Pepperstone Review


Legal Company NamePepperstone Limited
Websitehttps://pepperstone.com
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, 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 worth checking out. You even get Qantas Frequent Flyer points for transactions.

Account Types

Pepperstone as four account types for the traders.

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.

Standard Account

The standard account is the Pepperstone classic account which 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.  The standard account is a rock-solid foundation with few additional frills.

Razor Account

The razor account is the more premium of them, where Pepperstone 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 centres, 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.

How to Open An Account

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

Pepperstone Account Overview

Regulation

Pepperstone is a good match for Australians because the broker is ASIC regulated with License #414530.   Segregated client trust accounts with the National Australia Bank keep client’s trading funds safe, and continuous compliance training is required for all staff to meet the high internal standards.  Additionally, Pepperstone is also regulated under registration number 684312 by the FCA.

Trading Platforms

The two most popular trading platforms are available at Pepperstone.

  • MetaTrader4 which is easy to use, has chart features and executes trades very quickly.  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 fibre 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 to 0 when there is more liquidity in the market and access to capital.

Deposits and Withdrawals

Accounts can be funded with all major credit cards. Withdrawals by Australians into Australian banks is a smooth and speedy operation, as is with credit cards.

Deposits

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

Pepperstone Deposit Form

Pepperstone Deposit Form

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

Withdrawals

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

Who should trade with Pepperstone?

Pepperstone is suitable for anyone who wants an STP account with a reputable ASIC-regulated broker.  The spreads are tight, and the account minimum deposits are reasonable for the standard trader.  If you wish to have a VIP account of a Micro account, Pepperstone is not for you.  Besides, I got tripped up by the negative balance protection, which does allow for losses great than your account balance – so making it not real negative balance protection.

Compare Pepperstone

Pepperstone Vs. ICmarkets

 PepperstoneICmarkets
FundingBank wire, Visa/Mastercard, Paypal, Skrill, UnionpayCredit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many More
RegulatedAFSL No.414530, ASICASIC (AFSL No. 335692)
Broker TypeECN/STPECN
Currency Pairs6265+
Minimum Spread0.0 pips0.0 pips
Minimum Deposit$200$200
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit PepperstoneVisit ICmarkets

Pepperstone Vs. XM

 PepperstoneXM
FundingBank wire, Visa/Mastercard, Paypal, Skrill, UnionpayBank wire, Visa/Mastercard, Skrill , Neteller
RegulatedAFSL No.414530, ASICEU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
Broker TypeECN/STPMarket Maker
Currency Pairs6255+
Minimum Spread0.0 pips0.0 pips
Minimum Deposit$200$5
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit PepperstoneVisit XM

Overall

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.

Pepperstone
4
Pepperstone Logo

Product Name: Pepperstone

  • Trading Conditions
  • Platform Choice
  • Regulation & Oversight
  • Customer Support

Pros

  • ASIC Regulated
  • Tight Spreads on Major Pairs
  • MT4 & MT5 Support
  • Copy Trading

Cons

  • None of significance
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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.
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