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Pepperstone Broker Review

FX Scouts By Jeffrey Cammack Updated: May 25, 2020
Overall Rating
4.61 / 5
Min. DepositUSD 200
Max. Leverage30:1
Min. SpreadVariable pips
Regulators FCA,ASIC
Regulator Origin FCA ASIC
Trading Desk Type

Summary

Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, fast trade execution and broad trading platform support. As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won't find much better than Pepperstone.

Pepperstone's award-winning 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via a number of methods. It won the fastest-growing company award (2014) in Australia, from BRW Magazine and in the same year, emerged as the winner of the Governor of Victoria Export Awards cementing its reputation as a serious contender in the industry.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Good
Bonuses
Our Review Process

Trading Conditions

Minimum DepositUSD 200
Base currenciesAUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
Number of FX Pairs80+
Hedging Allowed Yes
Scalping Yes
Islamic Account Yes

Average Spreads

EUR / USD0.16
GBP / USD0.49
USD / JPY0.25

Company Details

Company namePepperstone Ltd
Founded2010
Website pepperstone.com/en
Type ECN/DMA
Regulators FCA,ASIC
Office locations Australia

Deposit & Withdrawal Methods

Supported Platforms for Pepperstone

Is Pepperstone Safe?

Pepperstone is a good match for Australians because the broker is ASIC regulated with License #414530.   Segregated client trust accounts with the National Australia Bank keep client’s trading funds safe, and continuous compliance training is required for all staff to meet the high internal standards.  Additionally, Pepperstone is also regulated under registration number 684312 by the FCA.

Account Types

Pepperstone as four account types for the traders.

Demo Account

Creating a demo account is easy.  Inside the client area select (see above) select the Request new Demo Account and complete the form as shown below.  This account will automatically close after 30 days, at which point you can open another should you need.

Standard Account

The standard account is the Pepperstone classic account which offers Interbank spreads and competitive liquidity with no commission on the trades.  Use your MT4 account on this account, get negative balance protection and even electronic assistance with risk management.  The standard account is a rock-solid foundation with few additional frills.

Razor Account

The razor account is the more premium of them, where Pepperstone demonstrates transparency by making the cost of every trade available to you.  With this account and a minimum deposit of $200, you get even tighter spreads from deeper liquidy centres, while being allowed EAs, hedging, and scalping.

Islamic Account

Very similar in setup to the Razor account with a $200 minimum deposit this account is a straight-through-processing and swap-free account.

How to Open An Account

From the overview screen, select Request New Live Account, and then which platform, account type (see above) and leverage you would like to have for your account.

Pepperstone Account Overview

Pepperstone Account Overview

Trading Platforms

The two most popular trading platforms are available at Pepperstone.

  • MetaTrader4 is easy to use and has chart features and executes trades very quickly.  MetaTrader4 is the gold standard of Forex trading software that is compatible with most ECN/STP brokers.
  • cTrader is used mainly by the more advanced Forex trader on day trades and using expert strategies.

The speed of the transactions is due to Pepperstone having a direct fibre optic link to Equinox, just 18 km from Wall Street.

Spreads and Leverage

Leverage is one of the highest on the market at 500:1 and spreads can be as low as 0.1 pips when dealing with USD/EUR in the Razon account.  The spreads might even go to 0 when there is more liquidity in the market and access to capital.

Deposits and Withdrawals

Accounts can be funded with all major credit cards. Withdrawals by Australians into Australian banks is a smooth and speedy operation, as is with credit cards.

Deposits

Select an account, select the funding method and the amount.

Pepperstone Deposit

Pepperstone Deposit Form

Once you have set up a default payment method, the quick deposit option becomes available.  Again, select the trading account you wish to fund, choose the payment method and then the amount.

Pepperstone Withdrawal

Pepperstone Quick Deposit Form

Withdrawals

Withdrawing should be quick and easy.  This functionality is the test of a good broker.  Different options are offered each with a different ETA time for the funds to land in your account.

Pepperstone Withdrawal

Pepperstone Withdrawal Form

Customer Support

Pepperstone is a relatively new player in the Forex game compared to most other brokers, but it has worked hard to build an excellent reputation through good support.  24-hour email and phone assistance are available from any of the London, Melbourne, Shanghai, Dallas and Bangkok offices.

Conclusion

Pepperstone is a solid Forex trading company that provides top customer service, with great technology and with trading conditions that are hard to beat.  If you want an Australian ASIC-regulated broker, Pepperstone is a strong competitor.

Most retail CFD accounts lose money. Your capital is at risk.

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Overall Rating 4.61 / 5 4.18 / 5 3.33 / 5
Minimum DepositUSD 200USD 100USD 200
Regulation
FCA FCA
ASIC ASIC
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
CySEC CySEC
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Trading Desk Type
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, Metals, EnergiesCommodities, Cryptocurrencies, Forex, Indicies, Equities, ETFsCommodities, Cryptocurrencies, Forex, Indicies, Equities
Forex Pairs80+50+47
Crypto Pairs51816
Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
  • Good for beginners
  • Well regulated
  • Low minimum deposit
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • High minimum deposit
  • Limited market analysis
  • Dealing desk
  • Limited education
  • Limited education
  • Wide spreads
Read Full Review Read Full Review
Trust Rating 5 / 5 4 / 5 5 / 5
Trading Conditions 4.5 / 5 5 / 5 2 / 5
Trading Platforms 5 / 5 4.5 / 5 4 / 5
Deposit & Withdrawal 4 / 5 4.5 / 5 2 / 5
Education & Research 4.5 / 5 2 / 5 1.5 / 5
Assets Available 4.5 / 5 4.5 / 5 4 / 5
Customer Service 4.5 / 5 4 / 5 4 / 5
% Lose with this broker 76.5% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider 62% of retail investor accounts lose money when trading CFDs with this provider
Leverage30:130:130:1
SpreadVariable pips0.9 pips2.0 pips
Hedging Yes Yes Yes
Scalping Yes Yes No
Account Types
  • Swap-free
  • Retail (Standard)
  • Standard (Standard)
Islamic Account Yes Yes Yes
Trading Platforms MT4, MT5, cTrader MT4, MT5 etoro
Funding Methods Bank Transfer, Visa, Mastercard, Skrill, Paypal, Unionpay, POLi, BPay POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer Visa, Mastercard, Neteller, Unionpay, Skrill, Paypal
Trading Commission From 7 USD / lot - Razor Account Fees Included in Spread Fees Included in Spread
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Overall Rating 4.61 / 5 4.18 / 5 3.33 / 5
Minimum DepositUSD 200USD 100USD 200
Regulation
FCA FCA
ASIC ASIC
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
CySEC CySEC
FCA FCA
ASIC ASIC
Trading Desk Type
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, Metals, EnergiesCommodities, Cryptocurrencies, Forex, Indicies, Equities, ETFsCommodities, Cryptocurrencies, Forex, Indicies, Equities
Forex Pairs80+50+47
Crypto Pairs51816
Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
  • Good for beginners
  • Well regulated
  • Low minimum deposit
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • High minimum deposit
  • Limited market analysis
  • Dealing desk
  • Limited education
  • Limited education
  • Wide spreads
Read Full Review Read Full Review
Trust Rating 5 / 5 4 / 5 5 / 5
Trading Conditions 4.5 / 5 5 / 5 2 / 5
Trading Platforms 5 / 5 4.5 / 5 4 / 5
Deposit & Withdrawal 4 / 5 4.5 / 5 2 / 5
Education & Research 4.5 / 5 2 / 5 1.5 / 5
Assets Available 4.5 / 5 4.5 / 5 4 / 5
Customer Service 4.5 / 5 4 / 5 4 / 5
% Lose with this broker 76.5% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider 62% of retail investor accounts lose money when trading CFDs with this provider
Leverage30:130:130:1
SpreadVariable pips0.9 pips2.0 pips
Hedging Yes Yes Yes
Scalping Yes Yes No
Account Types
  • Swap-free
  • Retail (Standard)
  • Standard (Standard)
Islamic Account Yes Yes Yes
Trading Platforms MT4, MT5, cTrader MT4, MT5 etoro
Funding Methods Bank Transfer, Visa, Mastercard, Skrill, Paypal, Unionpay, POLi, BPay POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer Visa, Mastercard, Neteller, Unionpay, Skrill, Paypal
Trading Commission From 7 USD / lot - Razor Account Fees Included in Spread Fees Included in Spread

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Most retail CFD accounts lose money. Your capital is at risk.

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