Pepperstone Review

Legal Company NamePepperstone Limited
Year Founded2010
Offices LocationsAustralia
RegulatorsAFSL No.414530, ASIC
Broker TypeECN/STP
Minimum Deposit$200
Maximum Leverage500:1
Minimum Spread0.0 pips
Deposit & WithdrawalBank wire, Visa/Mastercard, Paypal, Skrill, Unionpay
Currency Pairs62
Trading PlatformMetaTrader 4, MetaTrader 5, cTrader
Web-based PlatformsYes
Mobile AppsYes
This homegrown Australian, ASIC-regulated, broker with 500:1 leverage, super tight spreads on the majors, has impressed us continually and has a strong Global following. With top ratings in areas like client satisfaction, customer service, financial transparency, and trade execution speeds, we feel that this broker is definitely worth checking out. You even get Qantas Frequent Flyer points for transactions.

Who might benefit from trading with Pepperstone?

Anyone who wants an STP account with a reputable broker which is regulated in Australia.  The spreads are tight, the account minimum deposits are reasonable for the standard trader.  If you want a VIP account of a Micro account, Pepperstone is not for you.  In addition, I got tripped up by the negative balance protection, which actually does allow for losses great than your account balance – so making it not real negative balance protection.

Live Account Types:

Besides the demo account, Pepperstone as three strong account options for the traders.

Standard Account: This is the Pepperstone classic account that offers Interbank spreads and competitive liquidity with no commission on the trades.  Use your MT4 account on this account, get negative balance protection and even electronic assistance with risk management.  A good standard account, with a very solid foundation and not many additional frills.

Razor Account:  This is the more premium of the accounts, where Pepperstone really demonstrates transparency by making the cost of every trade available to you.  With this account and a minimum deposit of $200, you get even tighter spreads from deeper liquidy centers, while being allowed EAs, hedging, and scalping.

Islamic Account:  Very similar in setup to the Razor account with a $200 minimum deposit this account is a straight-through-processing and swap free account.

Opening Live Accounts:

From the overview screen, select Request New Live Account, and then select which platform, account type (see above) and leverage you would like to have for your account.

Pepperstone Account Overview

Create a Demo Account

Creating a demo account is easy.  Inside the client area select (see above) select the Request new Demo Account and complete the form as shown below.  This account will automatically close after 30 days, at which point you can open another should you need.

pepperstone create demo account


Pepperstone is a good match for Australians because the broker is ASIC regulated with License #414530.   Client’s trading funds associated are held in separate segregated client trust accounts with the National Australia Bank.  In addition, broker staff must meet high standards which are achieved through continuous training.  Additionally, Pepperstone is also regulated under registration number 684312 by the FCA.


The two most popular trading platforms are available at Pepperstone.

  • MetaTrader4 which is easy to use has charting features and executes trades very easily.  MetaTrader4 is the gold standard of Forex trading software that is compatible with most ECN/STP brokers.
  • cTrader is used mainly by the more advanced Forex trader on day trades and using expert strategies.

The speed of the transactions is due to Pepperstone having a direct fiber optic link to Equinox, just 18 km from Wall Street.

Spreads and Leverage

Leverage is one of the highest on the market at 500:1 and spreads can be as low as 0.1 pips when dealing with USD/EUR in the Razon account.  The spreads might even go as low as 0 when there is more liquidity in the market and access to capital.

Deposits and Withdrawals

All the major cards can be used with all accounts. Withdrawals by Australians into Australian banks is a smooth and speedy operation, as is with credit cards.

Deposit Form:

Select an account, select the funding method and the amount.

Pepperstone Deposit Form

Pepperstone Deposit Form

Quick Deposit:

Once you have set up a default payment method, the quick deposit option becomes available.  Again, select the trading account you wish to fund, choose the payment method and then the amount.

Pepperstone Quick Deposit Form

Pepperstone Quick Deposit Form

Withdrawal Screen:

Withdrawing should be quick and easy.  This functionality is the test of a good broker.  Different options are offered each with a different ETA time for the funds to land in your account.

Pepperstone Withdrawal Form

Pepperstone Withdrawal Form

Customer Support

Pepperstone is a fairly new player in the Forex game compared to most other brokers, but it has worked hard to build a great reputation through good support.  24-hour email and phone assistance are available from any of the London, Melbourne, Shanghai, Dallas and Bangkok offices.

My thoughts.

Pepperstone is a solid Forex trading company that provides top customer service, with great technology and with trading conditions that are hard to beat.  If you want an Australian ASIC-regulated broker, Pepperstone is a strong competitor.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.