Pepperstone Review

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Pepperstone Review

Pepperstone offers a small set of tradeable products but provides forex and CFD traders with competitive pricing, excellent customer service, and one of the largest selections of third-party platforms, including numerous options for social copy trading.

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on Pepperstone:

  • Founded in 2020, Pepperstone is regulated in two tier-1 jurisdictions, making it a safe broker (average-risk) for forex and CFDs trading.
  • Catering to algorithmic traders and copy traders, Pepperstone offers both the MetaTrader and cTrader platform suites. Also, Pepperstone provides multiple premium platform add-ons to enhance MT4.
  • Pepperstone provides a small selection of tradeable products. That said, pricing is competitive with the commission-based Razor Accounts, which include active trader rebates for eligible traders. Our testing also found customer service to be excellent.

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Overall Summary

Feature Pepperstone
Overall 4 Stars
Trust Score 83
Offering of Investments 3.5 Stars
Commissions & Fees 4 Stars
Platform & Tools 4 Stars
Research 4 Stars
Mobile Trading 3.5 Stars
Customer Service 4 Stars
Education 3.5 Stars

Is Pepperstone Safe?

Pepperstone is considered average-risk, with an overall Trust Score of 83 out of 99. Pepperstone is not publicly traded and does not operate a bank. Pepperstone is authorised by two tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Pepperstone is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison

Feature Pepperstone
Year Founded 2020
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 2
Tier-2 Licenses 0
Tier-3 Licenses 0
Trust Score 83

Offering of Investments

The following table summarizes the different investment products available to Pepperstone clients.

Feature Pepperstone
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 59
CFDs – Total Offered 86
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

Pepperstone is an agency-execution broker that offers a good range of options on its pricing plans, with its commission-based Razor Account being the best choice. In 2020, Pepperstone finished Best in Class in the Commissions & Fees category, as well as for Professional Trading.

Account types: Pepperstone offers two pricing models depending on the account type you open, ranging from the commission-based Razor Account to the Standard Account, which incorporates commissions into the prevailing spreads. Fees can also vary slightly, depending on the platform you choose to trade.

Razor Account: The Razor Account can be used with either the MetaTrader (MT4) or cTrader platforms and follows a commission-based pricing structure in addition to prevailing spreads. Average spreads of 0.16 pips on the EUR/USD in the Razor Account (as of October 2020) are comparable to industry peers when factoring in the commission of 0.753 pips to calculate the all-in cost of 0.91 pips on MT4 (or 0.86 pips on cTrader).

Standard Account: The standard account is commission-free but has higher spreads instead and is not as competitive as the Razor Account, as average spreads on the EUR/USD are 1.13 pips (Q3 2020), according to Pepperstone.

Active traders: Pepperstone’s active trader program offers discounts on the applicable commission rates – depending on the amount you deposit and your expected trading volumes – helping to boost its ranking in the active trader category. A minimum of 200 lots is required to qualify for the lowest tier, with a rebate of $1.00 per standard lot, and applies only to Razor accounts.

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Order-Routing: Pepperstone uses its EDGE infrastructure to help bridge the MetaTrader platform with liquidity providers to whom it routes your order for execution while incorporating its Pepperstone Price Improvement (PPI) technology to help improve execution rates. This EDGE technology is a highly proactive approach for an agency broker.

Feature Pepperstone
Minimum Initial Deposit $200.00
Average Spread EUR/USD – Standard 1.13 (as of Q3 19)
All-in Cost EUR/USD – Active 0.86 (as of May 19)
Active Trader or VIP Discounts Yes

Platforms & Tools

While Pepperstone lacks a proprietary platform, it offers a nearly every third-party platform a trader could ever want to use. Overall, we were impressed.

Platforms: Pepperstone offers the full MetaTrader and cTrader suites, including MT4 (desktop and web), MT4 Multi-terminal, MT5, cTrader (desktop and web), and cAlgo. Traders can use either account type, Razor, or Standard, with any platform.

Copy trading: For social copy-trading, Pepperstone offers the MirrorTrader and RoboX platform from Tradency, the ZuluTrade platform, and myFxbook for MT4, in addition to the native signals markets from MT4 and cTrader. The addition of Chasing Returns and DupliTrade ($5,000 minimum required) for social-copy trading further expanded the firm’s offering. Pepperstone finished Best in Class in the Social Copy Trading category, for the third consecutive year in 2020.

cTrader vs MT4: While both cTrader and MT4 support algorithmic trading, cTrader has an advantage with its web-based platform, which offers a wider range of trading tools compared to MT4 Web. Meanwhile, the desktop version of MetaTrader contains the algorithmic trading module – compared to cTrader, which requires the standalone cAlgo platform to run in parallel, a small but noteworthy difference.


Pepperstone’s broad range of third-party social copy-trading platforms and research tools helps counterbalance its limited range of in-house content.

Third-party tools: Pepperstone offers traders access to AutoChartist, a popular software provider of automated pattern recognition and trading signals. Pepperstone also offers Smart Trader Tools, an MT4 add-on with tools such as sentiment indicators, which is available to clients with an account balance of at least AUD 500.

Market analysis: When it comes to fundamental and technical analysis, Pepperstone offers content from third-party analysts. For example, the FX Weekly analysis from Boris & Kathy of BK Forex provides an “Event Risk Calendar Forecast” report. Trading Economics, a provider of market data, powers the firm’s economic calendar.

In-house commentary: While Pepperstone’s in-house research offers content such as “Daily Fix” and a “Chart of the Day” series, it lacks overall. To compete with industry leaders, including IG and Saxo Bank, Pepperstone will require more content in this area.

Mobile Trading

Mobile trading at Pepperstone is conduct with either the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) mobile app, or the cTrader app, all of which are available directly from the developer. While these apps are reliable and deliver a respectable experience, our testing found that the highest-ranked brokers offer proprietary apps.

Customer Service

To score Customer Service, partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.


  • Average Connection Time: th (22 brokers)

Final Thoughts

With barely 145 instruments available to trade, Pepperstone’s niche offering is for those traders who focus exclusively on forex and the most popular CFD markets. Overall, Pepperstone finished Best in Class across five categories in 2020, including Customer Service.

Considering Pepperstone’s low minimum deposit and an excellent range of third-party platforms, Pepperstone caters to all forex and CFDs traders, regardless of experience level.

About Pepperstone

Founded in 2020 in Melbourne, Pepperstone is regulated in Australia and the UK and has offices in the United States (US), United Kingdom (UK), China, and Thailand. The broker processes, on average, $12.55 billion of trades each day (October 2020).

Pepperstone is best known for its extensive selection of third-party trading platforms. Pepperstone offers not only the full MetaTrader suite but also cTrader and a complete variety of copy-trading platforms. Read more on Wikipedia about Pepperstone.

Pepperstone Trading Features

Feature Pepperstone
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader Yes
Charting – Indicators / Studies (Total) 51
Charting – Drawing Tools (Total) 31
Charting – Trade From Chart Yes
Watchlists – Total Fields 7
Order Type – Trailing Stop Yes

Pepperstone Research Features

Feature Pepperstone
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist Yes
Trading Central (Recognia) No
Delkos Research No
Social Sentiment – Currency Pairs Yes
Economic Calendar Yes

Pepperstone Mobile App Features

Feature Pepperstone
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting – Indicators / Studies 30
Charting – Draw Trend Lines Yes
Charting – Trend Lines Moveable Yes
Charting – Multiple Time Frames Yes
Charting – Drawings Autosave No
Forex Calendar No

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

Pepperstone Reviews

575 • Excellent

Write a review

Write a review

Reviews 575

This one of the best forex companies…

This is one of the best forex companies that exist out there. Great customer service and fast withdrawal.

great broker

great broker! trading here for 4 years
no complaints!

Very great and reliable

I decided to wait till a completed withdrawal

I decided to wait till a completed withdrawal to write this, and it just came through, in less than 24 hours since requested, much faster than my previous broker.

I decided to switch to Pepperstone because although they are an Australian broker (which tends to be the best brokers), Pepperstone have a UK office, where I’m from, great for deposits and withdrawals and customer support, of which has been excellent to me, although my request for an extra account for MT5 is taking a long time, I’ll ask about this, although does not warrant a lower rating at all.

Spreads, trading costs and execution times are as low as you’re going to get from retail brokers, offer MT4, MT5 and Ctrader, lots of choices. And also reassuring they’re regulated by 2 heavyweights the ASIC and FCA. As an experienced trader I’m always sketchy about brokers, especially overseas ones but Pepperstone ticks every box and I’m very happy so far.

Pepperstone Review

A top tier Australian forex broker

Investopedia is committed to rigorous editorial standards to provide our readers with the best advice and recommendations. We may receive compensation when you click on links to products we reviewed. Learn more about our methodology and review process.

  • Account Minimum: AUD $200
  • Fees: Advertised spreads “from 0.0”
  • Best for: Australians looking for top quality

Pepperstone Group has emerged as a top-tier player in the Australian brokerage industry since opening its doors in 2020, building a highly competitive and full-featured trading portal that focuses on forex, commodity, and index instruments. Numerous desktop, mobile, and web-based platforms, excellent educational resources, tight spreads, and multiple account types will appeal to novices and professionals alike.

Pepperstone currently ranks in the following category:

An AUD $200 minimum opening deposit helps new traders get into the game, underpinned by leverage as high as 500:1. Customer accounts are segregated from company funds, providing an additional layer of security in an industry that can go through turbulent periods. Support options are plentiful, highlighted by 24/5 chat/phone support and a comprehensive FAQ that includes clearly stated policies on deposits, withdrawals, and trade disputes.

Website is well-organized and easy to navigate

Excellent trading guides

Conditional orders lack sophistication

No single stock CFD coverage

Scattered and hard to find fee disclosures


Pepperstone holds professional indemnity insurance through Lloyd’s of London. They are an Australian-based broker, regulated by the Australian Securities and Investment Commission (ASIC) under ACN 147 055 703 and AFSL 414530 and the United Kingdom’s Financial Conduct Authority (FCA) under Company Number 08965105 and FRN 684312. ASIC requires financial services firms to “meet strict capital requirements and to implement and comply with internal procedures including risk management, staff training, accounting, and audits.” U.K. traders receive protection up to £50,000 under the Financial Services Compensation Scheme Protection (FSCS).

Client funds are held at National Australia Bank in a segregated account to avoid misuse. Pepperstone Group is independently audited by Ernst and Young. Trading platforms utilize automatic stop-out systems to eliminate negative balances but the website admits that “losses may exceed your deposit amount” in volatile market conditions.

Desktop Experience

Pepperstone offers a broad range of platforms to suit every investment and trading style. Customers can choose between MetaTrader 4/5 and cTrader, a higher end system with direct liquidity provider pricing and advanced technical features that include detachable charts, back-testing, and algorithmic strategy support. Smart Trader Tools for MT4 extend technical functionality, adding a suite of apps that assist with trade execution, market research, and depth of market analysis.

The broker’s website is easy to navigate but recent developments and initiatives aren’t well integrated. For example, account type descriptions refer to MetaTrader 4 but not 5, raising confusion that required clarification through online chat. As the live representative admitted: “MT 5 is new while the website is old.” A similar issue was found with research materials no longer available at a dedicated website that has been taken offline. Fee disclosures would also benefit from a single web location or menu drop-down.

Mobile Experience

Impressive mobile options include MT4/5 and cTrader for iOS and Android. cTrader Web and the MT4 WebTrader provide tablet and iPad access, but there’s no MT5 web version. All mobile versions are useful but limited in functionality, which is expected, but some customers may wish for more sophisticated feature sets.

Research and Tools

Metatrader 4/5 and cTrader provide few research features but the Smart Tools add-on for MT4 partially remedies this deficit. Web-based research is plentiful but disorganized compared to our 2020 review because the dedicated research portal has been taken offline. Account holders must now navigate to the “Market Review” section of the website to access forex and commodity analysis by industry experts that include Kathy Lien and Boris Schlossberg. Pepperstone’s YouTube portal is regularly updated, but it is poorly integrated with the website.

Customers can subscribe to “Daily Market Reports,” described as “high-impact economic events and actionable trading opportunities for your preferred trading session.” Trades can be executed directly from the email, without opening other software. Pepperstone Head of Research Chris Weston also provides regular forex and market content, with YouTube links, through his Twitter handle @ChrisWeston_PS.


Website contains comprehensive educational resources through a dedicated section that includes “Learn To Trade Forex” tutorials, numerous archived and live webinars, and an impressive list of trading guides. Commodity trading is also covered in detail, along with discussions on slippage, hedging, and margin. In addition, Pepperstone uses this section to highlight support options that include platform comparisons, platform guides, and deposit/withdrawal procedures. The site also features standard educational features that include a market glossary and technical analysis tutorials.

Special Features

An impressive roster of social and copy trading partnerships include ZuluTrade, Myfxbook, and Mirror Trader. Social trading features can also be accessed through desktop trading platforms. The broker adds comprehensive technical analysis to MT 4 limited capacity through a free Autochartist plug-in.

They’ve also partnered with Equinix to provide low latency access to the global interbank system, centered through the Equinix Financial Exchange in New York. High-end clients can choose from a wide range of VPS options through this facility.

Investment Products

Pepperstone offers more than 60 currency pairs, 14 index CFDs, seven commodity types, and five cryptocurrencies. All instruments are available in all account types, but cryptocurrency fees aren’t well documented, which is disappointing due to that category’s high volatility and relatively wide spreads. They offer no share trading, either directly or through CFDs, forcing some account holders to miss trading opportunities in Australia and Asia

New clients can choose between the Standard account with a one pip + spread cost and no commissions, or the Razor account with zero pip + spread and commission. Current commission for a one-lot ($100,000) forex transaction is USD 3.76 each way (buy and sell). Account holders can access leverage up to 500:1. Pepperstone also offers a no-swap Islamic account that incurs administration fees after a two-day holding period.

AUD 200 minimum is required to open an account, backed up by a comprehensive list of funding sources that include Visa, MasterCard, PayPal, Bank Transfer, Skrill, and Neteller. Standard credit/debit card deposits get charged 1.8% for AUD currency and 3% for all other currencies. Withdrawal fees vary, with no charges when using Verified by Visa or Mastercard SecureCode. At the other end of the fee spectrum, $20 is charged for international withdrawals. No dormant or inactive fees were found when reviewing site disclosures and FAQs.

Required margin varies with contract value and trading platform. MT 4/5 requires 0.5% of notation value for major index CFDs while cTrader caps leverage at 200:1, with leverage on both platforms dropping on more exotic instruments. Daily financing (benchmark rate + 2.5%), contract rollover, and swap fees are discussed in the fine print but are not transparent in the website FAQs or marketing materials.

Customer Support

A comprehensive FAQ will address most inquiries. The broker offers 24/5 chat/phone support as well as social media portals and an online form entry. Two chat requests at different times of day were answered by a live representative within two minutes. Local clients can walk into the main Melbourne, Australia office, but online support options are likely to produce more rapid results. They also maintain offices in Dallas, London, and Bangkok.

What You Need to Know

Pepperstone offers an excellent choice for Australian traders but is less attractive for European traders due to the lack of share CFDs. Their lightning-fast execution systems, multiple account types, competitive pricing, and multiple platforms outshine the vast majority of worldwide forex brokers. Professionally handled trust issues add to an already outstanding reputation while their commitment to new features and perks should keep this broker on the fast growth track well into the next decade.


Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Our reviews are the result of six months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on their platforms, costs and fees, security, the mobile experience and customer service. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system.

In addition, every broker we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices.

Our team of industry experts, led by Theresa W. Carey, conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels. Click here to read our full methodology.

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