Pepperstone Review


Legal Company Name Pepperstone Limited
Year Founded 2010
Offices Locations Australia
Regulators AFSL No.414530, ASIC
Broker Type ECN/STP
Minimum Deposit $200
Maximum Leverage 500:1
Minimum Spread 0.0 pips
Deposit & Withdrawal Bank wire, Visa/Mastercard, Paypal, Skrill, Unionpay
Currency Pairs 62
Trading Platform MetaTrader 4, MetaTrader 5, cTrader
Web-based Platforms Yes
Mobile Apps Yes

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


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.

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.


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


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.

Who should trade with Pepperstone?

Pepperstone is 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.

How Pepperstone Compares

Pepperstone Vs. AvaTrade

  Pepperstone AvaTrade
Funding Bank wire, Visa/Mastercard, Paypal, Skrill, Unionpay Bank wire, Visa/Mastercard, Paypal
Regulated AFSL No.414530, ASIC FSCA No.45984, ASIC, FCA, BVI, FFAJ
Broker Type ECN/STP Market Maker
Currency Pairs 62 50+
Minimum Spread 0.0 pips 0.7 pips
Minimum Deposit $200 $100
Max Leverage 500:1 400:1
Expert Review Read review Read review
Visit Website Visit Pepperstone Visit AvaTrade

Pepperstone Vs. XM

  Pepperstone XM
Funding Bank wire, Visa/Mastercard, Paypal, Skrill, Unionpay Bank wire, Visa/Mastercard, Skrill , Neteller
Regulated AFSL No.414530, ASIC EU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
Broker Type ECN/STP Market Maker
Currency Pairs 62 55+
Minimum Spread 0.0 pips 0.0 pips
Minimum Deposit $200 $5
Max Leverage 500:1 500:1
Expert Review Read review Read review
Visit Website Visit Pepperstone Visit XM


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.

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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