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Pepperstone Review

Author By Jeffrey Cammack
Updated: May 17, 2021
Overall Rating
4.61 4.61 / 5
Rated #3 of 66 Recommended Brokers
Min. Deposit
GBP 5
Regulators
Trading Desk
Trading Cost
USD 7.90
Website Language
English, Vietnamese, Thai, Chinese, Polish
Support Language
English, Vietnamese, Thai, Chinese, Polish
AlertAccepts UK 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 is regulated by the FCA, ASIC, and the DFSA. 79.3% of traders lose money with this provider.

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Summary

Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won’t find a better broker 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
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
Number of FX Pairs
80+
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Acct

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 Pty Ltd
Founded
2010
Office Locations
Australia

Pros

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

Cons

    Is Pepperstone Safe?

    Pepperstone has been regulated by ASIC (license 414530) since 2013, and the FCA (license 684312) since 2015, largely recognised as two of the strictest regulatory agencies in the world. Under this regulation, Pepperstone must adhere by processes that ensure client funds are safe and guarantee that no money laundering is taking place.

    Pepperstone has also recently won Best Forex ECN broker (UK Forex Awards 2018), highlighting the wider industry’s recognition of the quality of this broker.

    As an ECN broker, Pepperstone clients execute their trades on the market without any broker intervention and free of conflict.

    Due to this business model, robust regulation and industry recognition for their quality, we believe Pepperstone is safe for traders.

    Trading Conditions

    Two distinct but straightforward account options, three leading trading platforms and transparent fees on deposits and withdrawals, it makes sense that Pepperstone won the award for Best Forex Trading Conditions at the UK Forex Awards in 2018.

    Account Types

    Pepperstone offers MetaTrader 4, MetaTrader 5 and cTrader on all accounts. Alongside a standard demo account, two live accounts options are available. Swap-free Islamic accounts are also available on request. 

    Scroll for more detailsPreviousNext
    Display Name
    Min. Deposit
    Max. Leverage
    Min. Spread
    Commission
    Razor
    USD 200
    30:1
    0.0
    AUD$ 7
    Account Details
    Standard
    USD 200
    30:1
    1
    None
    Account Details
    Swap-free
    USD 200
    30:1
    1
    None
    Account Details

    Demo Account

    Creating a demo account is easy, but be aware that this account will automatically close after 30 days, at which point you can open another should you need.

    Standard Account

    There are no commissions attached to this account. Spreads start at 1.0 pips. Pepperstone’s Standard account comes with negative balance protection, so traders never end up owing to the brokerage.

    Razor Account

    The Razor account claims to come with some of the tightest spreads in the world. Pepperstone’s Razor account is the more popular among traders and the choice of the two accounts. With this account and a minimum deposit of $200, you get even tighter spreads from deeper liquidy centres, while being allowed EAs, hedging, and scalping.

    Islamic Account

    Very similar in setup to the Razor account with a $200 minimum deposit this account is a straight-through-processing and swap-free account.

    Spreads and Commissions

    Rated #1 for both spreads and commissions by Australia FX Report 2017, this ECN broker has industry appreciation for their fairness to their clients.

    Spreads are wider on the standard account, where no additional commission is charged on trades, but spreads can be as low as 0.1 pips when trading the USD/EUR with the Razor account.  The spreads can even go to 0 when there is more liquidity in the market and access to capital industry averages. Commission on the Razor account is small and in line with the other brokers.

    Deposit and Withdrawal

    There are no fees for deposits at Pepperstone for transfers made from Visa, MasterCard, PayPal, Poli, China Union Pay, Bank Transfer, BPay, Skrill, Neteller.

    Withdrawals that are received before 21:00 GMT are processed the same day as they were received, and funds can only be returned to a bank account in the same name as the one used for the deposit. Pepperstone does not charge an administration fee to process the withdrawal request, but the payment provider may place a charge.

    Should you have deposited via Credit/Debit Card then only up to the amount that was initially deposited can be returned via credit card, and the extra will returned by another method. There are no fees for withdrawing via Visa and Mastercard.

    Any bank charges issued to Pepperstone for bank transfer of funds will be passed on to the client. Usual fees for in this instance are approximately €20 for international accounts and are free for Australian domestic transfers. For amounts above the initial deposit made from Paypal will incur a 3% fee which is charged by Paypal, and Skrill will charge $1 per transfer.

    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

    An education section called Learn to Trade Forex helps traders with unlying technical concepts, while a section called Trading Guides supports traders with issues that they will confront every day; how to keep a trading journal, developing a trading plan, managing risk, and what questions to ask of your broker. A trading glossary and an FAQ section are on hand for beginner traders.

    Pepperstone Account Types

    Weekly webinars pick up where the structured education stops, with more detailed strategy sessions led by expert traders.

    Analysis material

    Pepperstone supplies basic analysis material in the form of an economic calendar and market review which is an unstructured news feed of current event analysis.

    Customer Support

    Customer support is available 24/7 via phone, email and live chat which won Pepperstone the award for Best Forex Trading Support in 2018 (UK Forex Awards).

    Trading Platforms

    Pepperstone offers traders MetaTrader 4, MetaTrader 5 and cTrader; each of which offers Expert Advisors, automated trading support, strategy backtesting, customizable 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 available, and considering that Pepperstone offers 24/7 support for them, software should not be a limitation for clients.

    The speed of the transactions is due to Pepperstone having a direct fibre optic link to Equinox, just 18 km from Wall Street.

     

    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.

    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.

    Conclusion

    Pepperstone is a solid Forex trading company that provides top customer service, with great technology and with trading conditions that are hard to beat.  If you want an Australian ASIC-regulated broker, Pepperstone is a strong competitor.

    AlertAccepts UK 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 is regulated by the FCA, ASIC, and the DFSA. 79.3% of traders lose money with this provider.
    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 Acct
    Trading Platforms
    Funding Methods
    Trading Commission
    11110.54.61/ 5
    GBP 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
      1110.503.07/ 5
      USD 100
      ECN/DMA
      STP
      Forex
      Metals
      28
      0
      • Tight spreads
      • MT4 only
      • Limited education
      • Limited market analysis
      • Expensive withdrawals
      • High minimum deposit
      1110.503.5/ 5
      111003/ 5
      111104/ 5
      100001/ 5
      110002/ 5
      1110.503.5/ 5
      1110.503.5/ 5
      66% of retail investor accounts lose money when trading CFDs with this provider
      200:1
      0.10 pips
      ECN Advanced
      ECN Standard
      ECN XL
      Visa
      Mastercard
      Neteller
      Skrill
      None
      1110.503.32/ 5
      GBP 1
      ECN/DMA
      Commodities
      Forex
      Equities
      110
      11
      • Wide range of assets
      • Copy trading accounts
      • Limited market analysis
      • Limited education
      • Wide spreads
      1110.503.5/ 5
      110002/ 5
      111104/ 5
      111104/ 5
      111003/ 5
      1110.503.5/ 5
      111104/ 5
      71.71% of retail investor accounts lose money when trading CFDs with this provider
      30:1
      0 pips
      Cent.Eurica
      Cent.Standard
      Insta.Eurica
      Insta.Standard
      Islamic
      Bank Transfer
      Visa
      Mastercard
      Skrill
      Neteller
      Bitcoin
      Unionpay
      Broker to Broker
      Fees Included in Spread
      Visit Broker
      AlertMost retail CFD accounts lose money. Your capital is at risk.

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