Pepperstone Review

Their spreads are tight, customer service is excellent and it generally garners the praise of customers and industry experts.

Nick's verdict

Pepperstone is one of the most popular brokers that has won praise from users and experts for some very good reasons. Its spreads are competitively priced, its customer service is simply excellent and deposits and withdrawals mostly don’t incur charges in the UK, EU and Australia. It also executes trades quickly and is highly regulated in the jurisdictions in which it operates.

There are two potential drawbacks though. The first is that it doesn’t have its own proprietary software, so you’ll have to use a third-party tool like MetaTrader. We actually loved this aspect as it gives you a bit more freedom to find the platform for you. We also loved the access to tools like Autochartist that can integrate with MetaTrader. However, some do find the out-the-box MetaTrader interface to be basic.  The second drawback is that Pepperstone focuses on Forex and CFD trading which means if you want to trade other asset classes you will have to look for another broker. You should also note CFDs are risky. Between 74-89 % of retail investor accounts lose money when trading CFDs.

💰 Well-priced spreads and fees.

⚖️ Trusted, highly regulated broker.

💨 Fast execution speeds.

🛠️ Lots of tools to help you trade like Autochartist and

🖥️ You’ll probably end up using MetaTrader (which some love some don’t).

📜  Only CFDs and Forex.


Pepperstone is an online forex, spread betting and CFD (Contract for Difference) broker that provides trading services to individuals and institutional clients. Founded in 2010 and headquartered in Melbourne, Australia, Pepperstone has grown to become a globally recognized broker in the financial markets. It’s Grade is 86% making it the best trading platform out there – but you have to keep in mind it only really does forex, spread betting and CFDs.

What are spread betting and CFDs?

Spread betting and Contracts for Difference (CFDs) are both essentially contracts that allow traders to speculate on the price movements of assets without owning them themselves.

These are popular in the financial markets because they offer the potential for profit in both rising and falling markets. However, they also carry a high level of risk, particularly because they are often offered with "leverage" - i.e. where you can borrow more money than you have to amplify any gains and, conversely, any losses.

Account options

[.custom-color]Pepperstone offers a range of accounts to cater to the different types of traders.[.custom-color]

Standard Account

This is a straightforward trading account with competitive spreads (but not as low as other accounts). It doesn't incur trading fees on forex and CFDs so it's probably suitable for the vast majority of novice and intermediate traders.

Razor Account

The Razor account is known for its tight spreads and lower trading costs. It is designed for active traders, scalpers, and those who are more sensitive to spreads. You are however generally charged a commission fee which is the trade off for the tighter spreads.

Swap-Free (Islamic) Account

Pepperstone offers Islamic accounts, also known as swap-free accounts, which comply with Shariah law. Importantly, these accounts do not incur overnight swaps or interest charges.

Active Trader Program

This one is really for the big boys i.e. high-volume and institutional traders. It has a few key benefits, including dedicated account managers, reduced trading costs and customised solutions, but these won't be needed unless you are trading on an industrial scale.

Demo Account

Pepperstone provides demo accounts for traders who want to practice their trading strategies without risking real money. It's a good idea to start with one of these.


[.custom-color]I rate Pepperstone and having one of the most competitive fee structures for CFD and forex. However, they can be a bit complicated.[.custom-color]

The specific fees you’ll encounter when trading with Pepperstone can vary depending on the type of account you choose, the trading platform you use, the financial instruments you trade etc. Typically the types of fees fall into these categories:

  • Spread Costs: "The spread" is the difference between the bid (sell) and ask (buy) prices of something. It tends to be the main cost associated with CFD and forex trading. The spread can vary depending on the account type and exact asset you're trading.

  • Commission Fees: On the Razor account, Pepperstone charges a commission per trade in exchange for a lower spread cost. It tends to work out cheaper for high-frequency and high-volume traders.

  • Overnight Financing (Swap) Fees: If you hold positions overnight, you'll incur a charge. This can change depending on the asset you are holding, but for CFD and spread bets it is 2.5% which I feel is a little high.

  • Deposit and Withdrawal Fees: Pepperstone does not charge fees for deposits or withdrawals made in the UK, EU or Australia. Outside of these areas, you will be charged an eye-watering $20 for withdrawals. I really think this should be reduced.

  • Inactivity Fees: Pepperstone does not charge any inactivity fees.

Range of investments

[.custom-color]It’s good for FX and CFDs but lacks options to buy actual shares.[.custom-color]

  • Forex (FX) Trading: Pepperstone is well-known for its forex trading services. They provide access to over 100 major, minor, and exotic currency pairs (which is significantly more than most).
  • Commodity CFDs: CFDs on things like gold, silver, oil, palladium and agricultural products.
  • Indices: CFDs on indices like the S&P 500, FTSE 100, and NASDAQ.
  • Cryptocurrency CFDs: Pepperstone offers CFDs on 21 cryptocurrencies like Bitcoin, Ethereum, and Litecoin. However, in the UK these are only offered to professional customers.
  • Stocks and Equities: CFDs on individual stocks. This allows traders to speculate on the price movements of individual companies without owning the stocks themselves.

Leverage restrictions

[.custom-color]Leverage restrictions are fairly standard.[.custom-color]

In the UK, Australia and the EU you can leverage major currencies at 30:1, minor currency pairs at 20:1, commodities at 10:1 and individual equities at 5:1. In Australia and the EU you can leverage cryptocurrencies at 2:1, but this is not possible in the UK where the FCA bans it.

Account opening

[.custom-color]Account opening is straightforward. However, you will have to go through an appropriateness test which you’re unlikely to pass if you’re a complete beginner.[.custom-color]

You sign up and register with your email and password (or you can log on with Apple, Facebook or Google if you’re already signed into an account on your browser).

You then go through to the secure client area where you’ll be asked for details like your name, date of birth and phone number.

You’ll then be asked to decide if you want a demo or a live account. After that, you will have to choose your platform and account type. Note that if you choose MetaTrader you will have to enter your password for the platform so it is advisable to set this up first.

If you opt for a live account you will have to take an “appropriateness test” which essentially just asks you about your experience of trading. We decided to say we had no experience trading to see if the checks and balances were working – and indeed they were as we served with the following box:

If you pass the appropriateness test you will then need to upload a picture of your passport, diver’s licence or national identity plus a utility bill or bank statement with your address on it.

Officially, approval is said to take 1-3 working days but, in our tests, we were approved within 24 hours.

Key features

[.custom-color]Pepperstone does not have its own proprietary trading software. Instead, it provides its clients access to third-party platforms such as MetaTrader 4, MetaTrader 5, and cTrader, which are some of the industry’s most recognised trading platforms.[.custom-color]

MetaTrader 4 (MT4):

MetaTrader 4 is a very popular trading platform known for its robust charting tools, automated trading capabilities via Expert Advisors (these are trading robots that have been written in MQL4 – some examples are here), and a very customisable user experience. I think it is suitable for traders of all levels being quite beginner-friendly while still offering powerful functionality.

MetaTrader 5 (MT5):

MetaTrader 5 is an upgraded version of MT4, providing enhanced trading features like more order types, an economic calendar, and better charting tools. It also has a nicer interface and is a bit more user-friendly for people new to trading. MT4 is still the more popular platform as lots of people have already gotten used to it, but if you’re new we’d recommend future-proofing by picking MT5.


You might want to work up to this one as it is quite advanced. cTrader provides Direct Market Access (DMA), fast order execution and a user friendly interface. It’s a suitable platform for scalpers and high-frequency traders.


TradingView is a web-based platform offering a range of charting tools and social networking features. It’s on this latter community point where it really shines offering plenty of advice, tips and even live streams from other users. It’s also the most aesthetically pleasing look and feel. Currently, Pepperstone is one of only two brokers that can offer spread betting through TradingView.


This is Pepperstone’s own web-based trading interface. It is not a bad interface but we would recommend you use one of the third-party tools mentioned above.

For a beginner we’d recommend going with MT5 or TradingView.

Trading tools

[.custom-color]We really liked the array of tools that Pepperstone offers.[.custom-color] is an innovative platform that empowers traders to automate their trading strategies without any coding knowledge. A key feature is that users can translate their trading ideas into automated strategies using plain English. The platform supports real-time monitoring and backtesting - i.e. allowing you to see how your strategy would have done against historical data - allowing you to evaluate your strategies before jumping in. It connects to a bunch oft trading platforms. Additionally, features like looping and scheduling provide you with greater control over their trading activities.


Autochartist is a powerful analytical tool that automates the process of chart pattern recognition, allowing you to use technical analysis to spot opportunities quickly. Using advanced algorithms, Autochartist scans markets in real-time to identify key price levels, trend formations, and chart patterns such as triangles, channels, and Fibonacci retracements. Basically, it lets you automate technical analysis so you can get to opportunities first.

Smart Trader Tools

Retail and Pro clients get access to a suite of 28 apps that they can use with MetaTrader 4 and 5. The top 4 are:

  • Trade Simulator: Trade simulator allows you to use historic data to test your strategy.
  • Mini Terminal and Smart Lines: This streamlines the trading process by allowing you to set predefined calculations for the trades you wish to make.
  • Correlation Matrix: Correlation studies use historical data to help traders understand the relationship between currency pairs, as well as how these move in relation to each other
  • Connect Feature: This brings together your past performance, market information, an economic calendar and industry news into one customisable interface.

cTrader Automate

This is a feature within the cTrader platform enabling traders to create and deploy automated trading strategies the C# programming language. Traders can design trading robots, called cBots, which can then get to work for you. It's pretty advanced stuff.

They also support automated trading via their API.

Social trading

[.custom-color]Pepperstone has done a pretty good job at partnering with reputable social trading platforms[.custom-color]

Pepperstone offers various social trading tools which means you can copy other traders! Here are some social trading tools and platforms that Pepperstone has integrated:

Myfxbook AutoTrade:

This has two parts. Myfxbook is a community platform that allows traders to follow the strategies of experienced traders. AutoTrade is the account mirroring service that enables automatic copying of trades directly in Pepperstone.

MetaTrader Signals:

Within the MetaTrader platforms (MT4/MT5), traders have the option to follow "signals" from other traders. These can be provided for free or sometimes there will be a charge. The signals can be followed manually or trades can be copied automatically to your trading account.

Research and trading ideas

[.custom-color]Pepperstone’s research, insights and trading ideas could be stronger, though their YouTube videos are high quality.[.custom-color]

When trying out Pepperstone,  an area that we felt was really lacking was their market knowledge and tips for trading. They do have a few things you can use:

Economic Calendar

Pepperstone’s economic calendar is a tool for traders to track upcoming economic events, announcements, and data releases. It lists a schedule of events from various countries with impact ratings indicating their potential market significance. The calendar also provides historical data, forecast data for comparison, and updates with actual data post-event. However, it’s quite hard to filter and search.

Market Analysis

The news feed might be the best, but the analysis offered by Pepperstone is pretty decent.  The daily blogs can be quite interesting and their weekly video analysis, The Trade Off, is pretty entertaining too.


[.custom-color]Pepperstone’s educational materials are top-notch.[.custom-color]

Education is an area where Pepperstone shines. It offers:

  • A demo account. This gives you risk-free trading of virtual funds while you cut your teeth.
  • Education materials: Their website has a whole library of well-produced and structured education articles, often complete with videos. These are generally aimed at beginners and those with intermediate experience.
  • Webinars: These are often deep dives for the more experienced trader.
  • A Metatrader 4 course: Though annoyingly there is no MetaTrader 5 course.

How good is customer service?

[.custom-color]Customer service is excellent.[.custom-color]

We tried both the webchat and the phone number for existing customers to see how long it would take us to be connected. On the phone, we were connected to an agent within 15 seconds and our emails were answered within a couple of hours. Our only concern is their automated chat bot which we found quite annoying.

Is it good for beginners?

[.custom-color]Generally it’s good for beginners, but always remember that CFDs and Forex are risky.[.custom-color]

Pepperstone itself is keen to only let you onto their platform once you have a basic level of knowledge (see above how you can get rejected during the sign-up process). To do this it provides great educational materials.

The integration with MetaTrader means you can use a platform that is really well-documented for beginners, or you can use TradingView if you want to spend more time learning by watching others in real-time. We found TradingView especially easy to use in our tests.

We would advise beginners to stay away from CTrader until they find their feet.

Is Pepperstone safe?

[.custom-color]Pepperstone as a business however is really highly regulated.[.custom-color]

Pepperstone is regulated by several huge financial authorities including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. These regulators have stringent guidelines to ensure transparency and fairness. As part of regulatory compliance, Pepperstone is required to keep client funds segregated from company funds. This provides a layer of protection to traders’ money. In addition, if you are in the UK, your funds will be protected up to £85,000 in the event that Pepperstone goes into administration.

Is Pepperstone a good broker?

We have to say yes if you are a fan of MetaTrader and are only looking to trade Forex and CFDs. Their spreads are tight, customer service is excellent and it generally garners the praise of customers and industry experts – and from our tests, we come to exactly the same conclusion. We do wish the interface was a bit more modern, however.

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