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4.5
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74-89% of retail CFD accounts lose money

Pepperstone review summary

Recommended for forex traders looking for great account opening and customer service

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74-89% of retail CFD accounts lose money

Pepperstone is an Australian forex broker that also offers CFDs. It was established in 2010 and opened a London office in 2015 to better serve its European clients. After Brexit, new clients registering from the EU are served by Pepperstone's German and Cyprus entities.

Pepperstone is considered safe because it's regulated by three top-tier financial authorities: the UK's Financial Conduct Authority (FCA), Germany's BaFin and the Australian Securities and Investments Commission (ASIC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 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.

Our overall Pepperstone rating

4.5
Fees
4.4
Account opening
5.0
Deposit and withdrawal
4.3
Trading platform
3.5
Markets and products
2.2
Research
4.3
Customer service
4.5
Education
5.0
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74-89% of retail CFD accounts lose money

Pepperstone review
Pepperstone pros and cons

Pepperstone's account opening is fast, easy, and fully digital. Customer service provides quick and relevant answers. Deposit and withdrawal processes are user-friendly and, in most cases, free of charge.

On the negative side, you can only trade forex and CFDs.

Pros Cons
Fast and fully digital account opening Mostly CFDs offered
Great customer service MetaTrader platform is basic
Seamless and free deposit and withdrawal
Pepperstone main features and highlights
🗺️ Country of regulation UK, Germany, Cyprus, Australia, United Arab Emirates, Bahamas, Kenya
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $0
🕗 Time to open an account 1 day
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 9
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto
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Pepperstone review
Fees

4.4

Pepperstone has low forex and non-trading fees, with no inactivity or account fees charged. However, CFD financing rates are high for a few assets.

Pros Cons
Low forex fees High costs for holding positions overnight
No withdrawal fee
No inactivity fee

If you want to dive into more details about Pepperstone's fees, visit this page: Pepperstone fees.

Pepperstone review
Account opening

5.0

Pepperstone's account opening process offers a rewarding experience. It is fully digital, user-friendly, and requires no minimum deposit for the Standard account.

Pros Cons
Fast None
Fully digital
No minimum deposit

Can you open an account?

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74-89% of retail CFD accounts lose money

Pepperstone accepts customers from all over the world. Notable exceptions include the US, Canada, New Zealand and Japan.

A detailed step by step guide and further info about account opening is available in the following article: Pepperstone account.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 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.

Pepperstone review
Deposit and withdrawal

4.3

Pepperstone provides plenty of deposit and withdrawal options, as well as a wide selection of account base currencies. However, there is a high, $20 fee for bank withdrawals for clients outside the EU and Australia.

Pros Cons
Credit/Debit card available High bank withdrawal fee for clients outside the EU/Australia
No deposit fee
Several account base currencies

You will find detailed information about the minimum deposit and withdrawal options in the following articles:

Pepperstone review
Trading platforms

2.8

Pepperstone's web trading platform is provided by MetaTrader. The interface is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and its design is outdated.

Pros Cons
User-friendly Limited customizability for workspace
Clear fee report
Two-step (safer) login
Pepperstone platforms to choose from
Trading platform Scores User-friendliness
Web 2.8 stars Mid-range
Mobile 3.8 stars Great
Desktop 3.4 stars Mid-range

Detailed trading platfrom test results and features of the web, mobile and desktop trading platforms is available in the following article: Pepperstone trading platform.

Pepperstone review
Markets and products

2.2

At Pepperstone, you can only trade forex and a range of CFDs (commodities, stock indices, shares, cryptos). This means that many popular asset classes such as real stocks and ETFs are missing.

At Pepperstone, you can trade 600+ US stocks as share CFDs, including large-cap companies like Boeing, Facebook, Apple, Exxon and Alibaba. You can go long and short. After-hours trading is possible (this is when earnings are typically released).

Up-to-date details about available markets and products are available in the following article: Pepperstone markets and products.

Pepperstone review
Research

4.3

Clients have access to trading ideas based on technical tools and market reports written by Pepperstone's research team.

Pros Cons
Trading ideas Newsflow is basic within MetaTrader
Daily market analysis No fundamental data available

For detailed information about the research tools, check out the following article: Pepperstone research.

Pepperstone review
Customer service

4.5

Pepperstone's customer service is great. You can reach them on several channels and will get quick and relevant answers. However, it does not operate on weekends.

Pros Cons
Phone support No 24/7 support
Live chat
Fast response time

For more details about their customer service, check out the following page: Pepperstone customer service.

Pepperstone review
Education

5.0

Pepperstone has great educational materials. You can use demo accounts, participate in webinars and watch educational videos.

Pros Cons
Demo account None
Trading platform tutorial
Educational videos and webinars

Detailed information about education tools is available in the following article: Pepperstone education.

Pepperstone review
Safety

Pepperstone is regulated by top-tier regulators, such as the FCA in the UK. At the same time, the company is not listed on any stock exchange, does not disclose financial information and does not have a bank parent.

Pros Cons
Majority of clients belongs to a top-tier financial authority Does not hold a banking license
Negative balance protection for most clients Not listed on stock exchange
Financial information is not publicly available

Detailed information about the safety profile of Pepperstone is available in the following article: Pepperstone safety.

Pepperstone review
FAQ

Author of this review

Edith Balázs

Author of this review

Edith is an experienced financial journalist having worked for 15+ years as a correspondent for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed income markets. She holds a master's degree in American Studies and Journalism.

Edith Balázs

Senior Editor

Edith is an experienced financial journalist having worked for 15+ years as a correspondent for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed income markets. She holds a master's degree in American Studies and Journalism.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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