Pepperstone Review

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Who are Pepperstone?

Pepperstone is an Australian ECN company that was funded in 2010. They are fully regulated by the Australian Financial body, the ASiC and do provide trading services for all trading styles. The company mission is to provide an exciting trading experience with top notch trading platforms. The headquarter of the company is in Melbourne Australia but they do have offices also in Dallas, USA, China and other top locations.

Pepperstone have won lots of industry awards in the recent years for the innovation and excellence in online brokerage. In 2014 they have won the fastest growing company in Australia (BRW Magazine) and in the same year the 2014 Winner of the Governor of Victoria Export Awards.

As most secure online brokers clients funds are kept segregated in tier 1 banks so that if the company do run into problems the customers money are not impacted. Our strong suggestion is for you to open a demo account with Pepperstone so that you can experience for yourself the feedback in this review without risking any of your money.

What are Pepperstone’s spreads and fees?

Like the vast majority of brokers also Pepperstone takes a fee from the spread and in the table below we have compared their spread with the average of the brokers we have listed here at With the colour bars you can see pretty immediate how competitive is Pepperstone’s spread.


Pepperstone Fixed Spread


Pepperstone Variable Spread
As we can see immediately Pepperstone’s minimum spread for trading EUR/USD is 1.0 pips which is quite high compared with the average spread EUR/USD of 0.82 pips. It is worth mentioning tough that Pepperstone use two pricing models depending on the type of account that you have opened. Their Razor Account for example is commission based while the Standard Account does incorporate the commission into the spread. Also fees can vary slighty depending on the trading platform that you decide to use. Their Razor Account can be utilised with the MetaTrader (MT4) or the cTrader platforms and has a commission based pricing structure that has to be added to the spreads. In the Razor Account tough the spread EUR/USD is just 0.16 pips. When you add the commission of 0.753 pips than the complete cost is 0.91 pips on MT4 and 0.86 on cTrader.

The Standard Account doesn’t have the commission but it is not that competitive as we have seen above as the spreads are quite wide.



Features and Account Types

Pepperstone offers a number of unique trading accounts to his traders. The Edge Standard account has been made for normal traders and has zero commission with the charges that are taken with the spread. The Edge Razor is the account for advanced and EA traders: it uses Raw ECN Spreads that goes from 0.1 pips and the commission sare £3.5 per 100k trade.

Pepperstone also have other accounts: the Platinum account is for Active traders and Institutional Partners. It comes with higher level of service and also superior ECN EDGE execution. This account also has a dedicated relationship manager. Pepperstone also has an Islamic account where a Forex swap rate is available for holding positions overnight without interest.

You can try Pepperstone functionalities without risking any money as they do offer a demo account that is based on MT4 platform. A strong point for Pepperstone is the wide range of tradable assets which includes the standard currencies and commodities but also soft commodities like orange juice, cocoa and others.

How good are Pepperstone’s Trading Platforms?

Pepperstone offers to their traders Metaquotes Software Corporation’s suite of MetaTrader platforms. This also includes the popular MetaTrader4 (MT4) which is available for desktop, mobile and web. They also offer the MT4 Multi-terminal. If you decide to open a Razor Account at Pepperstone you get a standard access to the desktop and web version of MetaTrader 4 (MT4) with some customisable options. Pepperstone have developed their EDGE infrastucture: the idea is to bridge the MetaTrader platform with liquidity providers where it routes your order for execution. They have also incorporated their Pepperstone Price Improvement (PPI) technology and have done that to try improving execution rates.

In addition to the desktop version they also have MT4 web which is a ligher verson. Having said that it comes with nearly the same types of indicators and drawing tools as the desktop version. For this reason it is a good alternative to the desktop version to access MT4 charts. The only main difference is that MT4 web doesn’t support automated trading strategies so for this feature you will have to use the desktop version.

In addition to the MetaTraders platforms Pepperstone also offers the suite of platforms from Spotware System which does include the likes of cTrader and cAlgo. In the cTrader platform, traders can login into the web version or alternatively download the desktop version. If you are into algorithmic trading than you can also use cAlgo: this platform can be used as a standalone platform but can also be linked with a cTrader account. Unfortunately since both modules are not available in a single platform you will need to install both cTrader and cAlgo if you need automated trading capabilities.

pepperstone_edgeWithin Spotware system suite you will also find a web-based app called cMirror: this offers Pepperstone’s clients the opportunity to copy trading strategies of other users opening up to social trading. This option is also available through the MT4/MT5 desktop platforms: we have to say however that cMirror compared to MT4 is very rudimentary as it has only few basic features. So as far as social trading is concerned surely MT4 is the best choice at the moment in time.

How good are Pepperstone’s mobile trading platforms?

You can certainly trade with Pepperstone on the go and you can do that via the MetaTrader 4 mobile app or the cTrader app. Both are available on Google Play and iTunes and logging in is pretty immediate. Both apps are good in terms of design, functionalities and user experience. Also tools available are many and well organised.

What are the methods of deposits/withdrawals with Pepperstone?

As you would expect Pepperstone accept the majority of credit and debit cards but also bank transfers and a long list of online payment programs like Neteller, Paypal, Skrill and so on. To make a withdrawal you will need to fill out an online form. They are made via bank wire transfer and normally the money are in your account between 3 to 5 working days.

How good is Pepperstone’s Customer Service?

You can reach 24 hours support via email or online chat. You can also call their office in Melbourne and their Chinese and Shanghai office. Traders can also get in touch with their American office in Texas. We have tested their customer support efficiency and we have been pleased with the results so we can certainly say that Pepperstone have gone in the right direction in this area.


Pepperstone is surely one of the online brokers to consider. They have nearly 90 instruments that you can trade: their niche offering shows that the company is focused exclusively on forex and the most popular CFD markets. They are fully regulated in Australia and the UK which is a strong point in credibility and trust. If you are an advanced trader you won’t be disappointed as their Razor Account is very competitive in price and also supports algorithmic trading on top trading platforms like the MetaQuotes Software Corp. and the Spotware Systems suites. Pepperstone’s is also active in the social trading arena as they do offer a number of options within their trading platforms. We can certainly say that Pepperstone have been able to cater well for all type of forex-minded traders regardless if they are beginners or advanced.

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Your capital is at risk

Pepperstone Key Information

  • Established: 2010
  • Regulation: ASiC
  • Min Initial Deposit: £200
  • Max Leverage: 1:400 Leverage
  • Spreads From (EUR/USD):1.0 pips
  • Pairs Offered: 84 Currency Pairs Available

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tickUsed by 140,000 Traders

tickSegregates Clients Funds

tickEstablished in 2010

tickRegulated by ASiC

tickMin deposit low from £200


ConsNot FCA Regulated (see alternatives)

General Fees

  • Pepperstone does charge inactivity fees
  • Pepperstone doesn’t charge withdrawal fees

Overnight fees & swap rates 

  • The rollover fee for long positions on EUR/USD is -$7.70
  • The rollover fee for short positions on EUR/USD is $


  • Pepperstone does charge commission on CFD shares

Trading Features

tickAllows scalping

tickAllows hedging

tickOffers STP

tickLow min deposit

tickOffers Negative Balance Protection

Accounts Offered

tickDemo account

tickMini account

tickStandard account

tickZero spread account

tickECN account

tickIslamic account

Are you not sure? Why not opening a demo account to to try yourself!