Read our comprehensive Pepperstone review below.
WHAT IS PEPPERSTONE?
Found in 2010, Pepperstone is a respectable forex and CFD brokerage firm with its headquarters located in Melbourne, Australia. This online broker is regulated by ASIC and FSCA.
At Pepper stone, clients can trade a range of trading instruments, such as Forex, Index CFDs, Share CFDs, Commodities, Cryptocurrencies, and Currency index CFDs.
The broker also offers a variety of trading platforms to its traders, including MetaTrader 5 (MT5), MetaTrader 4 (MT4), and cTrader.
Pepperstone is an established forex and CFD broker in Melbourne, Australia. The company was founded in 2010 by a group of expert traders with a common goal to develop global online trading. They are regulated by the Financial Conduct Authority and the Australian Securities & Investments Commission.
Since 2010, the company has grown into one of the best brokers in forex globally. Today, Pepperstone has more than 57,000 traders around the world while handling roughly 12.55 billion US dollars’ worth of trades on a daily basis. They are recognised for their outstanding client service, value for money, and exceptional trading conditions.
Is Pepperstone a good broker? Here are some benefits of trading with Pepper stone:
- Value for money with Pepperstone’s swift execution speeds and low-cost pricing.
- Peace of mind with segregated funds and regulations by ASIC and FCA.
- 3 great platforms, including MetaTrader 4, MetaTrader 5, and cTrader Pepperstone.
- More trading options with over 150 instruments across various asset classes.
- Complete control over a trading account through a secure client section.
Pepperstone is globally recognised by many top awards bodies for its work in providing great client service, pricing, value, and trading products for its traders.
Pepper stone has obtained prestigious awards over the last few years, including the following:
- Leverage Trading Report Winner (2019) – Awarded by Investment Trends Australia for overall client satisfaction, speed of fund withdrawal, platform features, ease of platform navigation, platform reliability, and ease of account funding
- Top Tailored Professional Trading Conditions (2019) – Awarded by the Professional Trader Awards
- Top Client Relationship Manager Service (2019) – Awarded by the Professional Trader Awards
- Top Global Forex ECN Broker (2019) – Awarded by Global Forex Awards
- Top Forex Trading Support – Europe (2019) – Awarded by Global Forex Awards
Pepperstone is known as one of the world’s biggest MetaTrader 4 (MT4) brokers, but has several trading platforms to choose from across all operating systems.
The broker operates all over the world and constantly develops its trading capacity to exceptional levels. Pepperstone is a great choice for all kinds of traders, whether traders are just beginning or professional.
PROS & CONS
- Low forex fees
- Good customer service
- Smooth deposit and withdrawal process
- Low trading fees
- Low non-trading fees
- Can use Credit or Debit cards
- No deposit fee charged
- Client funds are segregated
- Pepperstone Minimum deposit of 200 USD
- Swift and easy account opening process
- A number of account base currencies available
- Negative balance protection
- Competitive spreads and commissions
- Customer support in multiple languages available
- Basic news flow
- No fundamental data
- Pepperstone’s login: No two-step login
- Not listed on stock exchange
Tickmill Forex Broker Review
Pepperstone offers new markets that can help traders to diversify their trading approaches and expand their trading opportunities. Traders have a choice to trade several trading instruments, such as Forex, Index CFDs, Share CFDs, Commodities, Cryptocurrencies, and Currency index CFDs
The forex market is a global, decentralised, OTC (over-the-counter) financial market for exchanging currencies. The forex market is considered as the biggest financial market globally and the forex trading volume is a lot more than the joint total of the stock and futures markets. Pepperstone offers a variety of currencies and currency pairs to its clients, such as the following major currencies:
- USD (United States Dollar)
- EUR (Euro)
- JPY (Japan Yen)
- GBP (Great Britain Pound)
- CHF (Switzerland Franc)
- CAD (Canada Dollar)
- AUD (Australia Dollar)
- NZD (New Zealand Dollar)
Index CFDs trading means that you are trading on the actual market price. At Pepperstone, you can trade on the fluctuations of 14 major stock markets globally without trading desk or commission.
Pepperstone’s index CFDs offers traders with access to several global markets, allowing traders to expand their trading strategies across various instruments. Pepperstone offers a variety of index CFDs to its clients, such as the following available indices:
- AUS200 (Australian 200 Index)
- EUSTX50 (EU Stocks 50 Index)
- FRA40 (France 40 Index)
- GER30 (Germany 30 Index)
- IT40 (Italy 40 Index)
- JPN225 (Japan 225 Index)
- SPA35 (Spain 35 Index)
- UK100 (UK 100 Index)
- US500 (US 500 Index)
- NAS100 (US Tech 100 Index)
- US30 (US Wall Street 30 Index)
- HK50 (Hong Kong 50 Index)
- US2000 (US 2000 Index)
- CN50 (China 50 Index)
Share CFDs trading means that you are trading on the actual market price. Pepperstone provides the opportunity to trade with the best US companies and to make swift market moves when required. Pepperstone offers a variety of top-quality stocks to its clients, such as the following:
- Alibaba Group (BABA.N)
- Alphabet Inc A (GOOGL.O)
- Alphabet Inc C (GOOG.O)
- com Inc (AMZN.O)
- Apple Inc (AAPL.O)
- Facebook Inc (FB.O)
- IBM Corporation (IBM.N)
- Invesco QQQ Trust (QQQ.O)
- JPMorgan Chase & Co (JPM.N)
- McDonalds Corporation (MCD.N)
- Microsoft Corp (MSFT.O)
- Netflix Inc (NFLX.O)
- Tesla Inc (TSLA.O)
- The Coca-Cola Company (KO.N)
- The Walt Disney Co (DIS.N)
- Twitter Inc (TWTR.N)
- Walmart Inc (WMT.N)
Pepperstone has four precious metals on offer that traders can trade with, namely gold, silver, platinum, and palladium. These precious metals can all be traded against the Euro or US dollar and other currency pairs. Platinum and palladium can be traded on Pepperstone’s MT4, MT5, and cTrader platforms.
Commodities such as oil and gas products can be traded on all available platforms at Pepperstone. Soft commodities such as cotton, sugar, coffee, cocoa, and orange juice are also tradable options at Pepperstone.
Pepperstone provides five cryptocurrency derivative products, as well as leverage up to 5:1 across all platforms. The tradable cryptocurrencies include, Ethereum, Bitcoin, Bitcoin Cash, Litecoin, and Dash. Here are some benefits of trading cryptocurrencies with Pepperstone:
- Pepperstone Leverage of up to 5:1
- Hedging is allowed
Currency index CFDs
Currency indices measure direct movements in the price of a certain currency against a group of other currencies. Pepperstone has the USDX (US Dollar Index) on offer for its clients.
USDX is globally recognised as the benchmark for the US dollar’s value and measures 6 major currencies against the US Dollar, such as the Pound, Euro, and Yen. The US Dollar Index is also the most traded currency index and can be traded at Pepperstone as a CFD with leverage of up to 100:1.
Pepper stone does not own a self-developed trading platform and provides a choice of three third-party trading platforms to its customers. The three trading platforms offered by Pepperstone include MetaTrader 4, MetaTrader 5, and cTrader Pepperstone.
All three platforms are designed and developed to suit any type of trader, whether you are a beginner or a professional trader. These platforms are available on desktop (Windows and Mac OS), mobile devices (iOS and Android), and web (Pepperstone’s WebTrader).
MT4 (MetaTrader 4) is considered as the most popular trading platform globally. The MetaTrader 4 trading platform at Pepperstone is created to provide traders with the upper hand in the current trading environment.
As indicated before, the MT4 trading platform is available on desktop (Windows and Mac OS), mobile devices (iOS and Android), and web (Pepperstone’s WebTrader). The MT4 platform is highly customisable and has something to offer for all types and levels of traders.
Here are some benefits and features of the MT4 Pepperstone platform:
- Use Autochartist to find statistically major market fluctuations
- Use Smart Trader Tools to access up to 28 indicators and EAs
- Choose between countless online trading tools to plug into the MetaTrader 4 platform
- The Pepperstone app (desktop) offers 85 pre-installed indicators
- Use analysis tools in order to make better trading decisions
- 24/5 automated trading available
- Multiple chart setups
- Live quotes
- Real-time charts
- In-depth news and analytics
- Order management tools
The MetaTrader 5 platform is for traders who require innovative financial trading functions and better tools for analysis. MT5 is also a user-friendly and easy to understand trading platform. The platform offers outstanding features in order to help traders keep on top of the markets.
Here are some benefits and features of the MT5 platform:
- Swift processing and built-in indicators
- Advanced customisation to suit your trading style
- Easy to use the platform
- Easy MQL5 coding program
- Use Smart Trader Tools
- Use Autochartist to find statistically major market fluctuations
- Hedging is allowed
- Integrated economic calendar
- 38 indicators
- Up to a total of 500 orders
- 21 timeframes
Pepperstone’s cTrader platform is a great trading platform for professional traders and for traders that are just starting out. It is an intuitive and user-friendly trading platform with cutting-edge order capabilities and a customisable interface.
Here are some benefits and features of the c Trader platform:
- Intuitive design
- Access FIX API
- Perfect for beginners
- Advanced risk management
- Great range of indicators
- Detailed order tickets
- All-inclusive educational videos
PEPPERSTONE ACCOUNT TYPES
At Pepperstone, you can choose between the Standard, Razor, or Swap-free trading account.
Pepperstone’s Razer Account is best for scalpers and algorithmic traders and its Standard Account is best for new traders that are just starting out. The company has a Swap-free account in an interest-free account that is developed for Islamic traders who cannot pay or receive swaps.
Pepperstone has a simple and fully digital account opening process that can take up to 10 minutes to complete, where after the account needs to be approved and verified by Pepperstone.
HOW TO OPEN AN ACCOUNT
Pepperstone has a great account opening process that is user-friendly and fully digital. The Standard trading account requires no minimum deposit for Pepperstone.
It takes approximately 15 minutes to finalise the broker’s application for opening an account. Traders can expect to receive approval and verification of their application within 3 days.
In order to open a broker account, traders can follow these 4 simple steps below:
- Register with the broker by providing your email address and password.
- Confirm your email.
- Proceed to the Secure Client Area.
- Provide the broker with your personal information on the secure application form.
- Provide the broker with a copy of your passport/ID to verify your identity
- Provide the broker with a utility bill or any other document that shows proof of residence.
- Once approved, you can fund your broker account to start trading.
If you experience any difficulties with the account opening process, you can contact the broker’s customer support via email or live chat for assistance.
SOCIAL TRADING, COPY TRADING AND DEMO ACCOUNTS
Social trading or “copy trading” is a relatively new concept in the trading industry. Pepperstone has partnered with several social trading platforms that are developed by third parties. These platforms are created for CFD and forex traders who want to track and duplicate the trades of other traders.
Social trading is ideal for traders who are attracted to trading but do not yet have the necessary skills or knowledge to make sensible trades. Some of the top reasons and benefits to make use of social trading, include low start-up costs, diversifying your risk, benchmarking your performance, save on fees, and verified results.
Pepperstone’s Myfxbook is a copy trading account that allows traders to copy or duplicate the trades from the most successful trading systems. There are no performance or management fees applicable when opening a Myfxbook portfolio. Myfxbook AutoTrade also runs on its own servers and traders do not need to install any software.
Pepperstone Demo Account
Pepperstone has a demo account on offer that can be ideal for traders that are seeking trading practice. The demo account provides traders with virtual capital to start trading on Pepperstone’s replicated live trading environments. The demo account also helps traders to learn how Pepperstone’s trading platforms work.
Trading on a demo account is risk-free and it can be a great way to become accustomed to the trading environment. At Pepperstone, you can choose between several innovative platforms to trade on, with up 50,000 USD in virtual capital for a total period of 30 days.
It must be noted that the MetaTrader 4 & 5 demo accounts will only last for up to 30 days unless the trader has a live funded account with Pepperstone and have asked the broker to set a “non-expiry”. The cTrader demo account, however, will not expire unless the client has not used the broker account for 30 days.
Pepperstone’s forex demo account is especially recommended for traders that are new to forex trading, that want to experiment with automated trading, or that want to investigate different trading strategies.
COMMISSIONS & FEES
Pepperstone’s fees are low and they offer reasonable commissions. In order to suit its traders’ needs, Pepperstone offers micro, mini, and standard contract sizes on forex.
Pepperstone is generally regarded as an inexpensive broker when talking about non-trading fees. For instance, Pepperstone will not charge its traders a lot for any non-trading associated actions, such as an account fee.
At Pepperstone, deposit fees are applicable when transferring money from a bank account into a trading account. They also do not charge any withdrawal fees, which means that a trader’s bank account will reflect the exact amount that was transferred from his/her trading account.
Pepperstone’s account holders will not be charged with an inactivity fee if the trading account has not been used for months or even years.
Leverage consists of borrowing capital from a broker to trade with. Leverage amounts depend on the type of instrument that you are trading, as well as under which jurisdiction you fall. Leverage provides the client with the capability to create significant profits on currency fluctuations while risking minimal funds on a particular position.
Pepper stone offers a maximum leverage of 500:1 on forex for all their retail ASIC traders and expert traders under the FCA jurisdiction. For example, for each 1 USD that a trader has in his/her trading account, the trader may trade 500 USD in the forex market. Traders are welcome to read more about Pepperstone’s leverage on their website.
WITHDRAWALS AND DEPOSITS
Pepperstone has an extensive variety of funding options on offer with no extra fees for clients in most countries. Managing an account is easy and simple with Pepperstone. Traders have their own protected client section to safely access all of their funding and withdrawal options.
The broker accepts Visa, POLi, PayPal, Union Pay, B Pay, MasterCard, Bank transfer, Neteller, and Skrill. See Pepperstone’s variety of deposit options in a safe and protected client area when opening a Pepperstone live account. Clients’ withdrawal status can be seen in Peppersone’s “Funds tab”, as well as their existing status, and a legend with guiding details.
If clients want to add funds to their trading account, they need to select “Add Funds”, where they will discover a variety of depositing options to decide on. If clients want to withdraw funds from their account, they need to select “Withdraw Funds”, where they will discover a variety of withdrawal options to decide on.
Pepper stone has a great customer service that is available from Sunday to Friday, 24 hours a day. Their client services can be reached on a number of different channels, including Pepperstone live chat, email, phone, and through social channels (Facebook & Twitter).
Clients can also expect to receive swift and relevant answers from Pepperstone’s customer services. The broker’s customer service is offered in numerous languages, such as Russian, English, Chinese, Vietnamese, Thai, Portuguese, Spanish, and Arabic. Pepperstone has a frequently asked questions (FAQs) section on their website that may answer some basic questions.
SAFETY AND SECURITY
Pepperstone is regulated by the FCA for EU account holders and ASIC for Australian account holders. Pepperstone also has a strong culture of regulation and compliance with many security features in position for its clients, such as the following:
- Capital reserves
- Segregated bank accounts
- Background checks for directors
- Protecting funds in top-tier banks
- Liability insurance to protect the broker in the event of an unpredicted liability
- Independent auditing
- No dealing desk policy
Forex traders that are trading on high-volumes can earn cash rebates and exclusive benefits on the company’s Active Trader Program, such as saving on trading commissions.
The total rebates will be subject to the amount of standard lots that are traded each month.
Pepperstone does not provide bonuses for depositing funds. Clients can expect instant cash rebates into their trading account the day after a position is closed.
Traders can go to Pepperstone’s Active Trader Program section on its website for additional information.
At Pepperstone, traders can discover trading ideas based on technical tools and first-rate market reports. Unfortunately, the broker’s news feed lacks in quality, and no fundamental data is offered.
The broker’s research tools can be found on the trading platform, in the Secure Client Area, or on the website at ‘Market analysis’.
Trading ideas – Trading ideas are based on technical tools and can be accessed through Autochartist at the Secure Client Area.
Fundamental data – No fundamental data is offered by the broker.
Charting – The broker’s charting tools are average and traders can use 31 technical indicators. Additional tools such as trend lines and Fibonacci retracement are also available.
News feed – As previously indicated, the broker’s news feeds are lacking quality. The News feeds are very short and there is an absence of quality visualization.
Third-party tools – With Pepperstone, Autochartist can be accessed by clients. Autochartist is software that provides trading signals and automated pattern recognition. Clients with more than 500 AUD in their trading account can also use the broker’s Smart Trader Tools. This is a MetaTrader 4 add-on with a variety of additional trading tools, e.g. sentiment indicators.
Market analysis – The broker provides content from 3rd-party analysts when talking about fundamental and technical analysis. The company’s economic calendar is powered by Trading Economics (a market data provider). At Pepperstone, you will have access to its own technical analysis reports that include expert commentary, videos, a number of assets, and the impact of major economic events.
In-house commentary – Pepperstone’s in-house research lacks content.
A great range of educational resources is available, such as webinars and demo accounts. Unfortunately, there are no educational videos on offer.
The demo account can be used to get more acquainted with the trading platforms on offer. It provides an excellent opportunity to learn how the broker’s trading platforms work. A trading glossary is also available for traders to better understand trading lingo, expressions, or acronyms.
If you are new to trading, you will be able to find all the necessary educational resources on trading from the broker’s website. Pepperstone also has a section to explain how forex trading works.
Pepperstone’s webinars are led by industry experts and are designed to assist traders to develop their trading skills and become better traders. With the broker’s economic calendar, you will also stay updated with upcoming international events.
Presented Boris Schlossberg, an 11-part trading course is made available by the broker to assist any type of trader in exploring a variety of different platform features, shortcuts, and tips. This course will also help you to automate your trades. A range of trading guides is also offered by Pepperstone.
Premium Client Service
A premium client service is provided by Pepperstone where traders can receive additional benefits, such as:
- Cutting-edge trading tools
- VPS hosting
- Premium event invitations
- Premium rebate program
Access to the above-mentioned premium client service is determined by the broker based on trading volume. Other brokers usually attempt to place immense pressure on traders to make large deposits before providing access to any premium services.
To be accepted for the premium client service, you can expect reasonable and transparent conditions. With a required monthly volume of approximately 15 lots, you can expect to be accepted for the premium service.
You can also benefit from Pepperstone’s Active Trader Program if you want to receive additional cuts on your trading costs.
Active Trader Program
High-volume traders In the Razor accounts are eligible for the Active Trader Program where traders can earn cash rebates from Pepperstone. Cash rebates are paid daily by the broker and the amounts are determined based on how many lots are traded each month.
It must be noted that promotions offered by Pepperstone are subject to change. The brokerage firm as well as other regulated brokers are not allowed to provide sign-up bonuses.
The company has a “refer-a-friend” program on offer where traders can earn rewards by inviting people to join Pepperstone. To be eligible for rewards, the “invited” person must:
- Open a trading account with Pepperstone
- Deposit more than £1,000 into their trading account
- Trade a minimum of 5 standard forex lots
The referrer will accordingly earn a Pepperstone deposit of £100 which will be added to his/her trading account.
According to our research, Pepperstone unfortunately does not provide any trading contests/competitions to its traders.
SAFE OR SCAM?
Found in 2010, Pepperstone is an Australian private company with a great track record. The broker has successfully sailed across times of crisis in the financial sector, such as the Swiss Franc crisis in 2015.
The brokerage firm is also regulated by the FCA (UK) and ASIC top-tier regulators.
Unfortunately the broker lacks the following:
- Not listed on any exchange
- Does not disclose financial information
- Does not have a bank parent
Pepperstone is trustworthy and is considered as a low-risk online broker. The UK’s investor protection fund protects the clients that are based in the EU up to £85,000. However, clients that are based outside the EU will not receive protection from the broker if anything goes wrong.
With a number of trading instruments on offer, the broker’s unique offering is mainly for traders who focus particularly on forex and CFD markets. Pepperstone accommodates all forex and CFDs traders, whether they are experienced traders or just starting out.
Pepperstone requires low minimum deposits and has a great variety of third-party trading platforms, such as MT4, MT5, or cTrader whereby clients can trade on multiple devices. There are also no fees charged for deposits or withdrawals. Their customer service is excellent, providing their clients with swift and relevant answers.
Pepperstone is well-regulated, honest, transparent, and always places its clients first. The broker also provides its clients with an exceptional collection of trading tools. The broker also has a free demo account that traders can use in order to practice prior to making their first deposit.
Traders can expect a great forex broker that is regulated by the top-tier ASIC and FCA.
- Low forex and equity index fees
- Great customer service with fast and relevant answers
- No fees charged on deposits and withdrawals
- Only offers forex, CFDs, and cryptos to trade with
- No fundamental research tools available
- Poor quality of news feeds
- Non-EU clients are not protected by Pepperstone
- No inactivity fee charged
- No minimum deposit applicable for standard accounts.
- There are 145 tradable instruments available.
The broker’s niche offering is for clients who concentrate mainly on forex and popular CFD markets. Overall, Pepperstone is an excellent online forex broker with a low minimum deposit and a great variety of 3rd-party trading platforms. The broker accommodates all forex and CFDs clients, irrespective of experience level.