Pepperstone Editor’s Verdict

Pepperstone presents traders with an excellent choice of trading platforms. It continues to expand its market share on the back of competitive trading costs, high-speed trade executions, and a well-balanced asset selection. Check out my review of this award-winning broker below to determine if Pepperstone is truly worth the widespread praise it gets.

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Deposit and withdrawal
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Asset selection
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Ease of account opening
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Regulation and security
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  • Excellent choice of trading platforms consisting of MT4/MT5, and cTrader

  • Market-leading MT4/MT5 upgrade package, Autochartist, and API trading

  • Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade

  • Leverage of up to 1:30 and superb trade execution

  • Demo accounts have 30-day time limits


A Dedicated Broker for Algorithmic Traders and Scalpers

RegulatorsASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established2010
Execution Type(s)No Dealing Desk, NDD
Minimum Deposit$200
Trading Platform(s)MetaTrader 4, MetaTrader 5, cTrader, Trading View
Average Trading Cost EUR/USD1.1 pips
Average Trading Cost GBP/USD1.6 pips
Average Trading Cost WTI Crude Oil$0.03
Average Trading Cost Gold$0.20
Average Trading Cost Bitcoin$16.50
Retail Loss Rate78.60%
Minimum Raw Spreads0.0 pips
Minimum Standard Spreads1.0 pips
Minimum Commission for Forex6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5)
Funding Methods9(Visa, Mastercard, Poli, Bank transfer, Bpay, Paypal, Neteller, Skrill, Union Pay)
Islamic Account
US Persons Accepted?
Managed Accounts

Algorithmic traders and scalpers account for the bulk of trading activity, and Pepperstone maintains a trading environment that supports their strategies, which benefits me the most because that is my trading style. Capitalise AI supports code-free algorithmic trading, providing a cutting-edge advantage. Traders get access to raw spreads for a commission between $6.00 and $7.00 per round lot, while the Active Trader Program and the VIP client service award high-frequency traders, another thing I value highly. Pepperstone also caters well to beginner traders with a quality educational offering, in-house research, and 24/5 multilingual support.

Pepperstone Regulation and Security

Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend that traders check for regulation and verify it with the regulator by checking the provided license with their database. Pepperstone presents clients with seven well-regulated subsidiaries.

Country of the RegulatorUnited Arab Emirates, Australia, The Bahamas, Cyprus, Germany, Kenya, United Kingdom
Name of the RegulatorASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Regulatory License Number414530, F217, 388/20, F004356, 91279, 128, 684312

All client deposits remain segregated from corporate funds held at Tier 1 banks. As an active high-frequency trader, I prefer the Kenyan subsidiary over the Bahamas, as it offers negative balance protection plus maximum leverage of 1:400. Traders at the Bahamas unit get 1:500 without negative balance protection. Pepperstone is a global brand with a spotless record and a reputation to maintain. Therefore, I am confident trading from the CMA-licensed subsidiary. Each trader must weigh what matters most to their trading style.


Pepperstone Australia

Pepperstone Australia offers maximum leverage of 1:30, negative balance protection, but no compensation scheme for depositors.

Pepperstone UK

Pepperstone UK offers maximum leverage of 1:30, negative balance protection, and the best regulatory mandated compensation scheme of £85,000 per client.

Pepperstone Fees

Average Trading Cost EUR/USD1.1 pips
Average Trading Cost GBP/USD1.6 pips
Average Trading Cost WTI Crude Oil$0.03
Average Trading Cost Gold$0.20
Average Trading Cost Bitcoin$16.50
Minimum Raw Spreads0.0 pips
Minimum Standard Spreads1.0 pips
Minimum Commission for Forex6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5)
Deposit Fee
Withdrawal Fee
Inactivity Fee$0
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)

Here is a screenshot of the Pepperstone MT4 trading account during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.

Pepperstone MT4 Trading Platform

Pepperstone Spreads

The average spread observed for the benchmark EUR/USD during the London-New York session is 0 pips plus a commission of $7, lowered to $5.95 via the Active Trader Program and below, which I like as it increases profits per trade, while the cTrader commission is $6. It is the same as a spread between 0.6 and 0.7 pips, which is very competitive. Commissions on equity CFDs can be as low as 0.07%, averaging 0.10%, which is a competitive ranking. Another fact I appreciate is the absence of an inactivity fee. Pepperstone levies a fixed administration fee on trades maintained past ten trading days.

One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

MT4/MT5 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based Pepperstone Razor account.

Taking a 1 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for one night costs the following:

Minimum Spread
Commission per Round Lot
Swap Long
Swap Short
Total Trading Costs
0.0 pips
0.0 pips

Taking a 1 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for seven nights costs the following:

Minimum Spread
Commission per Round Lot
Swap Long
Swap Short
Total Trading Costs
0.0 pips
0.0 pips


  • cTrader traders pay a commission of $6.00 per 1.0 standard round lot instead of $7.00.

What Can I Trade on Pepperstone

Pepperstone offers 62 currency pairs, 3 currency indices, 18 cryptocurrencies, and 3 cryptocurrency indices. It is a selection of average width for the retail Forex brokerage industry and a competitive one for Forex brokers offering cryptocurrency CFDs. Traders also have access to 32 commodities, 23 index CFDs, 100+ ETFs, and 950+ equity CFDs, the latter being broad.

Asset List and Leverage Overview

Currency Pairs
Crude Oil
Equity Indices
Stocks (non-CFDs)

Pepperstone Leverage

Pepperstone’s leverage depends on the regulatory jurisdiction, ranging from 1:30 available at the ASIC, FCA, DFSA, BaFin, and CySEC units to a high 1:400 at the CMA and 1:500 at the SCB subsidiaries.

Trading Hours

Cryptocurrency trading is available 24/7 with daily breaks between 23:59 and 00:05 Sunday through Friday. On Saturdays, there is a break between 00:00 and 01:01 and from 17:00 to 23:59. Forex trading is available from Monday 00:00 to Friday 24:00. Most commodities from Monday through Friday from 01:00 to 23:59.

European index CFDs are tradeable Monday through Friday between 00:01 to 23:59, while US ones between 01:00 to 23:15 and from 23:30 to 23:59. US equity trading is available Monday through Friday between 16:31 and 22:55, European ones between 10:00 and 18:29, and Australian ones between 03:01 and 09:00. All times shown in this section are UTC +3.

Asset ClassFromTo
CommoditiesMonday 01:00Friday 23:59
Crude OilMonday 01:00Friday 23:59
GoldMonday 01:00Friday 23:59
MetalsMonday 01:00Friday 23:59
Equity IndicesMonday 00:01Friday 23:59
StocksMonday 10:00Friday 22:55
ETFsMonday 16:31Friday 22:55

Pepperstone Account Types

I like the commission-based Pepperstone Razor account because then I qualify for the Active Trader Program, allowing me to achieve superior trading costs. Traders who trade only major currency pairs can also lower costs in the competitively priced commission-free Standard account. Pepperstone has no minimum deposit.


Pepperstone Demo Account

A Pepperstone demo account is available, and traders may adjust the leverage and portfolio size to as low as $200. A 30-day time limit applies unless traders make a live deposit and contact customer support to request a non-expiry demo account. I find the request reasonable.

Pepperstone Demo Account

Pepperstone Trading Platforms

Pepperstone offers 3 platforms supporting algorithmic trading and embedded copy trading functions. Traders may choose between the MT4/MT5 trading platforms, upgraded via 28 plug-ins Smart Trader suite, which I find outstanding. Autochartist is also available, further increasing the edge for traders. Additionally, Pepperstone offers the cTrader platform, added TradingView connectivity, and the cutting-edge Capitalise AI service, allowing code-free algorithmic trading.

I find the overall choice of trading platforms excellent and want to highlight the unique Capitalise AI benefits, which complement the algorithmic-focused trading environment at Pepperstone. It also provides social trading via third-party providers Myfxbook, MetaTrader Signals, and DupliTrade.

Overview of Trading Platforms

Proprietary Platform
Automated Trading
Guaranteed Stop Loss
One-Click Trading
OCO Orders
Interest on Margin

Pepperstone MT4

The Pepperstone MT4 trading environment remains among the best given the Smart Trader Suite, Autochartist, and VPS hosting.

Pepperstone cTrader

Pepperstone cTrader is an outstanding alternative to Pepperstone MT4, and both occupy the top two spots among algorithmic trading solutions with full support for third-party upgrades.

Pepperstone Webtrader

The Pepperstone Webtrader offers a lightweight trading platform for manual traders who trade from numerous devices during the day.

Pepperstone VPS

Pepperstone VPS, available from ForexVPS and New York City Servers, come with discounts to the monthly subscriptions in support of algorithmic traders.

Unique Features

I appreciate the option to use API trading at Pepperstone. Traders must accumulate $250 million in monthly trading volume or approximately 2,500 lots. While this sounds very high, I find it acceptable. Traders with advanced trading solutions that require API trading should have no problems meeting this minimum. Pepperstone maintains an excellent trading environment for traders with advanced technical requirements.

Research and Education

Pepperstone does not forget about manual and beginner traders, which I like, as it is evidence of their effort to be a broker for all types of traders. The analysis section features high-quality written market commentary, trade ideas, and videos, presented with tradeable information and well-explained. I rank Pepperstone research among the best offered by brokers.

Beginner traders have an in-depth collection of articles, supplemented by webinars and two trading courses. It grants new traders a high-quality introduction to financial markets. I recommend beginner traders take their time with the valuable content available at Pepperstone.

Customer Support

Customer Support Methodsemail-support chat-support
Support Hours24/5
Website Languages
      • English
      • Spanish
      • Arabic
      • Italian
      • German
      • Other
      • Thai
  • Pepperstone explains its products and services well, and I do not think many traders will be likely to require any customer support. I recommend checking the FAQ section before reaching out. Pepperstone presents 24/5 customer support, where the live chat function from the back office offers the most convenient contact method. Pepperstone also lists an e-mail and a phone number. I recommend the latter for emergencies, which I am confident will remain minimal.

    Pepperstone Contact Methods

    Bonuses and Promotions

    I find the Active Trader Program an excellent reward for high-volume traders, but there is no Pepperstone bonus in the traditional sense of deposit bonuses. Depending on the regulatory jurisdiction, traders have access to the refer-a-friend promotion. I do not find the offer attractive, as the payout remains minimal, and referrals must fulfill requirements in 90 days. Yet this is a very small issue compared to the matters of much greater importance which Pepperstone does very well.

    Pepperstone Active Trader Program

    Pepperstone Opening an Account

    Opening an account at Pepperstone took me only a few moments via the secure online application form. New traders may use their Google or Facebook accounts to complete the initial step. I like that Pepperstone added the verification to its application, not necessary for traders opening a demo account, as it is a requirement and saves traders a few steps. A copy of the ID and one proof of residency document generally satisfy mandatory account verification.

    Pepperstone deploys a secure online application for onboarding new traders.

    Pepperstone Online Application

    Pepperstone Minimum Deposit

    Pepperstone has no minimum deposit which makes it more accessible than many brokers. Pepperstone recommends $200.

    Payment Methods

    Traders may deposit into their Pepperstone trading account via bank wires, credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill and Union Pay. I miss the option of cryptocurrencies but do not view the absence as a significant negative.

    Withdrawal options
  • Deposit options
  • Pepperstone Deposits and Withdrawals

    The available payment methods at Pepperstone offer a well-balanced mix, with only cryptocurrencies missing. There are no internal deposit or withdrawal fees, except for a $20 bank wire charge, which applies everywhere. I want to point out that traders will pay third-party payment processor costs, which Pepperstone does not control. Traders will make all financial transactions from the secure back office, and I find the available payment methods offer all types of traders a decent option.

    Deposits & Withdrawals

    Pepperstone Withdrawals

    Pepperstone withdrawals are hassle-free from the back office and fast. I appreciate brokers who ensure that withdrawing funds is as straightforward and without delays as depositing. There are no fees, except for bank wires. Traders should check payment processor costs to determine the most efficient method, which varies by geographic location. I recommend traders use third-party payment methods to keep their trading activity separate from their day-to-day banking operations.

    Pepperstone Broker Alternatives & Comparisons


    Is Pepperstone a good broker?

    Pepperstone ranks among the best brokers globally due to its competitive trading environment and trustworthiness.

    What is the minimum deposit for Pepperstone?

    Pepperstone has no minimum deposit, but recommends that traders get started with at least $200.

    Is Pepperstone a true ECN broker?

    ECN is how banks and liquidity providers connect, making Pepperstone, and most other brokers, technically not an ECN broker. The technology infrastructure allows Pepperstone to offer traders ECN like pricing and trade execution.

    How does Pepperstone make money?

    Pepperstone earns the bulk of revenues from spreads, commissions, and swap rates on leveraged overnight positions.

    Does Pepperstone require KYC?

    Pepperstone requires KYC as it complies with seven regulators and is a well-trusted broker with a clean operational track record spanning 12+ years.

    How much can I trade with Pepperstone?

    Pepperstone does not impose limits and caters to institutional clients. Therefore, the amount traders can trade at Pepperstone depends on their deposit and leverage, which depends on the operating subsidiary.

    How do I cash out on Pepperstone?

    The secure and user-friendly Pepperstone back office handles all financial transactions for verified traders.

    How fast is the Pepperstone withdrawal?

    Internal processing times for the Pepperstone withdrawal are the same day if traders confirm the transaction before 07:00 (AEST). Otherwise, Pepperstone will process it during the following business day. Depending on the geographic location of traders, bank wire and credit/debit card withdrawals can take several days to arrive.

    Can you trade $10 with Pepperstone?

    Traders can trade for $10 at Pepperstone but must consider the severe limitations and disadvantages, which explains the Pepperstone recommendation of a minimum of $200.

    How much is Pepperstone’s withdrawal fee?

    Pepperstone does not levy internal fees except on bank wires, where the minimum charge for a withdrawal is $20.

    Is Pepperstone commission free?

    Yes, Pepperstone offers a commission-free account type but has notably lower trading fees in its commission-based alternative.

    Is Pepperstone regulated in Europe?

    Yes, Pepperstone has three regulated European offices: in the UK, Germany, and Cyprus.

    What are Pepperstone’s fees?

    All Pepperstone fees depend on the account type and asset. They consist of spreads, with minimums between 0.0 and 1.0 pips, commissions of $6.00 to $7.00 for Forex and 0.07% to 0.10% or $0.02 per share, where applicable, and swap rates on leveraged overnight positions.

    Is Pepperstone a trusted broker?

    Yes, Pepperstone complies with seven regulators and maintains a spotless track record. Therefore, Pepperstone has established itself among the most trusted brokers.

    About the Author Team
    The team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.