Pepperstone Review [year]

Pepperstone Editor’s Verdict

Pepperstone shines as a world-class broker for traders prioritizing speed and deep liquidity. Perfect for scalpers and algorithmic traders, the trading infrastructure is top-notch, presenting traders with an excellent choice of institutional-grade trading platforms, API support, competitive trading costs, with raw spreads from 0.0 pips, high-speed trade executions, and a well-balanced asset selection. Although Pepperstone is less than ideal for passive investors, its extensive toolkit, high execution quality, and customization options make it the go-to broker for technical traders requiring precision and flexibility.

Pepperstone Video Review

Overview

A Dedicated Broker for Algorithmic Traders and Scalpers

Pepperstone, founded in 2010 and regulated in seven different jurisdictions, maintains a trading environment geared to scalping and algorithmic trading strategies, which account for the bulk of its trading activity. Delivering one of the most versatile, high-performance trading experiences in the industry, Pepperstone uses a no-dealing-desk (NDD) trading model, where traders get access to raw spreads for a commission between $6.00 and $7.00 per round lot. Algorithmic traders can leverage VPS hosting and FIX API, while discretionary traders can utilize TradingView or MetaTrader with Pepperstone’s Smart Tools suite. Pepperstone caters well to beginner traders with a quality educational offering, in-house research, and 24/5 multilingual support, while the Active Trader Program and the VIP client service reward high-frequency traders.

Who Should Trade with Pepperstone?

Pepperstone Highlights 2025

• MT4/MT5 and cTrader platforms for algorithmic traders
• 28-plugin Smart Trader Tools package and Autochartist for enhanced MT4 functionality
• Signal Start and DupliTrade for copy trading, plus the proprietary Copy Trading by Pepperstone
• TradingView for social traders plus a user-friendly mobile app
• Raw spreads from 0.0 pips and low commissions ($6–$7 per round lot)
• Same-day withdrawals for verified traders and 24/5 multilingual support
• Well-balanced asset selection of 1,200+ instruments, including currency indices and ETFs
• Excellent order execution due to deep liquidity pools
• VPS hosting for low-latency 24/5 Forex trading and API access for advanced algo trading
• 24-hour CFD trading on select US-listed equities
• Five-part AI-focused trading strategies using ChatGPT.

Pepperstone Regulation and Security

Compared to close competitors, Pepperstone is licensed by a wide range of top-tier regulatory authorities.

Number of Tier 1 Regulators:

Pepperstone presents clients with seven well-regulated subsidiaries.

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 in a Pro account or 1:200 in a Retail account, both without negative 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 up to £85,000 per client.

Does Pepperstone accept US clients?

No, Pepperstone is regulated in the UK and Australia but is not licensed to operate in the United States. Check the best forex brokers in the USA accepting U.S.-based traders.

Pepperstone Fees

How Do Pepperstone Fees Stack Up to Competitors?

Average Trading Cost EUR/USD:

Pepperstone’s trading costs are highly competitive, particularly for active traders using the Raw account. Spreads start from 0.0 pips, with commissions between $6 (cTrader) and $7 (MT4/MT5) per round lot. There are no deposit or inactivity fees, and withdrawal charges only apply for certain payment methods such as international wire transfers.

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

Pepperstone Spreads H3

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, which I like, as it increases profits per trade. Meanwhile, the cTrader commission is an attractive $6, equivalent to a spread between 0.6 and 0.7 pips. Commissions on equity CFDs can be as low as 0.07%, averaging 0.10%, which is also competitive. Another fact I appreciate is the absence of an inactivity fee. Pepperstone levies a fixed administration fee on trades held for more than 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:

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:

Noteworthy:

• 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 over 90 currency pairs, 3 currency indices, over 30 cryptocurrencies, and 3 cryptocurrency indices. The selection is average for the retail Forex brokerage industry and competitive for Forex brokers offering cryptocurrency CFDs. Traders also have access to over 20 commodities, 23 index CFDs, 100+ ETFs, and an impressive 1200+ equity CFDs.

Asset List and Leverage Overview

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 1:200 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 can be traded 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 those from the US can be traded 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 equities can be traded between 10:00 and 18:29, and Australian equities between 03:01 and 09:00. All times shown in this section are UTC +3.

Pepperstone Account Types

Pepperstone offers two main live account types: the Standard Account and the Razor Account. Islamic accounts are available on request, and demo accounts are available on all platforms, with different expiration rules depending on platform choice.

I like the commission-based Razor account, with its spreads from 0.0 pips and low commissions, because it qualifies me for the Active Trader Program, which rewards high activity with lower trading costs. Traders who only trade major currency pairs can also lower costs in the competitively priced commission-free Standard account. Pepperstone has no minimum deposit, although a $200 starting balance is recommended.

Pepperstone Demo Account

With the Pepperstone demo account, traders may adjust the leverage and portfolio size to as low as $200. A 60-day time limit applies in the MT4 and MT5 demos unless traders make a live deposit and contact customer support to request a non-expiry demo account option, which I find reasonable. cTrader demo accounts will not expire if they are logged into at least once every 30 days, and TradingView demo accounts have no time limit.

Pepperstone Trading Platforms

Available Trading Platforms:

Pepperstone delivers one of the most flexible and comprehensive platform selections in the industry, with multiple platforms supporting algorithmic trading and embedded copy trading functions.

Traders may choose between the MT4/MT5 platforms, upgraded via plug-ins like the Smart Trader suite, and Autochartist, further increasing their edge. Additionally, Pepperstone offers the cTrader platform, the proprietary Pepperstone Trading Platform, TradingView connectivity, and the cutting-edge Capitalise AI service, which complements the broker’s algorithmic-focused trading environment. VPS hosting and API access are also available for more advanced setups.

Moreover, Pepperstone provides social trading via third-party providers Myfxbook, Signal Start, MetaTrader Signals, cTrader Copy, DupliTrade and Copy Trading by Pepperstone.

Overview of Trading Platforms

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 is available from ForexVPS and New York City Servers in support of algorithmic traders. Pro traders at Pepperstone are offered the VPS for free.

Unique Features

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

Research and Education

Pepperstone does not forget about manual and beginner traders. The analysis section features well-explained written market commentary and trade ideas, as well as clear, concise videos presenting actionable information. I rank Pepperstone research among the best offered by brokers.

Less experienced traders have access to an in-depth collection of articles, supplemented by webinars and two trading courses, granting them a high-quality introduction to financial markets.

Customer Support

Customer Support Methods
Support Hours	24/5
Website Languages	EN ES AR IT DE TH Other

Pepperstone explains its products and services well, and 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.

Bonuses and Promotions

I find the Active Trader Program an excellent reward for high-volume traders, but there is no Pepperstone deposit bonus. 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 minor issue that is unlikely to deter traders looking at the Pepperstone package as a whole.

Terms can vary based on jurisdiction.

Pepperstone Opening an Account

Opening an account at Pepperstone took me only a few moments via the online application form. New traders may use their Google or Facebook accounts to complete the initial step. I like that Pepperstone also requires KYC. A copy of the trader’s ID and one proof of residency document generally satisfy mandatory account verification.

Pepperstone deploys a secure online application for onboarding new traders.

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, Union Pay, M-Pesa, FlutterWave, USDT, or PayID (depending on jurisdiction).

Withdrawal options
Deposit options

Pepperstone Deposits and Withdrawals

The available choice of payment methods at Pepperstone is a well-balanced mix. However, the broker is missing a cryptocurrency option. 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.

Applicable to the methods available under SCB regulation.

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, USDT and China UnionPay. 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.

Bottom Line

Pepperstone has earned its reputation as a market leader for high-frequency, algorithmic, and intraday trading. While not ideal for long-term investors or those implementing passive strategies, for active market participants, Pepperstone is a standout choice. Its unmatched execution speeds, broad platform support, and smart trading tools make it a top broker for performance-driven traders.

FAQs

Is Pepperstone a good broker?

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

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.

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 regulated in Europe?

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

Is Pepperstone commission free?

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

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.

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 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.

How do I cash out on Pepperstone?

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

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.

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 does Pepperstone make money?

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

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.

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 good broker?

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

By Tobi Amure

Tobi Opeyemi Amure has more than seven years of experience as a financial market analyst. He holds a Bachelor's Degree from Obafemi Awolowo University. Tobi's main area of expertise is in personal finance and the Forex industry. He has contributed to top platforms such as Investopedia, GoBankingRates, and Investing.com, where his expertise in Forex markets and digital assets is widely recognized. Tobi’s engaging storytelling and data-driven analysis have earned him a feature on Forbes and TheStreet, setting him apart as a trusted voice in Forex and online finance. In his free time, he explores emerging Forex trends, refines his market strategies, and actively engages with the global finance community.

Reviewer DailyForex.com Team

The DFX Team at DailyForex is a group of veteran financial analysts, traders, and brokerage industry experts dedicated to producing in-depth broker reviews and cutting-edge market insights, plus analysis of market trends. Holding over 16 years of experience in global financial markets, and 4 B.A. level academic qualifications in relevant degrees, we conduct thorough, unbiased evaluations of brokers to enable traders make informed decisions, using the most advanced methodology in the industry. Also, the DFX team is involved in generating technical analysis, signals, and trading strategies, with a consistent commitment to accuracy and transparency. Whether you’re a beginner or a professional trader, the DFX Team works to ensure you have the tools and insights you need to succeed as a trader in the retail CFD industry.

Fact-checker Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.