Pepperstone Review 2021 - The Good and the Bad

Updated Nov 15 2021

Pepperstone Review 2021 - The Good and the Bad

Pepperstone in a Nutshell

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74-89% of retail CFD accounts lose money

Overview

Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.

Best For
  • Professional traders that day-trade or scalp
  • Algorithmic traders using their own custom built robots
  • Experienced traders
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The Good
  • Well regulated on several jurisdictions
  • Low latency, fast execution under 30ms
  • Competitive spreads and low commissions from 0.0 pips on their Razor account
The Bad
  • Avaliable asset offering is not that comprehensive
  • No ability to purchase real stocks or cryptocurrencies, only CFDs
Status
Operational
Recent News
Key Data
⌛ Account Opening Time Up to 1 day
📋 Documents Required
  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

🏛 Financial Regulators
BaFin (German Federal Financial Supervisory Authority)
Financial Conduct Authority
Australian Securities and Investments Commission
ADGM Financial Services Regulatory Authority
Cyprus Securities and Exchange Commission
Securities Commission of the Bahamas
Capital Markets Authority of Kenya
📍 Year Founded 2010
💳 Minimum Deposit $200
💰 Payment Methods
Visa
Mastercard
Bank Transfer
Neteller
Paypal
Skrill
💵 Account Base Currencies 9 - USD, GBP, AUD, EUR, CHF, HKD, SGD, JPY and NZD
🗽 Available to U.S Citizens No
❌ Restricted Countries CA, NZ, JP, BE, KR, KZ, AR, PR.
📊 STP Account Yes
📊 DMA Account No
📊 ECN Account No
Assets
📚 Available Assets
Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs
📙 Stocks 1300 +
📘 Currency Pairs 60
📗 Commodities 31
📕 Indices 28
📔 ETFs 100
💸 Cryptocurrencies 20
📒 Bonds N/A
📓 Options N/A
📗 Futures N/A
📝 Notes All Pepperstone assets are CFDs.
Trading Experience
📈 Minimum Stocks Trade Size Varies by Stock
📉 Minimum ETFs Trade Size Varies by ETF
📈 Minimum Crypto Trade Size Varies by Crypto (Eg: 0.01 BTC)
📉 Minimum FX Trade Size $1,000 (0.01 Lots)
📈 Minimum Commodities Trade Size Varies by Commodity (Eg: 0.1 Troy ounces of Gold)
📉 Minimum Bonds Trade Size N/A
📈 Minimum Futures Trade Size N/A
📉 Minimum Options Trade Size N/A
💪 Retail Leverage 1:30
💪 Professional Leverage Up to 1:500
✍ Customisable Leverage No
🎲 Deleveraged Trading No
🎓 Demo Account Yes
📱 IOS App Yes
📱 Android App Yes
📺 MetaTrader 4 Yes
📺 MetaTrader 5 Yes
💻 Web Trader Yes
💻 TradingView Platform No
💻 Proprietary Platform No
📊 Multi-chart tools Yes
👬 Copy Trading Yes
👫 Social Trading Yes
🔑 Guaranteed Stop-loss No
🔨 Trailing Stop-loss Yes
Fees
💰 Inactivity Fee No
💰 Deposit Fees No
💰 Withdrawal Fees No
💰 Commissions
  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn
Spreads
📈 EUR/USD Dynamic - From 0 to 0.6 Pips
📉 SP500 (CFD) Dynamic - From 0 to 0.6 Pips
📈 GOLD (CFD) Dynamic - 0.6 Pips on Average
📉 TSLA ( Stock CFD) Dynamic - Market Spread
📈 XLK (ETF - CFD) Dynamic - Market Spread
📉 BTC From 30 Pips
Research and Analysis
⭐ Watch Lists Yes
🔭 Stock Screener No
🗓 Economic Calendar Yes
📜 Integrated Newsfeed Yes
📡 Reuters Feed No

Compare Pepperstone

Vs.

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. Four of these licenses are from outstanding financial regulators (BaFin, FCA, ASIC, ADGM) which leans the positive points balance well in favour of Pepperstone. On the other hand their other licenses (CySec, SCB, CMAK) are from less reputable financial regulators which in the end nets a TTBTrust score of 7.1 out of 10 for Pepperstone.

According to our research methodology, having outstanding financial licenses is great, but accompanying them by other low tier licenses doesn’t benefit the total score. We do know from our research of Pepperstone’s reviews, processes and user opinions that they are a safe broker but we still appreciate when a broker doesn’t hold any low reputation licenses at all or the minimum possible.

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.

Spreads

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

  Pepperstone Oanda eToro
EUR/USD Spread 0.6 Pips 0.8 Pips 1 Pip

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.

  Pepperstone Oanda Blueberry Markets
Commission From $7 per lot roundturn $0 (Only currency conversion fee based on your account’s base currency) $7 per lot roundturn

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:

Asset Pepperstone Capital.com eToro
Stocks 1300+ 3800+ 2000+
Currency Pairs 60 140 47
Commodities 31 33 14
Indices 28 37 13
ETFs 100 115 145
Cryptocurrencies 20 27 26
Bonds N/A N/A N/A
Options N/A N/A N/A
Futures N/A N/A N/A

While Pepperstone’s asset offering may look outnumbered in some areas by major brokers like eToro or Capital.com, 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.

Verdict

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.

Author

Stefano Treviso

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74-89% of retail CFD accounts lose money

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75.26% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

Available Assets

Stocks
Currencies
Cryptocurrencies
Commodities
ETFs
CFDs
Indices

Minimum Deposit

$, €, £ - 20

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Australian Securities and Investments Commission
National Bank of the Republic of Belarus

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Apple Pay
Skrill
iDeal

Top Features

  • Customisable leverage for each asset class
  • Integrated with TradingView platform
  • User friendly web and mobile platform

68% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$50 up to 200

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Australian Securities and Investments Commission
Financial Services Authority Seychelles

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Skrill

Top Features

  • Buy real shares without leverage
  • Social and copy trading platform
  • More than 12 million users

74-89% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$200

Regulators

BaFin (German Federal Financial Supervisory Authority)
Financial Conduct Authority
Australian Securities and Investments Commission
ADGM Financial Services Regulatory Authority
Cyprus Securities and Exchange Commission
Securities Commission of the Bahamas
Capital Markets Authority of Kenya

Payment Methods

Visa
Mastercard
Bank Transfer
Neteller
Paypal
Skrill

Top Features

  • Well regulated on several jurisdictions
  • Low latency, fast execution under 30ms
  • Competitive spreads and low commissions from 0.0 pips their Razor account

72% of retail CFD accounts lose money

Available Assets

Stocks
Currencies
Cryptos
Commodities
ETFs
CFDs
Indices
Options

Minimum Deposit

$, €, £ - 100

Regulators

Cyprus Securities and Exchange Commission
Monetary Authority of Singapore
Financial Conduct Authority
Australian Securities and Investments Commission

Payment Methods

Visa
Mastercard
Bank Transfer
Paypal
Skrill

Top Features

  • Publicly traded company on LSE
  • CFDs on American Options offered
  • Easy to access live chat support

77% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$, €, £ - 0

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Polish Financial Supervision Authority
National Securities Market Commission (Spain)

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Skrill

Top Features

  • Low Forex Spreads
  • Advanced platform with customisable spaces
  • Publicly traded company in WSE

Your Capital is at risk

Available Assets

Stocks
Currencies
Commodities
Indices
Cryptos
CFDs

Minimum Deposit

$100

Regulators

Australian Securities and Investments Commission
Securities Commission of the Bahamas

Payment Methods

Visa
Mastercard
Bank Transfer
Neteller
Paypal
Skrill
DragonPay
USDT (Tether)

Top Features

  • Allows deposits with cryptocurrency USDT (Tether)
  • Up to 1:500 leverage for experienced traders
  • Free Forex VPS (Virtual private server) to run your MetaTrader setup

74-89% of retail CFD accounts lose money

Available Assets

Currencies
Commodities
Indices
Cryptos
CFDs

Minimum Deposit

$, €, £, - 0.

Regulators

Financial Conduct Authority
Australian Securities and Investments Commission
Monetary Authority of Singapore
Investment Industry Regulatory Organization of Canada
Financial Futures Association of Japan

Payment Methods

Visa
Mastercard
Bank Transfer
Paypal

Top Features

  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs

73.59% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
Indices
CFDs

Minimum Deposit

$200

Regulators

Cyprus Securities and Exchange Commission
Australian Securities and Investments Commission
Financial Services Authority Seychelles

Payment Methods

Visa
Mastercard
Bank Transfer
Bitcoin
Sofort
Neteller
Paypal
Skrill

Top Features

  • Customisable leverage per asset before opening trades
  • Interbank rates and low commissions
  • Great platform variety

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74-89% of retail CFD accounts lose money