Pepperstone Review Of 2025
Pepperstone is the top forex broker according to our experience, offering low fees and great customer support. We suggest the Razor account because it has the cheapest trading costs, with spreads starting at 0 pips and a small commission.
Fees
Trading Platforms
Safety
Market Research
Verdict
Product Range
Funding
Funding
Pepperstone Summary
| 🗺️ Tier 1 Regulation | United Kingdom (FCA), Australia (ASIC), Germany (BaFIN) |
| 🗺️ Tier 2 Regulation | Cyprus (CySEC), UAE (DFSA), Kenya (CMA), Bahamas (SCB) |
| 💱 Trading Fees | Low Spreads for Razor and Standard Accounts |
| 📊 Trading Platforms | MT4, MT5, cTrader, TradingView |
| 💰 Minimum Deposit | $0 |
| 💰 Funding Fee | $0 |
| 🛍️ CFDs Offered | Forex, Crypto, Commodities, Shares, Indices |
Why Pick Pepperstone?
In January 2025, Pepperstone was named the world’s top forex broker due to its fast trade execution, excellent customer service, and overall brokerage quality. Their Standard account offers the tightest spreads among brokers with no commission, and with powerful trading tools, they were rated the best MetaTrader 4 broker.
Their standout feature is the Razor account, which offers some of the lowest spreads globally. As a mid-sized broker, they’re not ideal for everyone. Their education, platforms, and support are designed for traders with medium to advanced skills. So, we recommend Pepperstone for intermediate to expert traders.
Pepperstone Pros And Cons
Pros
- Lowest Spread - Standard Account
- Best Trading Platform Range
- Strong Regulation + Reputation
Cons
- No Share Trading Options
- Not Available For US Traders
- Limited Crypto Range
Our Rating
The final rating comes from our experts’ review.
Trading Fees
- Razor Account (Raw Account)
- Standards Account
- Swap Free Account
1. Raw Account Spreads
Pepperstone had the 5th lowest average spreads of the 39 raw accounts we evaluated in January 2025. The broker’s average spread was just 0.29 vs 0.70 for the industry average. This is why the broker is popular for high-volume traders and those who adopt hedging and scalping strategies.|
ECN Broker Spreads |
|||||
|---|---|---|---|---|---|
 |
0.10 | 0.20 | 0.50 | 0.20 | 0.71 |
 |
0.20 | 0.20 | 0.50 | 0.40 | N/A |
 |
0.30 | 0.50 | 0.60 | 0.50 | 0.50 |
 |
0.30 | 0.40 | N/A | 0.50 | 0.50 |
 |
0.44 | 0.42 | 0.50 | 0.40 | 0.30 |
 |
0.17 | 0.30 | N/A | 0.54 | 0.68 |
 |
0.20 | 0.40 | 0.60 | 0.50 | 0.70 |
 |
0.10 | 0.50 | 1.10 | 0.60 | 0.80 |
 |
n/a | 0.50 | 0.70 | 0.60 | 0.40 |
 |
0.44 | 1.23 | 1.17 | 1.13 | 1.23 |
| Raw Account Spreads | Pepperstone | Average Spread |
|---|---|---|
| Overall | 0.47 | 0.72 |
| EUR/USD | 0.1 | 0.28 |
| USD/JPY | 0.3 | 0.44 |
| GBP/USD | 0.3 | 0.54 |
| AUD/USD | 0.2 | 0.45 |
| USD/CAD | 0.4 | 0.61 |
| EUR/GBP | 0.2 | 0.55 |
| EUR/JPY | 0.7 | 0.74 |
| AUD/JPY | 0.5 | 0.93 |
| USD/SGD | 1.5 | 1.97 |
2. Raw Account Commission Rate
Pepperstone’s Razor Account charges a commission of $3.50 per side (per 100k traded) for AUD and USD accounts. For GBP accounts, the fee is £2.25, and for EUR, it’s €2.60. As the table below highlights, these are competitive fees that are roughly on-par with the industry average.| Commission Fee | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| Pepperstone Commission Rate | $3.50 | $3.50 | £2.25 | €2.60 |
| Industry Average Rate | $3.44 | $3.32 | £2.44 | €2.91 |
3. Standard Account Fees
Pepperstone also offers a standard account which has higher spreads but no commissions. Overall, our research showed that a standard account has higher trading fees than a raw account but is often preferred by beginner forex traders. If you prefer this account type, Pepperstone does offer low fees with a lower average spread across the 8 forex pairs compared to 43 other brokers.| Standard Acount Spreads | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY |
|---|---|---|---|---|---|---|---|---|
| Pepperstone Average Spread | 1.1 | 1.3 | 1.3 | 1.2 | 1.4 | 1.2 | 1.8 | 1.5 |
| Industry Average Spread | 1.2 | 1.4 | 1.6 | 1.5 | 1.8 | 1.5 | 1.9 | 2.1 |
4. Swap-Free Account Fees
A Swap-Free Account is also available for Muslim traders who cannot pay or receive interest rates due to Islamic finance practices. The Islamic Account offers the same spreads as the standard account but with swap-free brokerage.5. Other Fees
There are several ‘hidden’ fees many brokers charge on top of spreads and commissions but Pepperstone is not one of them. Here are the primary examples where Pepperstone doesn’t charge a fee:- $0 Deposit Fee
- $0 Withdrawal Fee
- $0 Inactivity Fee
Verdict on Pepperstone Spreads
When combining the 2025 average spreads and commissions we found that Pepperstone provides some of the best pricing worldwide . Traders should chooser their RAW account vs standard account which has overall lower trading fees.
Trading Platforms
Pepperstone offers a suite of trading platform options including MetaTrader 4, MetaTrader 5, cTrader, TradingView and proprietary Pepperstone software.
| Trading Plaform | Available With Pepperstone |
|---|---|
| MetaTrader 4 | Yes |
| MetaTrader 5 | Yes |
| cTrader | Yes |
| TradingView | Yes |
| Proprietary Platform | Yes |
Each platform suits a different level of trading experience and style:
- MetaTrader 4 (MT4): The most popular forex trading platform globally, ideal for automated forex trading strategies.
- MetaTrader 5 (MT5): Offers the same automated trading features but a wider range of tradeable products including share CFDs.
- cTrader: Forex platform with advanced automation and charting tools, suited to more experienced traders focusing on foreign exchange.
- TradingView: Combines advanced charting tools with a social trading community.
- Pepperstone Platform: Best-suited for beginners, the newly released Pepperstone app offers a user-friendly interface making it an easy starting point if you are new to trading.
While the Pepperstone platform is only currently accessible through a webtrader platform and mobile apps, all other options are available as desktop apps (Windows and Mac OS), trading apps (Android and iOS), and a webtrader platform online.
Additionally, free demo accounts are available to test platforms and strategies in a risk-free environment first.
MetaTrader 4
Pepperstone’s MT4 offering has many advantages including:
- Smart trader tools including 28 indicators and EAs (Expert Advisors) to improve MT4 functionality
- Great range of charting tools (31 analytical objects, 30 technical indicators and 9 timeframes)
- 4 pending order types (buy-stop, buy-limit, sell-limit, sell-stop) and 3 order execution types
- Thousands of online plug-in tools including Autochartist for advanced charting features
- Largest trading community meaning a large range of free and paid Expert Advisors for custom indicators and automation tools via MT4 marketplace or Code Base repository.
- Ability to build your own Expert Advisors with MQL4
One consideration when choosing this platform is that one cannot trade CFD stocks.
MetaTrader 5
Unlike MT4, which is designed for trading via decentralised exchanges (e.g. foreign exchange), MT5 is a multi-asset platform that offers more diverse market access. In Pepperstone’s case, its the addition of stock market CFDs.
Additional features included with MT5 (in addition to those found on MT4):
- Advanced charting tools including 44 analytical objects, 38 technical indicators and 21 timeframes (best for scalping)
- Has 2 extra pending order types not available with MT5 – buy-stop-limit and sell-stop-limit
- Access to real volume data unlike MT4 which limits to tick volumes.
- Improved programming language with MQL5 which is said to be more manageable than MQL4 on MT4.
- Backtesting with 64-bit processing meaning MT5 has the power to transmit historical data related to a particular trading strategy, MT4 which is 32-bit can only backtest with a particular pair.
If you’re unsure which MetaTrader platform best suits you then view our exclusive Pepperstone MT4 vs MT5 guide.
cTrader
cTrader is popular with experienced traders since it has extra charting tools that can be customised and with scalpers since some believe processing is faster.
Major benefits of the cTrader platform include:
- Direct access to interbank market depth to implement algorithmic-based FX trading systems.
- An interface that can be personalised with pre-set & detachable charts.
- Extensive backtesting facilities
- Faster processing ability
TradingView
TradingView allows you to analyse and trade directly using TradingView’s advanced charting capabilities. With over 30 million users this platform is useful for technical analysis and screening.
Depending on whether you use the basic or the advanced version, you can use up to 8 charts with different symbols, indicators and time frames simultaneously per screen. You can even distribute these charts over up to 6 monitors with up to 8 charts each.
All charts have up to 90 drawing tools and hundreds of trading indicators, and can be divided into second, minute, hour, day, week and year intervals, as well as by number ranges.
Pepperstone Trading Platform
The Pepperstone Trading Platform is tailored for streamlined and efficient trading, offering features like Quick Switch for seamless chart navigation and live streaming prices for immediate trading decisions.
It provides multiple charting options and technical indicators for in-depth market analysis, along with updates on instrument performance, spreads, and margins. This platform is particularly user-friendly, making it easy to search and find instruments and build customised watchlists.
To enhance your trading experience, Pepperstone also provides a range of add-ons and integrations compatible with the aforementioned platforms.
Social Trading
Pepperstone enhances its offerings with a variety of social trading platforms, each providing unique benefits:
- DupliTrade (Outside AU, UK, Europe, UAE): Offers a signal marketplace to enhance trading strategies.
- MetaTrader Trading Signals (MetaTrader add-on, outside UAE): Provides access to a vast array of strategies within MetaTrader’s social trading network.
- Pelican (UK-only): A comprehensive social trading platform tailored for UK traders.
- Signal Start (by Myfxbook: Outside UK, Europe, UAE): A professional forex signals service that allows providers to send, and followers to receive trading signals conveniently and transparently.
Mobile Trading Apps
Pepperstone enhances its trading platform suite with mobile apps for MT4, MT5, cTrader, TradingView, and their proprietary platform, offering traders the flexibility to manage their trades on the go.
With user-friendly interfaces, these apps ensure that traders can monitor markets, execute trades, and manage their accounts efficiently from their smartphones or tablets, ensuring they never miss a trading opportunity.
Trading Experience
Pepperstone provides excellent trading conditions with fast execution and top-tier liquidity providers. By using tier-1 banks and institutions, Pepperstone is able to avoid partial orders and still achieve an impressive 99.92% fill rate for trades executed.
Trades are executed using Straight Through Processing (STP), with no dealing desk intervention, ensuring market execution with no requotes.
Market execution, while efficient, can sometimes lead to slippage or gapping. However, in our comprehensive testing, Pepperstone demonstrated remarkable performance, ranking as the third fastest broker globally for overall execution speeds.
| Overall Rank | Broker | Market Order Execution Speed (ms) | Limit Order Execution Speed (ms) |
|---|---|---|---|
| 1 | Blackbull Markets | 90 | 72 |
| 2 | Fusion Markets | 77 | 79 |
| 3 | Pepperstone | 100 | 77 |
| 4 | Octa | 91 | 81 |
| 5 | OANDA | 84 | 86 |
Our tests revealed that while the industry average for market orders is 141ms, Pepperstone’s average is significantly quicker at 90ms. This represents a 36% increase in speed over the industry average, underscoring Pepperstone’s efficiency in executing trades.
Pepperstone is able to achieve these speeds by using fibre optic cables and strategically located data centres in New York and London.
Verdict on Pepperstone Trading Platforms
Pepperstone clients benefit through the availability of the most popular forex and CFD platforms from MetaTrader 4, MetaTrader 5 and cTrader to charting platform, TradingView and algorithmic platform, Capitalise.ai.
Is Pepperstone Safe?
Yes, Pepperstone is a safe broker with a trust score of 91 out of 100.
Regulation
Pepperstone is regulated by four ‘tier 1’ financial authorities including the Australian Securities and Investment Commission (ASIC), the UK’s Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CySEC).
| Pepperstone Safety | Regulators |
|---|---|
| Tier-1 | ASIC, FCA, BaFin, CySEC |
| Tier-2 | DFSA |
| Tier-3 | SCB, CMA |
Each Pepperstone branch offers varying levels of protection and risk management tools for retail investors, including features to handle market volatility. Importantly, across all jurisdictions, traders are assured of negative balance protection, safeguarding them in volatile trading conditions.
Reputation
Pepperstone was established in Melbourne, Australia in 2010, and therefore has over a decade of experience in the forex industry. Over 110,000 people search for Pepperstone monthly online, with no major regulatory issues on record since the broker was founded.
Reviews
Pepperstone has a TrustPilot score of 4.4 out of 5 with 2,106 reviews, demonstrating a strong level of client satisfaction and trust.
Verdict on Pepperstone’s Trustworthiness
Pepperstone’s high trust score of 81, combined with oversight from multiple tier-1 regulators, solidify its position as a trustworthy and reliable online broker.
Deposit and Withdrawal
Pepperstone provides a selection of fee-free funding methods and is accessible with no initial deposit required.
What is the minimum deposit at Pepperstone?
There is no minimum deposit to open a Pepperstone account, but the broker recommends that you deposit at least 200 USD/AUD or 500 GBP/EUR. Regardless, you must ensure that your account has sufficient funds to meet the margin requirements for opening a trading position.
Account Base Currencies
Base currencies available include USD, AUD, NZD, CAD, HKD, SGD, GBP, EUR, JPY and CHF. The base currency matters because this is the currency in which your commission is calculated.
Deposit Options And Fees
Pepperstone charges no deposit fees. Payment methods include the following, yet availability varies between regions as shown below.
For instance, PayPal is available with Pepperstone’s Australian and UK branches, but not in the Middle East.
Visa and Mastercard debit and credit cards, as well as bank transfers, are available with all Pepperstone subsidiaries.
Withdrawal Options And Fees
Pepperstone also charges no withdrawal fees. Payment methods differ between jurisdictions and Pepperstone branches. Other than PayPal, no e-wallet methods are available in the UK or Europe, Africa, or the UAE.
Clients in the UAE are unable use credit cards (only debit) unless they are using a ‘professional trader’ account.
Ease To Open An Account
We awarded Pepperstone a flawless score of 15 out of 15 for the account opening process. The entire experience, from beginning to end, was seamless.
During the sign-up process on Pepperstone.com, you are efficiently guided through which documents are required and informed about the various features the broker provides.
Verdict On Pepperstone Funding
Pepperstone stands out by avoiding hidden costs like funding and inactivity fees. With fee-free funding options and no minimum deposit, Pepperstone ranks as a top-value broker overall.
Product Range
Pepperstone offers CFD trading on 1,200+ financial markets including forex pairs, indices, commodities, stocks, ETFs, and cryptocurrency.
CFDs
When trading CFDs (Contract for Difference) you speculate on the movements of financial markets without owning the underlying asset outright.
FX Trading
There are 93 currency pairs available consisting of 7 major, 9 minor, 17 exotics and 30 cross pairs. Major pairs consist of United States Dollar (USD) pegged currencies.
Indices
Pepperstone offers index CFDs that cover 6 indices in North America, 7 across Australia, Asia and Africa and 10 across Europe and the UK. All indices are spread only products meaning there are no commission costs.
Commodities
All commodity products are spread only, meaning traders pay no commission costs.
- Metals: Pepperstone offers the four precious metal CFDs: gold, silver, platinum and palladium as well as high-grade copper.
- Energy: Energy CFDs include Spot Crude, Spot Brent, natural gas, and gasoline.
- Soft Commodities: Pepperstone offers 18 soft commodities. These include cocoa, coffee, corn, hogs, oats, soybeans, soybean oil and soybean meal among them.
Cryptocurrencies
There are 18 cryptocurrency CFD options available and have no commission costs in addition to the spread. As well as popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Dash and Litecoin, Pepperstone offers three crypto baskets:
- Crypto10
- Crypto20
- Crypto30
Disclaimer: cryptocurrency trading is not permitted in the UK.
ETFs
Pepperstone also offers over 100 ETFs (Exchange Traded Funds) across over 35 countries. ETFs are a type of investment fund which focus on a particular sector such as mining, energy, technology, bond markets and retail.
Share Trading
Share CFDs are available on the Australian (ASX), US (NASDAQ and NYSE), UK (LSD), German (XETRA.DE) and Hong Kong (HKEX) stock exchanges. All markets charge a commission per trade, except for US shares where the fee is $0.02 cents per share purchased.
Spread Betting
Pepperstone offers spread betting for its UK clients, presenting a tax-efficient alternative to traditional CFD trading. This form of derivative trading allows you to bet on market movements without owning the underlying asset, yet profits are not subject to Capital Gains Tax (CGT) like with CFD profits.
You can read more about Pepperstone’s Spread Betting Offering here.
Verdict On Pepperstone Trading Products
For those interested in trading more than the forex markets, Pepperstone does not disappoint. In addition to currencies and currency CFDs, traders can explore ETFs, equities, commodities and cryptocurrency.
Customer Service
Pepperstone provides award-winning customer support, taking out the Investment Trends “Overall Client Satisfaction Award” in 2022.
Key elements of Pepperstone’s excellent customer support include:
a) Personalised Customer Service
Pepperstone offers a customer service team that has years of forex trading experience. Their support team consists of real traders allowing them to assist beginners, advanced traders, and experts in answering forex trading questions. In many cases, a trader can also be assigned a dedicated account manager to gain a better understanding of the trader’s needs.
b) 24-Hour Support
Pepperstone support is always available when the forex markets are open thanks to five offices in Melbourne, Shanghai, Dallas, Bangkok and London. This also provides local options for those forex traders located outside Australia.
c) Customer Support Channels
Customer support is available 24 hours via a range of methods including phone, email, and live chat on the Pepperstone website.
Verdict on Pepperston Customer Support
A true best-in-class broker when it comes to trader support, Pepperstone goes the extra mile to ensure that, no matter where you are in the world, you receive timely, personal updates and advice on any technical or trading issues you encounter.
Research and Education
Pepperstone provides learning materials for all traders, no matter their experience:
- Beginners: Simple guides that explain forex trading basics and technical analysis.
- Advanced traders: Detailed webinars on complex strategies and deep market insights.
They also offer tools and resources for market analysis, including fundamental analysis (studying economic factors), to help traders decide wisely:
- ‘The Trade Off’: A weekly show discussing the latest financial market trends with different viewpoints.
- ‘Navigating Markets’: Explains big market moves and events to help traders understand what’s happening.
- ‘The Daily Fix’: Gives daily updates and quick insights on market changes.
- Trading Guides: A big set of articles and guides on topics like fundamental analysis and trading psychology, designed to boost traders’ knowledge.
Final Verdict On Pepperstone
In our final review, Pepperstone scores an impressive 98/100. It stands out for:
- Low spreads: Keeps trading costs down.
- Fast execution: Trades happen quickly.
- Strong regulation: Licensed by top authorities, making it trustworthy.
Pepperstone offers lots of CFDs, especially stocks, and works for all traders—beginners to experts. It provides trading platforms like MetaTrader 4, MetaTrader 5, and cTrader, which come with powerful tools for analyzing the market.
Plus, their online learning resources are a big help for traders who want to improve their skills and understand the markets better.
Pepperstone FAQs
Yes, Pepperstone offers spread betting, exclusively for traders based in the United Kingdom. This form of derivatives trading allows UK clients to speculate on the price movements of financial instruments without directly owning them. On our sister site spread-bet.co.uk the broker was awarded the best spread betting platform in UK.
Spread betting with Pepperstone is a tax-efficient alternative to traditional CFD trading, as profits from spread betting are not subject to UK Capital Gains Tax (CGT).
There is no minimum deposit requirement when opening a trading account with Pepperstone. Yet, the broker recommends a starting deposit of AUD 200 or its equivalent in another currency.
This suggestion is aimed at ensuring traders have sufficient funds to effectively engage in trading activities, but clients are welcome to start with a lower amount if they prefer.
Pepperstone’s demo accounts, lasting for 60 days and offering up to $50,000 virtual funds, are available on platforms such as MT4, MT5, cTrader, and TradingView. These accounts are provided in both standard and razor account pricing.
For clients with live funded accounts, Pepperstone offers up to 10 demo accounts with the option to extend these beyond the typical 60 days.
If you don’t have a live account, you can still access up to 5 demo accounts, which includes two for MT4 (one standard and one razor), and one each for MT5, cTrader, and TradingView.
This arrangement allows both new and experienced traders to practice trading strategies or get acquainted with Pepperstone’s trading platforms in a risk-free environment.
As a retail client at Pepperstone, you can trade with up to 30:1 leverage. However, if you’re trading under the jurisdiction of offshore regulators like CMA (Kenya) or SCB (Bahamas), the leverage can increase up to 400:1.
For professional clients, Pepperstone offers even higher leverage, allowing trading with up to 500:1 leverage, irrespective of the regulatory body.
Pepperstone offers a variety of account types to suit different trading needs, including:
- Razor Account: Best for advanced and expert traders, offering tight spreads starting from 0.0 pips with a commission fee. This account is ideal for strategies like scalping and high-volume trading.
- Standard Account: Designed for beginners, it features no commission and higher spreads, making it a straightforward option for those new to forex trading.
- Swap-Free Account: Also known as an Islamic account, it caters to traders who cannot engage in swaps or interest due to religious beliefs, offering the same spreads as the standard account but without swap fees.
- Professional Account: Tailored for professional traders, this account provides higher leverage options (up to 500:1) and other advanced trading features. It’s suitable for experienced traders with a robust understanding of forex markets and a higher risk tolerance.
- Active Trader Program: While not a separate account type, this program is for high-volume traders, offering benefits like lower commission rates and customized trading solutions.
Each of these accounts is designed to cater to all levels of trading experience, from beginners to professional traders.
You can learn more about the difference between Pepperstone Razor vs Standard Accounts here.
About the Review
To review Pepperstone, our team carefully checked their forex fees using a clear and strict process. We looked at:
Pepperstone’s fee data: The costs they officially share.
Our own trading tests: We traded live to see the real fees.
We compared these fees every month and used a tool called the MT4 Spread Monitor to double-check our findings with actual trading. This way, we made sure our review gives traders a true and detailed picture of Pepperstone’s fee structure.
For more details, you can check:
– Our methodology
– Comparisons with other brokers like [HF Markets](#) and [TD Ameritrade](#).