Pepperstone Review

Pepperstone - No. 1 for spreads*. Lightning-fast execution. Exceptional client service.

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All trading involves risk. Only risk capital you're prepared to lose.

Broker Spotlight: Pepperstone Review 2020

Pepperstone is a forex broker established in 2010 in Australia. They expanded to London in 2015 to cater to the growing European client market and now also offer CFD trading. It is safe to trade with Pepperstone because they are rated as an average-risk broker. They are regulated by two top-tier licensing authorities, i.e., The Financial Conduct Authority in the U.K. and the Australian Securities and Investments Commission. 

*Number 1 for Spreads according to Investment Trends 2018 Australia Leverage Trading Report, based on a survey of over 18,000 traders and investors.

Pepperstone Trading Platforms

The broker offers third-party web trading platforms that can be customized by the user. The website has a clean look and available in several languages. The design does need an upgrade, compared to other broker websites.

There are three types of trading platforms to choose from:

  • MetaTrader 4
  • MetaTrader 5
  • cTrader

The MetaTrader 4 platform is available in the most number of languages. The position and size of tabs can be easily changed on all platforms. It takes some time to learn where things are while using them. One unique advantage Pepperstone has over its competitors is the platform displays a clear fee report. 

Pepperstone Trading Instruments

Pepperstone does not offer a wide selection of products, but it does provide a competitive pricing scheme. The instruments include foreign exchange, cryptocurrency, and CFDs (which are considered a high-risk product). With the commission-based account, it is also possible to benefit from active trader rebates once you are eligible. 

Pepperstone Fees and Commissions

Pepperstone offers two different account types that provide a separate price model. The Razor Account is commission based while the Standard account incorporates the commissions into the spreads. The fees charged for these account types also varies. 

Standard Account:

There are no commissions with the standard account, but they offer higher spreads in a less competitive environment. On average, the ranges were 1.13 pips on the USD/EUR for the third quarter of 2019. One pip increase is offered on any scale to users with this account type

Razor Account:

If you have a Razor Account, you can choose between the cTrader or the MetaTrader platform. The commissions are added to the prevailing spreads, and the average spread value during the third quarter of 2019 was 0.16 pips on the USD/EUR. These values are comparable to other peers in the industry when you include the commission of 0.753 pips to obtain the total cost of 0.91 pips using the MT4 (for the cTrader, it would come out to be 0.86 pips).

Clients prefer the Standard account since it is more straightforward, and all the fees are incorporated into the spread. However, experienced users who prefer algorithmic traders and scalpers trading styles will enjoy a lower cost setup that comes with the Razor account.

Pepperstone Discounts and Offers

Pepperstone has an active trading program as well, where you can get discounts on the applicable commission rates. The value of the discount depends on the deposited amount and the expected volume of trading. The minimum amount required to trade is 200 lots, which qualifies you for the lowest-tier, and the rebate offered is $1 per lot. This offer is only valid for Razor account holders. The discounts are a way for Pepperstone to improve its position in the active trader category. 

United Kingdom - Pepperstone Ltd, Company: 08965105 | FCA Number: 684312
Australia - Pepperstone Group Limited | ACN 147 055 703 | AFSL No.414530 


There are many resources for trading ideas on the website. They also have technical reports written by their research team to help traders make educated moves. However, a lot of fundamental data is missing, and the news quality could be better.

Third-party tools such as AutoChartist, which is a popular software for running pattern recognition and generating automated trading signals, can be accessed through Pepperstone. They have Smart Trader Tools available on the MT4 as well. You need to have at least a balance of GBP or AUD 500 to use the add-ons, such as sentiment traders.

Trading Volume

The leverage decided the volume you can trade-in, and it depends entirely on your needs. With increased force, it is possible to enter into larger trades because the margin requirement goes down. Decreasing force can reduce the ability to open a more significant position because the marginal cost is lower. When managing the risks associated, position sizing matters, so when choosing the leverage, make sure you are comfortable with the threat.

Pepperstone Customer Service 

Customer service is available in many languages such as English, Vietnamese, Russian, and Thai. There are multiple options for reaching out to a representative for 24 hours, five days a week. The live chat connects instantly and almost always offers helpful answers. Phone support is also connected within seconds, and the person you talk to is professional and friendly. Email queries are replied to in a matter of hours with the relevant links attached for help. You can reach out to customer support from Friday to Sunday.

Pepperstone TrustPilot Ranking

Pepperstone is evaluated as an average-risk broker with a total Trust Score of 83 out of 99 – 4.5 stars out of five. They do not trade publicly. On the review site Trustpilot they have an excellent score.