Pepperstone Review 2022 - The Good and the Bad

Updated May 16 2022

Pepperstone Review 2022 - The Good and the Bad

Pepperstone in a Nutshell

🏛 Regulators BaFin, FCA, ASIC, DFSA, CySec, SCB, CMA.
💳 Minimum Deposit ($) 200
💰 Payment Methods Credit Card, Debit Card, Bank Transfer, Neteller, PayPal, Skrill, POLi, Bpay, UnionPay, Mpesa.
💵 Base Currencies 9 - USD, GBP, AUD, EUR, CHF, HKD, SGD, JPY and NZD
📚 Assets Offered

CFDs on stocks, ETFs, currencies, commodities, cryptocurrencies and indices.

📙 Stocks 1,300 +
📘 Currency Pairs 60
💸 Cryptos 20
💪 Retail Leverage Up to 1:400
💪 Pro Leverage Up to 1:500
✍ Custom Leverage No
🎲 Deleveraged Trading No
🎓 Demo Account Yes
💰 Commissions
  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn

Compare Pepperstone


Pepperstone in 60 seconds

Pepperstone is an Australian broker founded in 2010 that specialises in currency (FX) trading while providing a multi-platform environment accompanied by competitive commissions and a well-built regulatory framework.

Pepperstone Full Review

Here’s what we’ll talk about during our review: 

Is Pepperstone safe?

Pepperstone is a well regulated and safe broker that counts on several global licenses from many regulators. Below you’ll find a list of Pepperstone’s financial regulators:

As you can see from the above list, Pepperstone holds 7 financial licenses.




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Four of these licenses are from outstanding financial regulators (BaFin, FCA, ASIC, DFSA) which leans the positive points balance well in favour of Pepperstone.

Pepperstone’s Minimum Deposit and Withdrawal

Pepperstone has a minimum deposit threshold of $200 and charges no fees for it. Here are their deposit and withdrawal methods:

Bear in mind that each payment method is not always available on all locations as they depend on what each financial regulator allows.

Base Currencies

Pepperstone supports the following base currencies:

A very positive point is that for the majority of clients Pepperstone does not charge any withdrawal fees with the exception of Skrill and Neteller where there is a $1 fee and bank transfer outside the EU or Australia with a fee of $20.

Deposit and Withdrawal Process

Pepperstone is a multi whitelabel platform broker, meaning that all their trading platforms offered are built by independent companies such as MetaTrader (MetaQuotes) or cTrader. This results in them not having an integrated in-built funding experience inside their platforms but rather having a separate client area to perform account management transactions.

Pepperstone's Account Dashboard

We believe that Pepperstone’s account management area is well built and self-sufficient. Any regular user is able to perform deposits, withdrawals, funds transfers between accounts or requesting new trading accounts without requiring any interaction with customer support.

Pepperstone’s Account Types

Asides from the traditional distinction between Standard and professional accounts offered to European traders due to ESMA’s legislation, Pepperstone also has their own internal account types:

Standard Razor
Average EUR/USD Spread of 0.6 Pips Average EUR/USD Spread of 0 to 0.3 Pips
No Commissions Commissions starting from $7 per Lot roundturn

In simple terms, Pepperstone’s standard account is for any regular trader regardless of its volume whereas the Razor account is best designed for high volume traders or professionals that will take advantage of the low spreads.

Pepperstone’s Trading Fees

Pepperstone charges spread and overnight fees in all their accounts and also commissions depending on the account type or asset.


Pepperstone offers one of the most competitive spreads in the Forex industry, let's compare them against other similar brokers using their standard account:

Asset Pepperstone Oanda Blueberry Markets
EUR/USD SpreadDynamic - From 0 to 0.77 PipsDynamic - From 0.8 PipsDynamic - From 0.1 Pips to 1 Pip
SP500 SpreadDynamic - From 0.4 to 1.5 PipsDynamic - From 30 PipsDynamic - From 50 Pips
Gold SpreadDynamic - Average 13.81 PipsDynamic - From 26 PipsDynamic - From 10 Pips
TSLA SpreadDynamic - Market SpreadN/ADynamic- From 18c
XLK SpreadDynamic - Market SpreadN/AN/A
BTC SpreadFrom 30 PipsDynamic - From $100Dynamic - From $12

The reason we didn’t compare Pepperstone’s spreads in stocks is that we firmly believe that Pepperstone is not a good choice for stock traders. To provide some small evidence behind our thinking, when trying to find stocks on their cTrader platform, we couldn’t and it turns out they were hidden under the “Indices” category with names such as MSFT.US (Microsoft Stock).

For experienced traders like us in the review process, it’s fun to play games of hide and seek while trying to find an asset but for the average user, it’s not acceptable.

In our opinion, Pepperstone is a great broker for Currency traders but not at all for stock trading.

Commissions & Fees

Comparing Pepperstone’s razor account where a commission is charged against other similar brokers, we see that Pepperstone is very competitive.

PepperstoneOandaBlueberry Markets
  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

Yes, depending on account type:

  • Standard account has no commissions
  • Direct Account has a commission of $3.5 per lot

The reason for this is that despite them charging a commission on their Razor account of $7 per lot roundturn, it gets compensated with the extremely low spreads from 0.3 Pips which of course pays-off well for high volume traders.

When it comes to stocks, that’s where we’re not satisfied with their charges as they have commissions of:

Their commissions are competitive when compared to other brokers such as IG or CMC Markets which have a $10 minimum charge in-and-out in several shares but of course, compared to brokers like eToro, the offer becomes invalid as there are no commissions at all with tight spreads on stocks.

To finalise, it’s important to note that Pepperstone does not charge any inactivity fee.

In conclusion, Pepperstone’s offer is great for Forex traders but for other asset classes, there are better choices.

Pepperstone’s Available Assets

Pepperstone is clearly a specialised FX broker yet for some time they have also been expanding their reach into other asset classes to increase their competitiveness. Let’s compare them against other brokers:

AssetPepperstoneOandaBlueberry Markets
Stocks1,300 +N/A250
Currency Pairs606845

While Pepperstone’s asset offering may look outnumbered in some areas by major brokers like eToro or, it remains very competitive as the spreads and additional features found in Pepperstone are not easily available in their counterparties.

Pepperstone’s Trading Platforms

Pepperstone did a great job when it comes to trading platforms. Instead of investing millions of dollars in R&D to develop their own, they simply partnered with the best Whitelabel providers out there to offer the best possible platforms for their customers. Currently, Pepperstone offers:

From all these platforms, cTrader is definitely our favourite one as they developed a smooth, fast and responsive experience on mobile and desktop.

Here’s an overview of the home area of cTrader’s Web version:

Pepperstone cTrader Web Version

As you can see, the platform is well designed and provides all the necessary tools at the tip of a finger.

Here’s how Pepperstone’s cTrader mobile version looks like.

Pepperstone cTrader asset view mobile

Clearly, the cTrader team did a great job on their platforms. For the sake of common sense, we’re not planning to go deep in reviewing any of these platforms or the Pepperstone MT4 or 5 versions as in the end, they’re simply a quick modification of MetaTrader with a Pepperstone banner strapped on top.

What matters is that the platform’s choices are well known, broad and convenient.

Pepperstone Research and Analysis Tools

Pepperstone provides the following research and analysis tools:

Besides from the elements mentioned above, since Pepperstone is a MetaTrader and cTrader Broker, both platforms also offer the possibility to integrate interesting tools such as:

All of these tools are very useful and interesting, yet we still lack classic analysis and research tools such as asset filtering based on some conditions, etc.

Pepperstone Educational Tools

Pepperstone provides a section on their website dedicated to education but it’s merely a portal to access a series of blog articles dedicated to learning trading and a few basic tasks accompanied by webinars as well.

When compared to other major brokers that offer integrated online academies, financial glossaries and community forums, Pepperstone’s educational tools leave a lot of room for growth.


Pepperstone did an amazing job in crafting a competitive offer and accompanying it by worldwide known platforms like MetaTrader and cTrader along with tight spreads and low commissions such as the ones offered in their Razor account.

We found their account management dashboard very simple and efficient to use as most of the actions any user wants to perform don't require any interaction with customer support.

Pepperstone main highlights are:

On the negative side, Pepperstone’s stock trading commissions are not competitive when compared to other major brokers which offer no-commission stock trading along with proprietary platforms and tradingview integrations.

Pepperstone is definitely an amazing choice for Forex traders of all levels, but amongst these, it is definitely advanced traders who will find the maximum value in Pepperstone by using their Razor account and their APIs.


Stefano Treviso

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74-89% of retail CFD accounts lose money.