i’m trying to compare hfm and pepperstone on actual trading cost for eur/usd once rebates are applied. i’m not looking for listed spreads, just what hits the account.
if you have both, could you share your typical numbers per standard lot: average spread paid, commission, rebate back, and any usual slippage on entry and exit? if you run both 1 lot and 0.1 lot, even better to see scaling.
please include account type, platform (mt4/mt5), and execution during normal hours vs busy times if you have it. i’m trying to see which ends up cheaper in real trading, not on the spec sheet.
which one has been lower for you on eur/usd after cashback, and by roughly how much in pips or dollars?
Pepperstone edged cheaper for me by a fraction.
Test both with the same size and time window. For each fill, record spread paid, commission, and slippage. Convert cashback to pip value and deduct it. Example per lot: HFM 0.4 pip spread + $6 commission - $1.5 rebate + 0.1 pip slippage = 1.05 pips. Pepperstone 0.3 pip + $7 - $2 + 0.05 = 0.95 pips. Those are sample figures. Your numbers will differ by session and server. Run at least 50 trades to smooth noise.
Watch how commission scales on 0.1 lot. Some brokers round commission to the nearest step, which can make small tickets slightly more expensive in pip terms. Also check if the cashback program pays proportionally on micro lots. If you mainly trade 0.1, the ranking can flip compared to 1.0. Track both sizes for a week and compare the average cost per lot for each broker.
If you hold into rollover, compare typical swap on EUR/USD too. A small difference in swap can offset a tiny spread edge. Platform matters as well. MT5 symbols and contract specs can differ from MT4 between brokers, which changes tick value math in reports. Use the same platform for the test if you can.
I run both.
On quiet hours, Pepperstone has been a touch cheaper on EUR/USD after cashback. During London open, they look similar. Slippage decides it more than spread.
If you can, post a screenshot of a day’s fills from both. Real fills say more than listed spreads.
Had both live for two months.
Pepperstone was lower for me by about 0.1 pip on EUR/USD after rebate, but HFM gave me better fills during New York close when I scaled out.
If you scalp tight, that difference can swing either way.
I would compare swaps too if you ever hold. One broker charged slightly less on the short side, which saved a few dollars over the month.