pepperstone review

Pepperstone is one of the world’s largest trading brokers and is praised for its excellent customer service and wide range of third-party platforms. The research offering better than industry standard, but one minor negative is the relatively lower number of tradeable products compared to other brokers. Pepperstone was founded in 2010 in Melbourne, Australia and is not a publicly listed company.

But is Pepperstone the correct broker for you? In our Pepperstone review, we will look at regulation, account types and fees, trading platforms on offer, plus much more.

Broker Overview

Pepperstone Lower trading fees

Trader Rating
Take a look
😁 We really liked…
  • Regulated by the FCA and ASIC
  • Offers multiple free deposit methods
  • Excellent customer service
😕 Could improve...
  • Product offering below average
  • Does not offer own trading platform
General Information
Website Pepperstone
Founded 2010
Minimum deposit £200
Account types Standard and Razor
You can trade Forex , CFD , Stocks , Social Trading , Crypto , Spread Betting

Pepperstone Review Navigation

Account options

#1 Forex

Trader Rating
Min Deposit App Support Max Leverage Trading Fees
£200 Good 1:30 Low

with most brokers, Pepperstone offers a wide variety of Forex pairs, including majors, minors, and emerging markets. Pepperstone gives investors access to 61 currency pairs and also 3 currency index CFDs. This offering of currency indices is notable, as although many brokers offer a US Dollar Index, there are few that offer a Euro Index and Japanese Yen Index.

pepperstone forex pairs

With the Razor account (see below), the spread can be as narrow as 0.0 pips on Forex markets, although there is a commission to pay of 0.35 pips.

#2 CFD

Trader Rating
Min Deposit App Support Max Leverage Trading Fees
£200 Mid 1:30 Low

You can trade CFDs on stock averages (indices), individual shares, Forex pairs and Forex indices (as outlined above), cryptocurrencies (as outlined below) and CFDs on commodities with Pepperstone.

For the major stock markets there are 14 global index CFDs on from around the world. In addition, there are also “thematic” indices, including the VIX volatility index, various sector indices and also three cryptocurrency indices.

Pepperstone CFD Offer

In the commodities space Pepperstone gives clients a fairly wide offering. In the precious and base metals space, there is the ability to trade gold against five different currencies, which is a generous offering. Also, there is silver priced in US Dollars and Euros, plus platinum, palladium and copper. On the agricultural/ softs side there are eight commodities to choose from, and also three energy commodities (two oil, one gas). The leverage is up to 30:1.

#3 Stocks

Trader Rating
Min Deposit App Support Max Leverage Trading Fees
£200 Good 1:5 Low

Although Pepperstone do not offer direct investment into stocks, they do offer individual share CFDs. Alongside the aforementioned 14 global share index CFDs and also the various sector averages, Pepperstone also offers access to trade or invest in 64 share CFDs from US markets only. Leverage for these share CFDs is at 5:1.

Pepperstone Stocks Offer

Furthermore, Pepperstone is amongst a handful of brokers that allow clients to trade these individual US equities in extended market hours. This can be extremely useful for traders to take positions early or reduce risk.

#4 Social Trading

Trader Rating
Min Deposit App Support Max Leverage Trading Fees
£200 Good 1:30 Low

Pepperstone has partnered with numerous third-party services to offer the social and copy approaches to trading. Traders can use MetaTrader Trading Signals, ZuluTrade, RoboX, MirrorTrader and DupliTrade with Pepperstone. This allows for seamless social trading that allows you to copy the trading strategies and signals of successful traders in real time.

#5 Crypto

Trader Rating
Min Deposit App Support Max Leverage Trading Fees
£200 Many 1:2 Low

Pepperstone offers only five cryptocurrency CFDs; Bitcoin, Bitcoin Cash, Ethereum, Dash and Litecoin. Leverage is up to 5:1, and is should be noted that these investments are in the form of CFDs, not direct investment in the actual cryptocurrency itself. There are also three cryptocurrency indices that are on offer to trade.

Pepperstone Crypto offer

#6 Spread Betting

Trader Rating
Min Deposit App Support Max Leverage Trading Fees
£200 Good 1:30 Low

Spread betting is available through Pepperstone to traders who are residents of the UK and Ireland. The spread betting accounts are very similar to the CFD accounts, but with no stamp duty or capital gains tax payable.

pepperstone Spread Betting Offer


Trust and Regulation

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Pepperstone is regulated and licensed by two high tier regulators, the Financial Conduct Authority (FCA) in the United Kingdom and the Australian Securities and Investment Commission (ASIC) in Australia. In addition, they are also regulated by the Dubai Financial Services Authority (DFSA) and by two other lower tier regulatory bodies.

pepperstone regulation

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.

Overall, Pepperstone should be considered a safe and secure broker for spread betting, CFDs and Forex trading.

Trust and regulation Pepperstone
Regulated in how many countries 5
Year established 2010
Publicly traded No

Offering of Tradeable Products

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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.


Trader Rating

Overall, we would view the offering of tradeable products from Pepperstone as fairly narrow, given the status of the broker. The Forex offering is robust and in line with market leaders, with the added bonus of three currency indices; the US Dollar Index as offered elsewhere but a bonus with a Euro Index and Japanese Yen Index.

The stock indices and commodity offerings are also in line with the industry standard, as we outline above in the CFD section. Though there are extra offerings of the “thematic” indices, which include various stock sector indices, the VIX volatility index, plus three cryptocurrency indices.

The individual share CFD offering is rather low compared to those brokers who offer individual stock trading, with only 64 share CFDs and only from US markets.

Pepperstone only offers five cryptocurrency CFDs, certainly on the low side (plus those three cryptocurrency indices).

So, a mixed offering on the whole, with some bright points amongst a broadly average presentation of tradeable products.

Product offering Pepperstone
How many Forex Pairs offered 61
How many Stock Indices offered 14
How many Individual stocks offered 64
How many Bonds offered 0
How many Commodities offered 21
How many Crypto pairs offered 5


Trader Rating

Unlike the majority of brokers today, Pepperstone has two pricing models, which include commissions and the spread, the difference between the bid and ask prices. Pepperstone prides itself on offering competitive pricing and low spreads due to deep liquidity. We will look at the spreads available on the different account options below, but these spreads are variable, as Pepperstone reviews prices from multiple sources and providers to offer competitive rates to traders.

pepperstone Fees

There are two main choices when opening an account with Pepperstone, the Standard Account and Razor Account.

Standard accounts do not have particularly narrow spreads, for example an average spread for EUR/USD of 1.0 to 1.3 pips. This is not especially competitive, but as with other accounts offered by most brokers, this account type has no commission.

Razor accounts, however, have far narrower spreads, with an average EUR/USD spread of between 0.0 and 0.3 pips. This type of account would be ideal for algorithmic traders and scalpers, and it is designed it for these types of accounts in mind. Commissions start at GBP £4.59 round turns for every 100,000 traded (1 lot).

Pepperstone commissions

Also, those who qualify for the Active Trader program receive rebates for trades completed on Razor accounts, with the rebates dependent on the volume of trades completed.

The minimum balance to open an account is $200 ot the equivalent with base currencies can be GBP, EUR, USD, or CHF.  As with most brokers a demo account is available with Pepperstone, but as with other brokers with access for only 30 days.

Pepperstone minimum deposit

In addition, 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 and credit facilities.

Fees/ Commissions Pepperstone
EUR/USD average spread 0.8-1.1 pips
EUR/USD minimum spread 0.7 pips
Minimum account opening deposit $200 equivalent
Withdrawal Fee $20 equivalent
Inactivity Fee No

Trading Platform

Trader Rating

The first factor to note with respect to reviewing Pepperstone’s trading platforms is that they do not have their own bespoke platform. We will go on to discuss the merits of what they do have on offer from a third party presentive, but we believe that in today’s trading world, top brokers should offer their own trading platform.

That being said, Pepperstone do make cTrader and cAlgo, plus MetaTrader 4 and MetaTrader 5 (desktop and web based) available to their clients, with various add on functionality. The Razor and Standard accounts can be used with any of these platforms.

Pepperstone Trading Platform

The cTrader trading platform offers an intuitive design that appeals to beginning traders and experts alike. You can also use advanced features of Trader Automate lets you back test and optimise trading strategies, by building automated trading robots and custom indicators.

MetaTrader 4 and MetaTrader 5 are probably the most popular trading platforms in the world. Pepperstone offers Smart Trader Tools for these platforms, which includes access to 28 expert advisors (EAs) and indicators. You can also create your own EAs (with MQL4). Autochartist an automated technical analysis plug in is also available for identifying potential trades.

Pepperstone Platform features

On the copy trading side, as we have highlighted above Pepperstone offers numerous copy and social trading options on the MetaTrader trading platforms.

Although, Pepperstone do not offer their own trading platform, the ability to use MT4, MT5 or cTrader, plus the wealth on add ins available via Pepperstone on these platforms makes for a solid platform offering.

Platform feature Pepperstone
Own platform No
Demo account offered Yes
MT4 Yes
MT5 Yes
cTrader Yes
Chart Indicators 53
Chart drawing tools 33

Mobile Offering

Trader Rating

There are multiple options for mobile trading at Pepperstone. As with the trading platform, traders with Pepperstone can choose from the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader mobile apps. Again, as with the trading platform the breadth of apps on offer is a positive, but once more as with the trading platform we would prefer to see Pepperstone offering their own mobile trading app.

Pepperstone App

Mobile feature Pepperstone
Own Apple app Yes
Own Android app Yes
Third party app (MT4/MT5/other) Yes

Pepperstone mobile Trading


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At the time of writing Pepperstone has 24 broad “trading guides” on their site, which are organized by experience level; beginner, intermediate and advanced. In addition, there are further articles specifically on Forex and CFD education, a decent number of which also include videos. The video education is also available on the Pepperstone You Tube channel and is of good quality, above the average for the industry.

Pepperstone Education

Despite this solid education offering, Pepperstone still falls somewhat behind the leading education provided by competitor brokers at the upper end of educational providers.

Education feature Pepperstone
Webinars Yes
Videos Yes
Community Forums No
Education Organized by Experience Level Yes
Education Organized by Topic Yes
Education Organized by Type Yes
Has Education – Forex Yes
Has Education – Stock Indices Yes
Has Education – Individual Stocks Yes
Has Education – Bonds No
Has Education – Commodities Yes
Has Education – Crypto Yes
Investor Dictionary/ Glossary No


Trader Rating

The in-house research and commentary from Pepperstone is of good quality and covers a wide range of approaches. This would include macroeconomic / fundamental views, technical analysis, plus strategy and risk management guidance. Content includes the “Chart of the Day” and “Daily Fix”, which are all extremely useful for traders across a range of abilities. However, we would state that there are only a few articles and videos per week, averaging less than one a day. In order to truly compete with the leaders in the retail/ professional broking industry, Pepperstone would need to produce more research content.

Pepperstone Research

As we looked at in the platform section above, Pepperstone do offer a wide variety of third-party research tools. These include copy/social trading platforms and options, the numerous expert advisors (EAs) and indicators on MT4/ MT5, plus the AutoChartist technical analysis tool.

Research feature Pepperstone
Research Organized by Experience Level Yes
Research Organized by Topic Yes
Research Organized by Type No
Has Research – Forex Yes
Has Research – Stock Indices Yes
Has Research – Individual Stocks Yes
Has Research – Bonds No
Has Research – Commodities Yes
Has Research – Crypto Yes

Customer Support

Trader Rating

Pepperstone is as an award-winning broker for customer service, which is reinforced by various support features. There are a number of trading and support resources to take advantage of, including: 24/5 multilingual support across live chat, email and phone. A floating live chat button for easy contact, plus personalised support from a dedicated account manager

The support section of the website is helpful and includes a FAQ section where there are answers to the most common questions. However, many brokers do have a more extensive FAQ section than that offered by Pepperstone.

Customer support Pepperstone
Customer call support Mon-Fri over 8 hours Yes
Customer call support Mon-Fri 24 hours Yes
Customer call support Saturday all day No
Customer call support Saturday part day No
Customer call support Sunday all day No
Customer call support Sunday part day No
Web Chat Yes


Trader Rating

Pepperstone is one of the world’s largest trading brokers and does offer excellent customer service and some great add ins to the wide range of third-party platforms that are on offer. However, they do not have their own platform, whilst the number of products that can be traded outside of Forex is somewhat limited. That being said, the Razor account offers competitive spreads, whilst the research and education offering are better than industry standard. So why not give Pepperstone a go?!

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 .