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Pepperstone Broker Review

FX Scouts By Jeffrey Cammack Updated: September 12, 2019
Average Score
4 / 5
Min. Deposit AUD 200
Max. Leverage 500:1
Min. Spread 0.01 pips
Regulators FCA,ASIC
Regulator Origin FCA ASIC
Broker Type ECN/STP

Summary

Pepperstone is well-regulated Forex broker suitable for anyone who wants an STP account with a reputable ASIC-regulated broker.  The spreads are tight, and the account minimum deposits are reasonable for the standard trader.  If you wish to have a VIP account of a Micro account, Pepperstone is not for you.  Besides, I got tripped up by the negative balance protection, which does allow for losses great than your account balance - so making it not real negative balance protection.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses
Beginner Friendly Good
About our review process

Trading Conditions

Minimum Deposit AUD 200
Base currencies AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
Number of FX Pairs 80+
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD 0.16
GBP / USD 0.1
USD / JPY 0.25

Company Details

Company name Pepperstone Ltd
Founded 2010
Website Visit Website
Type ECN/STP
Regulators FCA,ASIC
Office locations Australia

Deposit & Withdrawal Methods

Supported Platforms for Pepperstone

Pepperstone Broker Detailed Review

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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Minimum Deposit AUD 200 USD 100 USD 200
Regulation
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Leverage 500:1 400:1 400:1
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Overall Rating 4 / 5 4 / 5 4 / 5
Min. Deposit AUD 200 USD 100 USD 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
Broker Type ECN/STP Market Maker Market Maker
Read Full Review Read Full Review Read Full Review
Trading Conditions 3 / 5 4 / 5 3 / 5
Trading Platforms 4 / 5 3.5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 78% 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 76% of retail investor accounts lose money when trading CFDs with this provider
Leverage 500:1 400:1 400:1
Spread 0.01 pips 0.7 pips 2.0 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed Yes Yes No
Platforms MetaTrader4, MetaTrader5, cTrader MetaTrader4, WebTrader etoro
Funding Neteller, BPay, POLi POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer Visa, Mastercard, Neteller, Unionpay

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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.