Pepperstone, eToro, and IG are three of the most widely used trading platforms by Australian retail traders, and all three have leaned heavily into automation and AI tools over the past two years. For an Australian trader trying to decide where to put their capital, the choice between them isn’t as simple as the marketing suggests. Each is built around a different idea of how retail trading should work. This is an editorially honest look at where each platform shines, where each falls short, and how to think about the choice if AI-assisted trading is what you actually want.
The three platforms at a glance
Pepperstone
An Australian-founded broker, ASIC-regulated, focused on forex and CFDs across global markets. Pepperstone has built a reputation for tight spreads and fast execution, and over the past two years has integrated with Capitalise.ai to offer no-code automation for clients. The audience tends to be intermediate to advanced traders who want institutional-grade execution at retail account sizes.
eToro
A global multi-asset platform with a strong social and copy-trading focus. eToro’s CopyTrader and Smart Portfolios features let beginners mirror experienced traders or invest in algorithm-managed thematic baskets. ASIC-regulated through eToro AUS Capital Limited. The audience is heavily skewed toward newer traders who want a low-friction entry into markets.
IG
One of the longest-standing names in retail trading globally, IG offers shares, CFDs, forex, and a broad range of markets to Australian clients. The platform’s strength is its breadth of instruments and depth of charting tools. IG has been more cautious about packaging AI features as headline products, integrating them quietly into existing workflows rather than as separate offerings.
Automation and AI capabilities compared
Pepperstone with Capitalise.ai
Pepperstone’s headline automation offering is Capitalise.ai — a no-code platform that lets you describe trading conditions in plain English and turn them into automated execution rules. “Buy GBP/USD if it crosses above the 20-day moving average and RSI is below 30” becomes a working strategy without writing code.
What it does well: removes the technical barrier to algorithmic execution. What it doesn’t do: provide the AI-driven signal generation itself. You bring the strategy logic. Capitalise.ai handles execution.
eToro CopyTrader and Smart Portfolios
eToro’s automation sits at the strategy layer rather than the execution layer. CopyTrader mirrors the trades of selected lead traders proportionally to your capital. Smart Portfolios are algorithm-managed thematic baskets — AI tech leaders, defence stocks, dividend payers — rebalanced periodically by eToro’s analyst team and algorithms.
What it does well: gives beginners exposure to trading expertise without needing to develop their own strategy. What it doesn’t do: customise to your risk preferences in real time. You’re following someone else’s plan, not your own.
IG with ProRealTime and integrated tools
IG offers ProRealTime as its charting and automation environment, with backtesting and automated trading available to clients who upgrade. The AI features are subtler — sentiment indicators, signal scanners, and trade-idea generators integrated into the existing platform rather than positioned as a separate AI product.
What it does well: extensive functionality for traders who like to design and test their own systems. What it doesn’t do: hold your hand. ProRealTime rewards traders who already know what they want.
Fees and account requirements
All three are competitive on cost, but the structures differ.
- Pepperstone charges spreads only on its Standard account or low spreads plus a small commission on its Razor account. Capitalise.ai is included free for Pepperstone clients.
- eToro uses a spreads-only model, with CopyTrader and Smart Portfolios included at no additional cost. Withdrawal fees and currency conversion charges apply to AUD-denominated accounts buying USD assets.
- IG uses a tiered commission structure for shares and spreads for CFDs. ProRealTime is available free with sufficient monthly trading activity; otherwise a monthly fee applies.
For active traders, the total cost of trading is dominated by spreads and slippage, not by headline commission. All three are reasonable on cost. The differences live in execution quality and what’s included in the base offering.
Who each platform suits
Pepperstone suits traders who…
Want institutional-grade execution at retail size, have a defined trading strategy they want to automate without coding it themselves, and primarily trade forex, indices, or commodities. The Capitalise.ai integration is genuinely useful for converting written rules into live execution.
eToro suits traders who…
Are newer to markets, want exposure quickly with low barriers to entry, and are comfortable following someone else’s strategy or an algorithm-managed thematic basket. The social features are real value-adds for traders who learn by watching others.
IG suits traders who…
Want breadth of markets, depth of analysis tools, and the option to build their own systems with proper backtesting. IG’s offering rewards experience and curiosity. New traders can use it, but the platform’s value is unlocked by traders who know what they’re looking for.
Common gaps across all three
Three things none of these platforms does particularly well for an Australian retail trader.
Genuinely integrated AI signal generation that’s transparent. All three offer pieces of an AI workflow, but none combines real-time AI signal generation with plain-language explanations of why each signal was generated. You either trust the black box (eToro’s smart portfolios) or supply your own logic (Pepperstone, IG).
AU-first design. Pepperstone is Australian-founded but operates globally. eToro and IG are global platforms with Australian arms. The user experience reflects that origin — AEST-aware features, AU tax integration, and AUD-first thinking are inconsistent across the three.
Clear linkage between AI insights and execution. An AI signal that doesn’t connect cleanly to a one-click execution path costs you the speed advantage AI is supposed to provide. The hand-off between insight and action still has friction on all three platforms.
Where Impulse Cashholm sits
For Australian traders who specifically want AI as the core of their workflow rather than as a peripheral feature, Impulse Cashholm is built around a different design choice. Real-time AI signal generation with plain-English reasoning attached. AU-first design from the ground up — AEST-aware, AUD-funded, calibrated to local market hours and the regulatory framework. Integrated execution path so that an AI-flagged opportunity doesn’t lose three steps and a minute to act on.
It’s not a replacement for what Pepperstone, eToro, or IG do well within their own categories. It’s a different starting point — built around “AI assists the trader” rather than “platform with AI features bolted on.”
How to decide
- Define what AI means to you. Signal generation? Execution automation? Strategy selection? The answer points to different platforms.
- Match the platform to your trading timeframe. Day traders need different things than weekly traders, who need different things than passive copy traders.
- Check the regulatory and dispute-resolution position. All three are ASIC-regulated and AFCA members — good. Smaller platforms accepting Australian clients sometimes aren’t.
- Test on a demo account before depositing real money. Every platform looks great in marketing. The user experience is what matters at 9pm on a Tuesday when you’re actually trading.
The takeaway
Pepperstone, eToro, and IG are all credible platforms with different strengths. Pepperstone for execution and no-code automation. eToro for social and copy trading. IG for breadth and depth of self-directed tools. The right choice depends on what you actually want from a platform — and that’s a question worth answering honestly before opening any account.
For more on what AI trading actually does versus copy trading versus manual, see our decision guide. For the regulatory framework around Australian AI trading platforms, see our ASIC piece. To see how Impulse Cashholm’s AI-first design compares to the platforms above, visit How It Works or the FAQ.
Information about third-party platforms is based on publicly available information at time of writing and may change. Trading and investing involve risk, including the possible loss of capital. Past performance is not a reliable indicator of future results. Information on this page is general in nature and does not constitute financial advice.