Pepperstone Review 2025

Trust

Pepperstone Regulators

In our reviews, we examine the regulatory status of each entity operated by a broker. This allows us to compare the different levels of client protection. We rank regulators using a three-tier system, where Tier-1 licensing reflects the highest level of regulation.

Here are my findings on the various entities of Pepperstone:

• Pepperstone Limited is regulated by the Financial Conduct Authority (FCA) of the United Kingdom, Registration Number 684312. We rate FCA as a Tier 1 regulator.
• Pepperstone EU Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC). License Number 388/20. We rate CySEC as a Tier 1 regulator.
• Pepperstone GmbH is regulated by the Federal Financial Supervisory Authority (BaFin). License number 151148. We rate BaFin as a Tier 1 regulator.
• Pepperstone Group Limited is regulated by the Australian Securities and Investments Commission (ASIC). AFSL No.414530. We rate ASIC as a Tier 1 regulator.
• Pepperstone Financial Services (DIFC) Limited is regulated by the Dubai Financial Services Authority (DFSA). Reference Number F004356. We rate DFSA as a Tier 2 regulator.
• Pepperstone Markets Kenya Limited is regulated by the Capital Markets Authority of Kenya (CMA). CMA License No.128. We rate CMA as a Tier 3 regulator.
• Pepperstone Markets Limited is regulated by the Securities Commission of The Bahamas (SCB). License Number SIA-F217. We rate SCB as a Tier 3 regulator.

Understanding the Regulatory Protections of Your Account

Brokers operate multiple entities to serve clients globally, yet regulatory protections vary by jurisdiction. Some regulators enforce strict financial standards, while others are more lenient. Traders should understand the protection offered by the entity where they intend to open an account.

• Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All entities of Pepperstone segregate funds.
• Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. All entities of Pepperstone provide negative balance protection.
• Compensation scheme. A compensation scheme protects retail traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. Accounts with Pepperstone Limited (UK) are insured up to £85,000 by FSCS. Accounts with Pepperstone EU Limited are insured up to €20,000 by ICF, and accounts with Pepperstone GmbH (Germany) are insured up to €20,000.
• Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. Pepperstone Markets Kenya Limited offers the highest level of leverage for a Standard Account (1:400).

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on the broker’s operating history, size, and overall transparency.

Pepperstone was founded in 2010, making it a well-established CFD broker. According to the broker’s information, the company is headquartered in Melbourne, Australia, and has over 500 employees.

While doing the research for this review, I found that Pepperstone is highly transparent overall. The company’s background, including the regulatory status of its entities, is covered on the About Us page.

The website clearly breaks down spreads, commissions, and swap rates on the Pricing page. Traders can find the Terms and Conditions on the Legal Documents page.

Is Pepperstone Safe to Trade With?

To conclude, I rate Pepperstone as having an above-average level of trustworthiness and stability due to the following factors:

• Regulated by multiple top-tier agencies
• Substantial operating history
• High level of transparency
• Funds are segregated and held at top-tier banks

Fees

Pepperstone Trading Fees

Pepperstone Spreads

I tested the spreads at Pepperstone during the London open and just after the New York open on 12 February 2025. At these times, the market is typically highly liquid with the tightest spreads.

Pepperstone’s Standard account spreads were impressive across the board in my live tests. The spreads in GBP/JPY, gold, and the Dax 40 were especially competitive.

Commissions on CFDs on Shares

In addition to spreads, Pepperstone charges commissions on share CFDs for both Standard and Razor accounts.

I rated the commissions on CFDs on shares as competitive and noted that the minimum commission is low compared to leading brokers.

Pepperstone Swap Fees

In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract.

A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 12 February 2025.

The values listed below are for one full contract (100,000 units) of the base currency.

My tests showed that swap fees at Pepperstone are average for the industry.

Pepperstone Non-Trading Fees

Pepperstone does not charge any fees for account inactivity or maintenance.

Are Pepperstone Fees Competitive?

I rate the fees at Pepperstone as competitive overall for the following reasons:

• Better than average spreads across all asset classes
• Raw spreads account available
• No inactivity fee
• Average swap fees

Platform and Tools

MetaTrader 4 Desktop

Pepperstone offers the MetaTrader 4 for desktops, which includes advanced functions such as automated trading.

MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features, including the following:

• Alerts: This feature updates traders when an instrument reaches a specific price level.
• Watchlists: Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
• One-Click Trading: This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster and is especially useful for short-term traders.
• Trading from the Chart: MT4 also allows users the convenience of trading directly from the chart.

MetaTrader delivers when it comes to the range of available order types. The platform offers the following order types:

• Market Order. Traders use market orders to buy or sell an instrument at the best current price.
• Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
• Stop-Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
• Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.

MT4 charting features are robust and include:

• 30 Technical Indicators: These include classic trend indicators, volume indicators, and oscillators.
• 23 Analytical Objects: These include lines, channels, Gann, and Fibonacci tools.
• 9 Time Frames: Traders can choose from nine time frames, from one minute to one month.
• 3 Chart Types: Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.

MetaTrader is also popular due to its automated trading features, allowing users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms. While being the most feature-rich and popular trading platform, MetaTrader 4 does not have a slick interface and requires some time and effort to learn.

MetaTrader 4: My Key Takeaways

As one of the most popular trading platforms in the world and the only one offered by many forex brokers, I have spent a lot of time testing MT4. The platform’s look and feel are a bit dated, and I feel there is room for improvement in design and usability.

Still, MT4 is a highly versatile platform that outperforms many competitors. It offers advanced charting, a comprehensive range of order types, and popular features such as one-click trading, trading directly from charts, and customizable alerts.

Its desktop platform stands out with advanced features, including the ability to run and backtest automated strategies, making it a powerful tool for skilled traders. However, its steep learning curve means it is better suited for experienced traders rather than beginners.

TradingView

Pepperstone clients can also trade directly from the feature-rich TradingView platform. Key elements include cutting-edge, highly customizable charts with over 100 indicators and 50 drawing tools, as well as a community of millions of like-minded traders and investors. Thanks to features like the ideas stream, the active TradingView community is very helpful for users to draw inspiration from.

The platform features an above-average range of available order types: there are market orders, limit orders, stop-loss orders, and trailing stop-loss orders. Traders also have the option to apply time-in-force conditions such as Good-Til-Canceled (GTC). Additionally, TradingView features powerful tools like screeners for shares and forex pairs, heatmaps, cloud-based trading alerts, and news feeds with stories from Reuters and Dow Jones.

The TradingView platform has the rare combination of being powerful in its functionality and intuitive with a well-designed interface, making it suitable for both beginners and experienced traders.

cTrader

cTrader is a platform with an intuitive interface that can cater to day traders, scalpers, and advanced, algorithmic traders. It is designed to replicate an institutional trading environment, with features like Level 2 DoM (Depth of Market). The depth of market feature shows incoming liquidity from liquidity providers.

Traders can access one-click trading and trading from the chart. Another popular feature is price alerts. Market sentiment data is a valuable built-in tool, indicating the percentage of client accounts that are long (buyers) or short (sellers). The information is collected from all available cTrader servers across multiple brokers.

A wide range of order types are available, including market, limit, stop loss, stop limit, and trailing stop. Time-in-force conditions such as Good ‘Til Cancel (GTC) are available for pending orders.

The cTrader desktop platform offers robust charting with 26 time frames, 4 chart types, 76 indicators, and more than 10 drawing tools. Additionally, the platform includes a news feed and an economic calendar.

cTrader supports automated trading and strategy backtesting through cBots, automated trading robots that execute strategies similar to Expert Advisors (EAs) in MetaTrader. Overall, cTrader offers many of MetaTrader’s advanced features within a better-designed and intuitive interface.

Pepperstone Mobile App

The Pepperstone mobile app’s smooth and intuitive interface made it a delight to use. Key features like watchlists, portfolio tracking, and deposits make it easy to manage your account from the palm of your hand.

One-click trading and trading from the chart enable traders to place orders fast, even when you are on the move. You can also stay on top of market news with a feed of stories from FXStreet analysts.

The app’s charting looks great, but it only features 6 technical indicators. Traders can access 10 different time frames and six chart types. Standard order types, including market, limit, and stop loss, are all available.

Pepperstone Mobile App: My Key Takeaways

I rate the Pepperstone app as above average. It offers a sleek design, smooth user experience, and solid functionality, but it lacks some advanced features that experienced traders may expect, such as price alerts and a broader range of technical indicators.

Pepperstone Order Execution Model

Pepperstone incorporates trade execution with pricing from multiple banks and liquidity providers and 100% automated execution. It commits to absolutely ‘No Dealing Desk’ intervention on any trading instruments; the pricing received from LPs (liquidity providers) is fed straight to the platforms. Trade execution is as low as 30ms (0.03 of a second), and orders are always executed at the best available prices at the time the order is received.

Tradable Instruments

Pepperstone exceeds the industry average in every asset class. My research showed that the number of available forex pairs is especially strong. Notably, traders can access 1,045 share CFDs, with an additional 116 popular share CFDs available for trading around the clock (24/5).

What are CFDs?

A Contract for Difference (CFD) is an agreement specifying that the buyer must pay the seller the difference between an asset’s current value and its value at the time the contract was initiated. Like futures and other derivative financial instruments, CFDs allow traders to speculate on price movements without owning the underlying asset.

What Can You Trade with Pepperstone?

To better illustrate the range of instruments available at Pepperstone, the following tables show samples from various asset classes:

Pepperstone Instruments: My Key Takeaways

Pepperstone’s instrument selection stands out for both its variety and volume. This is reflected in the availability of CFDs on ETFs, currency indices, and 24-hour shares – assets that many competitors do not offer. However, CFDs on bonds are not currently available. Pepperstone could also do even better by adding real shares.

Customer Support

Pepperstone Customer Support Test

I tested Pepperstone customer service with dozens of queries, ranging from platforms to fees and account-related issues.

On the website and client portal of the Pepperstone Markets Limited (SCB) entity, chat support appears to be available only on pages related to account registration. In my tests, responses were relatively fast and reliable. Email support was also satisfactory, with replies received within one day.

Phone support was prompt for the UK and Australian entities, but I experienced some wait times when contacting the global support team.

Deposit and Withdrawal

Pepperstone Deposit Methods

With a strong range of deposit methods, fast processing times, and no fees, Pepperstone does better than the industry average.

Pepperstone Withdrawal Methods

Withdrawals are processed relatively quickly, with no fees charged except for international bank transfers. Overall, I rate the withdrawal process as better than the industry average.

Account Types and Terms

Pepperstone Account Opening Process

To open an account with the Pepperstone Markets Limited (SCB) entity, prospective clients must complete an application covering the following parts:

• Name, email, country of residence, date of birth, phone number.
• Trading platform (MT4, MT5, cTrader, TradingView), account type (Standard, Razor, Managed), account base currency (USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, SGD, HKD), leverage (up to 1:200).
• Employment and income details, trading objectives, risk tolerance.
• Level of trading experience.
• Address, national ID, nationality, place of birth.

The Pepperstone client portal is well-designed and intuitive, making it easy to set up demo and live accounts using different platforms.

Pepperstone Account Types and Their Benefits

Below is a breakdown of the account conditions at Pepperstone Markets Limited entity:

In my view, the Standard account is best suited for beginners and casual traders, while the Razor account caters more to advanced and professional traders.

Professional Account

Pepperstone offers a Professional account with benefits such as higher leverage of up to 1:500. To qualify for professional status, you must meet at least two of the following three criteria:

• You have placed 10 significantly sized trades per quarter in the last year.
• You have a financial instrument portfolio, including cash deposits, exceeding €500,000.
• You work, or have worked in the financial sector in a professional position, with knowledge of derivatives trading, for at least a year.

Active Trader Program

The Pepperstone Active Trader program enables clients to earn discounts on trading commissions. Discounts are calculated on a tiered basis, depending on trading volume. Rebates are refunded daily and directly into your trading account the day after a position is closed. Additional benefits of the Active Trader Program include priority client support, free VPS hosting, and exclusive analysis.

Demo Account

Pepperstone offers demo accounts for all platforms (MetaTrader 4, MetaTrader 5, TradingView, cTrader, and the Pepperstone mobile app). Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money.

The demo account features live quotes and simulates live market conditions in assets like forex and CFDs on commodities, indices, and stocks. Once users are up to speed on a demo, they can easily switch to a live account.

Islamic Account

Pepperstone offers a swap-free account that adheres to the principles of Sharia law. This trading account is interest-free while still allowing traders to take advantage of Pepperstone’s trading technology and deep liquidity.

What is CFD Leverage?

One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

For the Pepperstone Markets Limited (SCB) entity, the maximum leverage for a retail account is 1:200. This means that with an account of $1,000, you can control up to $200,000 worth of positions in the market. This is an unusually high level of leverage and very risky to use.

Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders should keep in mind that it can amplify both their profits and their losses.

Leverage varies by asset class, as illustrated in the following table:

Pepperstone Restricted Countries

Pepperstone does not accept residents of the following countries as clients: Afghanistan, American Samoa, Antarctica, Armenia, Belarus, Belgium, Belize, Bhutan, Bosnia and Herzegovina, Burundi, Cameroon, Canada, Central African Republic, Chad, Congo, Congo, the Democratic Republic of the Côte d’Ivoire, Eritrea, French Guiana, French Polynesia, Guadeloupe, Guam, Guinea, Guinea-Bissau, Guyana, Haiti, Holy See, Iran, Iraq, Japan, Kazakhstan, Lebanon, Liberia, Libya, Mali, Martinique, Mayotte, Mozambique, Myanmar (Burma), New Zealand, Nicaragua, North Korea, Palestine, State of, Puerto Rico, Réunion, Russia, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, Somalia, South Georgia and the South Sandwich Islands, South Korea, South Sudan, Sudan (North), Suriname, Syrian Arab Republic, Tajikistan, Tunisia, Turkmenistan, Turks and Caicos Islands, Ukraine, United States of America, Vanuatu, Venezuela (Bolivarian Republic of), Virgin Islands (U.S.), Western Sahara, Yemen, and Zimbabwe.

Research

Pepperstone’s market analysis, led by Chris Weston, guides traders with coverage of high-impact economic events and general market commentary. Traders can prime themselves for significant market events with previews of the US nonfarm payrolls and a detailed playbook for the week ahead.

The market commentary also features technical analysis, including support and resistance levels, chart patterns, and trade ideas.

Market analysis is also available in video format on the Pepperstone YouTube channel. The channel offers quick five-minute updates through the ‘Trader Insights’ series, while more in-depth analysis is provided in’ The Trade Off’ weekly series, featuring Blake Morrow and Chris Weston.

Pepperstone in-house research is complemented by third-party Autochartist. This powerful pattern recognition tool simplifies technical analysis for traders by identifying trading opportunities based on key support and resistance levels. Live account holders can access Autochartist for free within the client portal.

Pepperstone Research: My Key Takeaways

I found Pepperstone’s research to be in-depth and insightful, thanks to the team of seasoned in-house analysts. The content is particularly helpful in identifying key trends in the market and potential trade set-ups. I also liked the video content, which makes it easier to consume when actively trading the market.

Education

Pepperstone covers all bases with its educational materials, providing content in text and video formats. I was pleased to see the platform tutorials that help traders get up to speed with the sometimes challenging MetaTrader interface.

Market basics are covered to assist beginners in building a solid foundation. Detailed trading guides also cover advanced topics like trading Fibonacci retracements and improving your Expert Advisor’s (EA) performance.

Pepperstone has recruited veteran traders to present webinars covering topics like price action trading. I liked that specific strategies like the Opening Range Breakout are explained in depth.

The Bottom Line

Pepperstone is a broker that packs a hard punch. The Aussie CFD industry giant performed well in almost every category of our review and is excellent in many of the most important areas.

Pepperstone is licensed and regulated globally and has a progressive approach to account fees, waiving inactivity and most withdrawal fees. Spreads in the standard account are better than average, and even more competitive trading costs can be accessed via the raw spreads Razor Account. Professional accounts are available, allowing access to greater leverage, and the Active Trader Program rewards high-volume traders with rebates and other perks.

The range of tradable instruments is outstanding; for example, within commodities, you can trade instruments as varied as rough rice and high-grade copper. Clients can also access cutting-edge CFD instruments like 24-hour shares.

Traders can work with a fabulous range of platforms, from the robust MetaTrader 4, MetaTrader 5, and cTrader  to the more intuitive TradingView and Pepperstone mobile app. The broker went the extra mile with its in-depth research and educational materials, which are insightful and full of actionable ideas.

Customer support was generally solid, but Pepperstone could improve by adding chat support to all pages of the global entity website and client portal.

Overall, I rate Pepperstone as an outstanding broker with a compelling offering for a wide range of traders, whether you are an advanced algorithmic trader requiring raw spreads, VPS hosting, and API access or a beginner looking for a smooth start in the markets.

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