Cobra Trading or Pepperstone – which is better for UK traders 2024? Compare Cobra Trading and Pepperstone in this detailed breakdown of their platforms, features and fees.
Cobra Trading vs Pepperstone Comparison Table 2024
Established in 2003, Cobra Trading is a US-based brokerage specializing in equities and options contracts. The firm offers 3 powerful platforms and is aimed at professional clients or those looking for retirement accounts. Cobra Trading is regulated by the NFA and SIPC and is a member of FINRA.
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Pros
I’m happy with the broker’s regulatory status in the US, with oversight from reputable bodies including the SIPC, NFA and FINRA. This, coupled, with the broker’s strong reputation since 2003 is a great sign of a trustworthy firm
I think the choice of 3 platforms means all strategies and trading styles are catered to. All platforms offer comprehensive charting packages, with sophisticated analysis tools and advanced order types
I found some reasonably low fees at Cobra Trading, including shares from $0.0015, options from $0.30 and margin rates as low as 8%
Cobra Trading offers a good range of account types, including traditional and Roth IRA’s, plus joint, corporate and trust accounts
I like that Cobra Trading doesn’t enforce any minimums on trades and there are also no locate fees
Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for trading.
There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
Pepperstone emerges as a low-cost broker, especially for serious traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
Despite the low trading fees, this broker does charge several other platform and admin fees which will soon add up, including monthly software fees from $100 and market data packages from $18 per month
Unfortunately, Cobra Trading isn’t going to be suitable for novices, as the minimum deposit to open an account is $30,000. I think it’s a shame that there are no beginner-friendly accounts at this broker
I did find that pattern trading (PDT) restrictions will apply, though this is expected from a US brokerage
There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to trading.
Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
Awards
Best Forex Broker - DayTrading.com 2024
Best Overall Broker - DayTrading.com 2023
Best Trading App - DayTrading.com 2022
Best Forex Broker - DayTrading.com 2021
Best MT4 Broker - Good Money Guide 2023
#1 Overall Client Satisfaction - UK Investment Trends 2022
#1 Value for Money - UK Investment Trends 2022
#1 Quality of Trade Execution - UK Investment Trends 2022
#1 Ease of Platform Navigation - UK Investment Trends 2022
#1 Charting - UK Investment Trends 2022
Best Forex Broker Overall - Compareforexbrokers.com 2022
Best MT4 Broker - Good Money Guide Best MT4 Broker 2022
Top 5 MetaTrader brokers - Broker Chooser Top 5 MetaTrader Brokers 2022
Pepperstone excels for its excellent integration with the MT4, MT5, cTrader, and TradingView apps, making it a standout option for traders familiar with these leading third-party trading solutions. Despite the absence of a proprietary app, these platforms deliver a stable and reliable mobile trading experience, enhanced by Pepperstone’s almost unrivalled execution speeds and wide range of asset classes.
iOS App Rating
4.4
Android App Rating
4.1
Margin Trading
No
Yes
Margin Rate
8%
MetaTrader 4
No
Yes
MetaTrader 5
No
Yes
cTrader
No
Yes
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
Yes
Autochartist
No
Yes
eSignal
No
No
Trading Central
No
No
STP Account
No
Yes
ECN Account
No
Yes
DMA Account
No
Yes
MAM Account
No
Yes
PAMM Account
No
Yes
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
No
Yes
Robo Advisor
No
No
Negative Balance Protection
No
Yes
Market Maker
No
No
P2P Trading
No
No
Spot Trading
No
Yes
Auto Trading
Yes
Expert Advisors (EAs) on MetaTrader
Copy Trading
No
Yes
Copy Trading Platform
Pepperstone facilitates the replication of experienced traders' strategies through MetaTrader Signals and DupliTrade. However, it lacks support for cTrader Copy and does not offer a proprietary social trading network similar to those found on platforms like eToro or Vantage, which foster lively social trading communities for aspiring traders.
Social Trading
No
No
Trade Signals
Yes
Yes (Via Chartist Software)
VPS Hosting
No
Yes
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
No
No
Custodial Account
No
No
Guaranteed Stop Loss
No
No
Inactivity Fee
$0
Islamic Account
No
Yes
Account Currencies
USD
EUR
GBP
CAD
AUD
NZD
JPY
CHF
HKD
SGD
Commodities
Gold
Silver
Oil
Corn
Palladium
Precious Metals
Platinum
Copper
Gasoline
Cocoa
Coffee
Cotton
Livestock
Sugar
Wheat
Natural Gas
Soybeans
Orange Juice
Aluminium
Nickel
Zinc
CFD
Pepperstone maintains its position as one of the fastest and most dependable CFD brokers during our latest round of testing. With execution speeds averaging around 30ms and an outstanding fill rate of 99.90%, the broker ensures a seamless trading experience without requotes or dealing desk interference. It also provides ample trading opportunities across over 1,300 assets.
Leverage
1:30 (Retail), 1:500 (Pro)
FTSE Spread
1.0
GBPUSD Spread<
0.4
Oil Spread
2.5
Stocks Spread
0.02
Forex
Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
Assets
100+
GBPUSD Spread
0.4
EURUSD Spread
0.1
EURGBP Spread
0.4
Currency Indices
USD
EUR
JPY
Cryptocurrency
Pepperstone continues to prove itself as one of the most trusted crypto brokers. Although its selection of digital tokens is average, you can trade popular cryptos like Bitcoin and altcoins like Ripple with up to 1:10 leverage, while its crypto indices provide a holistic view of the digital currency markets not found on most trading platforms.
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.