Pepperstone Review


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.


  • 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 1:400 and superb trade execution


  • Minimum deposit slightly higher than industry average

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Pepperstone Overview - A Dedicated Broker for Algorithmic Traders and Scalpers 







Execution Type


Minimum Deposit


Maximum Retail Leverage


Trading Platform(s)

MT4, MT5, cTrader


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. Traders get access to raw spreads for a commission of $6.00 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 Main Features 

Retail Loss Rate




Minimum Raw Spreads

0.0 pips

Minimum Standard Spreads

0.6 pips

Minimum Commission for Forex

$7.00 per round lot

Commission for CFDs/DMA


Commission Rebates


Minimum Deposit


Demo Account


Managed Account


Islamic Account


Inactivity Fee


Deposit Fee


Withdrawal Fee


Funding Methods


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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.

Regulator by Country

Regulator Name

Regulatory License Number


Australian Securities & Investments Commission

AFSL No.414530



Securities Commission of The Bahamas

License Number SIA-F217



Cyprus Securities and Exchange Commission

License Number 388/20



Dubai Financial Services Authority

License Number F004356



Federal Financial Supervisory Authority

HRB 91279



Capital Markets Authority

CMA License No.128



Financial Conduct Authority

FCA Registration Number 684312

All client deposits remain segregated from corporate funds held at Tier1 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 1:200 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.

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Minimum Spread

Commission per Round Lot

Cost per Standard Lot

0.6 pips



0.0 pips



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. This is the same as a spread of 0.7 pips, which is very competitive. Commissions on equity CFDs can be as low as 0.07%, averaging at 0.10%, which is a reasonably competitive ranking. Another fact I appreciate is the absence of an inactivity fee. Regrettably, Pepperstone levies a fixed administration fee on trades maintained past ten trading days, which I do not like, as it forces trading activity.

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


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


0.0 pips






0.0 pips






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What Can I Trade

Pepperstone offers 62 currency pairs, three currency indices, nine cryptocurrencies, and three cryptocurrency indices. This is a selection of average width for the retail Forex brokerage industry. Traders also have access to 23 commodities, 23 index CFDs, and 940+ equity CFDs, the latter being relatively wide.

Asset List and Leverage Overview 

Currency Pairs


Cryptocurrency Pairs


Commodities and Metals


Index CFDs


Equity CFDs






Options, Futures, and Synthetics


Maximum Retail Leverage


Maximum Pro Leverage


Pepperstone Leverage 

The Pepperstone leverage depends on the regulatory jurisdiction, ranging from an uncompetitive 1:30 available at the ASIC, FCA, DFSA, BaFin, and CySEC units to a highly competitive 1:400 at the CMA and 1:200 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.

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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. Both accounts have a minimum deposit requirement of $200.

Pepperstone Account Types

Pepperstone Demo Account 

A Pepperstone demo account is available, and traders may adjust the leverage and portfolio size to as low as $200. Regrettably, a 30-day time limit applies, which is a shame.

Pepperstone Demo Account

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Trading Platforms

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, and I find the overall choice of trading platforms excellent. All three platforms support algorithmic trading and come with embedded copy trading functions. Pepperstone also provides social trading via third-party providers Myfxbook, MetaTrader Signals, and DupliTrade.

Overview of Trading Platforms 







Proprietary Platform


Automated Trading


Social Trading / Copy Trading


MT4/MT5 Add-Ons


Guaranteed Stop Loss


Negative Balance Protection


Unique Feature One

Superior trading tools

Unique Feature Two

VPS hosting

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.

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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.

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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.

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Customer Support

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

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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

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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 

The Pepperstone minimum deposit for either account type is $200, slightly higher than many brokers. Pepperstone recommends $500, and while traders must commit more than that, I like each trader to have flexibility in building their portfolio.

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.

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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.

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General Information

Company Information

  • Broker's Name : Pepperstone
  • Headquarters : Australia
  • Regulation : CySEC, FCA, BaFin, ASIC, CMA, DFSA

Account Information

  • Type of Broker : 35,139
  • U.S. Clients Allowed :
  • Minimum Deposit : $200
  • Maximum Leverage : 1:400
  • Commissions / Spreads : both
  • Account 1 : Standard ECN
  • Account 2 : Razor
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5, cTrader
    • Platform Languages :
      • English
      • Dutch
      • Greek
      • Malay
      • Thai
      • Bahasa
      • Swedish
      • Polish
      • Hungarian
      • Portuguese
      • Russian
      • Spanish
      • Arabic
      • Italian
      • French
      • Turkish
      • German
      • Japanese
      • Chinese
      • Other
    • OS Compatibility :
      • Windows
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Chinese
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :
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Pepperstone vs Comparisons

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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?

The minimum deposit at Pepperstone is $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.

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User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

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4 User Reviews
Jack Barns

I am happy that there is an Australian based broker , the app is so simple and easy to use. Thanks for the review!

Eva Harlan

Pepperstone has a secure client area, which is user friendly and intuitive

Ema Hackney

Pepperstone bonuses are mostly of no use, but even thought I recommend working with them

Jay Axton

I find Pepperstone spreads to be reliable and precise – try them!

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