Pepperstone Review

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Trader Rating
14 minutes read/Updated: 18 September 2020

Founded in Melbourne, Australia, in 2010, Pepperstone is one of the largest Forex brokers in the world. A multi-award-winning broker, Pepperstone Group Limited has won numerous prestigious accolades over the last several years and is vaunted for its industry-leading customer service and trading conditions.

So, is Pepperstone the right broker for you? In our review of Pepperstone, we’ll be taking a look at everything you need to know about this broker, including account types, what fees to expect, regulation, trading platforms on offer and more.

  • Regulated by the FCA and ASIC
  • Offers multiple free deposit methods
  • Is an award-winning broker
  • Has a local London office
  • The product portfolio is somewhat limited

What can you trade?

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Pepperstone Forex Review

£200 Min Deposit
Good App Support
1:30 Max Leverage

Pepperstone offers clients access to a wide variety of currency pairs, including majors, minors, and exotics:

pepperstone forex pairs

Pepperstone prides itself on offering competitive spreads and low commissions. The broker also places an emphasis on high-quality, low-latency execution without a dealing desk. Trading with Pepperstone gives investors access to more than 60 currency pairs. The raw spreads can be just 0.0 pips for Razor accounts.

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Pepperstone CFD Review

£200 Min Deposit
Mid App Support
1:30 Max Leverage

Pepperstone offers several CFD instruments, including:

  • Index CFDs
  • Share CFDs
  • Cryptocurrency CFDs
  • Commodities CFDs
  • Currency index CFDs.

There are 14 index CFDs on major stock markets from around the world, all without commissions and no hidden mark-ups. They also feature no requotes, low latency, and no dealing desk. The currency index CFD offerings from Pepperstone focus on the USDX, which measures six of the major currencies against the USD. Leverage on this currency index CFD can be up to 5:1.

Clients reading this Pepperstone UK review can also invest in more than 60 share CFDs from the United States markets. Trading commodities gives Pepperstone clients the ability to diversify their portfolio with assets that are typically considered safe.

This includes five gold and silver options, two platinum and palladium options, five soft commodities, and three energy commodities. As you review Pepperstone’s energy trading instruments, you will notice trade sizes start at just 10c per pip, they are commission-free, and the leverage is flexible up to 30:1.

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Pepperstone Stocks Review

£200 Min Deposit
Good App Support
1:5 Max Leverage

Pepperstone does not offer direct investment into stocks, but the broker does offer share CFDs. These give traders who prefer the offerings found in a Pepperstone CFD review to buy and sell CFDs on shares.

pepperstone share cfds

There is access to more than 60 of the top-listed stocks from the United States. Although the Pepperstone share CFDs are limited to this region, the US share market has a market cap of more than $30 trillion, offering extensive opportunities for traders.

It is among the few brokers that let clients take advantage of extended market hours for US equities, something that can help traders take positions early or reduce risk, a positive point in this Pepperstone review.

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Pepperstone Social Trading Review

£200 Min Deposit
Good App Support
1:30 Max Leverage

Pepperstone has partnered with third-party services to offer this type of trading. Traders can use both MetaTrader Trading Signals and ZuluTrade with Pepperstone for seamless social trading that allows you to copy the trading strategies and signals of the world’s most successful traders in realtime via copy trading.

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Pepperstone Crypto Review

£200 Min Deposit
Many App Support
1:2 Max Leverage

Pepperatone offers 5 cryptocurrency derivative products from which to choose from, including Bitcoin, Bitcoin Cash, Ethereum, Dash and Litecoin. These investments are in the form of CFDs, allowing traders to benefit from the highly volatile nature of the cryptocurrency market without having to own the assets. All Pepperstone cryptocurrency CFDs feature a major cryptocurrency traded against USD offering several benefits including:

  • Leverage up to 5:1
  • Zero commission fees
  • Hedging on a single account
  • Institutional grade spreads and trade execution
  • No need for a digital wallet or exchange
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Pepperstone Spread Betting Review

£200 Min Deposit
Good App Support
1:30 Max Leverage

Spread betting is available to traders in the UK and Ireland, with no stamp duty or capital gains tax payable. Pepperstone offers spread betting on hundreds of different instruments – this is one of the most comprehensive ranges available to UK traders, including stocks and indices, forex, commodities, utilities and more. Spreads on some forex pairs are as low as 0.1 pips, and you can place spread bets 24 hours a day with this broker.

Leverage is available, with 1:30 offered to retail traders and 1:500 to professional clients, and there is no commission paid on spread bets, with the ‘fee’ built into the price. There are some holding charges, however. Traders can build their own automated spread betting models using MT4 or MT5, and you can also become accustomed to spread bets by opening a demo account.

What did our traders think after reviewing the key criteria?

Pepperstone Fees

Like the majority of brokers on the market today, Pepperstone makes most of its profits from the difference between the bid and ask prices. With this in mind, spreads tend to be the focus of most reviews looking at fees. Pepperstone prides itself on offering competitive pricing and low spreads due to deep liquidity, which it does hold up to.

The spreads that traders get when using MetaTrader 4 or MetaTrader 5 are variable. Pepperstone reviews prices from multiple sources and providers to offer competitive rates to traders. This does mean that before making any trade, clients should take a minute to review Pepperstone’s current spreads on the given asset.

Below is an example of the spreads across various instruments.

pepperstone fees

As an example of the competitive nature of Pepperstone’s spreads, consider that you may review Pepperstone forex spreads to find them as low as 0 pips for EUR/USD, assuming you have the Razor account. Although the spreads are variable, Pepperstone strives for transparency. Our review team appreciates the list of minimum and average spreads for all of Pepperstone’s assets, which is readily available on the website.

In addition to spreads, clients will need to pay attention to swap rates, which can also be easily found on the various trading platforms. There are also clearly outlined commissions listed on the website, which vary based on the base currency and are rounded. Those who want to review Pepperstone’s UK commissions in GBP for Razor accounts will notice commissions of GBP 0.02 per 0.01 lots and GBP 2.29 per one lot, with lots set to 100,000 of the base currency. The round turns are at 0.05 and 4.59, respectively.

Account Types

When opening an account with Pepperstone, you will notice two main choices: Standard Account and Razor Account.

Certain features are available across all accounts, including:

  • Leverage available up to 500:1
  • Scalping, hedging & expert advisors are all permitted
  • No dealing desk execution
  • Maximum 100 lots trading size
  • Minimum 0.01 lots trading size
  • Minimum account opening balance of AUD$200
Standard Razor
Institutional grade spreads Yes Yes
Average EURUSD spread 1.0 – 1.3 pips 0.0 – 0.3 pips
Commission $0 From AUD$7 round turn 100k traded
Rollover swaps Market rates available on trading platform Market rates available on trading platform

All retail clients have minimum trade sizes of 0.01 lots, maximum trade sizes of 100 lots, and leverage of up to 30:1. The minimum balance to open the account is always $200, and base currencies can be GBP, EUR, USD, or CHF. Both Pepperstone account types also allow scalping, hedging, and expert advisors. Neither has dealing desk execution and both offer news trading.

Standard accounts have institutional grade spreads with an average EUR/USD spread of 1.0 to 1.3 pips. This account type has no commission and is ideal for new traders.

Razor accounts have institutional grade spreads without markups and average EUR/USD spreads between 0.0 and 0.3 pips. This Pepperstone review suggests this type of account for algorithmic traders and scalpers, as that is who Pepperstone designed it for. Commissions start at GBP 4.59 round turns for every 100,000 traded.

Professional clients can apply to get exclusive features and higher leverage, but they will lose negative balance protection. Professional accounts include access to exclusive events, a relationship manager, access to the Active Trader program, credit facilities, and leverage of up to 1:200 for indices with up to 1:500 for forex.

Those who qualify for the Active Trader program receive rebates for forex trades completed on Razor accounts, with the rebates depending on the volume of trades completed.

Additionally, you can review Pepperstone yourself without any commitment via a demo account.


Our experts were impressed with the number of trading platforms offered by Pepperstone, with MetaTrader 4, MetaTrader 5, and cTrader all available:

pepperstone platform

MetaTrader 4 is regarded as the most popular of the trading platforms in the world. It offers full customisation, the ability to create expert advisors with MQL4 or use the expert advisors created by others, and Autochartist for identifying trades with high probabilities. In addition, Pepperstone offers Smart Trader Tools to supplement MT4, including the ability to access EAs and 28 indicators.

MetaTrader 5 is a more powerful version of MetaTrader 4, offering enhanced functionality. This Pepperstone review suggests that advanced traders opt for this trading platform to take advantage of the ability to code with MQL5, advanced customisation, in-built indicators, and faster processing.

The cTrader trading platform offers an intuitive design that appeals to beginning traders and experts alike. It creates an environment similar to that of institutional trading. You can use advanced features to control order fills and slippage, code in C# via cTrader Automate, and access the FIX API.

All three trading platforms offer full support for iOS, Android, and Windows. MetaTrader 4 and MetaTrader 5 also support Mac OS, while cTrader and MetaTrader 4 both have browser versions.


Most people who try Pepperstone will agree that the website and trading platforms are highly usable. It is easy to find relevant information on the website, which has a professional appearance and layout. The bottom navigation menu is somewhat limited, but the main navigation menu is extensive enough to easily make up for this.

Customer Support

Pepperstone’s pedigree as an award-winning broker for customer service is backed up by its various support features. There are a wealth of trading and support resources to take advantage of, including:

  • 24/5 multilingual support across live chat, email and phone
  • Free educational resources, including trading guides and how-to videos
  • Personalised support from a dedicated account manager

As you review Pepperstone CFD trading and other offerings, you will find the Support section of the website to be incredibly helpful. This page includes the FAQ section, where there are answers to the most common questions. Our Pepperstone review must caution that most brokers have a more extensive FAQ section than this one.

Contact information for Pepperstone is found at the bottom of every page on the website, including the UK phone number, the London address, and a support email. You will also notice a floating live chat button in the bottom-right corner of the page for easy contact.


Payment Methods

Traders will have no problem finding a payment option that works for them. However, it is important to note that you will not see the full range of deposit options until you open an account and login.

pepperstone payment methods

Available payment options also depend on a client’s country of residence and the associated Pepperstone Entity.

Pepperstone supports the following payment methods:

  • Visa
  • Mastercard
  • POLi
  • Bank Transfer
  • BPay
  • PayPal
  • Neteller
  • Skrill
  • Union Pay


Best Offers

We feel that most traders will find that Pepperstone offers enough tools to help them make educated trades and stay informed. Smart Tools for MetaTrader adds 28 tools, indicators, and expert advisors. Other useful in-built tools in the various platforms include cTrader Automate, Autochartist, and API trading.

Pepperstone also has sections of its website dedicated to Market Analysis and Education. The first of these includes market news with daily articles, information on major financial events, and expert analysis for trading opportunities. It also features the economic calendar.

The Education section offers webinars, trading guides, and other online resources. Additionally, Pepperstone encourages clients to review the educational offerings and contact Pepperstone if they would like to see more educational tools in a certain category.

Regulation & Deposit Protection

Pepperstone is regulated and licensed in two tier 1 jurisdictions -including by the top tier FCA in the United Kingdom- making it a safe broker for CFDs and trading Forex. This includes:

Pepperstone Entity Regulation Country
Pepperstone Group Limited Australian Securities and Investments Commission (ASIC) Australia
Pepperstone Limited Financial Conduct Authority (FCA) United Kingdom
Pepperstone Financial Services (DIFC) Limited Dubai Financial Services Authority (DFSA) United Arab Emirates

These regulators require Pepperstone to follow strict capital requirements, fully segregate traders’ accounts from company funds, comply with ‘know your client’ procedures and adhere to strict anti-money laundering requirements, as well as a plethora of other stringent measures designed to protect traders. All in all, Pepperstone should be considered a safe and secure broker to trade with.

pepperstone regulation


pepperstone awards

Pepperstone is a multi-award-winning broker that is highly regarded in the industry. Most recently, it won ‘Best Forex Platform’ at the ADVFN International Financial Awards in 2020.

This was preceded by several high-profile accolades, including:

  • Best Online Forex Broker (Global) – Capital Finance International ( Awards 2019
  • Best Global Forex ECN Broker & Best Forex Trading Support (Europe) – Global Forex Awards 2019
  • #1 for Spreads – Investment Trends Australia Leverage Trading Report 2018
  • Best Forex ECN Broker, Best Forex Trading Support & Best Forex Trading Conditions – UK Forex Awards 2018
  • #1 for Customer Service, Value for Money, Spreads & Risk Management –  Australia FX Report Investment Trends

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Pepperstone FAQs

To withdraw funds, log in to your Pepperstone client area, select the ‘Funds’ tab and click on ‘Withdraw funds’ to find all the withdrawal options. Choose your fund payout method and confirm the request sent to your confirmation email.

The fund withdrawal methods at Pepperstone include Visa, MasterCard, bank transfer and eWallets like Neteller, Skrill, PayPal, Union Pay and others. For requests received by 07.00 AEST, the ECN broker processes withdrawals the same day, else the following day.

Yes, Pepperstone is an ECN broker and depends on the competitive spread to earn profits.  Pepperstone uses multiple liquidity providers to ensure high-speed order execution and external pricing sources to provide clients with competitive quotes. Pepperstone offers competitive swap rates and low commissions, making them very inexpensive in terms of client trading costs.

With a client base of 73,000 traders and more than $12.5 billion in average daily trading volumes, Pepperstone is one of the largest CFD brokers in the industry. The ECN broker is well-regulated, offers 150+ products, an average trade execution speed of 30ms, excellent trading conditions,  and 24/5 support, all of which are makings of a good broker.

Besides, the broker’s awards and recognitions include

  • Best forex trading support – Europe.
  • Best Global forex ECN broker.
  • #1 for spreads.

Pepperstone offers the choice of two account types – Standard and Razor. While the spread on the Standard Account starts at 1.0 pip with zero commissions, the bid-ask difference on the Razor Account is from 0.0 pips with commissions of £4.59 for a transaction size of 100,000.

Regardless of the account type, the minimum deposit is £200, which is not bad for an ECN broker with low client trading costs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.