- Choice of markets
- Choice of platforms
- Tight spreads
Not so great for
- You can't trade shares using Pepperstone
- Forex and CFD trading carries high risk
Disclaimer: Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider's PDS and consider the risks before trading.
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|Type of broker||Online|
|Available markets||61 global currency pairings, commodities, cryptocurrency, index CFDs, stock CFDs|
|Minimum Spreads for Major Currencies||0.0 - 0.1 pips|
|Commission||AU$3.50 per 100k traded|
|Minimum opening balance||200|
|Minimum Trade Size||0.01 lots|
|Support||Phone, email, live chat|
Pepperstone offers MetaTrader 4, MetaTrader 5 and the cTrader platform, accessible via a downloadable desktop platform, through your browser and on mobile.
Founded and based in Melbourne Australia, Pepperstone is an 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.
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.
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.
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.
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.
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.
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.
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.
Pepperstone provides access to more than 72 markets, including forex majors, minors, exotics and CFDs covering indices and commodities.
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, Ethereum, Ripple, Dash and 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.
Pepperstone offers access to your account through a number of different trading platforms:
Pepperstone's cTrader platform isn't as well-known as the popular MetaTrader 4 and MetaTrader 5 platforms, but I want to highlight some of the platform's features and functionality.
The Pepperstone cTrader platform offers traders a diverse selection of asset classes to choose from, including forex, commodities, stock market indices and cryptocurrencies. There are over 90 different markets to trade, which is more than enough for your average trader.
Within cTrader, there is a handy feature called the market finder tool. Found on the left hand side of the screen, it's essentially a search bar where you're able to simply type the name of the market that you're looking to trade (for example EUR/USD or Gold).
You're then able to easily look over all of the available related markets to trade and pick the one where you see the best opportunity. There are many types of contracts (spot, futures, options) so it's important to know which one to choose before you take a position, as this can affect the success and volatility of your trade.
The charts on the Pepperstone cTrader platform are quite basic compared to the likes of TradingView, MarketDelta and ProRealTime, but their simplicity means that anyone can use them.
Although limited, the drawing tools for trend lines, support and resistance, and fibonacci retracement are simple and easy to use and the default colour scheme is great.
The colour scheme is also easily customisable, so if you don't like a black background on your charts, then there is a simple switch on the top right for the lighter (white) scheme.
The cTrader platform offers candlesticks, line, bar and dot charts. Candle charts are the most popular but the others are just as simple and easy to use. You can also find lots of chart customisation options when you right-click on the charts.
You can add all the usual indicators including the ever-popular relative strength index (RSI), moving average convergence divergence (MACD) and moving averages. There are also options to change the colours of the chart and the lines and if you're a social media whiz you can even take snapshots of your work.
If you're interested in learning how to trade using some of the indicators available on the Pepperstone cTrader platform then it is worth checking out our guide featuring strategies for CFD and forex traders.
(Source: Pepperstone. Drawing tools on the right.)
My favourite part of the cTrader platform has to be the functionality of the layout. You can keep an eye on your trades via the bottom panel, look for more with the finders section and have charts open all on the same screen. The execution is seamless and as far as my tests are concerned, Pepperstone's execution through the platform is fast and reliable.
Pepperstone gives you the choice of trading on cTrader or MT4, so here's how I think cTrader stacks up.
Nearly every major forex broker in the world offers to MT4 and MT5 trading platforms. Pepperstone is no different here and the sheer popularity of these legacy platforms within the retail trading community, speaks volumes about their usability.
MetaTrader 4 may appear slightly more intimidating to a new trader compared to cTrader, but it is highly functional and the charts are simple and effective. Charting analysis on MetaTrader has more options for customisation than cTrader thanks to the ability for traders to search and download custom MT4 indicators and expert advisors.
It's worth noting that as the Pepperstone accounts are the same, there is little to no difference between spreads when you choose to trade on cTrader or MT4.
Overall I feel the Pepperstone cTrader platform is a quality choice for both beginners and advanced traders. When you consider Pepperstone has a low initial deposit level of $200 and a minimum trading size of 0.01 lots (on EUR/USD), it seems anyone will be catered for.
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:
Pepperstone also offers the follows special account types that you must request to gain access to:
If you ever have a problem with your trading account, Pepperstone offers comprehensive 24 hour customer support through a number of mediums:
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.
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:
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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