Pepperstone cryptocurrency trading – June 2021 review
Trade CFDs on bitcoin, Ether, Dash and Litecoin without having to buy any cryptos.
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
|Cryptocurrencies Listed||BTC, BCH, ETH, LTC, DASH, XRP|
|Payment Methods||Credit card, Debit card, BPAY, POLi, Neteller, PayPal, China UnionPay, Wire Transfer, Fasapay, Qiwi, Skrill, WebMoney|
|Supported Fiat Currencies||AUD, EUR, CAD, CHF, GBP, JPY, NZD, SGD, USD, HKD|
|Leverage||Up to 1:5|
What is Pepperstone?
Pepperstone is a Melbourne-based ECN forex and CFD broker that provides online trading services to customers in over 65 countries. It allows its customers to trade forex with spreads starting from 0.0 pips, index CFDs, precious metals, energy commodities and soft commodities.
Its cryptocurrency CFDs can be accessed across all of its trading platforms – Meta Trader 4, Meta Trader 5 and cTrader.
Which cryptocurrencies can I trade?
Pepperstone allows you to trade the following cryptocurrencies against the US dollar (USD):
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ether (ETH)
- Ripple (XRP)
- Dash (DASH)
- Litecoin (LTC)
This allows you to take advantage of cryptocurrency market moves without actually owning any of the coins listed above or having to open a wallet to store your coins.
Leverage of up to 5:1 is available; however, it’s essential that you’re fully aware of all the risks involved in CFD trading, not to mention the volatility of cryptocurrencies, before placing any orders.
Pepperstone offers its brokerage services to customers in over 65 countries, including Australia.
Which payment methods are accepted?
Pepperstone allows you to deposit funds into your trading account via the following methods:
- Wire transfer
- Credit card
- Debit card
- China Union Pay
How much will it cost me to use Pepperstone?
There are two basic account types you can choose from with Pepperstone:
- Standard Account. There are no commissions charged on trades from these accounts.
- Razor Account. A commission of AUD$3.50 is charged on every 100,000 base currency traded.
One of the key costs involved in CFD trading is the spread. At the time of writing, Pepperstone did not list any details of the spreads on cryptocurrency CFDs on its website, so contact the broker directly for more information.
Pepperstone does not charge any fees for most deposit methods. However, standard credit/debit card deposits incur a 1.8% fee for AUD deposits and a 3% fee for all other currencies. Qiwi deposits attract a 3% fee.
Withdrawal fees may apply, as outlined in the table below:
|Withdrawal method||Fee (shown in AUD unless otherwise indicated)|
|Verified by Visa||$0|
|PayPal||$0 (if withdrawing the original deposit amount)3% (for withdrawal amounts above the original deposit amount)|
|Australian bank wire withdrawals||$0|
|International bank wire withdrawals||$20|
How fast will my funds be available?
The time it takes for your currency to be available in your trading account varies depending on the deposit method you choose. Average processing times are shown in the table below:
|Payment method||Processing time|
|Verified by Visa||Instant|
|Credit / Debit card||Instant|
|China Union Pay||Instant|
|Bank transfer||2 to 3 business days for international deposits, 1 business day for domestic Australian deposits|
|BPay||1 to 2 business days|
|Broker to broker||3 to 5 business days|
Are there any transfer limits?
You’ll need to deposit a minimum of AUD$200 in order to open a Pepperstone trading account.
Is it safe to use Pepperstone?
Pepperstone is licensed and regulated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA). To ensure the security of client funds, it maintains segregated client accounts with National Australia Bank (Australia) and Barclays (UK).
If you ever need help with your Pepperstone trading account, Pepperstone offers 24-hour customer support. You can access support via:
- A live support centre with a range of frequently asked questions
- Live chat
- Email (email@example.com)
- Telephone (1300 033 375)
Pros and cons
- Leverage of up to 5:1
- Trade cryptocurrencies from your regular Pepperstone account and trading platform
- Six major cryptos available
- No need to open a wallet or actually purchase any cryptocurrency
- No commission fees
- The ability to hedge on a single account
- Cryptocurrencies are volatile, and potential losses are magnified when trading CFDs
- Losses may exceed your deposits
- No information on spreads available on website
If you’ve compared a range of options and decided that you’d like to trade cryptocurrency CFDs with Pepperstone, you can sign up for a live account via the Pepperstone website. You can get started by providing your name, contact information and proof of ID, and it takes around six minutes to complete an application.