Trusted by BrokerChooser
- Multiple top-tier regulation, including ASIC in Australia, FCA in the UK, and BaFin in Germany
- Founded in 2010
- Investor protection is £85k to UK, €20k to EU clients, and $0 to other clients
- Clean track record: no major regulatory incidents or fines
13,748 people picked this broker at AwardBroker in the last 6 months
Our take on Pepperstone
Pepperstone is one of the most well-known FX brokers in the industry. If you’re looking for a comfortable account opening and funding, as well as a variety of trading platforms, Pepperstone is a great choice.
Its trading fees are fairly competitive, and deposits/withdrawals are mostly free.
Still, the lack of assets outside forex/CFD will likely deter some traders, and if you go with the MetaTrader platform, you may be underwhelmed by its basic design and UX.
| ✅ Pros | ❌ Cons |
| ❖ User-friendly ❖ Clear fee report ❖ Two-step (safer) login | ❖ Limited customizability for workspace |
Pros
- Fast and fully digital account opening
- Great customer service
- Seamless and free deposit and withdrawal
Cons
- Mostly CFDs offered
- MetaTrader platform is basic
Pepperstone summary
| 🗺 Country of regulation | UK, Germany, Cyprus, Australia, United Arab Emirates, Bahamas, Kenya |
|---|---|
| 🛡️ Negative balance protection | Yes |
| 💰 FX commission per lot | $3.50 commission per lot per trade |
| 💰 EURUSD spread | 0.1 |
| 💰 Inactivity fee charged | No |
| 💰 Withdrawal fee | $0 |
| 💰 Minimum deposit | $0 |
| 💵 Available base currencies | AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD |
| 💵 Conversion fee of deposits in non-base currency | Exchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation. |
| 💳 Deposit with bank card | Available |
| 👛 With electronic wallet | Available |
| 🕖 Time to open an account | 1 day |
| 🎮 Demo account provided | Yes |
| 💵 Number of currency pairs | 100 |
| 🛍️ Products offered | Forex, CFD |
For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.
Fees
Score: 4.3/5
Pepperstone has low forex and non-trading fees, including no inactivity or account fees. However, CFD financing rates are high for a few assets.
| ✅ Pros | ❌ Cons |
| ❖ Low forex fees ❖ No withdrawal fee ❖ No inactivity fee | ❖ High costs for holding positions overnight |
| Assets | Fee level | Fee terms |
|---|---|---|
| EURUSD | Low | MT4/MT5 Razor account: $3.50 commission per lot per trade plus spread cost. 0.1 pips is the average spread cost during peak trading hours. |
| GBPUSD | Low | MT4/MT5 Razor account: $3.50 commission per lot per trade plus spread cost. 0.2 pips is the average spread cost during peak trading hours. |
| S&P 500 CFD | Average | The fees are built into the spread, 0.4 points is the average spread cost during peak trading hours. |
| Inactivity fee | Low | No inactivity fee |
Pepperstone trading fees
Pepperstone trading fees are low.
Note that the Standard and Razor accounts have different pricing structures. In this review, we tested the Razor account on MetaTrader 4, which charges a commission but spreads are low.
We compared Pepperstone‘s fees with those of IC Markets and Axi, two similar brokers selected by our analysts. This selection is based on objective factors such as products offered, client profile, fee structure, etc. We also drew up a more detailed rundown of Pepperstone alternatives.
Forex fees
Pepperstone forex fees are generally low.
Fees are charged through commissions and spreads. The commission varies depending on the trading platform you use. The so-called round turn commissions per lot, i.e. the commission for opening and closing $100k positions, are:
- $7.00 for MetaTrader 4
- $7.00 for MetaTrader 5
- $6.00 for cTrader
| Pepperstone | IC Markets | Axi | |
|---|---|---|---|
| FX commission per lot | $3.50 commission per lot per trade | $3.50 commission per lot per trade | $3.50 commission per lot per trade |
| EURUSD spread | 0.1 | 0.0 | 0.2 |
| GBPUSD spread | 0.2 | 0.0 | 0.6 |
| AUDUSD spread | 0.2 | 0.0 | 0.4 |
| USDJPY spread | 0.3 | 0.1 | 0.4 |
| USDCAD spread | 0.3 | 0.2 | 0.4 |
For a comprehensive comparison of forex fees charged by various brokers, use BrokerChooser's FX fee calculator.
CFD fees
Pepperstone has low CFD trading fees.
| Pepperstone | IC Markets | Axi | |
|---|---|---|---|
| S&P 500 CFD spread | 0.4 | 0.2 | 0.5 |
| Euro Stoxx 50 CFD spread | 1.6 | 1.6 | 1.6 |
| Apple CFD fees per $2,000 trade | $0.7 | $0.3 | – |
| Vodafone CFD fees per $2,000 trade | $2.2 | $2.6 | – |
Equity index CFD fees are built into the spreads.
The leverage for crypto is 2:1 and for commodities it's as much as 20:1 depending on instrument.
Non-trading fees
Pepperstone has low non-trading fees.
The brokerage charges no inactivity and account fees.
Withdrawal is free for credit/debit cards and electronic wallets, except for Skrill and Neteller. Bank transfer withdrawal is also free for EU and Australian clients, but quite pricey ($20 or equivalent) for others.
| Pepperstone | IC Markets | Axi | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | No | No | Yes |
| Deposit fee | $0 | $0 | $0 |
| Withdrawal fee | $0 | $0 | $0 |
How we ranked fees
We ranked Pepperstone's fees as low, average or high based on how they compare to those charged by all the brokers reviewed by us.
There are two basic types of broker fees:
- Trading fees are charged when you trade and may include commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, such as withdrawal fees or inactivity fees.
Account opening
Score: 5/5
Pepperstone‘s account opening process offers a rewarding experience. It is fully digital, user-friendly, and requires no minimum deposit for the Standard account.
| ✅ Pros | ❌ Cons |
| ❖ Fast ❖ Fully digital ❖ No minimum deposit | None |
Can you open an account?
No, you can't open an account at Pepperstone if you live in the United States!
the United States
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74-89% of retail CFD accounts lose money
Pepperstone accepts customers from all over the world. Notable exceptions include the US, Canada, New Zealand and Japan.
What is the minimum deposit at Pepperstone?
The required Pepperstone minimum deposit is $0.
This is a big argument in their favor, as some CFD brokers require a minimum of $2,000.
Account types
You can choose from two account types, Standard and Razor, which have different pricing structures.
| Standard Account | Razor Account | |
|---|---|---|
| Commission | No | Yes* |
| Spreads | 0.6 average pips | Low, 0-0.3 average pips |
*The size of the commission depends on the trading platform you use. The round turn commissions per lot, i.e. the commission for opening and closing $100k positions are:
- $7.00 for MetaTrader 4
- $7.00 for MetaTrader 5
- $6.00 for cTrader
If you prefer trading at high volume, you may want to check out the Active Trader program. This gives you rebates based on the number of trades you carry out and you can save on commissions.
| Tier | Traded volume in EUR million | Rebate offered |
|---|---|---|
| 1 | 20-99 | 15% |
| 2 | 100-199 | 20% |
| 3 | 200-299 | 25% |
| 4 | 300+ | Contact premium client management |
Apart from the Standard and Razor accounts, there's a third account type called a Managed Account. This is mainly aimed at fund managers, who can use this account to easily manage hundreds of sub-accounts.
Pepperstone also offers corporate accounts.
How to open your account
The account opening process is easy and fully digital: theonline application takes roughly 10-15 minutes. On paper, you have to wait 1-3 days for account approval; however, ours was verified within a day.
Pepperstone account opening in four steps:
- Register your email and password; confirm your email; then proceed to the Secure Client Area.
- Fill in your personal information and set the base currency of your account.
- Complete a trading expertise survey.
- Upload a copy of your passport/ID and a utility bill or some other proof of address.
If a problem occurs, you can get help via email or live chat (i.e. you can send them copies of your ID/passport, and they will upload it for you).
Pepperstone review – Account opening
Deposit and withdrawal
Score: 4.8/5
Pepperstone provides plenty of deposit and withdrawal options, as well as a wide selection of account base currencies. However, there is a high, $20 fee for bank withdrawals for clients outside the EU and Australia.
| ✅ Pros | ❌ Cons |
| ❖ Credit/Debit card available ❖ No deposit fee ❖ Several account base currencies | ❖ High bank withdrawal fee for clients outside the EU/Australia |
Account base currencies
At Pepperstone, you can choose from the following 10 base currencies:
| AUD | USD | JPY | GBP |
| EUR | CAD | CHF | NZD |
| SGD | HKD |
This selection is average compared to competing brokers.
| Broker | Number of base currencies |
|---|---|
| Pepperstone | 10 |
| IC Markets | 10 |
| Axi | 10 |
Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you won't have to pay a conversion fee.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
Deposit fees and options
Pepperstone charges no deposit fees.
There are multiple options for depositing funds and their availability depends on which regulator you belong to.
| Regulator | Payment options |
|---|---|
| Australian Securities and Investments Commission (ASIC) | Credit/Debit card, Wire transfer, Neteller, Skrill, PayPal, Poli Transfer |
| Financial Conduct Authority (FCA) | Credit/Debit card, Wire transfer, PayPal |
| Dubai Financial Services Authority (DFSA) | Wire transfer |
| Securities Commission of The Bahamas | Wire transfer |
Also, compared to IC Markets and Axi, Pepperstone offers the same range of payment methods.
| Broker | Bank transfer |
|---|---|
| Pepperstone | |
| IC Markets | |
| Axi |
A bank transfer can take several business days, while payment with a credit/debit card is instant. You can only deposit money from accounts that are in your name.
Pepperstone supports the following electronic wallets:
- POLi
- BPay
- PayPal
- Neteller
- Skrill
- Union Pay
- MPESA+FaceID
Pepperstone review – Deposit and withdrawal – Deposit
Pepperstone withdrawal fees and options
You can withdraw your money from Pepperstone free of charge to credit/debit cards and some electronic wallets. However, Skrill and Neteller (if available) withdrawals cost $1.
Bank transfer withdrawals are also free in the EU and Australia, but cost $20 for clients in other countries.
| Broker | Bank transfer |
|---|---|
| Pepperstone | |
| IC Markets | |
| Axi |
You can only withdraw money to accounts in your name.
How long does it take to withdraw money from Pepperstone? We tested the credit card withdrawal and it took 1 business day.
How do you withdraw money from Pepperstone?
- Log in to your Pepperstone account
- Click ‘Funds' in the menu on the left
- Click ‘Withdraw Funds'
- Choose a withdrawal method
- Select the account you want to withdraw from
- Enter the amount
- Click Continue
- Finish your request
Pepperstone review – Deposit and withdrawal – Withdrawal
Web trading platform
Score: 2.8/5
Pepperstone‘s web trading platform is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and its design is outdated.
| ✅ Pros | ❌ Cons |
| ❖ Clear fee report ❖ Good customizability (for charts, workspace) ❖ Order confirmation | ❖ No two-step (safer) login ❖ No price alerts |
| Trading platform | Score | Available |
|---|---|---|
| Web | 2.8stars | Yes |
| Mobile | 3.3stars | Yes |
| Desktop | 3.4stars | Yes |
Pepperstone doesn't have its own self-developed trading platform. It offers three third-party trading platforms:
- MetaTrader 4
- MetaTrader 5
- cTrader
Additionally, you can also connect your account to TradingView.
We reviewed MetaTrader 4 because of its high popularity.
The web trading platform is available in several languages.
| Arabic | Bulgarian | Chinese | Croatian | Czech |
| Danish | Dutch | English | Estonian | Finnish |
| French | German | Greek | Hebrew | Hindi |
| Hungarian | Indonesian | Italian | Japanese | Korean |
| Latvian | Lithuanian | Malay | Mongolian | Persian |
| Polish | Portuguese | Romanian | Russian | Serbian |
| Slovak | Slovenian | Spanish | Swedish | Tajik |
| Thai | Traditional Chinese | Turkish | Ukrainian | Uzbek |
| Vietnamese |
Look and feel
The Pepperstone web trading platform has great customizability. It is easy to change the size and position of tabs.
However, the platform feels outdated and some features are hard to find. For example, it took us a while to figure out how to add an asset to our watchlist.
Pepperstone review – Web trading platform
Login and security
Pepperstone provides only a one-step login. A two-step authentication would be more secure and adding this feature should be high on any company’s list of security changes.
However, you can set up a two-step login for accessing the client area on the website (where you can initiate a withdrawal for example).
You can't log in using biometric authentication. Offering this feature would make the login process more convenient.
Search functions
The search functions are OK.
You can find assets grouped into categories, but we missed the usual search box where you can type asset names or other keywords manually.
Pepperstone review – Web trading platform – Search
Placing orders
You can use the following order types:
- Market
- Limit
- Stop
If you are unfamiliar with some of these terms or want to learn more, read our overview of order types.
There are also order time limits you can use:
- Good 'til canceled (GTC)
- Good 'til time (GTT)
Pepperstone review – Web trading platform – Order panel
Alerts and notifications
You cannot set price alerts and notifications on the Pepperstone web trading platform.
This feature is available only on the desktop trading platform.
Portfolio and fee reports
Pepperstone has clear fee reports.
You can easily find your profit-loss balance and the commissions you paid under the ‘History' tab.
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74-89% of retail CFD accounts lose money
Mobile trading platform
Score: 3.3/5
Pepperstone has a great mobile trading platform offered by MetaTrader 4. It is well-designed and user-friendly. However, it lacks a safe login.
| ✅ Pros | ❌ Cons |
| ❖ User-friendly ❖ Good search function ❖ Price alerts | ❖ No two-step (safer) login ❖ No Touch/Face ID login |
Pepperstoneoffers three mobile trading platforms: MetaTrader 4, MetaTrader 5 and cTrader. MetaTrader 4 is the most popular of the three and is available for both iOS and Android. We tested it on both.
After you download the MT4 mobile trading platform, you have to access the Pepperstone-Live server.
The mobile trading platform is available in several languages.
| Arabic | Chinese (Simplified) | Chinese (Traditional) | Czech | English |
| French | German | Greek | Hindi | Indonesian |
| Italian | Japanese | Korean | Polish | Portuguese |
| Portuguese (Brazil) | Russian | Spanish | Thai | Turkish |
| Ukrainian | Vietnamese |
Changing the language is a bit tricky on Android devices; you can do it only if you change the default language of your mobile.
Look and feel
Pepperstone has a great mobile trading platform; we really liked its design and user-friendliness. You will easily find all the features.
Pepperstone review – Mobile trading platform
Login and security
Pepperstone provides only a one-step login for its mobile platform. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.
You can't log in using biometric authentication. Providing this feature would be more convenient.
Search functions
The search functions are good.
You can search by typing the name of the product you're looking for or by navigating the category folders.
Pepperstone review – Mobile trading platform – Search
Placing orders
You can use the following order types on the mobile trading platform:
- Market
- Limit
- Stop
There are also order time limits you can use:
- Good 'til canceled (GTC)
- Good 'til time (GTT)
Pepperstone review – Mobile trading platform – Order panel
Alerts and notifications
You cannot set alerts and notifications on the Pepperstone mobile platform.
VISIT BROKER
74-89% of retail CFD accounts lose money
Desktop trading platform
Score: 3.4/5
In design and functionality, Pepperstone‘s MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
| ✅ Pros | ❌ Cons |
| ❖ Clear fee report ❖ Good customizability (for charts, workspace) ❖ Price alerts | ❖ No two-step (safer) login Poor design |
Pepperstone offers three desktop trading platforms: MetaTrader 4, MetaTrader 5 and cTrader. We reviewed MetaTrader 4 (MT4), as this is the most popular among investors.
It has the same design, is available in the same languages, offers almost the same order types (trailing stop is also available), has the same search functions, and offers the same portfolio and fee reports as the web trading platform. These reports can be found under the ‘Account History' tab: right click on one position, then choose ‘Save as Detailed Report'.
The major difference is that you can set alerts and notifications on the desktop trading platform, in the form of mobile push and email notifications. To set email or mobile notifications, you must provide your email address and mobile MetaQuotes ID (you can find it in the settings of the MT4 app). You can enter them under ‘Options' in the ‘Tools' menu.
Pepperstone review – Desktop trading platform
VISIT BROKER
74-89% of retail CFD accounts lose money
Markets and products
Score: 2.6/5
At Pepperstone you can only trade forex and a range of CFDs (commodity, stock index, ETF, share, and crypto CFDs). This means that many popular asset classes such as real stocks and ETFs are missing.
| Pepperstone | IC Markets | Axi | |
|---|---|---|---|
| Currency pairs (#) | 100 | 75 | 86 |
| Stock index CFDs (#) | 23 | 25 | 15 |
| Stock CFDs (#) | 1,400 | 2,100 | 100 |
| ETF CFDs (#) | 101 | 40 | – |
| Commodity CFDs (#) | 32 | 28 | 28 |
| Cryptos (#) | 21 | 13 | 11 |
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Pepperstone is primarily a forex broker with a good selection of other CFD products including crypto, popular shares and commodities.
Among crypto CFDs, you can trade Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Litecoin and Polkadot. Speaking of commodities, we really liked that you can have positions in gold against multiple currencies (USD, EUR, AUD, GBP, CHF).
At Pepperstone, you can trade 600+ US stocks as share CFDs, including large-cap companies like Boeing, Facebook, Apple, Exxon and Alibaba. You can go long and short. After-hours trading is possible (this is when earnings are typically released).
Their share CFD selection also includes 100 popular UK stocks, a number of German shares as well as more than 200 Australian shares. You'll need MetaTrader 5 to trade share CFDs. It's good to know that, unlike traditional share trades, there is no stamp duty to be paid on UK CFD trades. As an alternative to CFD trading, UK residents can use spread betting. In the UK, spread betting profits are exempt from capital gains tax and the stamp duty.
This selection is average compared to competing brokers.
| Legal entity | Regulator | Leverage for major currencies | Leverage for minor currency pairs | Leverage for commodities | Leverage for individual equity | Leverage for crypto |
|---|---|---|---|---|---|---|
| Pepperstone Group Limited | ASIC (Australian Securities and Investments Commission) | 30:1 | 20:1 | 10:1 | 5:1 | 2:1 |
| Pepperstone Limited | FCA (Financial Conduct Authority) | 30:1 | 20:1 | 10:1 | 5:1 | – |
| Pepperstone EU Limited | CySEC (Cyprus Securities and Exchange Commission) | 30:1 | 20:1 | 10:1 | 5:1 | 2:1 |
| Pepperstone Markets Limited | SCB (Securities Commission of The Bahamas) | Up to 200:1, depending on the instrument | Up to 200:1, depending on the instrument | Up to 200:1, depending on the instrument | Up to 20:1 | Up to 5:1 |
| Pepperstone Financial Services (DIFC) Limited | DFSA (Dubai Financial Services Authority) | 30:1 | 30:1 | 20:1 | 10:1 | 5:1 |
| Pepperstone Markets Kenya Limited | CMA (Capital Markets Authority) | Up to 400:1 | Up to 400:1 | Up to 400:1 | 20:1 | NA |
Changing the leverage manually is a very useful feature if you want to lower the risk of your trade. Be careful when trading forex and CFDs as preset leverage levels may be high.
Social trading, algo trading and strategies
Pepperstone has partnered up with multiple social trading platforms, through which you can access copy trading features including Myfxbook, Mirror Trader, MetaTrader Signals and DupliTrade.
- Myfxbook is an automated forex trading service. It is a mirroring service that allows you to copy other trades from other trading systems.
- MetaTrader Signals lets you access thousands of trading strategies and signals from other traders.
- Lastly, DupliTrade collects all the above services into one. DupliTrade lets you tap into other traders' expertise for new techniques. However, you will have to deposit a minimum of AUD 5,000 to access DupliTrade's strategy providers.
Spread betting
Pepperstone provides spread betting for UK and Irish clients. In the UK, spread betting profits are exempt from capital gains tax.
Research
Score: 3.8/5
You can find trading ideas based on technical tools and read market reports written by Pepperstone‘s research team.
| ✅ Pros | ❌ Cons |
| ❖ Trading ideas ❖ Daily market analysis | ❖ Newsflow is basic within MetaTrader ❖ No fundamental data available |
You can find Pepperstone‘s research tools in three locations:
- Trading platform
- Pepperstone‘s website, under ‘Market analysis'
- Secure Client Area
Trading ideas
Pepperstone provides trading ideas.
They come from Autochartist, a trading management tool and are based on technical analysis. You can access Autochartist through the Secure Client Area, or you can download and attach it to the MetaTrader platform. This way you'll receive automatic notifications when emerging and completed chart patterns such as triangles, wedges, tops and bottoms are identified.
Pepperstone review – Research – Recommendations
Fundamental data
Pepperstone offers fundamental data.
These are incorporated into the Economic Calendar. Truth be told, we've seen better implementations of this tool elsewhere; for example, we missed filters.
Charting
Pepperstone has good charting tools. You can use 85 technical indicators.
Other editing tools, such as trendlines and Fibonacci retracement, are also available.
However, MetaTrader's design is outdated and some features are hard to use. For example, we had difficulty figuring out how to remove an indicator from the chart.
Pepperstone offers another downloadable tool for the MetaTrader platforms: the Smart Trader Tools package is a suite of 28 tools to help improve your trade execution and management. These include a correlation matrix, a sentiment trader, a trade simulator and many more useful mini apps.
Pepperstone review – Research – Charting
News feed
Unfortunately, the MetaTrader platform has a poor news feed.It's unstructured and finding relevant news items is cumbersome. We missed tags and visual elements.
To make up for these shortcomings, Pepperstone has launched a Telegram channel with their own market commentary.
We really likedthe analysis written by Pepperstone's research team. The authors have a good understanding of volatility regimes and macro.
There's a daily newsletter by experienced trader Chris Weston called the “The Daily Fix” that offers:
- a quick recap of the most important current events and market movements
- interesting charts using inter-market and technical analysis looking for correlations and divergencies
- preview of upcoming events like elections or Fed meetings
Furthermore, Pepperstone has market commentary in Chinese, Spanish, Italian and German on YouTube.
Customer service
Score: 4.5/5
Pepperstone‘s customer service is great. You can reach them on several channels and will get mostly quick and relevant answers.
| ✅ Pros | ❌ Cons |
| ❖ Phone support ❖ Live chat ❖ Overall fast responses | ❖ Mixed experience with live chat response time |
You can contact Pepperstone via:
- live chat
- phone
Pepperstone customer service is available in several languages, such as English, Russian, Vietnamese and Thai.
The live chat works just as you would expect. We also chatted with an operator, and we always got relevant answers, even though the response time was sometimes slow. After each conversation, you can rate and comment on the chat, making it easy and efficient to provide feedback.
Phone support is also great. An agent was connected within seconds and answered questions in a professional and friendly manner.
The customer support team gives very quick and relevant responses to email queries as well. They typically reply within less than an hour (max. a few hours) and their answers are clear with relevant links attached.
We also liked that Pepperstone customer service is available 24 hours a day.
Pepperstone review – Customer Service
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74-89% of retail CFD accounts lose money
Education
Score: 5/5
Pepperstone has great educational materials. You can use demo accounts, participate in webinars and watch educational videos.
| ✅ Pros | ❌ Cons |
| ❖ Demo account ❖ Trading platform tutorial ❖ Educational videos and webinars | None |
At Pepperstone you can learn through the following ways:
- Demo account
- Platform tutorial videos
- General educational videos
- Webinars
- Quality educational articles
You can use demo accounts for getting familiar with the platforms. We think this is the best way to learn how Pepperstone‘s trading platforms work.
In addition, you can participate in webinars, access educational content, and learn from platform tutorial videos in a dedicated MetaTrader 4 Course. There are also educational videos available on Pepperstone's YouTube channel.
Another useful feature is the trading glossary that helps you understand unfamiliar words, expressions or acronyms.
Pepperstone review – Education
VISIT BROKER
74-89% of retail CFD accounts lose money
Safety
Pepperstone is regulated by 7 national authorities including top-tier regulators such as the FCA in the UK. At the same time, the company is not listed on any exchange, does not disclose financial information and does not have a bank parent.
| ✅ Pros | ❌ Cons |
| ❖ Majority of clients belong to a top-tier financial authority ❖ Negative balance protection for most clients | ❖ Does not hold a banking license ❖ Not listed on stock exchange ❖ Financial information is not publicly available |
Is Pepperstone regulated?
Yes, it is regulated by the following national authorities:
- the UK's Financial Conduct Authority (FCA) for UK clients
- the Federal Financial Supervisory Authority (BaFin) for German and Austrian clients
- the Cyprus Securities and Exchange Commission (CySEC) for other EEA clients
- the Dubai Financial Services Authority (DFSA) for Middle-Eastern clients
- the Australian Securities and Investments Commission (ASIC) for Australian clients
- the Capital Markets Authority of Kenya (CMA) for African residents
- the Securities Commission of The Bahamas (SCB) for all other clients
Is Pepperstone safe?
To be certain that a brokerage is safe, we highly advise that you check two facts:
- how you are protected if something goes wrong
- the background of the broker.
How you are protected
If something goes wrong with Pepperstone:
- Clients based in the UK will be protected by the UK's investor protection fund up to £85,000.
- Clients from Germany and Austria can get back 90% of their claims on securities, but not more than €20,000, and 100% up to €100,000 on cash claims (as per BaFin rules).
- Clients from other European countries (EU and EEA countries) are protected by the Cyprus Investor Compensation Fund (ICF), up to €20,000.
Unfortunately, clients outside the EU and the UK won't get any kind of protection.
| Country of clients | Protection amount | Regulator | Legal entity |
|---|---|---|---|
| UK | £85,000 | FCA | Pepperstone Limited |
| Germany, Austria | €20,000 | BaFin | Pepperstone GmbH |
| Other European countries | €20,000 | CySec | Pepperstone EU Limited |
| Middle-Eastern countries | No protection | DFSA | Pepperstone Financial Services Limited |
| Australia | No protection | ASIC | Pepperstone Group Limited |
| African countries | No protection | CMA | Pepperstone Markets Kenya Limited |
| All other clients | No protection | SCB | Pepperstone Markets Limited |
Pepperstone provides negative balance protection for forex spot and CFD trading, but only for retail clients from the UK, Australia and the European Union (the latter includes all European Economic Area countries like Norway) and Middle-Eastern countries onboarded through their DFSA licence. Professional clients on the other hand are not covered by negative balance protection.
On August 6, 2020, the company revealed that it had been the subject of a data leak. Hackers used malware to compromise a computer used by an external service provider of Pepperstone.
Pepperstone reassured clients that no potential harm could come to their trading account or funds held with the company, although their name, contact details and date of birth may have been accessible by the hackers. While this incident is concerning, we note that security measures were in place and the company detected the intrusion and has also duly informed their customers.
Background
Pepperstone is an Australian private company established in 2010. A longer track record means the company has successfully navigated periods of crisis or uncertainty in the financial sector. A good example is how Pepperstone handled the Swiss franc crisis in 2015.
During the 2015 Swiss National Bank-related forex crisis, Pepperstone was able to avoid losses by using foresight and its high-speed technology. Before the crisis, Pepperstone warned against possible dangers, discouraging clients from taking excessively leveraged positions on the franc. They accomplished this through enforcing position caps and limiting the leverage on affected accounts. For clients who were exposed through open positions, Pepperstone’s systems liquidated these positions, thus helping them avoid their balance going into negative.
On the other hand, you may have some trouble if you are looking for more information about Pepperstone. Transparently disclosed financial information is quite limited compared to other brokers. It is also difficult to find out who the owners are.
Bottom line
Pepperstone is a great forex and CFD broker, regulated by multiplse top-tier authorities, including the FCA, the BaFin and ASIC.
The account opening is fast and fully digital. Customer service is great, providing fast and relevant answers. Deposit and withdrawal are a breeze, with no fees charged in most cases.
On the other hand, at Pepperstone you can trade mostly forex and CFDs. If you're looking for advanced features in your trading platform, you might find the MetaTrader platform slightly disappointing.
Feel free to try Pepperstone as there is no inactivity fee or minimum deposit for standard accounts.
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FAQ
We recommend Pepperstone for forex traders looking for a great account opening experience and superb customer service.
Below you can find links to all aspects of Pepperstone in this comprehensive collection.
We have compiled what's relevant about Pepperstone the company in this article:
About Pepperstone
Further reading:
- Pepperstone fees
- Pepperstone minimum deposit
- Pepperstone Minimum Deposit from South Africa
- Pepperstone Minimum Deposit from Kenya
- How to withdraw from Pepperstone
- Pepperstone's customer service detailed
- Is Pepperstone considered safe?
- Pepperstone research and analysis tools
- Opening an account at Pepperstone
- Pepperstone available instruments
- Pepperstone trading platforms
- Pepperstone MetaTrader
- Does Pepperstone have MT4?
- What is Pepperstone's cTrader?
- Does Pepperstone have low spreads?
- Pepperstone app
- Can you trade options at Pepperstone?
- Pepperstone alternatives