Pepperstone Review


Forex Broker

  • Company name: Pepperstone Limited
  • Founded: 2010
  • Offices: Australia
  • Regulators: AFSL No.414530, ASIC
  • Broker type: ECN/STP

Trading info

  • Min. Deposit: £200
  • Leverage: 500:1
  • Min. Spread: 0.0 pips
  • Deposit/Withdrawal: Bank wire, Visa/Mastercard, Paypal, Skrill, Unionpay
  • Currency pairs: 62

Trading platform

  • Platform: MetaTrader 4, MetaTrader 5, cTrader
  • Web based: Yes
  • Mobile: Yes

Open Account

8 FXScouts
  • Excellent 24 hours customer support services
  • Fast execution of trades
  • Low spreads
  • ECN trading environment
  • MT4 and cTrader trading platforms available
  • No welcome bonus for new traders

Pepperstone is an Australian forex broker, fully-regulated by ASIC and known for their fast ECN execution of trades, and traditional trading platforms. Award-winning 24-hour support anchors their customer support services, where a personalised service for individual customers is available through numerous channels.

Started in 2010, Pepperstone won the fastest growing company award (2014) in Australia, from BRW Magazine and in the same year, Pepperstone emerged as the 2014 Winner of the Governor of Victoria Export Awards cementing their reputation as a powerful newcomer on the scene with appreciated trading conditions.

Account Types7.5
Client Support & Onboarding9.5
Free Services7.5
Deposit & Withdrawal7.5

Is Pepperstone Safe?

Confirmed by winning of Best Forex ECN broker (UK Forex Awards 2018), this Australian brokers has caught the attention of the international trading industry.  Regulated by ASIC (license 414530) since 04/02/2013, and the FCA (license 684312) since 05/08/2015, largely recognised as two of the most traditional and strict 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.

As an ECN broker, traders 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.

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 Forexhelps traders with unlying technical concepts, while a section called Trading Guidessupports 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.

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

Analysis material

Pepperstone supplys 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 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 Awardsin 2018.

Account Types

Pepperstone offers MetaTrader 4, MetaTrader 5 and cTrader on all accounts. At Pepperstone you’ll have two accounts options. They include:

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.

The Razor account

The Razor account claims to come with some of the tightest spreads in Australia. Pepperstone’s Razor account is the more popular among traders and the choice of these two accounts.  It takes a minimum of $200 to open the 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. The Razor account has tighter spreads and an additional commission depending on the number of lots traded, and the trading platform used. These commissions are small and in line with industry averages.

Deposit and Withdrawal

There are no deposits on 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 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 available, and considering that Pepperstone offers 24/7 support for them, software should not be a limitation for clients.

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.

Compare Pepperstone

Pepperstone Vs. AxiTrader

FundingBank wire, Visa/Mastercard, Paypal, Skrill, UnionpayBank wire, Visa/Mastercard,Skrill
RegulatedAFSL No.414530, ASICUK FCA Registration No.509746, ASIC
Currency Pairs6280+
Minimum Spread0.0 pips0.1 pips
Minimum Deposit£200£500
Max Leverage500:1400:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit PepperstoneVisit AxiTrader

Pepperstone Vs. XM

FundingBank wire, Visa/Mastercard, Paypal, Skrill, UnionpayBank wire, Visa/Mastercard, Skrill , Neteller
RegulatedAFSL No.414530, ASICEU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
Broker TypeECN/STPMarket Maker
Currency Pairs6255+
Minimum Spread0.0 pips0.0 pips
Minimum Deposit£200£5
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit PepperstoneVisit XM

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. 78% 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.


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.

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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