Pepperstone Review 2021

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 great for algorithmic traders. Pepperstone is regulated by top-tier authorities, including FCA (Financial Conduct Authority), BaFin, DSFA, SCB, 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.


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

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

Demo Account:Yes
Regulated by:ASIC, FCA, BaFin, DSFA, SCB
Minimum Deposit:$0
Min. Trade:0.01 lots
Mobile App:iOS, Android
Desktop:MT4, MT5, cTrader
Countries Not Available:United States, Brazil, Canada, India, New Zealand, Saudi Arabia
Deposit Methods:Visa, Mastercard, Bank Transfer
Islamic Account:Yes
Our Rating:★★★★★ 4.9/5

Trading Platform

★★★★★ 4.8/5

Pepperstone doesn’t offer a proprietary trading 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 have the option of cTrader, DupliTrade, MirrorTrader, RoboX. Both cTrader and MetaTrader support algorithmic trading. A great alternative voted as the best platform for copy trading is eToro.

The web trading platform runs on MetaTrader and has great 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 The design feels a bit outdated, and the user interface takes getting used to.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 their platforms. Moving tabs and their size on the screen is easy. MT4 and MT5 webtrader have indicators, expert advisors, DDE protocols, order management tools, and more.

Pepperstone MT4 Platform

Smart Trader Trading Tools

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

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 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 trading day
RenkoRenko blocks on MT4 time-based charts
Symbol InfoDragable window showing symbol data

Mobile Trading

★★★★★ 4.8/5

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

The MetaTrader Mobile App is great

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.


★★★★★ 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 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 2.61 (EUR 5.23 round turn)

MT4 Razor Account

Account currencyCommission per 0.01 lotsCommission per 1 lot
USDUSD 0.04 (USD 0.08 round turn)USD 3.76 (USD 7.53 round turn)
EUREUR 0.03 (EUR 0.06 round turn)EUR 2.61 (EUR 5.23 round turn)

cTrader Commissions

cTrader accounts have a 0.0035% charge of the base currency that 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.

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 fixed rate is 2.5%.

Markets Available

★★★★★ 4.5/5

Pepperstone offers more than 180 instruments in a range of markets. They offer Forex, Index CFDs, Commodities, and CFDs on 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.

Opening an account

★★★★★ 5/5

Opening an account with Pepperstone is easy and 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 US).

Account opening is easy and straightforward at Pepperstone

Standard account

The standard account has no commissions, but the spreads are higher than on 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.

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, trading 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 500:1. The leverage depends on the jurisdiction and is 500:1 for forex in ASIC, 50:1 in DFSA jurisdiction, and 30:1 in the FCA jurisdiction. This means that with every $1 you can trade $500 in ASIC, $50 in DFSA, and $30 in FCA in the forex market.

Leverage increases profits and losses. The larger the position size the bigger leverage has on your P/L (profit/loss). Margin is the amount of 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%). 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 is $100 USD. The referral has to fund their account with more than $1,000 USD and trade 5 Forex lots.

With the Active Trader Program, traders earn cash rebates and save on commissions based on their forex trading volume. The more you trade, the more you will 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.