Pepperstone review

By   |   Verified by Andrew Boyd   |   Updated 29th September 2022

Pepperstone provides the client with access to trading platforms where they can trade their own money for a much smaller cost.

Based in Melbourne, Pepperstone is an internationally recognised trading platform, well-known for its award-winning 24/7 customer service.

They are also known for low spreads and super-fast 30-minute order execution on various leveraged CFD trading options for stock, forex, and cryptocurrency.

Pepperstone forex

On Pepperstone's website

74-89 % of retail investor accounts lose money when trading CFDs

Pepperstone forex

Highlights

  • Razor sharp pricing from multiple Tier 1 banks with consistently competitive spreads.
  • Offers up to 30:1 leverage, which you can reduce at any time.
  • Get all of your FX trades filled in full, with no partial execution or requotes on market orders.
Pepperstone CFD

On Pepperstone's website

74-89 % of retail investor accounts lose money when trading CFDs

Pepperstone CFD

Highlights

  • Razor sharp pricing from multiple Tier 1 banks with consistently competitive spreads.
  • Low forex, no deposit & withdrawal fee, and no inactivity fee.
  • Regulated by ASIC, BaFin, CMA, CySEC, DFSA, FCA, and SCB.

About Pepperstone

Pepperstone (ABN 82 135 927 918) was founded in 2010 by a team of experienced online traders.

The ASIC-regulated company, Pepperstone Financial Pty Ltd., has its head office in Melbourne and branches in Dallas, Bangkok, Shanghai, and London.

Pepperstone has over 1,200 CFD instruments, of which there are 70 different currencies, precious metals, index CFDs, energy sources, ETFs, shares, and crypto.

Who is Pepperstone good for?

Pepperstone is geared towards individuals trading in forex, especially those who deal with high-volume trading. Its simplicity in design and ease of use make it easier for new traders to learn and grow. Their in-depth trading platform features and a wide range of educational resources make it suitable for new and experienced traders.

Pepperstone has negative balance protection and supports scalping and hedging.

It is connected to China and Japan through the ASX, allowing it to trade in Chinese, Japanese, and Hong Kong markets.

What can you trade on Pepperstone?

Pepperstone provides a comprehensive product line. More than 70 currency pairs, commodities like natural gas and oil, precious metals like silver and gold, and critical indexes can be traded.

Due to regulatory restrictions, different firms under the Pepperstone brand provide other trading instruments.

The available trading instruments vary depending on the trader's country of residency.

Also, the trading instruments offered by Pepperstone differ depending on the trading platform you choose to trade with.

Is Pepperstone safe?

In terms of oversight, Pepperstone is regulated by government bodies in Australia, the US, the UK, Europe, Cyprus, South Africa, and Southeast Asia.

It is regulated by two of the world's most famous financial authorities, including the UK Financial Conduct Authority and the Australian Securities and Investment Commission (ASIC). This puts Pepperstone in the first class of online brokers, which inspires confidence. Pepperstone's trading platforms use industry-standard encryption to protect clients' personal information.

More than 300,000 clients from more than 172 countries currently trade with Pepperstone.

Fees and costs

Pepperstone offers two types of trading accounts, each with its own fee schedule. The standard account, which has a 0% commission, is designed for casual traders.

The cost is built into the spread, so the spreads are at or slightly above the industry norm. For example, the EUR/USD spread is usually between 0.6 and 1.2 pips.

Traders who place large orders will benefit from the Razor account, where there’s a charge of $7 commission for $100,000 worth of transactions.

On the other hand, spreads are incredibly tight and can even be harmful when liquidity is plentiful. The EUR/USD spread averages 0 to 0.3 pip with a Razor account.

Pepperstone does not charge any account fees, regardless of selected account type.

You won't be charged a deposit or withdrawal cost (save for currency conversion fees), and you won't be charged for inactivity if you decide to stop trading for a few months. As most rival online brokers charge an inactivity fee, the lack of one can be very appealing.

Trading platforms and trading tools

Pepperstone doesn't offer its own trading platform. Instead, clients have access to third-party trading tools.

You can choose between MetaTrader 4, MetaTrader 5, cTrader, and TradingView. MetaTrader 4 only supports forex, while MetaTrader 5 and cTrader support forex and CFD trading. All three of these platforms are available online. Any three can be used regardless of whether you trade with a Standard or Razor account.

Both MetaTrader and cTrader are practical tools. You can create custom indicators in either platform, generate trade signals, and backtest a customised trading strategy.

When trading on the web, cTrader is preferable since the suite's online interface offers a more significant number of technical charting tools and makes it easier to create trade signals.

On the other hand, MetaTrader has a slight advantage if you're utilising a desktop version. The algorithmic trading element is built within the application, whereas cTrader requires installing the cAlgo software.

Pepperstone also offers copy trading through Myfxbook in addition to these technical analysis platforms.

You can use this connection to automatically duplicate the positions of expert forex traders in your trading account.

When the experts buy or sell currencies, it is automatically done on your behalf. You have the option of dedicating all or a portion of your account balance to copy trading.

Pepperstone mobile trading

MetaTrader 4, MetaTrader 5, cTrader, and TradingView each offer mobile apps for iOS and Android so that you can trade on the go. All three mobile platforms are very comprehensive.

The charts on the MetaTrader apps are more crowded than on a desktop but make it easier to search for forex pairs and execute trades.

You get access to all the same order flow and risk management tools. The only downside is that you cannot set price alerts from the MetaTrader mobile apps, although you can receive alerts you create through the desktop software.

In the cTrader mobile app, you get access to the same functionality as the web platform, meaning that the algorithmic trading features are built-in.

You can easily customise order settings to manage risk better, and charting with your fingers on a small smartphone screen is surprisingly easy.

Pros and cons

Pros

  • There are two types of accounts for several traders.
  • A large number of forex pairings are available.
  • Directly trade gold, silver, and platinum against the world's major currencies.
  • For FX trading, retail traders can get 30:1 leverage. Professional traders can have leverage of up to 500:1.
  • Regulated by the FCA and ASIC.
  • Supports copy trading with Myfxbook and integrates with MetaTrader 4 and 5, cTrader, and TradingView.
  • Autochartist's customer care is available 24 hours a day, seven days a week by phone and email.

Cons

  • Minimal stock and index CFD selection.
  • No fundamental data.
  • Few account protections for some traders.
  • No promotions and bonuses.

How do I start trading with a Pepperstone account?

Both a demo account and a live account are available to clients. Individuals can use MetaTrader 4 in a risk-free environment with a demo account.

With a demo account, backtesting tools and simulating the present trading environment are possible. Retail clients can trade with 30:1 leverage and professional clients have up to 500:1 leverage ratio with the quickest execution times.

There are some key differences between the Standard and Razor accounts. The Standard version charges no commission but has wider spreads, ranging from 0.6 to 1.2 pips. The Razor account, by contrast, levies commissions starting at $7 round-turn once you've traded $100,000, but with pips ranging from 0 to 0.3 pips.

The Standard account may be more suited to new traders, while scalpers and automated traders should use the Razor account. Traders who place huge orders will benefit from the Razor account.

Pepperstone Broker does not charge any account fees, regardless of the selected account type.

You won't be charged a deposit or withdrawal fee, and you won't be charged an inactivity fee if you decide to take a break from trading for a few months.

Most rival online brokers charge an inactivity fee, so some may find the lack of one appealing.

Pepperstone trading walkthrough

Pepperstone offers many deposit and withdrawal options and various account base currencies.

Pepperstone accepts AUD, USD, GBP, JPY, EUR, CAD, NZD, CHF, SGD, and HKD as account base currencies.

If you fund your account in the same currency as your bank account or trade assets in the same currency as your account base currency, you won't have to pay a conversion fee. (Opening a multi-currency bank account with a digital bank can save traders money on currency conversion fees.)

Pepperstone charges no deposit fees, and deposits can be made by bank transfer, credit/debit cards, PayPal, Neteller, Skrill, POLi, BPay, or Union Pay.

A bank transfer can take days, whereas credit/debit card payments are immediate. You can only deposit money from accounts in your name.

A trader can withdraw money at Pepperstone free of charge to credit/debit cards and electronic wallets, except Skrill and Neteller. Skrill and Neteller withdrawals cost $1.

Alternatives

There are many alternatives to Pepperstone in Australia. These are some of the leading options.

  • eToro. Trade forex, CFDs, stocks listed on US and international exchanges, and crypto.
  • IC Markets. Trade CFDs on forex, stock, commodities, indices, bonds, crypto, and futures. Sydney-based.

FAQs

Who regulates Pepperstone in Australia?

Pepperstone is licensed and regulated in Australia by ASIC.

What is Pepperstone's minimum deposit?

The Pepperstone minimum deposit is $200.

Does Pepperstone have a demo account?

Pepperstone has a demo account for those new to the trading industry.

Does Pepperstone take e-wallet payments?

e-wallet options are available for those based outside of Europe.

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