RT; Standard avg 1.1 pips (Aug 2026) | Raw from 0.0 pips + $6 RT |
| Minimum deposit | $0 | $100 |
| Platforms | MT4, MT5, cTrader, TradingView, Pepperstone platform | MT4, MT5, TradingView, Tickmill Trader |
| Max leverage | 30:1 retail (ASIC/FCA/CySEC); higher via offshore entity | 30:1 (FCA/CySEC); 1:1000 via Seychelles entity |
| US clients | No | No |
| Founded and HQ | 2010, Melbourne, Australia | Offices in London, Limassol, Dubai, Johannesburg and Seychelles |
Raw account costs
Pepperstone's Razor account averaged 0.1 pips on EUR/USD in August 2026, plus $7 round-turn commission on MT4 and MT5, or $6 on cTrader. Tickmill's Raw account quotes spreads from 0.0 pips plus $6 round-turn commission. The key difference is that Pepperstone publishes an average while Tickmill publishes only a minimum.
Worked example: one standard lot of EUR/USD
One standard lot is 100,000 euros, and on EUR/USD one pip is worth $10 per lot (see the pip value calculator).
- Pepperstone Razor, MT4/MT5: 0.1 pips x $10 = $1 spread + $7 commission = $8 per round turn.
- Pepperstone Razor, cTrader: $1 spread + $6 commission = $7 per round turn.
- Tickmill Raw: 0.0 pips + $6 commission = $6 per round turn at the minimum spread.
Each extra 0.1 pip of spread at Tickmill adds $1 per lot. If its average raw spread is 0.2 pips, Tickmill costs $2 + $6 = $8, the same as Pepperstone on MetaTrader. If it is 0.1 pips, Tickmill costs $7, the same as Pepperstone on cTrader. At 10 lots a month, Pepperstone on MetaTrader costs about $80, while Tickmill costs $60 plus $10 for every 0.1 pip of average spread. For scalpers and high-volume traders the difference is real but small, and it depends on a Tickmill figure that is not published. Read what a spread is if these terms are new.
If you do not want a commission account, Pepperstone's Standard account averaged 1.1 pips on EUR/USD in August 2026, or $11 per lot. Our data does not include a Tickmill standard-account spread.
Regulation and safety
Both brokers hold top-tier licences. Pepperstone is regulated by ASIC, the FCA, CySEC and the DFSA, plus the SCB in the Bahamas. Tickmill is regulated by the FCA, CySEC, the DFSA and the FSCA, plus the FSA in Seychelles. UK, EU and Australian retail clients get leverage capped at 30:1 at both.
The offshore entities are the catch. Some international Pepperstone sign-ups may be placed with its Bahamas entity, which offers fewer protections. Tickmill's global accounts are offered by its Seychelles entity with leverage up to 1:1000. Check which entity will hold your account before you deposit. Our guide to leverage and margin explains why very high leverage adds risk.
Platforms
Both support MT4, MT5 and TradingView. Pepperstone adds cTrader and its own platform, which earns it a full 15/15. Tickmill adds its own Tickmill Trader platform and scores 13/15. If you want cTrader, which is also where Pepperstone's commission drops to $6, Pepperstone is the only option of the two.
Who should choose each
- Choose Pepperstone if you want verifiable average spreads, no minimum deposit, cTrader, or the broker with the top score in our ranking.
- Choose Tickmill if you trade high volume on MetaTrader or TradingView, want the lowest commission, and can confirm its live raw spreads are tight on the pairs you trade.
For scalping specifically, see the best brokers for scalping and our scalping strategy guide.
Concerns to weigh
Pepperstone: it is not available to US residents, global sign-ups may be placed with the offshore Bahamas entity, and it does not publish its instrument count.
Tickmill: its range is smaller at 180+ instruments, global clients are served by the offshore Seychelles entity, and it does not publish average spreads. Compare it with IC Markets vs Tickmill, or see Pepperstone vs IC Markets for another raw-account matchup.
Sources
Provider facts on this page come from our review database, verified November 2026, which draws on these sources:
- Pepperstone: licensing and regulation
- Pepperstone: trading accounts
- Pepperstone: who we are
- Pepperstone Financial Services Guide (PDF)
- Tickmill: licences and regulation
- Tickmill: accounts overview
- Tickmill: why Tickmill
Trading involves substantial risk of loss and is not suitable for everyone. Leveraged forex and CFD trading can lose you money quickly, and past costs do not guarantee future pricing. This page is general information, not financial advice. Rankings are editorial and not paid. Read our risk disclaimer and advertiser disclosure.