Share Trading comparison
Pepperstone vs Webull
Pepperstone and Webull look similar on the surface — low fees, slick apps, no platform charges — but they're fundamentally different products. Pepperstone offers share CFDs, not real shares, so you never actually own the underlying asset and you don't get a HIN. Webull is a genuine CHESS-sponsored broker where you hold ASX shares in your own name. That distinction changes everything about which investor each platform suits.
Choose
Pepperstone
if…
- ›You want to trade leveraged share CFDs with tight spreads and no commission on US stocks (US$0 minimum brokerage).
- ›You're comfortable with derivative products and don't need direct share ownership, dividend voting rights, or a HIN.
- ›You want a huge range of deposit methods including PayPal, credit card, Neteller and Skrill.
- ›You trade across multiple international markets (US, UK, Europe, Hong Kong) from one account.
- ›You want a demo account to practice CFD trading before committing real money.
Choose
Webull
if…
- ›You want to own real ASX and US shares under your own HIN with CHESS sponsorship and full legal ownership.
- ›You trade ASX ETFs — Webull charges $0 brokerage on all ASX ETF trades, with no conditions.
- ›You want fractional US shares so you can buy a slice of Amazon or Google for a few dollars.
- ›You need an SMSF account to trade shares inside your self-managed super fund.
- ›You want integrated tax statements, CGT reports and Sharesight compatibility for end-of-year reporting.
Where they differ
| Fact | Pepperstone | Webull |
|---|---|---|
| What you actually buy | Share CFDs (derivatives, not real shares) | Real shares under your HIN (CHESS-sponsored) |
| ASX brokerage | $5 minimum or 0.07% | $1 minimum or 0.03% (ASX ETFs: $0) |
| US brokerage | $0.02 minimum | $0 (free US trades) |
| FX spread on AUD/USD | 0.5% | 0.005% |
| Market data fees | $0/month | $49.99/month for real-time data |
Verdict
Pick Webull if you want real shares, CHESS sponsorship and free ETF trades. Pick Pepperstone only if you specifically want leveraged CFD trading.
All data points side-by-side
Every verified fact for both platforms. Differences are highlighted.
| Field | Pepperstone | Webull |
|---|---|---|
| account structure | ||
| CHESS sponsorship model | — | chess |
| Individual HIN | — | Yes |
| Individual account | Yes | Yes |
| Joint account | Yes | Yes |
| Company account | Yes | Yes |
| Trust account | Yes | Yes |
| SMSF account | No | Yes |
| Kids / minor account | No | No |
| asset coverage | ||
| ASX shares supported | No | Yes |
| ASX ETFs supported | No | Yes |
| US shares supported | No | Yes |
| US ETFs supported | No | Yes |
| Other markets supported | US, UK, DE, FR, HK, BE, CH, DK, NO, SE, FI, IE, PT, ES, AT, AU | Hong Kong, China (A-shares) |
| Fractional shares (ASX) | No | No |
| Fractional shares (US) | No | Yes |
| Options trading | No | Yes |
| CFDs supported | Yes | No |
| Crypto trading | — | Yes |
| Managed funds | No | No |
| Bonds supported | No | No |
| IPO access | No | No |
| costs hidden | ||
| FX spread (AUD/USD) | 50% | 0.5% |
| FX spread (other currencies) | 50% | 0.5% |
| Holds USD account | Yes | Yes |
| FX currency switch trick | No | — |
| Market data fees | $0/month | $49.99/month |
| Conditional order fees | $0 | $0 |
| Corporate action fees | Not applicable — Pepperstone offers share CFDs only, not real shares. Clients have no entitlement to rights issues, SPPs, takeover offers or shareholder voting. Dividend adjustments are passed through as cash entries on share CFD positions (credited on longs, debited on shorts, with franking credits not passed through). | — |
| costs visible | ||
| ASX brokerage minimum | — | $1 |
| ASX brokerage percentage | — | 0.03% |
| ASX brokerage threshold | — | $3,333 |
| ASX free trade conditions | — | ASX ETFs: $0 brokerage on all trades, no conditions. ASX shares: not free — $1 minimum or 0.03% (whichever greater). |
| US brokerage minimum | — | US$0 |
| US brokerage percentage | — | 0% |
| Monthly platform fee | $0/month | $0/month |
| Annual platform fee | $0/year | $0/year |
| Inactivity fee | $0 | $0 |
| Withdrawal fee (AUD) | $0 | $0 |
| identity and trust | ||
| Legal entity name | Pepperstone Group Limited | Webull Securities (Australia) Pty Ltd |
| AFSL number | 414,530 | 536,980 |
| AUSTRAC registration | — | Yes |
| Year founded | 2,010 | 2,022 |
| Parent / ownership | Privately held. Majority owner FX Group Holdings (Fiona Lock, CEO Tamas Szabo and Andrew Defina) acquired the 60% stake previously held by CPE Capital (formerly CHAMP Private Equity) in 2018; founders Owen Kerr and Joe Davenport retain the remaining 40%. | Webull Corporation (NASDAQ: BULL), Cayman Islands holding company; originally backed by Hunan Fumi Information Technology (China) with investors including Xiaomi, General Atlantic, Coatue, Lightspeed |
| Country of incorporation | AU | Australia |
| Public company status | private | public |
| money movement | ||
| Minimum initial deposit | $0 | $500 |
| Minimum subsequent purchase | $0 | $0 |
| Deposit methods | PayID, BPAY, bank transfer, debit card, credit card, PayPal, Apple Pay, Google Pay, Neteller, Skrill | PayTo, Bank transfer (EFT), International wire |
| Settlement period | N/A (CFDs are not settled — positions are open derivative contracts marked-to-market continuously, with overnight swap charges in lieu of settlement) | T+2 for ASX; T+1 for US |
| Withdrawal time | Up to 2 business days for cards, PayID, BPAY and domestic bank transfer; up to 1 business day for PayPal/Neteller/Skrill. | 1-2 business days for AUD bank transfer; 1-5 business days for international wire |
| platform ux | ||
| iOS app | Yes | Yes |
| Android app | Yes | Yes |
| Desktop platform | Yes | Yes |
| Demo account | Yes | Yes |
| Free real-time market data | Yes | No |
| Free research reports | Yes | No |
| 2FA support | authenticator | authenticator |
| Customer support channels | phone, email, live chat | Phone, Email, In-app chat |
| Support hours (AU time) | 24/5 (Monday morning AEST to Saturday morning AEST), with 18 hours coverage on weekends; Melbourne-based Australian support team available during AEST business hours. | Phone: Mon-Fri 08:30-18:00 AEST/AEDT. In-app chat: advertised 24-hour. |
| Education content | video + courses | structured |
| tax and reporting | ||
| Australian tax statement | No | Yes |
| Distribution component breakdown | No | — |
| CGT calculator / report | No | Yes |
| Sharesight / Navexa integration | No | Yes |
| trading mechanics | ||
| Market orders | Yes | Yes |
| Limit orders | Yes | Yes |
| Stop loss orders | Yes | Yes |
| Conditional orders | Yes | Yes |
| Auto-invest / DCA | No | Yes |
| Auto-invest sophistication | none | weighted |
| DRP (dividend reinvestment) | No | No |
| After-hours / overnight trading | Yes | Yes |