Pepperstone Review

Author By Jeffrey Cammack
Updated: May 8, 2021
Overall Rating
4.61 4.61 / 5
Rated #3 of 59 Recommended Brokers
Min. Deposit
USD 5
Regulators
Trading Desk
Trading Cost
USD 7.90
Website Language
English, Vietnamese, Thai, Chinese, Polish
Support Language
English, Vietnamese, Thai, Chinese, Polish
AlertAccepts South African Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

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Summary

Founded in 2010 in Australia, Pepperstone is a multi-regulated, globally renowned ECN broker known for fast trade execution and broad trading platform support.   Its award-winning trading conditions provide the foundation for its exceptional global rankings, including some of the tightest spreads in the industry (0.09 pips (EUR/USD) on its Razor Account), low commissions, and no minimum deposit requirements.

The beginner and professional trading community admire this Australian broker for their wide trading platform selection, including cTrader, MT4, and MT5, and highly competitive trading conditions.  Pepperstone’s education section is also well-structured, making it a good choice for beginner traders.  As our highest-rated pure ECN broker, if you only want to pay a small commission for tight spreads, you won’t find much better than Pepperstone.

Reviews

Regulation
11110.54.5/ 5
Trading Conditions
111115/ 5
Trading Platforms
111115/ 5
Deposit & Withdrawal
111104/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Bonuses

Account Information

Base Currencies
EUR, GBP, USD, AUD, NZD, JPY, CHF, SGD, HKD, CAD
Number of FX Pairs
80+
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
From 7 USD / lot - Razor Account
EUR/USD
0.1 pips
GBP/USD
0.6 pips
USD/JPY
0.3 pips
Max. Leverage
30:1

Company Details

Company Name
Pepperstone Limited
Founded
2010
Office Locations
Australia

Pros

  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets

Cons

    Is Pepperstone Safe?

    The Pepperstone brand was founded in 2010 and is headquartered in Melbourne, Australia.  Pepperstone is regulated by the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), the Capital Markets Authority (CMA) of Kenya, the Securities Commission of the Bahamas (SCB), and the Federal Financial Supervisory Authority (BaFin) of Germany. See below for a list of Pepperstone registered companies:

    • Pepperstone is ASIC regulated with licence number 414530. 
    • Pepperstone is regulated under registration number 684312 by the FCA.
    • Pepperstone Markets Limited is licensed and regulated by the Securities Commission of The Bahamas, license number SIA-F217.
    • Pepperstone EU Limited is regulated by CySEC, licence number 388/20.
    • Pepperstone is regulated by the DFSA under license number F004356.
    • Pepperstone is regulated by the CMA Kenya under licence number 128.
    • Pepperstone is regulated by BaFin, Germany, under registration number 151148.

    Pepperstone has won many awards in the industry, substantiating its credentials as a safe broker.  These include Best Tailored Professional Trading Conditions (2019/2020), Best Trading Performance Tools (2020), and the Best Client Relationship Manager Service Award (2019) from the Professional Trader Awards.  It also won the Best Global forex ECN Broker Award 2019 (Global Forex Awards) and Best Forex Trading Support – Europe 2019 (Global Forex Awards).

    South African traders will be trading under the subsidiary, Pepperstone Group Limited, regulated by ASIC. As such, Pepperstone ensures that all client funds are held in segregated accounts at tier-1 banks.  It also offers negative balance protection to all clients, so traders can never lose more than they have in their trading account.

    On this basis, we deem Pepperstone a safe and trustworthy broker.

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    Group Regulators
    Trading Desk
    Website
    Year Founded
    Office Locations
    Additional Fees
    FCA
    ASIC
    CySEC
    DFSA
    ECN/DMA
    2010
    Australia
    20 USD Withdrawal Free

    Investment Offering

    Pepperstone offers a variety of different CFDs to trade, including Forex. 

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    Fx Pairs
    CFD Investments
    80+
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Metals
    Energies

    Trading Conditions

    Pepperstone offers trading on multiple assets, including over 80 Forex pairs as well as indices, commodities, share CFDs, cryptocurrencies, and currency indices.  Boasting excellent trading conditions on two live ECN accounts and an Islamic Swap-Free account, Pepperstone feeds pricing directly to its platforms from multiple liquidity providers – with no dealing desk intervention. The maximum leverage is up to 30:1, and minimum transactions start at 0.01 lots.  According to customer service, there is no minimum deposit requirement at Pepperstone, but due to the margin requirements of trades, a minimum balance of 200 USD is recommended.  Spreads start at 0.0 pips on its Razor Account, and Pepperstone allows hedging, scalping, and social trading.  Pepperstone also offers full support for the MT4, MT5, and c-Trader platforms on all accounts.  Accounts can be denominated in the following base currencies: AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD.

    Account Types

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    Display Name
    Min. Deposit
    Max. Leverage
    Min. Spread
    Commission
    Razor
    USD 200
    500:1
    0.0
    AUD$ 7
    Account Details
    Standard
    USD 200
    500:1
    1
    None
    Account Details
    Swap-free
    USD 200
    500:1
    1
    None
    Account Details

    Standard Account

    This commission-free entry-level trading account has no minimum deposit requirement, but due to the margins on trades, a minimum starting balance of 200 USD is recommended. Fees are included in the institutional-grade STP spreads, which average at 1.09 pips on the EUR/USD.   

    The Razor Account

    The Razor Account is Pepperstone’s premium account.  As with the Standard Account, the minimum recommended deposit is 200 USD (for margin requirements).  Spreads average at 0.09 pips on the EUR/USD, and a commission of 7 USD round turn per lot is charged.  Razor Accounts are best for scalpers and algorithmic traders.

    Islamic Account

    Similar to the Razor Account with a recommended 200 USD minimum deposit, the Islamic Account is a straight-through-processing and swap-free account.

    Demo Account

    Pepperstone offers an unlimited demo account allowing prospective traders to practice trading in real-time.  New traders can also explore the full suite of customisable tools and features that the MT4, MT5, and cTrader platforms offer to enhance trading performance. 

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    Broker
    Trading Conditions
    Base Currencies
    EURUSD (Standard)
    Trading Cost (Standard)
    EURUSD (Best)
    GBPUSD (Best)
    USDJPY (Best)
    Commission
    111115/ 5
    EUR, GBP, USD, AUD, NZD, JPY, CHF, SGD, HKD, CAD
    0.09 pips
    USD 7.90
    0.1 pips
    0.6 pips
    0.3 pips
    7
    111115/ 5
    USD, GBP, EUR, AUD, CHF
    0.90 pips
    USD 9
    0.9 pips
    1.6 pips
    1.1 pips
    0.0
    11110.54.5/ 5
    AUD, USD, EUR, GBP, CAD, SGD, NZD, JPY, CHF, HKD
    0.10 pips
    USD 8
    0.1 pips
    0.4 pips
    0.2 pips
    7

    Spreads and Commissions

    The average spread on the commission-free Standard Account is 1.09 pips on the EUR/USD.  Spreads are tighter on the Razor Account, averaging at 0.09 pips pips on the EUR/USD.  Commissions are only charged on the Razor Account, but are dependent on the platform.  A commission of 7 USD (round turn) per lot is charged if using the MT5 and c-Trader platforms, and a commission of 7.53 (round turn) per lot is charged if using the MT4 platform.

    Deposit and Withdrawal

    A well-regulated broker, Pepperstone ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all withdrawals are returned to the deposit source.  Pepperstone offers commission-free deposit and withdrawal options; however, a fee of 20 USD is charged by Pepperstone’s banking institution for International Telegraphic Transfers; and withdrawals through Skrill or Neteller (if available) cost 1 USD.   

    Transfers in other currencies to Pepperstone’s accepted base currencies are charged at the current spot rate, minus a conversion fee of up to 1 percent. Withdrawal requests received after 21:00 (GMT) will be processed the following day. If these are received before 07:00 (AEST) they’ll be processed on the same day.  Withdrawals can take between 3 – 5 days to reach client accounts.  Pepperstone offers the following withdrawal and deposit methods:

    • Bank Wire Transfer
    • Visa
    • Mastercard
    • POLi
    • Bank transfer
    • BPay
    • PayPal
    • Neteller
    • Skrill

    Pepperstone does not charge inactivity fees for dormant accounts.

    Pepperstone for Beginners

    Pepperstone has structured education for beginner traders and helpful tips for newcomers trying to understand how trading fits into their lives. While the education section is not as detailed as with other brokers, it is one of the better education sections offered by ECN brokers. Award-winning 24/7 hour customer service is available to help answer questions, should you need assistance with either technical or account-based queries.

    Educational material

    Pepperstone offers various educational resources, including free trading guides, articles on how to trade Forex and CFDs, various courses and videos.  Its guides cater to beginner, intermediate, and advanced traders.  It also hosts regular webinars, and archives of previous webinars are available for free on its website.

    Trading guides cover topics such as ‘the Psychology of Placing Your First Trade’, Forex Trading Basics and how Forex trading works, and introductions to various trading strategies.  It also offers MetaTrader4 and Forex trading courses. 

    Weekly webinars pick up where the structured education stops, with more detailed strategy sessions led by expert traders. The webinar subjects vary from trading strategies to technical and fundamental analyses.  Note that to access the live webinars, one has to register a Pepperstone account.

     

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    Broker
    Beginner Course
    Advanced Course
    Well Structured Education
    Education Quality
    Webinars
    Medium
    High
    High

    Analysis material

    The in-house Pepperstone research team runs a regular blog covering both fundamental and technical analyses. The research provides information on market-moving events outside of conventional news sources.  The research team also provides a ‘Daily Fix’ – a day-to-day analysis of events affecting the markets.   

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    Broker
    Economic Calendar
    Autochartist
    Trading Central
    Trading View
    Free VPS

    Customer Support

    Customer support is available in 5 different languages, 24/5 including English, Spanish, Portuguese, Vietnamese, and Thai, via email, telephone, and live chat.  For the purposes of this review, we found the customer service responsive, polite, and knowledgeable.

    Pepperstone Trading Platforms

    Pepperstone offers traders MetaTrader 4, MetaTrader 5 and cTrader; each of which offers Expert Advisors, automated trading support, strategy backtesting, customisable charting, indicators and copy trading functionality.

    All platform choices are free to use, but only MetaTrader 4 and cTrader have web versions of the platform, which have full functionality and may be preferred to the downloaded MetaTrader 4 software. Note that only MetaTrader 4 & 5 have Mac versions of the software for download.

    Traders who want more EAs to use, and don’t mind the old interface, should consider using one of the MetaTrader products, but cTrader is usually a favourite for beginner traders as it requires less setup and offers more advanced order types.

    All trading platforms offered are considered some of the best in the industry.

    MetaTrader4

    The MT4 trading platform is the most widely used Forex trading platform and can also be used to trade other instruments like commodities, cryptocurrency, stock index, and stock CFDs.  Features of the MT4 platform include:

    • Customisation of the platform to a trader’s style.
    • Building and running EAs using MetaQuotes Language 4 (MQL4).
    • Access to 28 indicators and EAs.
    • 85 pre-installed indicators available on the desktop app for greater insight into market trends.
    • Access to 50 technical tools, multiple chart types, and 9 timeframes.

    MetaTrader 5

    The MT5 trading platform is being adopted by more Forex brokers all the time; it has a more modern interface, allows for an unlimited number of charts to be used, shows Depth of Market, and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system. Additionally, the MQL5 scripting language is more efficient than its precursor, and MT5 has more advanced charting tools than MT4.  Other features of MT5 include:

    • Optimised processing speeds.
    • Ability to hedge positions.
    • 21 timeframes.
    • 38 inbuilt indicators.
    • Compatibility with Pepperstone’s Autochartist and Smart Trader tools packages.

    Pepperstone provides a selection of user guides and videos on how to set up the various platforms.

    C-Trader

    C-Trader is an intuitive and easy-to-use platform with advanced trading capabilities, such as fast entry and execution and coding customisation.  It also provides plenty of education and analysis materials to help traders make better decisions. Key features of the c-Trader platform include:

    • Detailed trade analysis features.
    • Large range of indicators.
    • The ability to add multiple take-profit orders.
    • Comprehensive educational videos are available within the platform.

    Pepperstone also provides a range of helpful videos to help traders make the most of the c-Trader platform.

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    Broker
    Platform Choice
    Copy Trading
    Platforms
    11110.54.5/ 5
    Avatrade Social
    111115/ 5
    Zulu Trade

    Mobile Trading Apps

    MetaTrader 4, MetaTrader 5, and cTrader all have mobile and tablet versions. These versions have all the trading capability of the desktop and browser-based versions, so traders have access to the high-speed execution and ordering monitoring while away from their desks.

    Trading Tools

    Smart Trader Tools for MetaTrader4/5

    Traders benefit from 28 tools, expert advisors, and various indicators.  Smart trader tools help traders manage risk, control all trades from a single terminal and master the ability to trade non-correlated currency pairs.  The full set of tools includes sophisticated alarms and broadcast facilities, with up-to-date market data and functions integrated within the MetaTrader interfaces

    Autochartist

    A powerful scanner that removes the market noise and helps traders focus on trading opportunities that matter.  It highlights the currency pairs, data intervals, and technical indicators that signify key market events.  The market scanner provides statistically significant market movements and identifies important price levels that are catalysts for market movements.

    API Trading

    Pepperstone supports trading via its Application Programming Interface (API).  This technology is ideal for those using trading systems or developing their own custom-built system.  It allows an increased ability to see the depth of market and access to multiple liquidity providers.

    Evaluation Method

    We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the Pepperstone offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

    Pepperstone Risk Statement

    Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Pepperstone would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.3% of Pepperstone Limited’s retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Overview

    Pepperstone is an internationally recognised FCA and ASIC regulated broker with high-speed trading execution, and an offering for beginners that most ECN brokers don’t have.  With trading platforms that are considered state of the art, along with their online and mobile app counterparts, traders have the power of technology and the trading conditions that have earned Pepperstone their reputation.  With a good education and market analysis section, and excellent trading conditions, Pepperstone should be a top choice for Forex trading. 

     

    AlertAccepts South African Clients. Average spread EUR/USD 0.09 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

    Scroll for more detailsPreviousNext
    Overall Rating
    Min. Deposit
    Regulation
    Trading Desk Type
    Trading Instruments
    Forex Pairs
    Crypto Pairs
    Pros
    Cons
    Regulation
    Trading Conditions
    Trading Platforms
    Deposit & Withdrawal
    Education & Research
    Assets Available
    Customer Service
    % Lose with this broker
    Leverage
    Spread
    Hedging
    Scalping
    Account Types
    Islamic Account
    Trading Platforms
    Funding Methods
    Trading Commission
    11110.54.61/ 5
    USD 5
    ECN/DMA
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Metals
    Energies
    80+
    5
    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets
      11110.54.5/ 5
      111115/ 5
      111115/ 5
      111104/ 5
      11110.54.5/ 5
      11110.54.5/ 5
      11110.54.5/ 5
      79.3% of retail investor accounts lose money when trading CFDs with this provider
      30:1
      0 pips
      Razor
      Standard
      Swap-free
      Bank Transfer
      Visa
      Mastercard
      Skrill
      Paypal
      Unionpay
      POLi
      BPay
      From 7 USD / lot - Razor Account
      11110.54.48/ 5
      USD 100
      Market Maker
      Commodities
      Cryptocurrencies
      Forex
      Indicies
      Equities
      ETFs
      50+
      18
      • Good for beginners
      • Well regulated
      • Low minimum deposit
      • Dealing desk
      • Limited market analysis
      111104/ 5
      111115/ 5
      11110.54.5/ 5
      11110.54.5/ 5
      111115/ 5
      11110.54.5/ 5
      111104/ 5
      72% of retail investor accounts lose money when trading CFDs with this provider
      400:1
      0.90 pips
      Islamic
      Professional
      Retail
      Avatrade Social
      POLi
      Visa
      Mastercard
      Skrill
      Neteller
      Paypal
      Bank Transfer
      Fees Included in Spread
      11110.54.46/ 5
      USD 200
      ECN/DMA
      Commodities
      Cryptocurrencies
      Forex
      Indicies
      Equities
      Bonds
      Futures
      60
      10
      • Well regulated
      • Tight spreads
      • Wide range of assets
      • Great platform choice
      • High minimum deposit
      • Limited market analysis
      111104/ 5
      11110.54.5/ 5
      111115/ 5
      111104/ 5
      111115/ 5
      11110.54.5/ 5
      11110.54.5/ 5
      77% of retail investor accounts lose money when trading CFDs with this provider
      500:1
      0.10 pips
      RAW - cTrader
      RAW - MetaTrader
      Standard - MetaTrader
      Zulu Trade
      Bank Transfer
      Visa
      Mastercard
      Skrill
      Neteller
      Paypal
      Unionpay
      7 USD / lot - True ECN account

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