Pepperstone Review 2023

pepperstone logo

Pepperstone is a safe and reliable forex and CFD broker, founded in 2010 and based in Australia. Their customer support is great, and their trading platform is excellent for algorithmic traders. Pepperstone is regulated by top-tier authorities, including FCA (Financial Conduct Authority), BaFin, DSFA, SCB, CySEC, CMA, and ASIC (Australian Securities and Investments Commission). Headquartered in Melbourne, Australia, they have offices around the world. Pepperstone is one of the largest MetaTrader brokers in the industry. Today, 80,000+ traders trust and use Pepperstone services.

Between 74-89 % of retail investor accounts lose money when trading CFDs. 


★★★★★ 4.9/5 (Best for Active Forex Traders)

Pepperstone is an excellent choice for algo traders and offers great pricing for forex. Regulated by top-tier authorities, it is a safe and reliable forex and CFD broker. We found that Pepperstone is excellent for high-volume traders, and offers a good selection of third-party trading platforms with great pricing.

Demo Account:Yes
Regulated by:ASIC, FCA, BaFin, DSFA, SCB, CySEC, CMA
Minimum Deposit:$0
Min. Trade:0.01 lots
Mobile App:iOS, Android
Desktop:MT4, MT5, cTrader, TradingView
Countries Not Available:Full List
Deposit Methods:Visa, Mastercard, Bank Transfer, POLi, MPESA, BPay, Union Pay, Neteller, Skrill, PayPal
Islamic Account:Yes
Our Rating:★★★★★ 4.9/5

Pepperstone Trading Platform

★★★★★ 4.8/5

Pepperstone doesn’t offer a proprietary platform but has a wide variety of third-party platforms available. The full cTrader (Windows) and MetaTrader (Windows, Mac OS) suite are available. For social copy trading, traders can choose cTrader, DupliTrade, MyFXBook, and Trading View. Both cTrader and MetaTrader support algorithmic trading. A great alternative voted as the best platform for copy trading is eToro.

The web platform runs on MetaTrader and has excellent customization and language support. The design feels a bit outdated, and the user interface takes getting used to. Pepperstone has in-depth tutorials on how to use its platforms. Moving tabs and their size on the screen is easy. MT4 and MT5 web trader have indicators, expert advisors, DDE protocols, order management tools, and more.

74-89 % of retail investor accounts lose money when trading CFDs

pepperstone mt4 platform
Pepperstone MT4 Platform

Smart Trader Trading Tools

Their Smart Trader Tools is a helpful set of tools to perfect your strategy. Smart Trader includes up-to-date market data and functions, broadcast facilities, and sophisticated alarms to make trading easier.

YouTube video

Expert Advisors

Alarm managerTrade-related events notification, price action moves, and more
Correlation MatrixInsights to view the correlation between trading instruments
ConnectAnalysis and news in one place
Correlation TraderIn-depth correlation analysis through time-frames
Market ManagerMarket prices, pending and open orders
Sentiment TraderMarket sentiment ratings
Session MapReal-time global map of market sessions and overlaps
Excell RTDAnalyze and report real-time market data in Excell
Mini TerminalSingle market trade terminal
Trade TerminalProfessional robust analysis and trade execution
Trade simulatorSimulate trades with real market data
Tick Chart TraderCreate charts for specific timeframes with Generator EA


Candle CountdownTime left in a candle bar
Chart GroupAdjust charts through multiple timeframes
Bar ChangerOffline Charts available on MT4
FreehandDraw on your chart
Chart-in-ChartCompare price action on different symbols
DonchianIdentify range of trading opportunities and gain insight into trends
GravityIdentify support and resistance areas
High-LowSee the high-low for a period on the chart
KeltnerChannel size based on ATR
Mini ChartThe price action of other time-frames and instruments
MagnifierResizable and draggable sub-window inside the main chart
Order historyPrevious trades history set open and close of particular trades
Pivot PointSpot market levels based on previous day
RenkoRenko blocks on MT4 time-based charts
Symbol InfoDragable window showing symbol data

Pepperstone Mobile Trading

★★★★★ 4.8/5

Pepperstone offers MT4, MT5, and cTrader apps for mobile trading. The mobile trading app is available on iOS and Android in 22 languages. The MetaTrader 4 mobile app is easy-to-use, has excellent functionality, search, and price alerts. The platform syncs with the online platform on your account and vice-versa.

metatrader mobile app
The MetaTrader Mobile App

Traders have access to both forex and CFD trading. The MetaTrader app includes 30 indicators, watch lists, alerts, trendlines, and charts for different time frames. Overall, it should suffice most traders, beginner to advanced.

74-89 % of retail investor accounts lose money when trading CFDs

Pepperstone Fees

★★★★★ 4.9/5

Pepperstone fees are low in general. It is best suited for active traders that trade multiple times per week/day. Their standard account has average trading fees, while the Razor account offers much better fees for active traders. Pepperstone uses multiple liquidity providers to give its traders competitive quotes and low spreads on instruments and assets.

The spreads are variable and depend on market conditions. Prices come from different providers, and during liquid hours, spreads are as low as 0 pips on the EURUSD (Razor account).

Pepperstone commissions on Razor accounts

Below are the commissions for both MT4 and MT5 Razor accounts in USD and EUR.

MT5 Razor Account

Account currencyCommission per 0.01 lotsCommission per 1 lot
USDUSD 0.04 (USD 0.08 round turn)USD 3.50 (USD 7 round turn)
EUREUR 0.03 (EUR 0.06 round turn)EUR 2.60 (EUR 5.20 round turn)

MT4 Razor Account

Account currencyCommission per 0.01 lotsCommission per 1 lot
USDUSD 0.04 (USD 0.08 round turn)USD 3.50 (USD 7.0 round turn)
EUREUR 0.03 (EUR 0.06 round turn)EUR 2.60 (EUR 5.20 round turn)

cTrader Commissions

cTrader accounts have a 0.0035% charge of the base currency you trade. This means that for a $100,000 USDEUR trade, the commission is $3.5 to open the position and $3.5 to close it. Same commissions apply to TradingView.

Overnight funding fees

If you keep a position open overnight, a charge for overnight funding is applied to your account. The rates are set at the benchmark regional rates for Equity CFDs, Share CFDs, and commodities. Pepperstone's fixed rate is 2.5%.

Pepperstone Markets Available

★★★★★ 4.5/5

Pepperstone offers more than 1200 instruments in a range of markets. They offer CFDs on Forex, Indexes, Shares, ETFs, Commodities, and Cryptocurrencies. While Pepperstone offers CFDs, they focus on what they do best – forex trading. They offer majors, minors, and exotics with low commissions and tight spreads.

Market s Available Pepperstone

Opening an account

★★★★★ 5/5

Opening an account with Pepperstone is straightforward. There is no minimum deposit (standard account), and the account opening process is seamless. Traders worldwide are accepted with just a few exceptions (Canada, New Zealand, Japan, and the US).

Sign Up Form Screenshot
Account opening Form

Standard account

The standard account has no commissions, but the spreads are higher than the razor account. It has a 1.0 – 1.3 pip mark upon the raw spread and is popular for new traders looking for a simple account.

Razor account

The razor account is commission based. It features raw spreads from 0.0 pips. It is popular for scalping, algo traders, and clients that want to run Expert Advisors. The average spread for EURUSD is 0.0-0.3 pips. Commission is from AUD$7 round turn for 100k traded.

Minimum deposit

The minimum deposit for a standard account is $0. This is better than the industry average, where minimum deposits range from $10-$10,000.

74-89 % of retail investor accounts lose money when trading CFDs

Research and Education

★★★★★ 5/5

Pepperstone research and education is above the industry average. Their website has a whole section dedicated to education and analysis. They host webinars with professional analysts, guides, market news, market analysis, and an economic calendar. For beginner traders, there is a section on how to trade forex and CFDs.

Research and trader education is well-above average

Customer Service

★★★★ 4/5

Pepperstone has good customer service. They have 24/5 phone support, live chat, and email. The response times are great. Their live chat is useful and the support agents are well educated. Pepperstone website also features a support page with frequently asked questions that are useful.

Pepperstone Leverage

Pepperstone offers leverage up to 400:1. The leverage depends on the jurisdiction and is 30:1 for forex in ASIC, 30:1 in DFSA, and 30:1 in the FCA jurisdiction. With every $1 you can trade $30 in ASIC, $30 in DFSA, and $30 in FCA in the forex market.

Here is the leverage ratio under different regulations:

Regulation Leverage
ASIC 30:1
CySEC 30:1
FCA 30:1
DFSA 30:1
BaFIN 30:1
SCB 200:1
CMA 400:1

Leverage increases profits and losses. The larger the position size, the bigger leverage has on your P/L (profit/loss). Margin is the money you need in your trading account to enter or maintain a position. The margin requirements are a percentage of the full amount (0.5%, 1%, 2%). The leverage ratio depends on the regulation and the financial instrument, and asset class. Forex has higher leverage while cryptocurrency leverage is lower.


Pepperstone doesn’t offer a deposit bonus. This is because deposit bonuses are banned in Europe. Pepperstone aims to provide a low-cost trading platform and great service to their clients, instead of deposit bonuses. In 2018 the European Securities and Market Authority banned all forex deposit bonuses in the EU.

The refer a friend program is available for traders that invite friends or family to trade with Pepperstone. The bonus for referring a trader varies based on jurisdiction. The referral has to fund their account and trade a certain amount in lots.

With the Active Trader Program (available to professional traders and varies based on the jurisdiction), traders earn cash rebates and save on commissions based on their forex trading volume. The more you trade, the more you save – the rebate depends on how many standard lots you trade per month.


Pepperstone is safe and regulated, best for forex trading. Their Razor account and Active traders program offer great pricing, above the industry standard. Their standard account is best suited for beginner traders, looking for a robust trading platform. Pepperstone offers a great selection of platforms with great functionality.

74-89 % of retail investor accounts lose money when trading CFDs

About the author

Ziga Breznik is the owner and head of research at – he is an active investor in the forex, crypto and stock markets – he has seen trading platforms disappear along with his investments – especially during the “crypto boom”. Ziga learned the hard way that finding a reputable and trustworthy online brokerage is key to long-term success in the financial markets. He founded as a platform where he shares his research with one goal in mind: to provide unbiased and trustworthy online brokers reviews.