Pepperstone Overall rating

	Rating	Weight
User Rating	4.3 (101 reviews)	3
Popularity	4.0	3
Regulation	5.0	2
Pricing rating	4.5	1
Features	Not rated	1
Customer Support	Not rated	1

We tested Pepperstone using real-money live accounts. Our reviews are unique in that they do not have any bias for or against any broker and are driven purely on the underlying data we compile from live account testing, regulatory data, and opinions from customers. We list all brokers and do not charge a fee for it. We offer additional visibility for a fee, but our review content cannot be influenced. Read our About Us page to read our editorial guidelines and how we make money.

Trustworthiness & Regulation

Pepperstone is a well-established broker founded in 2010, which has built a strong reputation in the forex industry. It is regulated by several top-tier regulatory bodies including the Cyprus Securities and Exchange Commission (CY CySEC), the Australian Securities and Investments Commission (AU ASIC), the UK's Financial Conduct Authority (UK FCA), the Kenya Capital Markets Authority (KE CMA), the Bahamas Securities Commission (BS SCB), and the Dubai Financial Services Authority (AE DFSA). This wide array of regulatory oversight ensures a high level of trust and safety for client funds.

The broker enjoys a high level of popularity and web traffic, with 1,355,772 organic monthly visits, ranking 25th out of 1102 forex brokers for organic traffic. User reviews are overwhelmingly positive, with a rating of 4.3 out of 5 based on 101 total reviews, 96 of which are from users with verified real trading accounts.

Pepperstone is ranked 28th out of 1102 forex brokers based on user ratings and 18th based on our expert's rating. It has a popularity rating of 4.0 out of 5, reflecting its strong presence in the market.

Company	Licenses & Regulations	Segregated Client Money	Deposit Compensation Scheme	Negative Balance Protection	Rebates	Max. Leverage Retail Clients
Pepperstone Group Limited	Australia - AU ASIC					30 : 1
Pepperstone EU Limited	Cyprus - CY CYSEC		up to €20,000			30 : 1
Pepperstone Limited	United Kingdom - UK FCA		up to £85,000		Professional Clients Only	30 : 1
Pepperstone Markets Limited	Bahamas - BS SCB					200 : 1
Pepperstone Markets Kenya Ltd	Kenya - KE CMA					400 : 1
Pepperstone Financial Services (DIFC) Limited	United Arab Emirates - AE DFSA					30 : 1

Deposit Insurance

Pepperstone offers deposit insurance and investor compensation schemes under its regulatory frameworks. For instance, clients under the Cyprus Securities and Exchange Commission (CY CySEC) and the UK's Financial Conduct Authority (UK FCA) benefit from compensation schemes that protect their deposits if the broker fails.

Additionally, client funds are segregated from the company’s operational funds across all regulatory jurisdictions, ensuring added security. However, it's important to note that while Pepperstone is well-regulated, even highly regulated and successful financial firms have failed in the past, so it's crucial to remain informed and cautious.

Spreads and Costs

Pepperstone offers competitive spreads across various asset classes, which are generally in-line with or lower than the industry average. The broker's forex spreads, for instance, average 1.87 pips, which is competitive compared to other leading brokers.

Commodity spreads are also attractive at 0.10 pips on average, while indices average 2.26 pips, making Pepperstone a cost-effective choice for traders.

Combined Spread/Commission Costs by Asset Class Compared to Market Leading Brokers

Crypto averages comprise (BTCUSD, ETHUSD), forex averages comprise (EURUSD, USDJPY, GBPJPY, EURGBP, AUDNZD, CADCHF), indices averages comprise (US30, AUS200), and commodities average comprises (XAUUSD, XAGUSD) and that data is sampled every 10 seconds for 24 hours to calculate the average. Forex is stated in pips, and the others are stated in base currency. All spreads including both spread and commission calculated in.

Our data comes from our sophisticated spread analyzer tool, which collects live account information and syncs with our performance analytics system. To compare all brokers and instruments with the latest live data, visit our spread analyzer tool. A spread is the difference between the bid (sell) and ask (buy) price of an asset and can vary widely between brokers and account types.

Some brokers charge higher spreads but no commission, while others charge both, making it crucial to assess the total cost, which includes both spread and commission. Our values reflect this all-in cost. Note that some brokers may set low costs on popular pairs like EURUSD but higher rates on other instruments.

Many brokers also advertise "as low as" spreads that may not reflect the true average or include commissions. Comparing true all-in cost averages across various instruments and asset classes is vital for accurate assessment.

Combined Spread/Commission Costs Per Instrument Compared to Market Leading Brokers

Comparison to other Brokers

Pepperstone stands out among other brokers for its strong regulatory framework, being overseen by top-tier regulators such as CY CySEC, AU ASIC, UK FCA, KE CMA, BS SCB, and AE DFSA. This extensive regulation provides a high level of trust and security for clients.

In terms of user reviews, Pepperstone is highly rated with a score of 4.3 out of 5, based on 101 reviews, 96 of which are from verified real trading accounts.

Compared to industry-leading brokers like IC Markets, Vantage Markets, XM, FxPro, ThinkMarkets, and HFM, Pepperstone offers competitive spreads and costs. Its forex average spread of 1.87 pips is competitive, though not the lowest, and its commodities average of 0.10 pips is among the best. However, its swap rates are slightly higher than some competitors.

Pepperstone also enjoys high popularity and web traffic, with 1,355,772 organic monthly visits, ranking 25th among 1102 brokers. The broker has been in business since 2010, making it a well-established entity in the forex market.

Trading Platforms - Mobile, Desktop, Automated

Pepperstone offers a variety of trading platforms to cater to different trading needs. MetaTrader 4 and MetaTrader 5 are well-known for their robust charting capabilities and support for automated trading through MQL4 and MQL5 respectively.

TradingView is popular for its user-friendly interface and advanced charting tools, with automated trading support via Pine Script. cTrader is another powerful platform known for its intuitive interface and support for automated trading using cAlgo in C#.

The Pepperstone Trading App provides a mobile trading solution but does not support automated trading. Each of these platforms offers unique features and benefits, making Pepperstone a versatile choice for traders with varying preferences and trading styles.

What Can you Trade?

Pepperstone offers a wide range of tradable instruments across various asset classes. These include over 90 Forex CFDs, more than 25 Crypto CFDs, over 900 Stock CFDs, more than 20 Stock Index CFDs, and 30+ Commodities CFDs. Traders can access a diverse portfolio of instruments, enabling them to diversify their trading strategies.

It is important to note that Pepperstone primarily offers CFD trading, which allows traders to speculate on price movements without owning the underlying asset. This type of trading provides leverage, which can amplify both gains and losses. For more information on the specific instruments available, visit Pepperstone’s official website.

Available Leverage

Pepperstone offers different leverage levels depending on the regulatory jurisdiction. For clients under CY CySEC, AU ASIC, UK FCA, and AE DFSA regulations, the maximum leverage for retail clients is 30:1.

In Kenya (KE CMA), the maximum leverage is significantly higher at 400:1, and in the Bahamas (BS SCB), it is 200:1. The Bahamas entity also offers leverage up to 500:1 for professional clients only. These leverage levels allow traders to control larger positions with a smaller amount of capital, but it is important to use leverage cautiously as it can increase both potential profits and losses.

Prohibited Countries

Pepperstone cannot open client accounts for residents of certain countries due to regulatory restrictions. These prohibited countries typically include the United States, Canada, Japan, Iran, Iraq, and some other jurisdictions where local laws prohibit or restrict the offering of certain financial products.

For a complete list of prohibited countries, it is advisable to check directly on Pepperstone’s official website or contact their customer support.

Pepperstone Account types

	Standard	Razor
Commission	-	$3.50 Per Side Per Lot
Maximum leverage	400:1
Mobile Platform	cTrader Mobile, MT4 Mobile, MT5 Mobile, Proprietary, TradingView Mobile
Trading platform	cTrader, MT4, MT5, TradingView
Spread Type	Variable Spread
Minimum Deposit	200
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	Standard
Maximum leverage	400:1
Typical Spread	0.5-1.8
Trading platform	cTraderMT4MT5TradingView
Mobile platform	cTrader MobileMT4 MobileMT5 MobileProprietaryTradingView Mobile
Spread type	Variable Spread
Minimum deposit	200
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	Razor
Commission	$3.50 Per Side Per Lot
Maximum leverage	400:1
Typical Spread	0.0-1.0
Trading platform	cTraderMT4MT5TradingView
Mobile platform	cTrader MobileMT4 MobileMT5 MobileProprietaryTradingView Mobile
Spread type	Variable Spread
Minimum deposit	200
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

Pepperstone Web traffic

Our web traffic data is sourced from SimilarWeb and sums the traffic data of all websites associated with a broker. Organic visits are visits the broker didn't pay for, based on the available data. This data updates once monthly and can be based on data purchased from internet service providers, traffic metrics sourced by a third party such as Google Analytics that the company chooses to share with SimilarWeb, etc.

Pepperstone Profile

24 hour support

Segregated Accounts

Islamic Accounts

Accepts Canadian clients

Accepts Japanese Clients

Non expiring demo

Trading API

Cent accounts

Negative balance protection

Social trading

Regulatory deposit insurance

Trailing stops

Bonuses

Interest on margin

Fixed spread

Variable spread