Pepperstone Broker Review – Does This Forex Broker Stack Up?

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By Theo Madsen

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Pepperstone Review

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Pepperstone Broker Review

  • Commissions & Fees
  • Investment Offerings
  • Trading Platforms
  • Customer Service
  • Education and Research
  • Trustworthiness


If you’re in the forex trading sector then the broker, Pepperstone, may be something you’ve come across. Pepperstone is a large forex broker with a wide variety of clients and features. So, is this broker right for you?


  • Heavy and reliable regulation with the FCA and ASIC
  • Global markets able to be traded from single platform
  • Tight spreads
  • Familiar platforms


  • No stock CFDs
  • Cannot accept US clients

About Pepperstone

Pepperstone is one of the largest CFD and Forex brokers in Australia, serving thousands of clients around the world. They have proven themselves over the years to be able to assist both retail and institutional investors to achieve their investment objectives. Originally started by just a handful of people, Pepperstone has since grown into a large international firm.

Pepperstone allows traders to access the entire world through contract for difference markets and of course the currency markets. They use industry standard technology and infrastructure for fast execution with direct access to multiple destinations of liquidity in the markets without the burden of a deal desk interfering or slowing the process down.

Pepperstone opened in 2010 by a veteran team with years of experience in the FX and technology industries. The home base in Melbourne Australia also has offices in Dallas, Bangkok, and London. Originally created as an alternative to the growing frustration among traders using online base Forex firms with slow execution, the firm aimed to offer superior technology that uses low latency execution, offering low cost spreads as well. The company now offers trading in over 65 countries and is heavily regulated by the Australian Securities and Investment Commission, and the Financial Conduct Authority of the United Kingdom. By being regulated by two of the world’s strictest and reliable financial entities, this gives a certain amount of gravitas to the firm.

Pepperstone Review

Pepperstone Account Opening

Pepperstone allows individuals to open up accounts with as little as $200 deposit, giving them access to all 80 assets that the broker offers. Our four different types of accounts available, including the Edge Standard, which is institutional grade straight through processing spreads, Edge Razor, which has a $3.50 commission based on one lot trades, Edge Swap-Free that offers straight through processing spreads, and then a specialized Edge Active Traders account, which is for high-volume and institutional traders.

The process for opening an account is simple, as you simply create your login information, fill out a fast and secure application form, confirm your identity through various government documents as you would see anywhere else, and then simply fund the account and start trading. It is a relatively quick process, but there is a little bit of delay in confirmation of identity, just as you would see with most other brokers around the world due to anti-money laundering rules.

Product Offerings

As mentioned previously, Pepperstone offers both currency trading and contract for difference markets. The Forex offerings are wide and varied, including both the major pairs that you would expect, right along with some rather exotic pairs. The spreads are very tight, and as a result traders enjoy the ability to scalp pairs that they may not necessarily be able to at other brokerage firms.

Commodities are offered, including crude oil and metals. The spread on these CFD contracts are very tight, some of the best that I have seen offered. There are also some futures CFD’s offer to as well, which would include essentially what people would call “soft commodities”, such as cotton, orange juice, and the like. Finally, indices are available to be traded, and spanned the entire world. The spreads on the indices CFD’s are some of the best I have seen as well, and even during off market times remains quite tight.

The following indices are available to trade through CFD markets:

  • Australia 200
  • European 50
  • France 40
  • Germany 30
  • Italy 40
  • Japan 225
  • Spain 35
  • United Kingdom 100
  • US 500
  • NASDAQ 100
  • US 30
  • US 2000
  • Hong Kong 50
  • China 50

The following soft commodities futures are available through CFD markets:

  • US Dollar Index
  • Cotton
  • Orange juice
  • Sugar
  • Coffee
  • Cocoa

The following hard commodity markets are available to trade through CFD markets:

  • Gold/USD
  • Silver/USD
  • Brent Crude/USD
  • WTI Crude Oil/USD
  • Gold/EUR
  • Silver/EUR

The following Forex markets are available at Pepperstone:

  • AUD versus CAD, CHF, JPY, NZD, SGD, USD
  • CAD versus CHF, JPY
  • CHF versus JPY, SGD
  • NOK versus JPY, SEK
  • NZD versus CAD, CHF, JPY, USD,
  • SEK versus JPY
  • SGD versus JPY
  • XAR versus JPY

The following cryptocurrencies are also available as CFDs:

  • Litecoin
  • Dash
  • Ethereum
  • Bitcoin Cash
  • Bitcoin

Pepperstone Commissions and Fees

There are no fees per se at Pepperstone, only commissions. Commissions are calculated for the Razor account at AU$3.50 per 100,000 units traded. This is a little bit cheaper than usual, and by using that account you can get tighter spreads, for example the 0.0 – 0.8 spread on the EUR/USD pair will be rather attractive.

It should be noted that if you are using the cTrader platform, the commission is seven units of the first quote currency in the pair that you are trading. As an example, if you are trading the NZD/USD pair, one lot will charge a total of seven New Zealand dollars. This may take a little bit getting used to, but at the end of the day it’s just a simple reminder of what it’s like to trade in a more institutional environment.

With the other accounts, you are looking at straight through processing with a simple spread as your cost. The spreads are very tight, and much lower than many of the other competitors out there. This will save you money over the longer-term, as your trading fees will be drastically reduced. The only main difference between them will be whether there is swap figures or not, as some people choose the swap free account due to religious reasons. Sometimes referred to as “an Islamic account”, these accounts simply do not factor in swap at the end of the session but function the same with the same type of spreads that you can expect in the other ones.

Pepperstone Platforms and Tools

Pepperstone Smart Tools

Pepperstone offers a ton of charting package is, including the Metatrader ecosystem. They offer both version 4 and version 5, with the ability to run these on both Windows and Mac machines. There are also iPhone options, as well as android options. There is a platform for iPad and tablets, as well as the WebTrader, which of course is an Internet based trading platform that you can access from anywhere. They also offer Smart Trader Tools, which work within the Metatrader ecosystem, and can greatly improve trading. We are particularly interested in the correlation trader and matrix tools, as well as the sentiment trader, which is very helpful for retail traders. What’s even better is that they offer plenty of videos explaining how to use each tool, which are freely available either through the website or YouTube.

Pepperstone Correlation Trader

Pepperstone Metatrader 5

Beyond that, they also offer the cTrader ecosystem, which many of you will be used too. They offer a standalone version, a web-based version, a mobile version, and interestingly enough an algorithmic based version for those of you who have robots or algorithms that you are looking to trade. As markets are starting to focus more on algorithmic trading, this could put Pepperstone at the forefront of retail trading in the future as well. Obviously, depending on your strategy this may be a viable alternative.

Pepperstone Platforms

The educational section is rather good, as Pepperstone offers courses, trading guides, glossary functions, and live webinars. The educational section at Pepperstone is rather extensive, and quite well written. As somebody who is familiar with educational products throughout the world, for a brokerage firm the section at Pepperstone is quite good.

Pepperstone Differentiators

One of the biggest differentiators of Pepperstone is that it is regulated in both Australia and the United Kingdom, offering it a significant amount of reliability built into the regulatory body. Beyond that, you can get institutional type spreads with deposits as little as $200. Most of the spreads that I am seeing at this brokerage firm are typically saved for those who are either institutional traders or have larger accounts. This is one of the big driving points of Pepperstone from the beginning: trying to level the playing field between retail and institutional traders.

The wide range of markets also helps, as it allows the trader to trade the entire world. Leverage runs all the way up to 500:1, but obviously some markets will be different, such as crypto currency which is just at 5:1, although it should be pointed out that is very large for most firms. Please remember though that leverage cuts both ways, meaning that if you are inexperienced you may wish to dial this back just a bit.

Customer Service

Pepperstone has strong customer service, as they are available 24 hours a day on days that the markets are open. You have the ability to call 24 hours for phone support, as well as live chat and email. There are phone numbers and email for each office that are clearly denoted on the website, as well as maps to the actual office themselves. They are clearly wide open and transparent when it comes to support for their customers and offer a plethora of languages in which you can communicate. Pepperstone has long been known for quick reaction times to customer concerns, as they have fully staffed support centers around the world.

Pepperstone Trustworthiness

Pepperstone has an excellent rating at several forums, as well as good standing with the Australian and British authorities. The group has been around for several years now, and has grown exponentially, and without any major disciplinary actions. The fact that they have grown to trade in over 65 countries in less than a decade suggests that they are obviously doing something right. As being one of the largest brokerage firms in Australia, they are high-profile enough that you can be assured that the Australian authorities are watching.

Pepperstone has started out with an intention of serving the client, and by all accounts seems to have done exactly that. They offer quite a bit of different educational opportunities as well and seem to take a keen interest in their clients. They have long been active in the trading community for the benefit of the community itself, and this shows in many of the partnerships that they have around the Internet via trading webinars, the occasional competition, and the high level of information that they offer on YouTube freely to all traders, not just their clients.


Pepperstone is one of the strongest brokers out there that we have experienced and has thousands of fulfilled and satisfied clients. They are heavily regulated, with two of the more stringent regulators watching them. The fact that they are based in Australia as opposed to some of the offshore countries that seem to attract the less scrupulous brokers is a huge advantage as well, as they are easily traced. Remember, transparency is a huge advantage to a reputable broker, and quite frankly any reputable broker will be transparent as most retail traders struggle. There is no need to be less than transparent, as longer-term relationships benefit both parties anyway. Pepperstone has long been known as one of the most trustworthy agencies in Australia, if not the markets in general.

Looking around on the Internet, you will see a lot of positive reviews about this brokerage firm, and we would have to agree with that. With the wide array of tradable products, Pepperstone is obviously a place where traders can take advantage of global trends and economic situations. It is quite possible that traders will feel right at home here, and with the tight spreads that they offer can save considerable money over the longer-term. You can never discount just how much you can save over the course of the year by a simple drop in the cost of execution.

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Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

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