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Pepperstone review: Leading Australian forex broker

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Access 70+ forex and CFD markets with tight spreads and zero commission.

Pepperstone is a leading Australian forex broker, providing traders direct access to some of the largest financial markets in the world. If you choose to open a forex trading account with Pepperstone, you will gain access to more than 70 tradable forex and CFD markets. With ECN accounts, spreads in the forex majors from 0 pips and access to leverage as high as 500:1, Pepperstone has a trading solution for all levels of traders.

By offering MetaTrader 4, MetaTrader 5 and the cTrader platform, Pepperstone have a reliable option to suit you. Whether you're at home on a desktop, at work requiring webtrader access, or out on the go with only access to your mobile, you can be assured that market access is never unreachable.

0.0 - 0.1 pips

Minimum Spreads for Major Currencies

61 global currency pairings, commodities, cryptocurrency, index CFDs, stock CFDs

Available markets

MetaTrader 4
MetaTrader 5



Type of brokerOnline
Available markets61 global currency pairings, commodities, cryptocurrency, index CFDs, stock CFDs
Minimum Spreads for Major Currencies0.0 - 0.1 pips
Leverage1:1 - 500:1
CommissionAU$3.50 per 100k traded
Minimum opening balance200
Minimum Trade Size0.01 lots
PlatformsMetaTrader 4
MetaTrader 5
SupportPhone, email, live chat
Updated March 30th, 2020
Name Product Minimum Opening Deposit Minimum Spreads for Major Currencies Commission Minimum Trade Size Platforms
Pepperstone Forex Trading (Razor Account)
USD 200
0.0 - 0.1 pips
AU$3.50 per 100k traded
0.01 lots
MetaTrader 4
MetaTrader 5
Margin FX is a complex financial product and traders are at high-risk of losing all of or more than their initial investment.
Choose from a range of fee-free funding methods, plus a suite of 10 different apps available as part of Pepperstone's Smarter Trading Tools.

Compare up to 4 providers

Updated March 30th, 2020
Name Product Minimum Opening Deposit Minimum Opening Deposit Commission - ASX 200 Shares Available markets Platforms
Pepperstone CFD
USD 200
No commission
ASX shares, global shares, indices, cryptocurrencies, commodities
MetaTrader 4
MetaTrader 5
CFDs are complex financial products and traders are at high-risk of losing all of or more than their initial investment.
Trade stock indices on the global market, via Pepperstone's MetaTrader 4 and cTrader client terminals.

Compare up to 4 providers

Disclaimer: Trading in financial instruments carries various risks, and you can lose more than your capital. This article may contain general advice. You should always seek professional advice when deciding if a product is right for you.

Quick verdict

Good for
  • Choice of markets
  • Choice of platforms
  • Tight spreads
Not so great for
  • Forex trading carries risk

Who is Pepperstone?

Founded and based in Melbourne Australia, Pepperstone is an award winning, ECN forex broker. The company's rapid rise has seen them expand offices to London, Dallas, Shanghai and Bangkok. With a localised presence, Pepperstone is able offer increased levels of customer support across a number of languages.

Regulated by ASIC in Australia and the FCA in the UK, Pepperstone has a reputation for being a reliable and low-cost forex option for traders. By offering direct access through top-tier liquidity providers, Pepperstone run a business model that has seen them establish themselves as one of the most talked about forex brokers available.

Qantas Frequent Flyer Points Offer

While not a finder exclusive, traders are also able to earn Qantas points for every lot you trade on a Pepperstone live account. Each eligible forex lot traded, earns up to 10 points, to a maximum value of 10,000 points for a month. This offer is available to new and existing clients of Pepperstone, you just need to link your Qantas Frequent Flyer membership to your Pepperstone trading account.

Additionally, new clients may also be eligible for a first deposit bonus, which earns you 10 frequent flyer points for every $1 deposited in your account (up to a maximum of 10,000 points). If you're not already a member of the Qantas Frequent Flyer program, you can also access complimentary membership via the Pepperstone website.

Exclusions apply. For full terms and conditions, check the Pepperstone website.

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What are the key features of Pepperstone forex trading?

A Pepperstone forex trading account has several features that will appeal. The stand out feature is Pepperstone's ECN, no dealing desk business model. It ensures that trading costs are kept low and their reputation for putting the trader first is maintained.

Electronic Communication Network (ECN)

Pepperstone is an ECN forex broker. This means that when it comes to order execution, there is no dealing desk intervention. Instead, their prices are sourced from a list of liquidity providers and only the best prices are shown. This means spreads are tighter and ensures your goals are aligned with the broker, putting to bed the prospect of being stop hunted.

Regulated in Australia and the UK

Pepperstone is authorised and regulated by the Australian Securities and Investment Commission (ASIC) in Australia, as well as the Financial Conduct Authority (FCA) in the UK. The oversight of both regulatory bodies ensures that Pepperstone meets the required capital requirements, are following correct compliance guidelines and offer a course of action for clients who feel aggrieved.

Low barriers to entry

The minimum deposit required is $200 and can be funded via the following payment options: credit card, bank transfer, broker to broker, BPAY, Skrill, Fasapay, Neteller, Poli, Qiwi Wallet and Union Pay.

Number of ways to trade

You can access your Pepperstone trading account from your desktop computer and laptop via downloadable software, or through your chosen web browser. There are also apps available that allow you to trade on Apple and Android mobile devices. This means that no matter where you are, you can remain logged in across platforms and always ensure you have access to your trading account.

What markets can I trade with Pepperstone?

While Pepperstone is primarily a forex broker, they offer access to a whole range of other markets through CFDs. Whether you're a forex, indices, commodities or even cryptocurrency trader, Pepperstone allows you to keep on top of them, all from the one trading platform.

Trade forex with Pepperstone

Pepperstone provides access to more than 72 markets, including forex majors, minors, exotics and CFDs covering indices and commodities. Some of the most popular forex currency pairs offered include:

  • S&P 500
  • Gold
  • Oil

Trade cryptocurrency with Pepperstone

Pepperstone also offers cryptocurrency CFD trading, accessible directly alongside their regular forex and CFD markets, all within the same trading platform. Some of the more popular cryptocurrencies to trade against USD include:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ripple
  • Dash
  • Litecoin

Cryptocurrency CFDs allow you to take advantage of crypto market moves, without actually owning any of the coins outright. You don't have to open a wallet or worry about the security risks associated with storing your private keys, you are just simply trading short term movements in price.

What trading platforms can I use with Pepperstone?

Pepperstone offers access to your account through a number of different trading platforms:

  • MetaTrader 4. The MT4 platform is the most popular forex trading platform amongst retail traders. MT4 offers a user friendly, highly customisable platform to trade from.
  • MetaTrader 5. The next generation platform from MetaQuotes, MT5 builds on the look, feel and functionality of MT4. MT5 also allows you to hedge positions, advanced pending orders and a new set of custom indicators.
  • Pepperstone cTrader. The Pepperstone cTrader platform gives you direct access into interbank market depth and has a suite of algorithmic trading options direct from the platform.
  • WebTrader. Access your MT4 account from Pepperstone's cloud-based trading platform. There is no need to install MT4 and if you're at work or on a shared computer, WebTrader ensures you still have access to your account with full functionality.
  • Mobile Apps. MT4, MT5 and cTrader all have mobile apps that allow you to log into your Pepperstone account anywhere, anytime.

What account types are available with Pepperstone?

Depending on your personal circumstances or trade volumes, Pepperstone offers traders a choice between multiple account types. The two most popular forex trading accounts are as follows:

  • Standard STP account. Pepperstone's classic account type. There are no commissions charged on trades from these accounts.
  • Razor account. Pepperstone's raw account type offers spreads as low as 0 pips, but charges a $3.50 commission per lot traded.

Pepperstone also offers the follows special account types that you must request to gain access to:

  • Islamic forex account. The Pepperstone Islamic account features everything that the Standard STP or Razor accounts offer, but feature a type of administration fee in the place of swaps and commissions.
  • Active trader program. Active forex traders can access a host of premium account features, including a dedicated relationship manager, a segregated customer account and advanced reporting tools.

What customer support options are available from Pepperstone?

If you ever have a problem with your trading account, Pepperstone offers comprehensive 24 hour customer support through a number of mediums:

  • Live support centre. This is the support section of the Pepperstone website, featuring a range of frequently asked questions.
  • Live chat. The live chat feature is probably Pepperstone's most handy support option. Get no hassle, quick answers to all of your trading and account queries.
  • Email. For more detailed support queries, you may need to email This allows you to attach documents and easily keep track of the conversation.
  • Telephone. The Pepperstone office phone number is 1300 033 375, featuring options to speak to sales and support staff.

What are Pepperstone's spreads?

As Pepperstone is an ECN forex broker, spreads shown on the MetaTrader 4 platform are variable. Quotes are sourced from a list of partner banks and liquidity providers, so they're always changing depending on market conditions.

If you're treading on a Pepperstone Razor account, then you can be assured that the prices you're seeing are sourced directly from the interbank market and absolutely zero markup is applied. This is why during peak times such as the London open, you can often see spreads on EUR/USD as low as 0.

What are the pros and cons of trading forex with Pepperstone?


  • Access more than 70 tradable instruments. Pepperstone provides high-speed access to 77 markets across forex, CFDs and cryptocurrencies.
  • Trading platforms. Access your Pepperstone trading account on your PC, Mac, via the web, and Apple or Android mobile device.
  • Choice of account types. There are multiple account types available to suit every type of trader.
  • Customer service and help. Pepperstone provides 24-hour customer support and a comprehensive online help centre to provide assistance whenever you need it.
  • Award-winning broker. Pepperstone has won multiple awards for its online forex trading services.


  • Risky. As is the case with leveraged trading, losses can exceed deposits. Make sure you understand the risks before you start trading forex.

How do I open an account with Pepperstone?

If you'd like to open a forex trading account with Pepperstone, you'll need to click one of the "Go to site" links on this page. This will take you to the Pepperstone website where you can fill out an online application.

To apply you will need to provide:

  • Your name
  • Your contact details
  • 100 points of ID
  • Details of your chosen deposit method

Once your account has been approved by the Pepperstone account services team, you will then be able to fund your account.

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Pepperstone frequently asked questions?

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