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Pepperstone Review 2024

Toni Nasr, CFA, FRM| Updated: April 18, 2024
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74-89% of retail CFD accounts lose money.

Hello, fellow investor! Today, we’ll explore Pepperstone, a globally renowned CFD broker. We aim to determine whether this broker aligns with your trading goals and needs.

Pepperstone is a standout broker for international investors looking to engage in Forex and CFD trading. Its competitive fee structure and wide range of trading instruments, including Forex, indices, commodities, ETFs, and cryptocurrencies, appeal to a diverse audience. 

However, it’s important to note that Pepperstone’s services are restricted in certain regions, including Belgium, Canada and the United States. Traders in these areas may want to consider alternative brokers, such as Interactive Brokers, which may be more accessible.

So, let’s dive deeper into what our research has uncovered about Pepperstone. Here’s a sneak peek of what we’ll cover:

Pepperstone Review

1. Overview

Pepperstone, founded in 2010, has positioned itself as one of the largest Forex and CFD brokers, helping over 400,000 retail trading accounts worldwide. It has earned several rewards for its exceptional services, notably receiving the “Best MT4 and MT5 Broker” award for 2023 by Investing in the Web.

Pepperstone operates under strict regulation from top-tier authorities like ASIC, FCA, and CySEC, reinforcing its dedication to providing a secure and trustworthy trading environment. The broker offers various trading platforms, including MetaTrader 4, MetaTrader 5, TradingView and cTrader, with features such as advanced charting and automated trading. Pepperstone is known for its fast execution speeds and low-cost pricing, ensuring efficient trading conditions. Its broad product portfolio covers over 1,200 instruments across different asset classes, supported by mobile and web-based trading solutions. For those looking to trade on the go, Pepperstone offers mobile trading apps for iOS and Android devices and web-based platforms for accessibility from any web browser​.

Account types cater to various trader needs. The Razor account, favoured by scalpers and users of Expert Advisors, offers spreads starting from zero pips with a small commission, while the Standard account incorporates commissions into the spread rate and is suitable for those preferring a straightforward approach to trading​.

When trading with Pepperstone, it’s important to understand that you’re engaging in Contracts for Difference (CFDs). This means that you’re not actually owning the underlying assets but rather speculating on price changes. For a more comprehensive explanation of the distinction between CFDs and shares, please refer to our dedicated article on this topic.

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Pepperstone homepage


🌎 Supported Countries

+160 countries – Exceptions include the US, Canada and Belgium

💰 CFDs fees


💵 FX fee


💰 Inactivity fee

No inactivity fee

💰 Withdrawal fee


💸 Minimum Deposit


📍 Products offered

CFDs on stocks, ETFs, Forex, indices, futures, commodities and cryptocurrencies (+spread betting in the UK)

🎮 Demo Account


📜 Regulatory entities


Pepperstone Review

2. Pros and Cons


  • Quick customer support response times
  • No fees for deposits, withdrawals, or account inactivity
  • Competitive spreads in the Razor account with active trader rebates
  • High leverage options up to 1:500 (subject to user’s location)


  • Limited to CFD trading; no direct asset ownership
  • Higher Forex spreads in the standard account
  • Crypto offerings are limited compared to competitors​
  • Limited educational resources

Pepperstone Review

5. Trading Platform

Pepperstone provides several trading platforms designed to cater to the needs of traders on any device. Whether you prefer trading from a desktop, mobile phone, or tablet, Pepperstone offers flexible solutions with platforms available for Windows, Mac OS, iOS, and Android.

Additionally, they extend their reach to traders preferring browser-based interactions through their WebTrader platform. Here is an overview of the available platforms and features:

MetaTrader 4 (MT4)

MetaTrader 4 remains the world’s most popular Forex trading platform and is favoured for its extensive range of features and customisation options. The MT4 version offered by Pepperstone is available on both iOS and Android It allows you to tailor the platform to your trading needs with the ability to customise and extend the platform through the use of MQL4 for building and running Expert Advisors (EAs). It includes features like Autochartist and access to 28 indicators and EAs via Pepperstone’s Smart Trader Tools, which aid in identifying high-probability trades.

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Pepperstone MT4 Razor account platform

MetaTrader 5 (MT5)

MetaTrader 5 is an advanced version of the MT4 platform, offering greater functionality and faster processing times. It’s designed for traders who require additional technical capabilities and advanced trading tools. Available on iOS and Android, MT5 supports coding in MQL5, which provides enhanced strategy development and testing. It includes built-in indicators and tools for comprehensive price analysis, extensive back-testing options, and the flexibility to customise the platform for various trading styles.

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Pepperstone MT5 Platform


cTrader at Pepperstone focuses on replicating an institutional trading environment, making it ideal for experienced traders. The platform features an intuitive design and advanced trading functionalities such as control over slippage and precise order filling. cTrader also supports coding in C#, offering customisation through cTrader Automate. This platform is particularly noted for its user-friendly interface and advanced trading capabilities that appeal to traders looking for professional trading conditions.

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Pepperstone cTrader Account


Pepperstone offers integration with TradingView, renowned for its powerful charting tools and connection to the world’s largest social trading network. This platform is ideal for traders who rely heavily on technical analysis and benefit from community-driven insights. Pepperstone allows users to directly link their trading accounts to TradingView, benefit from impressive industry-leading charting technology, and stay updated with an economic calendar and news features.

Pepperstone is one of the few brokers in the UK that offer Spreadbetting on TradingView. Plus, they offer free auto-renewing essential subscriptions depending on the jurisdiction.

Additionally, Pepperstone offers various tools to enhance the trading experience:

  • Autochartist provides powerful pattern recognition to identify trading opportunities based on key support and resistance levels.
  • Myfxbook social trading integration allows traders to copy trades directly into their accounts free of charge.
  • MetaTrader Signals offers real-time trade copying with personal intervention options.
  • DupliTrade is an advanced mirroring system that automates trading by duplicating the strategies of experienced traders across Forex, indices, and commodities.

Pepperstone Review

6. Products & Markets

Pepperstone offers a diverse range of trading assets on multiple exchanges worldwide. With more than 1,200 assets to choose from (as CFDs only), you can engage in various asset classes, all backed by competitive trading conditions and advanced trading platforms. Let’s explore the different instrument types offered by Pepperstone:

  • Forex: Pepperstone provides access to over 90 currency pairs with leverage up to 1:500 at low commissions and competitive spreads. This includes major, minor, and exotic pairs, making it possible to trade in the world’s most liquid market with high efficiency and a 99.90% fill rate.
  • Commodities: You can trade various commodity CFDs such as gold, silver, crude oil, and natural gas with competitive leverage options up to 1:50 and tight spreads starting from 0.05 points on gold.
  • Indices: They give you access to trade 14 major global stock indices like the US500 and UK100 with no commission and leverage up to 1:200. 
  • Currency Indices: Pepperstone offers trading on three currency indices instruments: USDX, EURX, and JPYX. These indices measure the value of a specific currency against a basket of other currencies. You can take advantage of up to 1:200 leverage, and the minimum spread starts at 0.90.
  • Cryptocurrencies: You can trade CFDs on +20 cryptocurrencies, including Bitcoin and Ethereum, with leverage up to 1:20. Cryptocurrency trading with Pepperstone does not require a digital wallet or trading through a crypto exchange, simplifying access to this volatile market.
  • Shares: Pepperstone’s shares trading encompasses CFDs on a broad range of global stocks from 23 equity markets, including both meme stocks and blue chips, with leverage up to 1:20.
  • ETFs: They offer trading CFDs on over 100 ETFs that mirror the performance of various sectors and indices across 35 countries. This provides great opportunities for diversification and strategic investments in different market conditions.
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Products available on Pepperstone using the MT5 platform

Pepperstone Review

7. Fees snapshot

Generally, fees imposed by brokers are categorised into two main types:

  1. Trading fees: typically include costs directly associated with executing trades, such as spreads (the differences between the buying and selling prices of assets), commissions (charged by the broker for facilitating trades), and swap rates (fees for holding positions overnight).
  2. Non-trading fees: these fees are not directly related to buying or selling assets but are still critical to account management. They include charges for depositing and withdrawing funds, account inactivity, and currency conversion.

Now, let’s explore the specific trading and non-trading fees that Pepperstone charges to better understand what to expect when trading with them.

Pepperstone Spread

Pepperstone offers competitive spreads that vary by account type and are tailored to accommodate different trading strategies and volumes. Here’s a detailed look at some specific spreads offered by Pepperstone:

Symbol Description Razor Min Spread (pips) Standard Min Spread (pips)
EURUSD Euro vs US Dollar 0 1.00
GBPUSD Great Britain Pound vs US Dollar 0 1.00
USDJPY US Dollar vs Japanese Yen 0 1.00
AUDUSD Australian Dollar vs US Dollar 0 1.00
XAUUSD Gold vs US Dollar 0.05 0.05
XAGUSD Silver vs US Dollar 1.00 1.00
US500 S&P 500 Index 0.40 0.40
US30 Dow Jones Industrial Average Index 2.00 2.00

Bitcoin vs US Dollar

17 17
ETHUSD Ethereum vs US Dollar 3 3

Regarding commissions, Pepperstone imposes fees on Forex trading exclusively on Razor accounts, while no commission is charged on standard accounts. Here’s a brief overview:

Commissions on Forex CFDs when trading on MT4/MT5 Razor Accounts:

Trading Account Currency Commission per 0.01 Lots (1,000 Base Currency) Commission per 1 Lot (100,000 Base Currency)
USD USD 0.08 USD 7
EUR EUR 0.06 EUR 5.2
GBP GBP 0.05  GBP 4.5

Commissions on cTrader: Charged as USD 6 round-trip. For instance, trading 100,000 EUR/USD incurs a commission of USD 3 to open and USD 3 to close the contract.

Commissions on TradingView: Charged as USD 7 round-trip (trading 100,000 EUR/USD would result in a commission of USD 3.5 to open and USD 3.5 to close the contract).

Pepperstone trading platform commissions: Similar to TradingView, USD 7 round-trip for trading 100,000 EUR/USD.

As for CFDs on shares and ETFs, commissions are applicable on Razor and Standard accounts without any minimum commission and as per the below structure:

Asset class Commission per side
Australia Share CFDs 0.07%
German Share CFDs 0.10%
Hong Kong Share CFDs 0.20%
UK Share CFDs 0.10%
US Share and ETF CFDs USD 0.02 per share

Pepperstone Swap Rates

Swap rates, often referred to as rollover interest rates, are charged or credited to your trading account for positions held overnight. These rates either add or subtract from your trading account balance, reflecting the cost of maintaining your position. Swap rates vary based on the direction of your trade and prevailing market conditions. We have provided a summary of how Pepperstone calculates its swap rates below:

  • Forex: The swap rate is calculated based on the trade size and the overnight interest rate difference between the two currencies involved in the pair. This rate changes daily and is sourced from top-tier banks.
  • Indices and Shares: Swap charges for indices and shares are calculated using the market closing price, the size of the trade, and a fixed rate of 2.5%. The actual charge or credit depends on whether you are in a long (you pay) or short (you receive) position.
  • Commodities: For commodities, the swap rate calculation considers the price difference between the current and next month futures contracts, the trade size, and a daily percentage charge of 2.5%.

Pepperstone Non-Trading Fees

Pepperstone is particularly competitive when it comes to non-trading fees, standing out in the industry for its minimal charges.

  • Deposit and withdrawal fees: There are no deposit fees, regardless of the method used.
  • Inactivity fees: Pepperstone does not charge any inactivity fees, which benefits traders who may not trade regularly.

Pepperstone Review

8. Regulation

Pepperstone operates under stringent regulatory oversight in several jurisdictions, ensuring a secure and reliable trading environment for its clients worldwide. They adhere to high standards of client money protection, leverage restrictions, and trading conditions. 

Each regional office is regulated by its respective local authorities. It provides tailored financial safeguards, including negative balance protection and segregated bank accounts, and also addresses complaints through designated local authorities.

Here is an overview of their regulated entities and the differences between them.

Country Regulatory Body Maximum Leverage Client Money Protection

(Segregated Accounts)

Negative Balance Protection Complaints Authority Investor Compensation Scheme
Australia ASIC 1:30 Yes Yes (Retail Clients) Australian Financial Complaints Authority None
Bahamas SCB 1:200 Yes Yes (Retail Clients) Securities Commission of Bahamas None
Cyprus CySEC 1:30 Yes  Yes (Retail Clients) Financial Ombudsman of the Republic of Cyprus Yes: Investor Compensation Fund (up to €20,000)
Dubai DFSA 1:30 Yes Yes (Retail Clients) Dubai Financial Services Authority None
Germany BaFin 1:30 Yes  Yes (Retail Clients) EU Online Dispute Resolution Portal Yes: Deposit insurance of German banks (up to €20,000)
Kenya CMA 1:400 Yes Yes Capital Markets Authority None
UK FCA 1:30 Yes Yes (Retail Clients) Financial Ombudsman Service Yes: Financial Services Compensation Scheme (up to £85,000)

Pepperstone Review

9. Accepted Countries

Pepperstone offers its trading services to a wide global audience but has restrictions in certain countries. When trying to open your account, you can directly know if you can open an account and if your country is on the accepted list or not.

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Pepperstone accepted countries

Here is an overview:

Pepperstone accepts investors from over 170 countries. A few examples include Australia, Brazil, China, Cyprus, France, Germany, Hong Kong, India, Italy, Pakistan, Philippines, Portugal, Singapore, Spain, United Arab Emirates, and the United Kingdom, among other countries.

Pepperstone banned countries include Belgium, Canada, Iran, Japan, Lebanon, New Zealand, Russia, South Korea, Syria, Ukraine, and the United States.

Pepperstone Review

10. What its clients say

Pepperstone generally receives positive feedback on Trustpilot, holding an “Excellent” rating with 4.6 out of 5 stars based on over 2.4k reviews.

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About ~80% of customers give it a 5-star rating, often describing their experiences as great, reliable, and easy. Positive reviews highlight good customer service and efficient trading processes. However, about 7% of the reviews are 1-star, mentioning issues like withdrawal delays and poor customer service. Despite this, Pepperstone actively responds to negative feedback, showing a commitment to improving its service​​.

As for their customer support, our experience with their live chat feature was outstanding. Our inquiry was resolved promptly, with a response time of less than 20 minutes.

Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.