Pepperstone is an online broker from Australia. They let people trade CFDs. The company has offices in Melbourne, London, Düsseldorf, Dubai, Limassol, Nassau, and Nairobi. New traders can start with a deposit of at least 200 units in the main currency. They can use high leverage, up to 500:1. The U.K. regulates the company. It’s also registered with the Financial Conduct Authority and the Australian Securities and Investments Commission. Pepperstone doesn’t accept U.S. traders.

The company keeps customer accounts separate from its own funds. This adds extra security, which is important because the trading industry can be unstable. They offer lots of support, like chat and phone help 24/5, and a FAQ section with clear info about deposits, withdrawals, and trade problems.

Pepperstone provides many ways to trade, including desktop, mobile, and web platforms. They have a standard set of products, good educational resources, narrow spreads, and different types of accounts. These features make trading attractive for both beginners and experts.

🏢 Headquarters Australia
🗺️ Regulation ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN
💻 Trading platform: MT4, MT5, cTrader, TradingView, DupliTrade
📊 Accounts: Standard and Razor accounts
💰 Account currency: AUS, USD, SGD, HKD, JPY, NZD, EUR, CHF and GBP
Trading features: Trading using advisors; Auto copying; Scalping; Hedging; Trading on the news are allowed.
💵 Withdrawal: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BPAY, Local Bank Transfers, M-Pesa, Neteller, PayPal, Poli, Skrill, UnionPay
🚀 Minimum deposit: $200
⚖️ Leverage: 400:1
💼 PAMM-accounts: Offers MAM and PAMM to qualified and experienced fund managers with relevant licences or industry experience.
📈️ Min Order: 0.01 lot
🎮 Demo Account Available
💱 Spread: from 0.0 pips
🔧 Instruments: CFD’s on equties, indices, shares, commodities, energy, metal and cryptocurrency
📋 Orders execution: Instant Execution, Market Execution
☎ Customer Support 24/7
📚 Education Provided, research tools included


Pepperstone has good prices, especially since it made forex spreads tighter in 2021. But, when it comes to spreads or commissions, it still can’t beat IC Markets. If you’re not trading a lot and want clear prices, the Standard account is commission-free. The spreads, which are around 1 pip on average, might interest you if you’re a casual trader.

On the other hand, the Razor account offers very small spreads, starting from 0 pips. But, there’s a small commission of $3 for each lot you trade on each side. This option is good if you want the smallest spreads for day trading.

Pepperstone becomes even cheaper for serious day traders with the Active Trader program. This program gives you money back on spreads based on how much you trade each month. If you trade a lot, like $10 million a month, you can get back 5% of the spread cost per lot. If you trade over 500 lots each month, you can get even more money back.

During our evaluation process, we found that commissions on MetaTrader platforms were a bit higher compared to cTrader and TradingView, at $3.50 per lot per side. Pepperstone also charges a small commission on share CFDs for all account types. For UK stocks, it’s a 0.10% fee, and for Australian shares, it’s 0.07%.

One thing to note is that holding positions overnight costs more than with other brokers. But, this only matters if you’re not closing out your positions by the end of the day. Unlike some other brokers, Pepperstone doesn’t pay interest on the money you have in your account, which could be a downside if you want to earn extra from your idle funds.

If you hold leveraged overnight trades, Pepperstone offers competitive swap rates, sometimes even paying traders. But if the currency of the asset you’re trading is different from your account’s base currency, you might have to pay a currency conversion fee.

Overall, Pepperstone’s fees are competitive, especially for high-volume Forex, index, and commodity traders. If you trade low volumes of equity, the commissions might be a bit higher, but they still compete well with high-volume traders. Pepperstone’s system supports various trading strategies, including short-term ones like scalping and high-frequency or algorithmic trading.

Minimum Spread
Commission per Round Lot
Cost per 1.0 Standard Lot
1.0 pips
0.0 pips
$7.00 (MT4/MT5)
0.0 pips
$6.00 (cTrader)

Pros and Cons

Pros Cons
Pepperstone offers low FX spreads starting from one pip for its “Standard” account, without charging any commission. For the “Razor” account, there’s a zero spread option, but with a commission. This is quite competitive in the retail FX brokerage industry. Pepperstone’s website maintenance is lacking. While the site is generally easy to use, there are some pages with incorrect, outdated, or incomplete information.
The company is regulated by the Financial Conduct Authority (FCA #684312), a top regulatory agency in the U.K. known for its strict oversight, ensuring fairness in market practices for both individuals and businesses. Being regulated by such a reputable government-backed agency adds credibility to Pepperstone. Also, client funds are kept in Tier 1 banks, providing peace of mind for traders. The company doesn’t accept clients from the U.S. due to regulatory constraints, limiting its global reach. However, being regulated by the FCA mitigates this concern to some extent.
Pepperstone offers “negative balance protection” for its U.K. clients, which is an important feature in today’s online brokerage landscape, especially after the market turbulence caused by the SNB event in January 2015. “Negative balance protection” is not extended to non-U.K./E.U. clients, meaning they could potentially owe money to the broker if their account balance goes negative.
Clients have the option to choose between MetaTrader ⅘ and cTrader, with cTrader offering advanced features like direct liquidity-provider pricing, detachable charts, back-testing, and algorithmic strategy support. Pepperstone doesn’t offer guaranteed stop loss orders (GSLO) to any clients, which could expose traders to market gap risks. While many brokers provide GSLOs for an extra fee, Pepperstone doesn’t offer this option.

Pepperstone Regulation and Security

It’s safer to trade with a regulated broker because it reduces the chances of scams and bad practices. I suggest traders make sure the broker is regulated and confirm it by checking their license with the regulator’s database. Pepperstone has seven subsidiaries that are well-regulated.

Client deposits are kept separate from the company’s money in top banks. As a trader who trades a lot and quickly, I like the Kenyan subsidiary more than the Bahamas one because it gives protection against losing more money than you have and lets you borrow money up to 400 times what you have. In the Bahamas, traders can borrow up to 500 times what they have, but they don’t have protection against losing more money than they have. Pepperstone is known worldwide for being trustworthy and having a good reputation. That’s why I feel comfortable trading with the subsidiary licensed by the CMA. Each trader should think about what matters most for their way of trading.

Is Pepperstone safe and Legit?

Yes, Pepperstone is considered very safe and legit. Pepperstone isn’t publicly traded, doesn’t run a bank, and has approval from three Tier-1 regulators (which are highly trusted), two Tier-2 regulators (considered trusted), no Tier-3 regulators (average risk), and two Tier-4 regulators (higher risk). Pepperstone is authorized by these Tier-1 regulators: Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA), and is regulated in the European Union through the MiFID passporting system. You can find more about Trust Score or check where different Pepperstone entities are regulated.

Pepperstone Strong Points Pepperstone Weak Points
Multiply regulated broker with a strong establishment Regulatory standards and protection vary based on entity
Regulated by ASIC and FCA
Multiple licenses in various regions
Global expands including Asia, MENA, Africa regions
Negative Balance protection

Deposits and Withdrawals

According to Pepperstone, the minimum deposit amount required is $200 to start trading, but you can start with less if you want.

Pepperstone offers different ways to pay, except for cryptocurrencies. They don’t charge extra for deposits or withdrawals, except for a $20 fee for bank transfers. You might have to pay fees to other companies that handle your payments. You can manage all your money stuff securely online, and there are options for all kinds of traders.

If you’re into forex trading, it’s good to know there’s no set minimum for deposits or withdrawals with Pepperstone. Getting your money out is easy and quick. It’s nice when brokers make it easy to take out money, just like putting it in. Apart from bank transfers, there aren’t any fees. But watch out for extra costs from payment processors, which can depend on where you are. I suggest using separate payment methods for trading and everyday banking.

Ranking and Awards

The Pepperstone ATP Rankings are a fair way the ATP uses to decide who gets into tournaments and their seedings. It’s based on performance and applies to both singles and doubles, except for the Nitto ATP Finals. Fans call them ‘the world rankings’. For instance, if Novak Djokovic is No. 1 in the Pepperstone ATP Rankings, he’s the top player globally. Similarly, a player ranked No. 7 is called a ‘Top 10 player’.

Pepperstone has won many respected awards from Investment Trends, Deloitte, and Compare Forex Brokers. We’re proud to be recognized for our great customer service, trading conditions, and value for money. For example, in 2023, Pepperstone was named the “Best MT4 broker.”

Pepperstone Leverage

Pepperstone gives its clients a way to borrow money to trade with. This is called leverage. With Pepperstone, the most leverage you can get for forex trading is different depending on where you are trading. For example, if you’re trading under ASIC, DFSA, FCA, or BaFIN, the maximum leverage is 30 times. But if you’re trading under SCB, it’s 200 times, and under CMA, it’s 400 times.

Leverage is like a loan from Pepperstone. It’s a ratio between the money you borrowed and the money you put in yourself. So, if you put in $1 and you can trade with $30, that’s high leverage. It’s the same idea for other jurisdictions and amounts like $200 or $400. You need to be careful when using leverage because a bigger trade can mean bigger losses too.

When you want to trade with Pepperstone, you need to deposit some money into your account. This is called margin. The margin is a percentage of the total amount you want to trade with. For example, if the margin is 0.5%, you need to put in 0.5% of the total amount you want to trade.

The amount of leverage you can get and the margin you need depends on where you’re trading and what you’re trading. Usually, forex trading has higher leverage, while cryptocurrency trading has lower leverage.

Investment Programs and Account types

If you want to actively trade yourself or with expert advisors, Pepperstone is a good choice. However, Pepperstone doesn’t have investment programs like trust management. But they do offer social trading, where traders can get signals from experienced traders and automatically copy their trades.

While Pepperstone doesn’t have traditional investment options like PAMM accounts, they have a variety of trading assets available. This means traders can trade currency pairs and futures.

Here are the different types of accounts Pepperstone offers:

  • Pepperstone Standard Account: Great for new traders.
  • Pepperstone Razor Account: Ideal for scalpers and algorithmic traders.
  • Pepperstone Spread Betting Account: Especially for traders in the UK.
  • Pepperstone MAM/PAMM Account: Suitable for trading with fund managers.
  • Pepperstone Islamic Account: Designed for Muslim traders.
  • Pepperstone Professional Account: Perfect for experienced traders.

These accounts come with different conditions for trading, depending on your needs.

Trading Platforms

Pepperstone gives traders three platforms for trading with algorithms and copying trades easily. You can pick between MT4/MT5 platforms, upgraded with Smart Trader suite plugins, which we think are great. There’s also an Autochartist to help traders even more. Moreover, Pepperstone offers the cTrader platform, connects with TradingView, and provides service for advanced algorithmic trading without needing to code. We think the choice of platforms is excellent overall. Additionally, Pepperstone offers social trading through third-party providers like Myfxbook, MetaTrader Signals, and DupliTrade.

Customer Service

Pepperstone provides support through email, chat, and phone 24 hours a day, 5 days a week. You can also reach out through social media or an online form. They give each client an account manager to help with account-related issues. Since Pepperstone doesn’t have a dealing desk, clients can’t contact one in emergencies. If you’re near Melbourne, Australia, you can visit their office, but getting help online is usually faster. 

Frequently Asked Questions

Is Pepperstone a good broker?

Yes, Pepperstone is considered one of the best brokers worldwide because it offers competitive trading conditions and is trustworthy.

What is the minimum deposit for Pepperstone?

Pepperstone doesn’t have a minimum deposit requirement, but it’s suggested that traders start with at least $200.

How does Pepperstone work?

To trade share CFDs on, you need to follow these steps: Learn about shares and understand going long or short. Open or log in to your Pepperstone account. Choose a suitable trading platform like MT4 or cTrader, which have advanced features and tools.

Who Owns Pepperstone?

Pepperstone was founded in 2010 by Owen Kerr and Joe Davenport. Both Kerr and Davenport received the Australian EY Entrepreneurs of the Year award in 2014.

Does Pepperstone need KYC?

Pepperstone, like other financial institutions, requires KYC. They must know their customers and who is using their service. Usually, they verify your identity using a photo ID and proof of address documents.

Who Regulates Pepperstone?

Pepperstone is regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Dubai Financial Services Authority (DFSA) in the UAE.

Which Pepperstone account is the best?

The Pepperstone Razor account is great for scalpers and people who want to use Expert Advisors. The standard account has a 1 pip markup on the raw spread and doesn’t charge any commissions. Many people prefer this account for its simplicity.

How does Pepperstone make money?

Pepperstone earns money through commissions and spreads.

Is Pepperstone a trusted broker?

Yes, Pepperstone complies with seven regulators and has a clean track record, making it one of the most trusted brokers.

Is Pepperstone regulated in Europe?

Yes, Pepperstone has offices in the UK, Germany, and Cyprus. These offices are regulated in Europe.

Who is the parent company of Pepperstone?

Pepperstone Group Limited’s parent company is the Australia-based FX Holdco Pty Ltd.

How long does it take to withdraw money from Pepperstone?

Withdrawals from Pepperstone are usually processed within 1 day.

How to start your Pepperstone account?

To open a Pepperstone account, follow these four steps: Register your email and password; confirm your email; go to the Secure Client Area. Fill in your personal information and select the base currency of your account. Complete a trading expertise survey. Upload a copy of your passport/ID and a utility bill or another proof of address.

What is better than Pepperstone?

Interactive Brokers offers slightly better service than Pepperstone, and comparing their fees shows that Interactive Brokers’ fees are similar to Pepperstone’s.

What are Pepperstone’s fees?

Pepperstone’s fees vary depending on the account type and asset. They include spreads ranging from 0.0 to 1.0 pips, commissions of $6.00 to $7.00 for Forex, and 0.07% to 0.10% or $0.02 per share, if applicable. Additionally, there are swap rates on leveraged overnight positions.

In which countries can I use Pepperstone?

Pepperstone is regulated in 7 jurisdictions globally and offers trading options in 174 countries.

What are the prohibited countries?

Afganistan, American Samoa, Antarctica, Argentina, Armenia, Azerbaijan, Belarus, Belgium, Belize, Bosnia And Herzegovina, Burundi, Cameroon, Canada, Central African Republic, Chad, Congo, Congo, Democratic Republic, Cote D'Ivoire, Eritrea, French Guiana, French Polynesia, Guadeloupe, Guam, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See (Vatican City State), Iran, Iraq, Japan, Kazakhstan, Lebanon, Liberia, Libya, Mali, Martinique, Mayotte, Mozambique, Myanmar, New Zealand, Nicaragua, North Korea, Palestinian Territory, Occupied, Puerto Rico, Reunion, Russia, Saint Kitts And Nevis, Saint Lucia, Saint Vincent And Grenadines, Samoa, Somalia, South Georgia And Sandwich Isl., South Korea, South Sudan, Sudan, Suriname, Syrian Arab Republic, Tajikistan, Tunisia, Turkmenistan, Turks And Caicos Islands, United States, Uruguay, Yemen, Zimbabwe.

Pepperstone Licenses

Pepperstone Limited Authorized by FCA (UK) registration no. 684312
Pepperstone Group Limited Authorized by ASIC (Australia) registration no. ACN 147 055 703AFSL 414530
Pepperstone Markets Limited Authorized by SCB (Bahamas) License number SIA-F217
Pepperstone Markets Kenya Limited Authorized by CMA Licence No.128
Pepperstone EU Limited Authorized by CySEC (Cyprus) registration no. 388/20
Pepperstone GmbH  Authorized by BaFin (Germany) registration number 151148
Pepperstone Financial Services (DIFC) Limited Authorized by DFSA (Dubai) license number F004356


So, Pepperstone is a really good broker for trading forex and CFDs. It follows rules from top authorities like the FCA. You can easily open your account without any hassle. Their customer service provides helpful responses. Deposits and withdrawals are seamless with mostly no fees. However, they mainly fund forex and CFD trading.

While the MetaTrader platform might lack some advanced features. Overall, Pepperstone is the best for Social Copy Trading, Algo Trading, and MetaTrader in 2024. Considering its strengths and lack of inactivity fees or minimum deposits for standard accounts, we would definitely recommend you to try.

Pepperstone Review

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