There are a number of great account choices to select from with Pepperstone. Here is our lowdown on each one.
The best place to start and get to know any broker is with a demo account. Thankfully Pepperstone recognizes this and offers a great demo account to start. It is only available for 30 days but it can be extended on request and is the perfect time and place to trade with virtual currency but replicate real trading conditions. This gives you a risk-free way to try out the broker with no obligation prior to deciding if you would like to make a real money deposit and open a Pepperstone live account.
Once you do decide to get started, the Standard account can be a great choice. You need just the basic documentation like your proof of ID and residence to get started and the process can all be completed in just a few minutes.
Once your Standard account is open, you can look forward to trading in more than 100 CFDs and more, across all the top trading platforms with MT4, MT5, and cTrader all available. The deposit remains reasonable too at $200 and is another excellent starting point for new traders.
If you are looking for an ECN account that happens to be one of the most popular in the industry, then you will be in the right place with the Pepperstone Razor Account. This ECN account keeps the same minimum deposit of $200 and offers all of the same markets to trade in.
Here too you will find that the three trading platforms are available, though the trading cost with a Razor account is reduced in terms of the spread which starts from 0 pips. This can be very appealing and ideal for many traders, with a reasonable $7 per lot commission in place. Scalpers in particular favor this account type for the very low cost of trading.
If you need swap-free trading, this too is available through the Pepperstone Islamic account type. In fact, both the standard, and Razor accounts mentioned, can be converted to Islamic accounts on request.
There are not many changes from the already excellent account offering here. The minimum deposit remains the same at $200 while all the trading platforms are still available. The only change is that in order to replace the swap fees, Pepperstone will add a small fee, though this only applies to positions held open more than 10 days. Overall, a top value, and popular Islamic account from Pepperstone.
Spread Betting Account
If you are based in the UK or Ireland, you will be pleased to note that Pepperstone has launched a spread betting account in 2020. This is available to UK and Ireland based traders and there are a wealth of spread betting options on more than 150 instruments to choose from. The minimum deposit here is £200, with great value spreads from 0 pips and trading through any of the available platforms.
Moving into the more experienced account types, if you are a fund manager or wanting to control multiple accounts, you will be interested in a Pepperstone MAM/PAMM account type to suit you.
These accounts can be traded through either MT4 or MT5, and provide for more than 100 sub-accounts to be operated in real time. The minimum trade size on each sub account you operate is 1 micro-lot, and these account types are typically favored as great for hedging, scalping, and EAs thanks to fantastic execution speeds.
Available to European-based traders only, a professional account will be available to you if you meet at least two of the following stipulations:
- Have an average of 10 transactions of significant size per quarter in the past year.
- Maintain a financial instrument portfolio of over €500,000 (in your bank or trading account).
- Possess relevant experience in the financial services sector
As a professional account holder at Pepperstone, you will be entitled to some benefits that include your own relationship manager, automatic qualification for the active trader program, personal invitation to Pepperstone events, the ability to earn as an affiliate by inviting others to the broker, and most significantly, increased leverage of 500:1.
The only point to remember is that as a professional account holder, you will no longer be eligible for negative balance protection.
Account Base Currency
The next thing to consider when choosing a broker is the base currency. This is the currency that you can trade in, and one that, when deposited, you will not have to pay any conversion fee on.
Pepperstone, like many of the top forex brokers facilitate a wide range of account base currencies as follows:
For the UK entity traders: GBP, USD, EUR, CHF
For the Australian entity traders: AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD and HKD
This provides you a strong selection of currencies you can deposit that you do not have to pay any conversion fee on.
Here we will take a look at all things related to deposits with Pepperstone and any fees you can expect.
The Pepperstone minimum deposit throughout their account types remains at 200 EUR/USD/GBP, or AUD depending on the region you are based in. This is very much standard for the industry.
As you would expect from any of the best forex brokers, several deposit methods are catered for. These will vary slightly depending on your area.
If you are a UK or EU based trader then deposits through wire transfer are accepted, as are credit/debit card deposits with Visa or MasterCard.
Trading from Australia within that area of the broker, again Wire transfers and credit/debit card deposits are accepted. Additionally here, eWallets like PayPal, Neteller, and Skrill are catered for, as are other payment methods like POLi, BPay, and Union Pay.
The key takeaway is that Pepperstone should provide a choice of method to suit all traders.
There are no Pepperstone deposit feet to worry about at all, though you will have to double check with your bank to make sure they do not apply any fees in the case of wire transfers which is possible.
When It comes to withdrawals again it depends on your area but the methods are identical to your deposits, so wire transfer or credit/debit card in the UK or Europe, and the same with the addition of PayPal, Skrill, Neteller, POLi, BPay, or Union Pay from the Australian side of Pepperstone.
The point to remember here is that your withdrawal method must typically match that of your deposit.
As with deposits, there are no withdrawal fees at Peppersone. The only place where you will incur a withdrawal fee is with international wire transfers. The minimum withdrawal here is $80, and typically the fee will be $20 on any international wire transfer withdrawals.
Spreads & Commissions
With Pepperstone, you will encounter different spreads depending on the account type you select. With the Standard account these start from a very competitive 1 pip, while the Razor Account spread starts at an even low 0 pips though there is a $7 per lot traded commission on trades with the Razor account.
With that in mind, here is an example of some minimum spreads on commonly traded markets at the broker.
- EUR/USD – 0.0087% / 0.0012%
- Gold – from 0.5 pips
- S&P 500 – from 0.4 pips
- Bitcoin – from $10
Finally, let’s take a look at some of the fees you may encounter at Pepperstone and how you can manage these.
The overnight, or swap fee is an interest that you either pay or receive depending on the asset, and market, when you hold it overnight or for a period of time.
These fees are in place on all Pepperstone assets since each available asset is basically traded as a CFD. They are also changing all the time, so while they are not available on the broker website, you can access more information on current rates through your chosen trading platform.
Unlike some other brokers in the industry, Pepperstone does not charge any kind of activity fee.
Again with conversion fees, Pepperstone does not charge these. This is an improvement on many brokers who usually do charge them. If you do happen to deposit a currency different from the base currencies provided for, the broker will convert it with no additional fee. You should check though with your financial provider as they may well charge a fee from their side.