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Source: ForexBenchmark - Previous 7 Days Range | All Pairs | Incl. Commissions + Spreads. (Last Updated: 12 June 2026)
Pepperstone UK (.r) costs reflect spread including commission on standard lot. Afterprime costs include zero commission with Flow Rewards™ applied at standard eligible rates. Comparisons are on a like-for-like account basis.
| Volume | Pepperstone UK (.r) | Afterprime | Saved |
|---|---|---|---|
| 50 lots | $370.00 | $159.50 | $210.50 |
| 100 lots | $740.00 | $319.00 | $421.00 |
| 250 lots | $1850.00 | $797.50 | $1052.50 |
| 500 lots | $3700.00 | $1595.00 | $2105.00 |
| 1000 lots | $7400.00 | $3190.00 | $4210.00 |
Source: ForexBenchmark - Previous 7 Days Range | All Pairs | Incl. Commissions + Spreads. (Last Updated: )
Afterprime net cost figures include Flow Rewards™ at $0.40/lot (round turn), applicable to eligible client accounts on qualifying instruments. Flow Rewards™ rates may vary. See Flow Rewards for full eligibility criteria.
Cost comparisons are based on third-party data and are for informational purposes only. Trading involves significant risk of loss. Individual trading costs will vary based on account type, instrument, and market conditions.
The spread is the primary cost of entry for any trader, but it is rarely static. Most brokers quote "typical" spreads that fluctuate wildly during high volatility or low liquidity periods (like the New York/London crossover or market open).
Traders often make the mistake of looking at commission in isolation. A low commission is meaningless if it’s paired with wide spreads or poor execution (slippage).
The Total Cost Per Lot formula is: (Spread in Pips x Pip Value) + Round Turn Commission = Total Cost
When we calculate the comparison between Afterprime and other brokers, we don't just look at a snapshot. We aggregate data across different market sessions to provide a "Net Cost" profile.
Pepperstone is an Australian online forex and CFD broker founded in 2010 in Melbourne by Owen Kerr and Joe Davenport. The company has grown into one of the largest retail forex and CFD brokers globally, serving over 300,000 retail clients with a reported daily trading volume of approximately $12.55 billion. Pepperstone operates through regulated entities across eight jurisdictions and maintains offices in Melbourne, London, Dusseldorf, Dubai, Limassol, Nassau, and Nairobi. The broker’s instrument range covers over 1,350 CFDs across forex, indices, commodities, equities, ETFs, and cryptocurrencies. In June 2024, Pepperstone introduced 24-hour CFD trading on over 100 US shares across its cTrader, MetaTrader, and TradingView platforms.
Pepperstone operates through multiple regulated entities. Pepperstone Group Limited is regulated by the Australian Securities and Investments Commission (ASIC) under AFSL number 414530. Pepperstone Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under reference number 684312. Pepperstone EU Limited is authorised by the Cyprus Securities and Exchange Commission (CySEC) under licence number 388/20. Pepperstone GmbH is regulated by the German Federal Financial Supervisory Authority (BaFin). Pepperstone Markets Limited is regulated by the Securities Commission of the Bahamas (SCB). Pepperstone Markets Kenya Limited is regulated by the Capital Markets Authority (CMA) of Kenya. Pepperstone International Markets Limited is regulated by the Financial Services Authority (FSA) of Seychelles. In December 2025, Pepperstone secured a Category 5 licence from the UAE Securities and Commodities Authority (SCA). Client funds are held in segregated accounts at tier-one banks across all entities.
Pepperstone supports MetaTrader 4, MetaTrader 5, cTrader, and TradingView as third-party platforms, alongside a proprietary mobile app launched in recent years. MT4 and MT5 are available on desktop, web, and mobile (iOS and Android). cTrader is available on desktop, web, and mobile and supports cTrader Automate for algorithmic strategy deployment. TradingView integration enables charting and direct order execution. UK clients have access to spread betting via MetaTrader and cTrader. FIX API access is available for institutional-volume clients meeting a minimum monthly trading threshold. The broker also integrates with copy trading platforms including Myfxbook AutoTrade and DupliTrade.
Pepperstone offers two primary live account types. The Standard account is commission-free with spreads averaged at 1.1 pips on EUR/USD (as of Q3 2025 data) and has no minimum deposit requirement. The Razor account is commission-based, with raw spreads averaged at 0.10 pips on EUR/USD and a commission of $7.00 per round-turn lot ($3.50 per side); this account also has no minimum deposit requirement. An Active Trader programme is available for qualifying high-volume clients and provides liquidity rebates that can reduce effective trading costs on the Razor account. Leverage is capped at 1:30 for retail clients under FCA, CySEC, and ASIC regulation, with higher leverage available through the Bahamas and Seychelles entities. Swap-free (Islamic) account variants are available across both account types on request. Spread betting accounts are available to UK-resident clients via the FCA-regulated entity.
We curate membership to maintain clean order flow. Better flow quality means better liquidity access and more consistent execution for all members.
Flow RewardsTM start with your first trade.
Visit ForexBenchmark.com for independent, real-time spread and execution monitoring. We’re listed alongside all major brokers.
Yes. Most traders transfer accounts in 2-3 business days. We provide a migration checklist and our team assists with the process.
Afterprime is built for system-based traders who track performance and care about total cost. If you trade sporadically or prefer market execution without analysis, we’re probably not the best fit.
Pepperstone’s Standard account has no commission but wider spreads. Their Razor account charges commission but has tighter spreads. Neither account type beats Afterprime’s all-in cost on majors. Pepperstone’s Standard account is not zero-commission in practice, you’re paying for the wider spread instead of a flat commission fee.
Pepperstone: MT4, MT5, cTrader, and TradingView (via integrated charts). Afterprime: MT4, MT5, WebTrader, FIX API, and TraderEvolution. Pepperstone has the TradingView integration advantage if that platform is a requirement. Afterprime has FIX API for algorithmic traders. Both cover MT4 and MT5.
Pepperstone holds FCA (UK), ASIC (Australia), DFSA (Dubai), and SCB (Bahamas) licences. Afterprime is regulated by the FSA Seychelles, license SD057. Multiple licences reflect broader operational footprint, not necessarily better client protections. The relevant question for a trader is the cost of trading and on that measure, Afterprime is consistently lower across all tracked majors.
Afterprime is invite-only. Apply below and our team
will review your trading profile within 48 hours.