Pepperstone Review 2020 and Technical Opinions

Filippo Last Updated: August 2020 20 min read
security 96
cost 72
trading 69
education 82
Rated: Excellent
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Did you search Pepperstone review to figure out Pepperstone’s real value?

Would you like to fully understand if Pepperstone is reliable or if it’s a scam?

Do you want to find out everything you can do with this broker, expert opinions, and user opinions?


In this Pepperstone review you’ll find everything you need to dispel any doubt, including our opinions, both practical and technical, after years of experience on the platform.

The best thing you could is to open a free demo account to try out first-hand the Pepperstone platforms, to be able to fully follow this report.


Pepperstone review

Perhaps the most important feature of any new forex broker that you choose is the security of that broker. It is the first area of Pepperstone that we will examine in the course of this broker review, but given the number of years they have a;ready been at the top of the industry, it is safe to say that they have a very positive reputation from a security perspective.


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Foundation and Offices

Pepperstone has been around in the forex trading sector since 2010. It was then that they were founded in Sydney, Australia. Since that  time, they have managed to increase their presence to operate globally, but the ECN broker still maintains a headquarters in Australia and a presence in the following places:

Melbourne, Australia (HQ)

Level 16, Tower One, 727 Collins Street

Melbourne, VIC Australia 3008

London, UK

70 Gracechurch St

London, UK EC3V 0HR


Having the best regulations in place is something that is key to providing trader security and support. This is something that Pepperstone recognizes and meets a very high standard with. They are regulated in multiple jurisdictions through some of the most respected regulatory bodies in the industry as follows:

Pepperstone Limited (UK and European entity)

Registration Number: FCA 684312

Pepperstone Group Limited (Australian & South African entity)

Registration Number: ASIC 414530, FSCA (49497) (South Africa).

Pepperstone Financial Services (DIFC) Limited

Registration Number: DFSA F004356

Money Protection

Keeping your funds protected is an integral part of security with any broker. There are several things that a top broker can do to assist with this. These are things that Pepperstone also does to ensure that your funds as a trader are completely safe.

The broker offers negative balance protection to ensure that you can never spend more than you have deposited in your account. They also ensure that all funds deposited with Pepperstone are kept in segregated accounts. This essentially means that if the broker got into any financial difficulty like bankruptcy or other issues, your money would be safe.

If you are a UK or Ireland based trader, this protection goes one step further. Here you are protected by the Investor Compensation Fund. They will insure your funds up to €20,000 in the EU,  or £85,000 in the UK. This should give you complete confidence to trade with Pepperstone.


The broker is also award-winning. They have collected many top awards over the years, making them one of the most decorated in the industry. In 2019 alone they collected 10 awards. These included “ease of platform navigation”, “Best tailored professional trading conditions”, “Best ECN Service”, “Best Client Satisfaction”, and many more which validate their position as a top broker. In a short three-year period from 2016, they have amassed an impressive haul of 34 international awards.

Not Accepted Clients

While Pepperstone serves traders in most areas of the world. There are a few countries that they do not serve. Here is a list of the areas where they do not accept clients from.

    • Belgium
    • Canada
    • United States
    • Democratic Republic of Congo
    • Eritrea
    • Ivory Coast
    • Liberia
    • Libya
    • Somalia
    • Sudan
    • Zimbabwe
    • DPR Korea
    • Iran
    • Iraq
    • Lebanon
    • Myanmar
    • Japan
    • Syria
    • New Zealand
  • Pros
    • They are comprehensively regulated by several top-tier, well-trusted regulatory bodies.
    • This regulation, along with a longstanding history of putting traders first, makes Pepperstone a very safe broker choice
    • Having won more than more than 30 awards since 2016, the industry leaders also recognize the positive contribution of the broker
    • There are quite a few countries listed where Pepperstone is unavailable. This is something they could expand on in future

    Pepperstone review
    Costs and Accounts

    The next key area of focus for our Pepperstone review is another important one for you as a trader. Here we will take a look at the various accounts on offer, and the costs of trading at Pepperstone.


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    Account Types

    There are a number of great account choices to select from with Pepperstone. Here is our lowdown on each one.

    Pepperstone Demo

    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.

    Pepperstone Standard 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.

    Pepperstone Razor Account

    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.

    Pepperstone Islamic Account

    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.

    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.

    MAM/PAMM Account

    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.

    Professional Account

    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.

    Minimum Deposit

    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.

    Deposit Methods

    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.

    Deposit Fees

    There are no Pepperstone deposit fees 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.

    Withdrawal Fees

    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 – 0.13 pips
    • 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.

    Overnight Fees

    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.

    Inactivity Fees

    Unlike some other brokers in the industry, Pepperstone does not charge any kind of activity fee.

    Conversion Fees

    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.

    • Pepperstone has a great range of account choices. There is something to fit everyone
    • There are an extensive number of base currencies and no conversion fees are charged
    • Deposits and withdrawals are mostly fee free
    • Low spreads and commissions further highlight the excellent trading conditions available
    • The minimum deposit remains competitive considering the brokers stature and other benefits
    • Pepperstone impose relatively high fees on international money transfers
    • The demo account limitation of 30 days may seem short or restrictive to many

    Pepperstone review

    Moving on to one of the most important aspects of any forex broker. We will examine everything you can expect to find at Pepperstone once you get started with actual trading.


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    Trading Features

    Let’s take a closer look at some of the key trading features and how they are  implemented with the Pepperstone broker.


    Pepperstone is one of the best known ECN/STP style brokers in the industry. This allows them to offer both some of the fastest order execution speeds around, and also get you one step closer to the market. The broker serves as the link between you and the liquidity providers. This ensures you are always getting some of the best possible prices on assets with the lowest spreads.


    Trading at Pepperstone, the minimum trading size that you are allowed is 1 micro lot. This is standard among most top brokers and means that if you are trading forex, your minimum trade should be at least $1000, or 0.01 standard lots. This amount can of course be decreased if you are utilizing leverage.

    This reasonable size of minimum trade is great if you are a new trader looking to make a low-risk first break into the forex market.


    You will also be glad to know that Pepperstone caters for a wide range of trading techniques. This means that scalping, hedging, and the use of EAs or algorithmic trading is also permitted.

    Pepperstone understandably remains a top choice among scalpers thanks to the excellent value provided in spreads starting from 0 pips and a low cost commission from $3.50 per lot traded. For those interested in spread betting too it is a great choice if you are based in the UK or Ireland, with a minimum deposit of £200.

    The message here is that no matter what trading techniques you employ, or types of trading you are interested in, Pepperstone likely has something to serve you.

    Risk Management

    Pepperstone offers all of the major tools that you would expect to find when you are trading and trying to manage your risk at the same time. As far as orders go, you can utilize stop losses, take profits, limit orders, and trailing stops within the trading platforms offered by Pepperstone to manage your market positions. All of these tools will help you to potentially minimize risk and maximize the value of your trades when used well.

    Pepperstone also uses margin calls for leveraged trading. These can help you to stop your equity falling below a certain level if the market is moving against you.

    Trading Hours

    The trading hours can be defined as the period of time when the assets are available for trading. These will vary depending on the markets and broker, but typically you can rely on the fact that the forex market is available almost all the time. It only closes for 1 hour per day from 9pm to 10pm GMT. The crypto market meanwhile is open 24/7.

    When it comes to stock trading, these are available daily from 2:30pm to 8:55pm GMT. This includes the after market trading period which few other brokers cater for and is ideal if you are interested in stock trading.

    The commodities market is variable depending on the asset but something like the metals market also only closes one hour per day between 9-10pm GMT. Indices too are dependent on the country, with the index from a specific country only available when that market is open for trading. Finally, the USD Index can be traded daily between Midnight and 9pm GMT.


    Leverage as a forex trader can be an important tool to help you along your forex journey and is something that many more experienced  traders will consider in detail when choosing a broker.

    The leverage you have access to with Pepperstone depends on the broker entity you are trading with. If you are trading from the UK or Europe through Pepperstone Limited, then you will have 30:1 leverage due to the ESMA regulations in place.

    If you are registered through the Australian arm of the broker with Pepperstone Group Limited, then you will have leverage of up to 500:1

    Also, if you are trading as a professional trader in the UK or EU, you will have 500:1 leverage but no negative balance protection.

    Platforms & Mobile

    The most important tool you will be using on a regular basis as a forex trader is the trading platform, so let’s take a look at how this is handled by Pepperstone.

    Charting and Trading tools

    When it comes to charting and trading tools, Pepperstone utilizes all of those that are available through the platforms they offer. This means they currently have around 51 charting indicators available to use, and 31 additional tools to assist you in customizing these charts to fit your own trading needs.

    The high level of ability to customize the experience to your own requirements is something that many experienced traders value from Pepperstone.

    Desktop Platforms

    For their desktop platform selection, Pepperstone includes MetaTrader 4, MetaTrader 5, and cTrader. These are some of the best known and most respected in the industry. The broker does not have their own proprietary trading platform.

    All of the desktop platforms provided are popular and highly customizable both in terms of regular trading and if you want to try algorithmic trading or automated trading strategies. With MetaTrader you can utilize EAs for this, and with cTrader you can try C#.

    Added to this, both of the platforms are very robust and also lightweight, meaning they can be run on almost any device with no trouble.

    Mobile Platforms

    The mobile platforms provided are again some of the strongest in the industry. MT4 and MT5 on mobile are particularly versatile and cater for many of the same functions as you would find in desktop trading. These platforms are available through both Android and iOS on all of your phones and smart devices.


    Now that you have set up and gotten to grips with the trading platforms, here is what you can expect in terms of tradable assets from Pepperstone.


    Pepperstone has 61 forex currency pairs available to choose from. This features a strong range of major, minor, and exotic currencies with the very best spreads and pricing brought to you through multiple liquidity providers. There should be something to suit all forex traders here.


    The broker makes a range of both hard and soft commodities available to trade. This includes a selection of metals, energies, and others such as sugar, cocoa, and more.


    Pepperstone makes a total of 14 prominent global indices available for trading. These are some of  the most watched markets in the world and you can trade them with no commission or mark up at all.


    You can also engage in crypto trading at Pepperstone. This can be done through 5 major crypto markets of Bitcoin, Bitcoin Cash, Ethereum, Dash, and Litecoin. These are all traded as CFDs and again you will incur no commissions on these trades.


    If you are interested in stock trading, then Pepperstone is an excellent broker to choose. Here you can trade many of the most popular US stocks for an excellent value commission of just $0.02 per stock traded.

    The great bonus here is that Pepperstone stock trading is also open for the after-market trading hours.

    Currency Indices

    There is one currency index offered by Pepperstone and this is the major one. The US Dollar Index. (USDX)


    Trading with Pepperstone, you may also be interested to know about some additional products and programs that the broker makes available. Here they are in more detail.

    Pepperstone Premium Client Service

    The Pepperstone Premium Client Service first off is only available to those traders who are trading under the Australian arm of the broker. This service operates with some similar benefits that may be available to European professional traders as this option is not available in Australia.

    Here you can look forward to several benefits that include the following:

    • Priority access to customer support
    • An invitation to Pepperstone Premium Events
    • Enhanced trading tools and more detailed market insights
    • Access to your own private VPS
    • Regular daily rebates based on your trading volume

    These represent some top-tier benefits that can be very valuable to you as a regular trader. In order to qualify, you must have traded at least $15 million in volume over the last 2 quarters. This may seem a lot, but with leverage factored in, it can be quite attainable to many.

    Pepperstone Active Trader Program

    The Pepperstone active trading program also provides for a host of great benefits to you as a forex trader. It is available worldwide, but you do need to be a Razor account holder to qualify. Again, some of the excellent benefits here include:

    • Priority access to customer support
    • Enhanced trading tools and more detailed market insights
    • Access to your own private VPS
    • Regular daily rebates based on your trading volume

    You can access the program by contacting Pepperstone, bubt remember it is reserved for high volume traders only. As an example, if you want to start earning rebates, this is divided into 3 tiers, and you must trade at least 100 lots to access the first of any rebates.

    Social Trading – Copy Trading

    Pepperstone is also very well-equipped when it comes to social and copy trading. This is thanks for the most part to their partnership with Zulutrade, and the ability of their MetaTrader platform to utilize EA strategies.

    If you have registered with Zulutrade, you can link this to your Pepperstone account with ease and engage with one of the top social and copy trading platforms from there too.

    • The broker is very helpful when it comes to allowing for all trading techniques including hedging and scalping
    • They implement social and copy trading features in a very positive way to cater for your trading needs
    • As a premium trader, you have a range of great benefits to look forward to that can reward high volume trading very well
    • The trading costs remain some of the lowest in the sector
    • Some may feel that the 150 CFDs available for trading is a little on the low side

    Pepperstone review
    Education and Support

    There may be times when you need support as a new or experienced trader, and further development is always a positive. Here we will take a closer look at exactly what is on offer from Pepperstone in these areas.


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    The Pepperstone website boasts an impressive collection of 12 languages available for you. This should cover the vast majority of traders. The languages supported are: English, Spanish, French, German, Polish, Italian, Russian, Chinese, Arabic, Indonesian, and Laotian


    Peppersone excels when it comes to research. They have a top quality research section within the broker website to ensure you are kept fully up to date from their own market analysts. Through this section you will have access to a detailed economic calendar, the latest in daily market news, and an in-depth technical analysis on many of the assets offered by the broker.

    Customer Service

    Another point of excellence from the broker comes in the form of their customer support. They are award winning having won the “Best Customer Service in Europe” award in 2019. They live up to this accolade with support through live chat, email, and  telephone that is available on a 24/5 basis.

    Added to this, the website supports a very well resourced FAQ section that can answer the majority of questions you may have. Again many languages are supported, with English, Spanish, Italian, Russian, Chinese, Japanese, Arab, Polish, Korean, and Thai all available.


    Pepperstone provides for an excellent education section and service that can greatly assist you in your forex trading journey as either a new or experienced trader. The offering includes a great selection of forex trading tutorials and courses, as well as many guides on trading, MT4, and general trading techniques and analysis.

    On top of this, a host of top webinars are also available to view. All of the material is available in English and much of it in other languages though it may not all be available to the same depth when translated.

    • The customer support is excellent overall. Available in multiple languages and fast to respond on all channels
    • The broker has one of the best research and analysis sections in the entire industry
    • Pepperstone provides an extensive range of educational material with all levels of trader in mind
    • The education section, although great, is not fully translated from English to some other languages. This causes a little depth to be lost for some traders

    Pepperstone review
    Our Opinion

    Having conducted our full Pepperstone broker review, it has become very clear that Pepperstone occupies a place as one of the very best ECN/STP brokers in the industry worldwide. This does not come as a surprise since the broker has long offered top quality and securely regulated services to forex traders.

    The broker continues to do their best in striving to improve every aspect of their operation while also keeping it very appealing to both new and experienced traders. The $200 minimum deposit keeps it open to all, and represents amazing value when all the positives are viewed in perspective.  Although the asset catalogue is a little limited, this is more than covered by the amazingly low costs of trading and lightning fast execution provided.

    There is little doubt that Pepperstone is a top choice for all forex traders, and will remain so for many years to come if they continue to carry this standard.

    Pepperstone Pros and Cons

    A final word on the best points from our Pepperstone broker review, and a few areas where they could improve even more in the future.


    • They are an extremely well-regulated broker across multiple well-respected regulatory bodies in the sector.
    • As a trader, you will have an excellent selection of account type choices available.
    • The Pepperstone ECN service is excellent in terms of both speed and cost.
    • The fees remain very low throughout. This includes when depositing and withdrawing.
    • The minimum deposit remains low enough to be appealing when all the other positives are considered
    • A very well provided for offering in terms of education, research, and market insights.
    • Every trading technique is allowed, including copy-trading available on Zulutrade which also provide social trading features.
    • Excellent benefits for professional and active traders.


    • With only 150 assets to choose from, the range of markets to trade can be quite limited.
    • The demo account remains restricted at 30 days which is not ideal for many.
    • The fees on international wire transfers remain relatively high.

    Pepperstone FAQs

    Where is Pepperstone based?

    Pepperstone is headquartered in Melbourne and is a top Australian broker. They also have one more office in London, UK. For more information, click here: Pepperstone review.

    Is Pepperstone safe?

    Yes, Pepperstone is safe. It is regulated by multiple top-tier bodies including,  FCA (684312), ASIC (414530), and FSCA (49497). Added to this top quality regulation, your funds at Pepperstone will also be held in segregated accounts so they are completely safe no matter what happens with the broker operations.

    Can I do Scalping at Pepperstone?

    Yes, scalping with Pepperstone is allowed and perfectly fine. The Pepperstone Razor cTrader accounts are perfect for this purpose since they offer a very low trading cost along with lightning speed execution. Find out more in the Trading section of our Pepperstone review.

    How much is the Withdrawal fee amount‎ on Pepperstone?

    The withdrawal fee is not always applied, it depends on the country you’re based in and on the deposit method. When applied, the fee is $20 (or equivalent).

    What is the minimum deposit on Pepperstone?

    Pepperstone has a minimum deposit requirement of $200 (or equivalent) across all accounts. This is well in line with the average minimum deposit for a top forex broker.

    Does Pepperstone offer the MT4, MT5, MT Mobile currency platform?

    Yes, pepperstone offers all  of the above trading platforms.  MT4, and  MT5 are both available in all forms including via the webtrader, desktop and mobile trading platforms.

    Does Pepperstone offer a negative balance protection?

    Yes, Negative balance protection is offered by Pepperstone. This will stop you from ever losing more than the balance you deposit in your account.

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    Pepperstone Review 2020 and Technical Opinions

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