Pepperstone is one of the largest trading brokers providing traders worldwide access to trade across all marketsvia powerful yet user-friendly platforms with cutting edge technology, low cost spreads, low-latency high speed execution and award-winning customer service.
Pepperstone Review, Pros & Cons
- Award winning support
- Strict regulation
- Negative balance protection
- Intuitive, powerful & user-friendly trading platforms
- Low spreads/commissions & fast execution
- Range of account funding/withdrawal options
- No account funding fees
- Good selection of trading tools & educational resources
- Social trading platforms
- Hedging, scalping & expert advisors allowed
- Discounted VPS packages
- No US clients
- No fixed spread accounts
In this detailed Pepperstone review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Pepperstone is an online trading broker founded in 2010 and headquartered in Melbourne, Australia with global offices in London. They offer traders over 80 instruments to trade including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs, ETFs, all via the MetaTrader 4/5, cTrader, WebTrader and mobile trading platforms. The broker also offers spread betting to UK clients.
Pepperstone is widely regarded as one of the largest trading brokers processing an average of US $8.3 Billion of trades every day and providing online trading to over 65 countries. They provide traders worldwide with access to trade across all markets with cutting edge technology, low cost spreads, low-latency high speed execution and award-winning customer service.
Pepperstone has won numerous awards including forex broker excellence, customer support, innovative technology and providing the best possible trading conditions to clients.
Pepperstone incorporates an execution only trading model that ensures direct access to a deep pool of liquidity providers with no dealing desk or execution manipulation. Having direct access to a large liquidity pool helps to ensure the lowest possible spreads and fast execution for all levels of traders.
Pepperstone utilises technology developed to support institutional trade flow for those that trade large single ticket sizes. They can handle multiple fills to put through larger orders on multiple levels into a liquidity aggregator. Client orders are executed without requotes on a “market execution” basis with positive and negative slippage possible and no broker intervention.
The Pepperstone management team come from a trading background themselves with years of experience within the industry and therefore have a great understanding of what retail traders require to be able to trade efficiently. Whilst they use the latest trading technology, they are committed to staying up to date with the latest innovations to further improve their services where possible. The vision for Pepperstone is to become the largest broker in the world by providing investors from all backgrounds access to easier and fairer online trading.
Pepperstone is a broker with strict regulations in multiple locations. Pepperstone Limited (UK) is authorised and regulated by the Financial Conduct Authority (FCA). Pepperstone Group Limited is authorised and regulated by the Australian Securities and Investment Commission (ASIC). Pepperstone Financial Services (DFIC) Limited is regulated by the Dubai Financial Services Authority (DFSA). Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B) and licensed by the Securities Commission of The Bahamas (number SIA-F217). Pepperstone EU Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC). Pepperstone GmbH is the German entity of Pepperstone that is BaFin regulated (151148 is the licence number). BaFin is the financial regulatory authority for Germany. Pepperstone Markets Kenya Limited is authorized and licensed by the Capital Markets Authority (CMA).
Under these licenses, Pepperstone are obliged to meet strict capital requirements while implementing and complying with stringent internal procedures that include: client money protection, risk management, anti-money laundering, conduct, training, accounting and audits.
Clients of Pepperstone have their funds held in segregated bank accounts with client funds security being of the upmost importance. A strong culture of regulation and compliance is something they take great pride in.
Pepperstone accepts clients from all over the world, excluding USA, Canada, Japan, Iran, Iraq, Yemen, Zimbabwe and some other jurisdictions due to restrictions. Some Pepperstone broker features and products mentioned within this Pepperstone review may not be available to traders from specific countries due to legal restrictions.
Pepperstone offers a good selection of 11 online trading platforms including the very popular MetaTrader 4 for Windows and MAC. They also offer cTrader, WebTrader and mobile apps for iPhone / Android for trading the markets from wherever and whenever you want, with reliable platforms and lightning-fast execution.
These powerful trading platforms are provided for free by Pepperstone and incorporate expert-like tools to help you conduct in-depth market analysis and trade efficiently.
MetaTrader 4 (MT4)
MT4 is perhaps the worlds most popular trading platform used by millions of traders with all experience levels across the globe. It was developed by Russian software company MetaQuotes and is know for being user friendly. MT4 has a vast array of implemented technical indicators and trading tools whilst there are thousands available freely online.
- Get real-time bid/ask price quotes in the market watch window
- Multiple chart types & timeframes
- Support for market, pending & limit orders
- Customise MT4 charts and indicators according to your trading preferences
- Develop and run automated trading systems (expert advisors) in MQL4
- Identify high probability trades with Autochartist analysis software
- Vast range of technical indicators and EAs with Smart Trader Tools
- Alert notifications via email, SMS & pop-ups
- Access to historical data
- Social/copy trading functionality
- MetaTrader 4 (Windows / MAC)
- MetaTrader WebTrader
- MetaTrader App (iPhone / iPad / Android / Tablet)
MetaTrader 5 (MT5)
The MT5 trading platform is an updated version of MT4 that maintains most of the same features along with greater functionality. Despite this, many traders still prefer MT4 due to its ease of use and large range of addons already developed and available.
- Similar features to MT4 with more indicators, timeframes & chart types
- Customisable charting and indicators
- Additional order types
- Depth of market (DOM)
- Built in economic calendar
- Code custom indicators and multi-currency EA’s in the MQL5 programming language
- Enjoy faster processing
- Tailor to your trading style with advanced customisation for endless possibilities
- Access to historical data
- Social/copy trading functionality
- MetaTrader 5 (Windows / MAC)
- MetaTrader WebTrader
- MetaTrader App (iPhone / iPad / Android / Tablet)
cTrader offers professional online trading with an intuitive platform design that replicates an institutional trading environment. It is also ideal for those who are just starting out due to its intuitive and user-friendly interface.
- Suitable for new and professional traders
- Control slippage and order fills with advanced cTrader features
- Access FIX API
- Code in C# with cTrader Automate
- Customisable charting and indicators
- Adjustable session times
- Depth of market functionality
- Advanced take-profit/stop-loss levels
- Detachable charts for multiple monitors
- Social/copy trading functionality
- Cloud-hosted profiles, templates and passwords
- cTrader WebTrader
- cTrader Algo
- cTrader Mobile
Pepperstone Trading Tools
Pepperstone have a great selection of trading tools to help you manage your trading risk, improve your trading strategies and stay up to date with the latest market movements.
Smart Trader Tools for MetaTrader
Unlock your trading potential with 28 tools, expert advisors and indicators exclusively available to the MetaTrader platforms.
Build automated trading robots and custom indicators in the popular C# language using the cTrader API.
Pepperstone provide online traders with an API technology lets you access their industry leading liquidity feed from within the comfort of your own platform. These enables you to create and implement your own customised trading solutions.
Pepperstone’s Technical Analysis software which is powered by Autochartist is available to clients free of charge. This trading software can continuously scan your selected markets for potential trade setups. It has a built-in pattern recognition tool to alert you when trading opportunities are identified which can be filtered by probability based on historic success. Subscribers receive daily market reports that cover economic news releases and market analysis. Autochartist can help to remove the market noise and enable traders to focus on the trade opportunities with the powerful Autochartist market scanner.
Pepperstone also offer clients a range of social trading platforms where you can follow and copy trading signals from other strategy providers. This provides an automated trading solution where you can specify your own risk and choose strategies that suit your individual style. Followers can add or remove signals they are copying at any time.
ZuluTrade lets you copy trades directly into your trading account from users running their own strategies on the ZuluTrade servers. To find out more about ZuluTrade and how it works, you can read our ZuluTrade Review.
Clients can access thousands of strategies from MetaTrader’s own social trading platform and choose to copy them directly into their Pepperstone broker account.
Virtual Private Server (VPS) hosting allows traders to run their trading platform and automated algorithmic strategies, including expert advisors 24 hours a day 7 days a week on a virtual machine. This means that you do not need your computer switched on all of the time whilst minimising the chance of system downtime due to technology and connectivity failures.
Pepperstone have teamed up with two popular VPS providers in FXVM and New York City Servers, to offer clients a substantial discount on any of the available VPS packages.
Pepperstone have a wide range of online trading educational resources including trading guides, expert webinars available in English and detailed market analysis.
Pepperstone offers free webinars from experts that can help you to improve your trading knowledge whatever your current expertise is. There is also an archive to catch up on previous webinars. These webinars cover a range of topics primarily focused on trading basics, trading strategies and trade management.
Pepperstone has a large catalogue of free educational trading guides (written by third parties) that help to assist you with your trading and improve your knowledge. These trading guides are regularly updated and cover a wide range of topics including how to trade forex, how to trade stocks, how to trade cryptos, trade planning, trade analysis, money management and more.
You will never have to miss a trading opportunity with high impact economic event coverage, expert commentary, videos and more from the Pepperstone global market analysts’ team. Stay in the know with weekly global market news, insights and up-to-the-minute economic outlooks from market experts. Find out everything you need to know about major world financial events that can affect market volatility and how to trade these unique opportunities. You can stay up to date with the Pepperstone experts as they review upcoming political and macroeconomic events, assessing price action to provide you with trading opportunities on various markets from across the globe.
There is an economic calendar available on the Pepperstone website that displays the latest financial news events along with the actual and forecasted impact they have on the markets. This is a very useful tool and often used as part of the fundamental analysis in a trading strategy.
Pepperstone started out as a broker focused on forex trading with interbank execution and extremely low spreads. They offer 70+ FX currency pairs and have one of the biggest selection of exotic currency pairs offered by any forex broker. Since then they have expanded to offer more trading products whilst maintaining the lowest possible trading costs across all markets.
Other trading instruments include Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs and ETFs. There is a selection of major US and global stocks for trading online. Pepperstone also offer spread betting.
Pepperstone Accounts & Fees
Pepperstone offer a range of different account types to suit each individual trader’s needs. All of the account types are offered within retail trading leverage and margin limits. Professional clients can apply to trade with higher leverage of up to 1:500.
You can choose between commission free accounts that have variable spreads starting from 1 pip, or you can opt for a commission based account where spreads start from just 0 pips with a very competitive $3.5 commission fee. The minimum deposit requirement starts from $200.
- Edge Standard Account: $0 commission, variable spreads from 1.0 pips
- Razor Account: $3.5 commission, variable spreads from 0.0 pips
- Edge Swap Free: $0 commission, variable spreads from 1.0 pips, interest free
- Edge Active Traders: $3.5 commission, variable spreads from 0.0 pips, 10%+ rebate
Pepperstone provide demo accounts if you would like to test the different trading platforms and conditions before opening a real account with them. This can be a good way to practice trading online without any risk.
There are also swap-free Islamic accounts that comply with Sharia law, making Pepperstone a Muslim friendly broker.
As broker fees can vary and change, there may be additional fees that are not listed in this Pepperstone review. It is imperative to ensure that you check and understand all of the latest information before you open a Pepperstone broker account for online trading.
Pepperstone provides 24/5 support via phone, chat and email. They have won multiple awards for customer service and are on hand to answer any questions that you may have in a prompt and efficient manner. Pepperstone supports 12 different languages: English, Spanish, Russian, Chinese, Vietnamese, Arabic, Indonesian, Italian, French, Laotian, German, Polish.
Pepperstone Deposit & Withdrawal
Pepperstone offer a range of convenient and user-friendly deposit and withdrawal options. This includes wire transfer, credit/debit cards, PayPal and other e-Wallets. Fees may be charged when using certain payment methods. Bank transfers can take a few business days to clear.
Accounts can be opened in USD, GBP, EUR, CHF, JPY, NZD, CAD, SGD, HKD & AUD. The various different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Pepperstone Account Opening
Opening an account is quick, easy and user friendly. The online application will take around 10-20 minutes to complete with account verification taking around 4 days. During the process you will need to confirm your email, complete your personal information, upload identification and answer a brief questionnaire. The support team is on hand should you need assistance during the process.
What is the Pepperstone minimum deposit?
Pepperstone have a minimum deposit requirement of just $200. This means that you can deposit a modest amount to try out their trading platforms, products and services. This is very reasonable amount to get started, especially considering some brokers have a minimum deposit requirement that can reach into the thousands. As with any broker, you should only ever trade with what you can afford, as each trader is different.
How do I deposit money into Pepperstone?
As a Pepperstone client, you’ll get access to your own secure client area, where you can access all your funding and withdrawal needs safely and securely.
To make a deposit, you can log into your secure client area and head to the Funds tab then Add Funds, where you will find a range of convenient funding options to choose from. This includes bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Union Pay, POLi and Union Pay.
Some funding methods can be instantaneous whereas others can take a few days to show in your account. If you use PayPal, your first deposit will take a couple of days to be verified to ensure that no third-party funding has taken place. Once verified, all future deposits from the same account will be applied right away.
Domestic bank transfers can take between 1-2 business days or 2-5 business days for international transfers. If it is taking longer, you can provide Pepperstone support with a transaction receipt or bank statement, showing details of the transfer for them to look into.
You can find Pepperstone’s bank account details to fund your account by bank wire transfer in the Fund section of your secure client area. Go to Add Funds, then select Bank Transfer. From there you will be presented with the relevant account details for each of the client trust currency accounts.
What are the Pepperstone deposit fees?
Pepperstone do not charge any deposit or withdrawal fees. However, there may be third-party payment charges depending on the funding method used.
How do I withdraw money from Pepperstone?
You can withdraw funds from your Pepperstone account from within the secure client area. Log into your secure client area and head to the Funds tab. You’ll see a tab named Withdraw Funds, where you’ll find all your withdrawal options.
Withdrawal options are the same as those used for depositing into your account, including wire transfers, credit/debit cards and e-Wallets.
Neteller, Skrill and PayPal impose maximum limits on individual transactions. You can, however, withdraw your funds in multiple transactions.
Withdrawal forms received before 07:00 (AEST) they’ll be processed on the same day. Withdrawal requests that are received after 21:00 (GMT) will be processed the following day.
Withdrawals made via bank wire transfer usually take 3-5 working days to reach your account although keep in mind that there can be unforeseen circumstances whereby withdrawal times may take slightly longer.
Funds can only be returned to a bank account in the same name (or joint name) as your Pepperstone trading account due to third party transaction regulations.
Pepperstone do have a minimum withdrawal amount for International bank wire transfers. This will be shown when you’re completing your withdrawal request in the secure client area. When you have open trades on your account, you can only withdraw up to 90% of your free margin.
You can see your withdrawal status in the Funds tab of the client area. Simply select History and then Withdrawals to see all withdrawals, their current status, and information icons with explanations to assist you.
If your withdrawal request has not been confirmed yet, you can cancel it by clicking Cancel Withdrawal found on your confirmation email or from your secure client area under the withdrawal section. If you have already confirmed your withdrawal then you will need to contact Pepperstone via live chat to cancel the withdrawal.
What are the Pepperstone withdrawal fees?
Pepperstone do not charge a withdrawal fee. However, you may want to check with your bank or online payment processor account to see if there will be any third-party fees involved.
Any International Telegraphic Transfer (TT) Fees charged incurred by the Pepperstone banking institution are passed onto the Client. Most International TTs are approximately AUD$20.
What is the Pepperstone commission fee?
Pepperstone have very low commission fees and even an option for a commission free account with a small spread mark-up. Commissions are only charged on CFD Razor accounts when trading Forex and on CFD Equities, from just $7 per 1 lot with variable spreads starting from just 0 pips. They don’t charge commissions on trades made on the Standard account, but there’s a 1 pip mark-up on the raw spreads.
Pepperstone use multiple liquidity providers from Tier 1 Banks and institutions to give you competitive quotes with low spreads and deep liquidity on a wide range of instruments. This allows them to offer razor sharp pricing and fast execution to all clients.
As with most brokers, there is a swap rate. This is a rollover interest (that’s earned or paid) for holding CFD or spread bet positions overnight. Pepperstone simply make an interest adjustment to your account, which is either a debit or a credit, to reflect the cost of funding your position. You can find the brokers latest swap rates on the trading platforms. Keep in mind that these are indicative rates and subject to change depending on market volatility.
Are there any Pepperstone inactivity fees?
Pepperstone do not charge any account keeping or inactivity fees. This is good when compared to some brokers whose terms include a fee that you must pay if you do not use your trading account for a sustained period of time.
What are the Pepperstone account types?
As a Pepperstone client, you can choose between the EDGE Razor and EDGE Standard accounts, both of which are connected to some of the world’s largest liquidity providers to fill orders.
The Razor account offers access to raw spreads from 0.0 pips with a small commission charge applied ($7 per lot round turn). The Razor account is popular with scalpers and for clients looking to run Expert Advisors (EA’s).
The standard account has a 1 pip mark up on the raw spread with no commissions charged. This account is popular for those wanting a simple account. It’s perfect for beginners who prefer having the commission built into the spread.
Pepperstone offer Company or Corporate Trust accounts for Directors and Shareholders. There is also a tailored professional client offering for clients who meet the criteria.
Is there a Pepperstone demo account?
Yes, there is the option of opening a Pepperstone demo account. This can be a great way to familiarise yourself with the trading platforms and practice your trading strategies risk free by using virtual funds. A demo account also allows you to get a feel for the brokers products and services to see if they are suitable for your individual needs.
MetaTrader demo accounts expire automatically after 30 days unless you have a live funded account and request that they set it to non-expiry for you. cTrader demo accounts will not expire if they are logged into at least once every 30 days. You can add demo accounts at anytime from within your secure client area under the Demo tab in the Account section.
What are the Pepperstone spreads?
The spread is the difference between the bid-ask prices that you pay on each trade you take with the broker. It is essentially the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept.
Pepperstone have razor sharp pricing to ensure that you are getting consistently competitive quotes and very low spreads when you trade with them. The minimum spread on major FX currency pairs starts from 0 pips on the Razor account and 1 pip on the standard account.
These are some of the best spreads we have seen from any broker, especially considering the top-class trading environment that Pepperstone provides to its global clientele.
What is the Pepperstone leverage?
Pepperstone offer a maximum leverage of up to 1:500 for professional clients. Leverage can vary depending on the entity that you sign-up with, your location and instruments traded.
Leverage allows you to trade a larger position size greater than you can without it. Although this can improve potential profit, it also significantly increases risk. It is therefore imperative to ensure that you have a clear understanding of what leverage is and how it works, before trading leveraged positions.
What are the Pepperstone margin & stop out levels?
For the MetaTrader platforms, a margin call occurs when the equity on the account falls below 90% of the margin required for maintaining your positions and an automatic stop out will occur when account equity falls below 50% of the margin required for the trades.
- Margin level (equity / margin) = < 90% (margin call warning)
- Margin level (equity / margin) = < 50% (stop out) for Retail Clients
- Margin level (equity / margin) = < 20% (stop out) for Professional Clients
On cTrader, the margin call settings can be adjusted to your preferred margin level but are set by default at 500%, 100% and 80%. Smart stop-outs occur when equity falls below 50% of the margin required for open trades on the account.
- Margin level (equity / margin) = < 50% (cTrader stop out)
Do Pepperstone allow hedging, scalping, news trading & automated trading?
Yes, Pepperstone welcome all trading styles. You can use expert advisors (EAs), scalping strategies, news trading systems and hedge positions.
Is there a Pepperstone Islamic account?
Yes, Pepperstone do offer a swap-free account that is designed for traders who can’t receive or pay swaps. The trading account is interest-free while allowing traders to take advantage of the brokers cutting-edge trading technology and deep liquidity.
The average EURUSD spread on the Islamic account is between 1.0 to 1.2 pips. When a trade on this account has been held for 10 days, an admin charge (per 1 standard lot size) will be deducted from the account’s balance.
What are the Pepperstone trading instruments?
Pepperstone have a generous selection of over 180+ instruments across FX, indices, equities, cryptos, energy and commodities, and more, across three, free powerful platforms.
How do I open a Pepperstone live account?
It’s quick and easy to open a Pepperstone account. You can apply in just a few minutes by completing the simple application process on the Pepperstone website which goes as follows:
- Create your login – Enter your email and choose a password to get started
- Complete your application – Complete the fast and secure application form
- Confirm your ID – Verify your identity online or upload your ID documents if required
- Fund and trade – Once approved, fund your account using the flexible, low-cost funding methods and start trading
How do I verify my Pepperstone account?
Due to regulations, Pepperstone are required to verify your identity before opening your trading account. You can provide a primary and secondary form of identification including:
- Passport, driver’s license, government-issued photo ID
- Utility bill (phone, electricity, gas), Bank or credit card statement, Government-issued tax document, Birth certificate, Citizen certificate
To upload your ID and other documents, go to your secure client area and click the blue ‘Upload’ button located in the top right. Accounts are verified within 4-8 hours of the appropriate ID documents being received.
What is the Pepperstone trading platform?
Pepperstone offer three free online trading platforms. MetaTrader 4, the most popular; MetaTrader 5, the most powerful; and cTrader, the most user-friendly. All of the provided trading platforms are available to run via WebTrader and mobile apps for seamless syncing across all of your devices.
Where can I download the Pepperstone platform?
All platforms are available to download and use from the Downloads tab of your secure client area.
Where is Pepperstone located?
Pepperstone is an Australian broker with offices in Melbourne, London, Dubai, Cyprus and Nairobi.
Is Pepperstone regulated?
Yes, Pepperstone is regulated in multiple jurisdictions, including Australia, UK, Cyprus, Dubai, Bahamas, Germany and Kenya. This gives clients the peace of mind that they are using a broker who must comply with strict rules and regulations that are put in place to protect investors.
What countries do Pepperstone accept?
Traders from around the globe can open an account with Pepperstone excluding a few countries such as USA, Canada, Japan, Iran, Iraq, Yemen and Zimbabwe. You can check on the brokers website to ensure that your country is on the accepted list.
Is Pepperstone a scam?
No, Pepperstone is not a scam. They are a respected and established broker that is built on an uncompromising level of service, underpinned by some of the best prices and execution speeds in the industry.
How can I contact Pepperstone support?
You can contact the award-winning Pepperstone customer support team via live chat, telephone or email. They can be reached 24/5 with telephone numbers in different locations and a multi-lingual support team. We found Pepperstone support to be very friendly and informative in their response to the various questions that we had.
Pepperstone is one the most popular trading brokers with a proven track record of providing excellent and innovative trading conditions backed by industry leading support. They are well regarded as one of the largest forex brokers and have strict regulation to ensure traders have peace of mind. They offer a vast range of trading platforms, instruments and accounts to choose from thus making them suitable for each trader’s individual needs.
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of 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.