Pepperstone Review 2024

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Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
Updated

4.8 / 5
Pepperstone is #5 in our CFD broker rankings.
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
$0
MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill

Awards

  • Best Forex Broker - DayTrading.com 2024
  • Best Overall Broker - DayTrading.com 2023
  • Best Trading App - DayTrading.com 2022
  • Best Forex Broker - DayTrading.com 2021
  • Best MT4 Broker - Good Money Guide 2023
  • #1 Overall Client Satisfaction - UK Investment Trends 2022
  • #1 Value for Money - UK Investment Trends 2022
  • #1 Quality of Trade Execution - UK Investment Trends 2022
  • #1 Ease of Platform Navigation - UK Investment Trends 2022
  • #1 Charting - UK Investment Trends 2022
  • Best Forex Broker Overall - Compareforexbrokers.com 2022
  • Best MT4 Broker - Good Money Guide Best MT4 Broker 2022
  • Top 5 MetaTrader brokers - Broker Chooser Top 5 MetaTrader Brokers 2022

Pros

  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.

Cons

  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
Go to Pepperstone

Pepperstone Review

In this review of Pepperstone, we weigh the benefits and drawbacks of opening an account by examining the overall day trading environment, drawing on first-hand testing experiences and comparisons with our extensive database of online brokers.

Regulation & Trust

4.6 / 5

Year after year, Pepperstone emerges as one of the most trusted brokers with authorization from 4 Green-Tier regulators, a clean track record and dozens of industry awards, underscoring its reliability.

Pepperstone has obtained approval from various regulatory bodies in recent years and operates in compliance with industry standards across the jurisdictions it operates in:

Pepperstone adheres to industry safeguards such as segregating client accounts from business assets and providing negative balance protection to retail investors.

This means that should serious issues arise with the broker, clients based in the UK are covered by the Financial Services Compensation Scheme for sums up to £85,000. Clients from Germany and Austria can recover 90% of their securities claims, capped at €20,000, and receive full reimbursement for cash claims up to €100,000.

Clients from other European countries (EU and EEA nations) are protected by the Cyprus Investor Compensation Fund (ICF) for amounts up to €20,000. Unfortunately, clients located outside the EU and the UK do not receive any form of protection.

Considering the negatives, Pepperstone does not hold a banking license, is not listed on a stock exchange, and its financial information is not publicly available – unlike category leaders IG and Plus500, which are listed on the London Stock Exchange.

I’d also like to see the company implement two-factor authentication (2FA) for additional account security.

Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Regulation & Trust Rating
Regulators FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB NFA, CFTC
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Accounts & Banking

4 / 5

Live Accounts

Pepperstone offers a choice between two main accounts: Standard and Razor.

The Standard account features variable spreads without commissions, ideal for beginners, whereas the Razor account caters to traders seeking the narrowest spreads, ideal for experienced day traders.

Both account types provide access to all instruments and share the same minimum deposit of $0 and minimum order size of 0.01. No minimum deposit is a real advantage, as some day trading brokers require a minimum of at least $250, making them less attractive to budget traders.

Accounts can be opened in 10 base currencies, including USD, EUR, GBP and AUD, simplifying account management in your preferred currency. By comparison, eToro accounts are restricted to a USD base currency, with the broker charging a currency conversion fee if you deposit or withdraw with another currency.

Pepperstone also offers a swap-free account option for Islamic traders who can’t receive or pay swaps.

The process of opening a live account with Pepperstone was refreshingly straightforward and digital, with the online application taking just a few minutes to fill out. Despite a bit of a wait for account verification, which took a few hours, the option to fund my account in the interim was a convenient surprise.

Demo Accounts

A complimentary demo account lets you test the variety of trading platforms without financial risk with up to $50,000 in virtual funds.

However, a notable drawback is the limited duration of the demo account for MT4/5, which remains active for only 60 days (cTrader/TradingView demo accounts do not expire).

I prefer brokers offering unlimited demo accounts, facilitating ongoing trials of new trading systems alongside my live accounts. Although Pepperstone says it can change an MT4/5 demo account to a non-expiry demo account if you are approved and have a live and funded account, a non-expiry demo account can still be archived if it’s non-active after 90 days.

Opening a demo account at Pepperstone
Opening A Demo Account

Deposits & Withdrawals

Pepperstone doesn’t provide a huge range of deposit methods, but those offered are low-cost, secure, and rapid. As with other brokers, the availability of supported payment methods varies based on your location.

For EU and UK traders, options include credit/debit cards, bank wire transfers, and PayPal. Meanwhile, day traders operating under different jurisdictions gain access to additional e-wallets including POLi, BPay, Neteller, Skrill, and Union Pay.

Making a deposit to Pepperstone
Account Funding

I find funding my Pepperstone account really easy, especially with cards and PayPal offering nearly instant deposits.

Additionally, the absence of deposit or withdrawal fees is a significant relief. Having said that, clients residing outside the EU and Australia encounter a less competitive withdrawal fee of $20 for bank withdrawals.

Withdrawals take longer, but I’ve never waited more than 2-3 days for my payments to arrive.

Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Accounts & Banking Rating
Payment Methods BPAY, Credit Card, Debit Card, Mastercard, Neteller, PayPal, POLi, Skrill, UnionPay, Visa, Wire Transfer Credit Card, Debit Card, Mastercard, PayPal, Visa, Wire Transfer ACH Transfer, Credit Card, Debit Card, Mastercard, Neteller, Skrill, Visa, Wire Transfer
Minimum Deposit $0 $0 $100
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Review Review Review Review

Assets & Markets

3.8 / 5

Pepperstone boasts a fantastic array of trading instruments, offering opportunities across global markets.

With over 1,300 assets available, ranging from forex and stock CFDs to commodity CFDs, ETF CFDs, and cryptocurrency CFDs, Pepperstone offers more diversity than the majority of competing brokers, but its offerings are limited to CFDs, so you won’t own the underlying stocks, ETFs or cryptocurrencies.

The selection of indices is particularly strong, with stock indices, currency indices and crypto indices, offering broader exposure to popular markets.

In recent years, Pepperstone has also made significant enhancements to its instrument suite, continually adding new equities, currency pairs, and commodities, thereby expanding opportunities for day traders. In early 2024, it added dozens of new European share CFDs.

You can speculate in various asset classes, including:

Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Assets & Markets Rating
Trading Instruments CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Forex, Stocks, Futures, Futures Options
Margin Trading Yes Yes Yes
Leverage 1:30 (Retail), 1:500 (Pro) 1:30 (Retail), 1:250 (Pro) 1:50
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Leverage

Leverage differs based on the market, registered entity, and account type.

UK and Australian traders, for instance, have a maximum leverage of 1:30, while international clients can access up to 1:200. Professional clients may have access to higher leverage, up to 1:500.

All retail accounts feature a 50% stop-out level, which is reasonable. Professional accounts have a lower stop-out level of 20%.

Given the risk of large losses while trading with leverage, I recommend that new traders in particular take a proactive approach to risk management.
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Christian Harris
Author

Fees & Costs

4.4 / 5

Pepperstone provides excellent pricing, especially since it tightened forex spreads in 2021, but still can’t beat IC Markets for spreads or commissions.

The Standard account offers commission-free trading, featuring variable spreads averaging around 1 pip, which should be appealing if you’re a casual trader seeking transparent pricing.

Alternatively, the Razor account provides raw spreads starting from 0 pips, coupled with a nominal commission of $3 per lot, per side. This offering compares favorably with industry averages and is an attractive choice if you are looking for the narrowest spreads when day trading.

 

Spreads at Pepperstone on popular instruments
Razor Spreads

However, it’s when you factor in the Active Trader program, which offers spread rebates based on your monthly trading volume and the relevant tier, that Pepperstone emerges as a particularly low-cost option for serious day traders. In the UK and EU, trading a minimum of $10 million per month (equivalent to 100 standard lots) in any commodity qualifies for rebates, which is 5% per lot (rates differ for forex and indices). Traders conducting over 500 lots monthly can negotiate further rebates.

It’s worth mentioning that during my in-depth tests I found that commissions on MetaTrader platforms were slightly higher at $3.50 per lot per side compared to cTrader and TradingView.

Additionally, Pepperstone applies a modest commission on share CFDs, applicable across all account types. This includes a 0.10% fee for UK stocks and 0.07% for Australian shares.

One notable downside is that costs for holding positions overnight are higher than average, though this won’t impact day traders closing out positions before the end of the day.

Also, in contrast to brokers like Interactive Brokers and eToro, Pepperstone does not provide interest payments on cash balances, an increasingly attractive use for idle funds.

Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Fees & Costs Rating
EUR/USD Spread 0.1 0.8 1.2
FTSE Spread 1.0 1.0 1.0
Oil Spread 2.5 2.8 2.5
Stock Spread 0.02 0.02 0.14
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Platforms & Tools

4.4 / 5

Desktop Platforms

Pepperstone does not offer its own proprietary platform, which is a frustrating omission for newer traders, but it compensates for this by supporting four leading third-party platforms: MetaTrader 4, MetaTrader 5, cTrader, and TradingView.

Despite my personal reservations about MetaTrader’s somewhat outdated interface, its extensive customization options, wide range of technical indicators, advanced charting tools, and comprehensive back-testing capabilities make it hard to overlook for serious traders. Additionally, MetaTrader offers access to a diverse library of pre-built robots available in the marketplace.

cTrader presents a strong competition to MetaTrader, particularly in its charting module, which offers a greater variety of time frames (26) compared to MT4 (9) or MT5 (21). With its user-friendly order entry and one-click trading features, along with customizable configuration settings, cTrader is my preferred platform.

Placing a trade on Pepperstone's cTrader platform
cTrader

Both MetaTrader and cTrader offer default indicators and additional algorithmic plugins. Disappointingly, although cTrader has built-in copy trading functionalities for replicating the trades of other traders, Pepperstone does not support this functionality – unlike IC Markets – but it does support MetaTrader Signals and DupliTrade if you are interested in copy trading alternatives.

The integration of TradingView by Pepperstone is a game-changer, offering not just advanced charting but also a social network for traders to exchange ideas, making it an invaluable tool for traders aiming to stay ahead of the curve. Also, its intuitive design and customizable interface allows effortless adjustments to layouts, color themes, and technical indicators.

Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Platforms & Tools Rating
Platforms MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Mobile App iOS & Android iOS & Android iOS & Android
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Review Review Review Review

Mobile Apps

Access to the MetaTrader, cTrader and TradingView platforms is available via independent mobile apps for Android and Apple devices, as well as through their web-based platforms.

During testing, the apps integrated seamlessly with my Pepperstone account, making for a smooth and thoroughly enjoyable trading experience with most of the functionality found on the desktop software.

My only minor complaint is that smaller screen sizes can make charting trickier, even on mobile-optimized trading apps.

Also, there is no proprietary app, offered by brokers like AvaTrade, with comprehensive account management and trading capabilities, which ensure a more complete mobile trading experience.

Extra Tools

Pepperstone is one of a select number of day trading brokers to offer Capitalise.ai. The powerful tool helps you automate trading based on pre-defined instructions with simple English commands.

I particularly like that you can backtest and simulate strategies before executing under live market conditions. Additionally, the large catalog of examples is useful for traders looking for a starting point.

Capitalise.ai backtesting
Capitalise.ai

Pepperstone also offers two virtual private server (VPS) solutions, providing 24/7 connectivity: ForexVPS and New York City Servers. These are reliable, low-latency services that protect against technical interruptions, making Pepperstone a premier option for algo traders.

Another bonus is that Pepperstone will cover VPS fees for users who are part of the Active Trader program.

Research

4.3 / 5

There’s a well-rounded array of research content, available in both video and written formats, but there’s no real news feed or social community beyond TradingView, which detracts from the trading experience, especially compared to eToro.

That said, Pepperstone’s ‘Smart Trader Tools’ is a really useful suite of 28 MetaTrader add-ons with features including sentiment and trend line indicators, as well as a correlation matrix to help reduce your trade exposure to similar currency pairs.

Autochartist is also available for pattern recognition and trading ideas.

AutoChartist Tool
Autochartist

In-house research includes multiple daily articles and videos covering technical and fundamental analysis. This content is available across Pepperstone’s website and YouTube channel.

It’s clearly presented and easy-to-follow, making it a valuable resource for day traders at all levels.

Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Research Rating
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Review Review Review Review

Education

4 / 5

Aimed at beginner traders, the official website hosts trading guides, videos, webinars, and more. There are also educational videos available on Pepperstone’s YouTube channel which I’ve poured through.

The educational resources are reasonable and cover most of the basic aspects of trading forex and CFDs. It’s a shame the resources aren’t categorized by experience level, which would help to simplify the process of finding suitable materials.

Educational guides at Pepperstone
Training Guides

Particularly valuable are the comprehensive MetaTrader 4 guides, which offer detailed assistance for traders unfamiliar with the platform. The guides cover everything from platform download procedures to chart customization and Expert Advisors installation, providing valuable support for beginners.

It’s a just shame that these resources can’t accessed from your account page, so many traders might be oblivious to them. I’d also like to see Pepperstone add more advanced courses with progress tracking for a more interactive learning experience.

Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Education Rating
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Review Review Review Review

Customer Support

4.6 / 5

Pepperstone stands out among leading brokers for providing customer support 24 hours on weekdays and 18 hours on weekends. Support is offered in multiple languages via telephone, email, and live chat.

Additionally, Pepperstone offers a comprehensive FAQ section on its website, covering major topics such as deposits and withdrawals, account opening, platforms and tools, and trading conditions.

While I find the chatbot function somewhat frustrating, you can easily transfer to a live agent from the menu without waiting to be prompted. I consistently receive helpful responses within minutes.
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Christian Harris
Author
Comparison of similar brokers 2024
Pepperstone IG FOREX.com
Customer Support Rating
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Review Review Review Review

Should You Trade With Pepperstone?

Based on our personal tests and in-depth evaluation, Pepperstone emerges as one the best forex and CFD brokers. It boasts a versatile range of trading platforms and tools, coupled with excellent fees, superb customer service, and a heavily regulated trading environment.

Beginner traders will find the $0 minimum deposit, complimentary demo account, comprehensive educational resources, and transparent fee structure particularly appealing.

Meanwhile, experienced traders will appreciate the features of the Razor account, the Active Trader program, and the cutting-edge technology that ensures reliable execution.

Finally, scalping, hedging and algo trading are all allowed, making Pepperstone a terrific option for a variety of trading styles.

FAQ

Is Pepperstone Legit Or A Scam?

Pepperstone is a legitimate and reputable day trading broker. It is regulated by several respected financial authorities, has won numerous awards for its services, and has a large client base of over 400,000 traders across the globe.

Is Pepperstone A Regulated Broker?

Pepperstone is a heavily regulated broker, operating under the oversight of several reputable financial regulatory authorities worldwide, including ASIC in Australia, FCA in the UK, and CySEC in Cyprus, among others.

Is Pepperstone Suitable For Beginners?

Pepperstone is suitable for beginners thanks to its $0 minimum deposit, free demo accounts, rich educational resources, and transparent fee structure.

Although the broker doesn’t offer its own proprietary platform to simplify trading, it supports all the market-leading third-party platforms and offers excellent customer service.

Does Pepperstone Offer Low Fees?

Yes, Pepperstone offers relatively low fees compared to many other brokers, especially for serious day traders using the Razor account and qualifying for the Active Trader program.

Additionally, Pepperstone does not impose deposit or withdrawal fees, nor does it charge an account inactivity fee, reducing non-trading costs to near zero.

Is Pepperstone A Good Broker For Day Trading?

Pepperstone is one of the best brokers for day trading because it offers competitive pricing with tight spreads and low commissions, making it cost-effective for frequent trading. Additionally, it provides fast order execution speeds and reliable trade execution, which is crucial for capitalizing on short-term market movements.

Furthermore, there’s support for a range of advanced trading platforms, including MetaTrader and cTrader, which offer comprehensive charting tools, automated trading plug-ins and VPS hosting.

Does Pepperstone Have A Mobile App?

Pepperstone does not provide its own proprietary trading platform. Instead, you will need to utilize the mobile versions of one of the supported third-party charting tools: MT4/MT5, cTrader, or TradingView. These are available on iOS and Android devices and provide a reliable environment for mobile traders based on tests.

Is Pepperstone An ECN Broker?

Pepperstone is an ECN/STP broker. It sources prices directly from external liquidity providers with no dealing desk intervention. It also boasts an impressive 99.90% fill rate.

Top 3 Alternatives to Pepperstone

Compare Pepperstone with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pepperstone Comparison Table

Compare Pepperstone With Similar Brokers
Pepperstone IG Interactive Brokers FOREX.com
Rating 4.8 4.4 4.3 4.5
Markets CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, Stocks, Futures, Futures Options
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $0 $0 $100
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA NFA, CFTC
Bonus Active Trader Program With A 15% Reduction In Costs
Education Yes Yes Yes Yes
Platforms MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Leverage 1:30 (Retail), 1:500 (Pro) 1:30 (Retail), 1:250 (Pro) 1:50 1:50
Payment Methods 11 6 6 8
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
FOREX.com
Review

Compare Trading Instruments

Compare the markets and instruments offered by Pepperstone and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Pepperstone Trading Instruments
Pepperstone IG Interactive Brokers FOREX.com
CFD Yes Yes Yes No
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper Yes Yes No No
Silver Yes Yes No Yes
Corn Yes No No No
Crypto Yes Yes Yes No
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs Yes Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting Yes Yes No No
Volatility Index Yes Yes No No

Pepperstone vs Other Brokers

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Customer Reviews

  3.8 / 5

This average customer rating is based on 4 Pepperstone customer reviews submitted by our visitors.

If you have traded with Pepperstone we would really like to know about your experience - please submit your own review. Thank you.

  2

Not sure I’ll keep trading with Pepperstone. Signing up took me ages and I can’t trade Bitcoin, which I thought most brokers offer these days. Will probably change broker.

✍ Paul P | 🌐 United Kingdom | December 18, 2023
  4

Pepperstone has been really good for my day trading strategies. Execution speeds are fast and the charting platform is really good with more indicators and drawing tools than I need. I’ve also found the support team are always quick to respond if I have a question. I won’t move from Pepperstone any time soon.

✍ Simon | 🌐 Wales | December 18, 2023
  4

This is a great broker for day trading. Reliable execution, very tight spreads and excellent charting tools in cTrader. I would have liked longer to use the demo account but not the end of the world.

✍ Shawn S | 🌐 United Kingdom | November 27, 2023
  5

Pepperstone is a top-rate broker in my view. The selection of tools is excellent, especially Capitalise.ai which lets me build algo trading strategies with zero coding background. Execution is also fast and reliable which is important for me as a day trader. Signing up took a while, but a small price to pay.

✍ Erik | 🌐 Sweden | November 14, 2023

Submit Your Own Review of Pepperstone

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