Pepperstone Logo
Written by:
Fact checked by:
Dec 2022
Recommended for
  • forex trading 4.3/5
Trusted broker
  • Top-tier regulation in the UK
  • Compensation in case of broker bankruptcy (terms apply)
  • Negative balance protection (terms apply)
7,624 people chose this broker in the last 6 months

Our take on Pepperstone

Pepperstone is one of the most famous FX brokers in the industry. If you’re OK with MetaTrader platforms and looking for comfortable account opening and funding, Pepperstone is a great choice. Trading fees are fairly competitive, and deposits/withdrawals are mostly free. Still, the lack of assets outside forex/CFD will likely deter some traders, and the MetaTrader platform is not everyone’s favorite thanks to its basic design and UX.

BrokerChooser score
4.5 4.5 /5
Visit broker 74-89% of retail CFD accounts lose money
Pepperstone is not available in United States
Check out the best alternatives
FX commission per lot
Number of currency pairs
Minimum deposit
Credit/debit card deposit
Fast and fully digital account opening
Mostly CFDs offered
Great customer service
MetaTrader platform is basic
Seamless and free deposit and withdrawal
Expert opinion
“Pepperstone is your broker if you’re happy with the MetaTrader platform and want to open your account quickly and easily. I liked that there are no deposit, withdrawal, or inactivity fees. I really enjoyed using third-party tools offered by Pepperstone such as, which allows you to build trading algos without any coding skills.”
Gergely Korpos
Co-founder / CPO

Pepperstone main 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
👛 With electronic wallet Available
💱 Number of base currencies 10
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto

Pepperstone summary

Account opening
Deposit and withdrawal
Web trading platform
Mobile trading platform
Desktop trading platform
Markets and products
Customer service
To read much more details about the broker's services and features, expand on the sections below.

Pepperstone review

Score: 4.4/5
Pepperstone has low forex and non-trading fees, including no inactivity or account fees. However, CFD financing rates are high for a few assets.
Low forex fees
High costs for holding positions overnight
No withdrawal fee
No inactivity fee
Pepperstone fees snapshot
Assets Fee level Fee terms
EURUSD Low MT4/MT5 Razor account: $3.50 commission per lot per trade plus spread cost. 0.1 pips is the average spread cost during peak trading hours.
GBPUSD Low MT4/MT5 Razor account: $3.50 commission per lot per trade plus spread cost. 0.2 pips is the average spread cost during peak trading hours.
S&P 500 CFD Low The fees are built into the spread, 0.4 points is the average spread cost during peak trading hours.
Inactivity fee Low No inactivity fee

Pepperstone's trading fees are low. Note that the Standard and Razor accounts have different pricing structures. In this review, we tested the Razor account on MetaTrader 4, which charges a commission but spreads are low.

We compare Pepperstone's fees with those of two similar brokers we selected, IC Markets and Axi. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Pepperstone alternatives.

Forex fees

Pepperstone forex fees are generally low.

Fees are charged through commissions and spreads. The commission varies depending on the trading platform you use. The so-called round turn commissions per lot, i.e. the commission for opening and closing $100k positions, are:

  • $7.00 for MetaTrader 4 
  • $7.00 for MetaTrader 5
  • $6.00 for cTrader 

Stock index CFD and stock CFD fees

Pepperstone has generally low CFD fees.

Pepperstone stock index CFD and stock CFD
  Pepperstone IC Markets Axi
CFD fee class Low Low Low
S&P 500 CFD spread 0.4 0.2 0.9
Europe 50 CFD spread 1.5 1.6 1.6
Apple CFD fee $3.0 $2.0 $5.2
Vodafone CFD fee $22.6 - $8.6

Equity index CFD fees are built into the spreads.

The leverage for crypto is 2:1 and for commodities it's up to 20:1 depending on instrument. 

Non-trading fees

Pepperstone has low non-trading fees. The brokerages charges no inactivity and account fees.

Withdrawal is free for credit/debit cards and electronic wallets, except for Skrill and Neteller. Bank transfer withdrawal is also free for EU and Australian clients, but quite pricey ($20 or equivalent) for others.

Pepperstone non-trading fees
  Pepperstone IC Markets Axi
Account fee No No No
Inactivity fee No No Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

How we ranked fees

We ranked Pepperstone's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

Let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

Read more

Pepperstone review
Account opening

Score: 5/5
Pepperstone's account opening process offers a rewarding experience. It is fully digital, user-friendly, and requires no minimum deposit for the Standard account.
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.

What is the minimum deposit at Pepperstone?

The required Pepperstone minimum deposit is $0. This is a big argument in their favor, as some CFD brokers require a minimum of $2,000.

Account types

You can choose from two account types, Standard and Razor, which have different pricing structures.

Pepperstone account types
  Standard Account Razor Account
Commission No Yes*
Spreads 0.6 average pips Low, 0-0.3 average pips

*The size of the commission depends on the trading platform you use. The round turn commissions per lot, i.e. the commission for opening and closing $100k positions are:

  • $7.00 for MetaTrader 4 
  • $7.00 for MetaTrader 5
  • $6.00 for cTrader 

If you prefer trading at high volume, you may want to check out the Active Trader program. This gives you rebates based on the number of trades you carry out and you can save on commissions.

Pepperstone Active Trader program - forex
Tier Traded volume in EUR million Rebate offered
1 20-99 15%
2 100-199 20%
3 200-299 25%
4 300+ Contact premium client management

Apart from the Standard and Razor accounts, there's a third account type called a Managed AccountThis is mainly aimed at fund managers, who can use this account to easily manage hundreds of sub-accounts. 
Pepperstone also offers corporate accounts. 

How to open your account

The account opening process is easy and fully digital: the online application takes roughly 10-15 minutes. On paper, you have to wait 1-3 days for account approval; however, ours was verified within a day.

Pepperstone account opening in four steps:

  1. Register your email and password; confirm your email; then proceed to the Secure Client Area.
  2. Fill in your personal information and set the base currency of your account.
  3. Complete a trading expertise survey.
  4. Upload a copy of your passport/ID and a utility bill or some other proof of address.

If a problem occurs, you can get help via email or live chat (i.e. you can send them copies of your ID/passport, and they will upload it for you).

Pepperstone review - Account opening

Our best alternatives to Pepperstone are:

The highest ranking competitors are:

  1. IC Markets full review
  2. Axi full review
  3. TMGM full review
  4. Eightcap full review
Read more

Pepperstone review
Deposit and withdrawal

Score: 4.8/5
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.
Credit/Debit card available
High bank withdrawal fee for clients outside the EU/Australia
No deposit fee
Several account base currencies

Account base currencies

At Pepperstone, you can choose from 9 base currencies.

Pepperstone available base currencies
Base currencies at Pepperstone vs similar brokers
  Pepperstone IC Markets Axi
Number of base currencies 9 10 11

This selection falls behind competing brokers. Both IC Markets and Axi offer more base currencies.

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

Pepperstone charges no deposit fees. There are multiple options for depositing funds:

POLi, BPay, PayPal, Neteller, Skrill, Union Pay

The availability of payment options depends on which regulator you belong to.

Pepperstone payment methods by regulator
 Regulator Payment options
Australian Securities and Investments Commission (ASIC) Credit/Debit card, Wire transfer, Neteller, Skrill, PayPal, Poli Transfer
Financial Conduct Authority (FCA) Credit/Debit card, Wire transfer, PayPal
Dubai Financial Services Authority (DFSA) Wire transfer
Securities Commission of The Bahamas Wire transfer

Also, compared to IC Markets and Axi, Pepperstone offers the same range of payment methods.

Pepperstone deposit options
  Pepperstone IC Markets Axi
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

Pepperstone review - Deposit and withdrawal - Deposit

Pepperstone withdrawal fees and options

You can withdraw your money from Pepperstone free of charge to credit/debit cards and some electronic wallets. However, Skrill and Neteller (if available) withdrawals cost $1.

Bank transfer withdrawals are also free in the EU and Australia, but cost $20 for clients in other countries.

Pepperstone withdrawal fees and options
  Pepperstone IC Markets Axi
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from Pepperstone? We tested credit card withdrawal and it took 1 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from Pepperstone?

  • Log in to your Pepperstone account
  • Click 'Funds' in the menu on the left
  • Click 'Withdraw Funds'
  • Choose a withdrawal method
  • Select the account you want to withdraw from
  • Enter the amount
  • Click Continue
  • Finish your request
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Pepperstone review
Web trading platform

Score: 2.8/5
Pepperstone's web trading platform is provided by MetaTrader. It 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.
Clear fee report
No two-step (safer) login
Good customizability (for charts, workspace)
No price alerts
Order confirmation
Pepperstone platforms to choose from
Trading platform Score Available
Web 2.8 stars Yes
Mobile 3.8 stars Yes
Desktop 3.4 stars Yes

Pepperstone doesn't have its own self-developed trading platform. It offers three third-party trading platforms:

  • MetaTrader 4
  • MetaTrader 5
  • cTrader

We reviewed MetaTrader 4 because of its high popularity.

MetaTrader 4 is available in an exceptionally large number of languages.

Pepperstone web trading platform languages
Arabic Bulgarian Chinese Croatian Czech Danish
Dutch English Estonian Finnish French German
Greek Hebrew Hindi Hungarian Indonesian Italian
Japanese Korean Latvian Lithuanian Malay Mongolian
Persian Polish Portuguese Romanian Russian Serbian
Slovak Slovenian Spanish Swedish Tajik Thai
Turkish Ukrainian Uzbek Vietnamese  

Look and feel

The Pepperstone web trading platform has great customizability. It is easy to change the size and position of tabs.

However, the platform feels outdated and some features are hard to find. For example, it took us a while to figure out how to add an asset to our watchlist.

Pepperstone review - Web trading platform

Login and security

Pepperstone provides only a one-step login. Two-step authentication would be more secure. However, you can set up a two-step login for accessing the client area on the website (where you can initiate a withdrawal for example).

You can't log in using biometric authentication. Offering this feature would make the login process more convenient.

Search functions

The platform's search functions are average. You can find assets grouped into categories, but we missed the usual search box where you can type asset names or other keywords manually.

Pepperstone review - Web trading platform - Search

Placing orders

You can use only basic order types; you won't find more sophisticated orders such as 'one-cancels-the-other'. The following order types are available:

  • Market
  • Limit
  • Stop

If you are not familiar with order types, read this overview.

There are also order time limits you can use:

  • Good till canceled (GTC)
  • Good till time (GTT)

Pepperstone review - Web trading platform - Order panel

Alerts and notifications

You can't set alerts or notifications on the Pepperstone web trading platform. This feature is available only on the desktop trading platform.

Portfolio and fee reports

Pepperstone has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'History' tab.

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Pepperstone review
Mobile trading platform

Score: 3.8/5
Pepperstone has a great mobile trading platform offered by MetaTrader 4. It is well-designed and user-friendly. However, it lacks a safe login.
No two-step (safer) login
Good search function
No Touch/Face ID login
Price alerts

Pepperstone offers three mobile trading platforms: MetaTrader 4, MetaTrader 5 and cTrader. MetaTrader 4 is the most popular of the three and is available for both iOS and Android. We tested it on both.

After you download the MT4 mobile trading platform, you have to access the Pepperstone-Live server. 

Just like on the web trading platform, you can choose from many languages. Changing the language is a bit tricky on Android devices; you can do it only if you change the default language of your mobile.

Pepperstone mobile trading platform languages
Arabic Chinese (Simplified) Chinese (Traditional) Czech English
French German Greek Hindi Indonesian
Italian Japanese Korean Polish Portuguese
Portuguese (Brazil) Russian Spanish Thai Turkish
Ukrainian Vietnamese      

Look and feel

Pepperstone has a great mobile trading platform; we really liked its design and user-friendliness. You will easily find all the features.

Login and security

Similarly to the web trading platform, Pepperstone provides only a one-step login. A two-step login would be safer.

You can't use fingerprint or Face ID authentication. Offering these features would make the login process more convenient.

Search functions

The search functions are good. You can search by typing the name of the product you're looking for or by navigating the category folders.

Pepperstone review - Mobile trading platform - Search

Placing orders

You can use the same order types and order time limits as on the web trading platform

Pepperstone review - Mobile trading platform - Order panel

Alerts and notifications

You can set alerts and notifications, although only through the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform as well.

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Pepperstone review
Desktop trading platform

Score: 3.4/5
In design and functionality, Pepperstone's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Clear fee report
No two-step (safer) login
Good customizability (for charts, workspace)
Poor design
Price alerts

Pepperstone offers three desktop trading platforms: MetaTrader 4, MetaTrader 5 and cTrader. We reviewed MetaTrader 4 (MT4), as this is the most popular among investors.

It has the same design, is available in the same languages, offers almost the same order types (trailing stop is also available), has the same search functions, and offers the same portfolio and fee reports as the web trading platform. These reports can be found under the 'Account History' tab: right click on one position, then choose 'Save as Detailed Report'.

The major difference is that you can set alerts and notifications on the desktop trading platform, in the form of mobile push and email notifications. To set email or mobile notifications, you must add your email address and mobile MetaQuotes ID (you can find it in the settings of the MT4 app). You can add them under 'Options' in the 'Tools' menu.

Pepperstone review - Desktop trading platform

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Pepperstone review
Markets and products

Score: 2.2/5
At Pepperstone you can only trade forex and a range of CFDs (commodity, stock index, ETF, share, and crypto CFDs). This means that many popular asset classes such as real stocks and ETFs are missing.
Which currency pair do you want to trade?





Pepperstone is primarily a forex broker with a good selection of other CFD products including cryptos, popular shares and commodities. To learn more about CFDs read our CFD trading tips.

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.

Among cryptos, you can trade Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Litecoin and Polkadot. Speaking of commodities, we really liked that you can have positions in gold against multiple currencies (USD, EUR, AUD, GBP, CHF).

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).

Their share CFD selection also includes 100 popular UK stocks, a number of German shares as well as more than 200 Australian shares. You'll need MetaTrader 5 to trade share CFDs. It's good to know that, unlike traditional share trades, there is no stamp duty to be paid on UK CFD trades.  As an alternative to CFD trading, UK residents can use spread betting. In the UK, spread betting profits are exempt from capital gains tax and the stamp duty.

This selection is average compared to competing brokers.

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 leverage restrictions
Legal entity Regulator Leverage for major currencies Leverage for  minor currency pairs Leverage  for commodities Leverage for individual equity Leverage for crypto
Pepperstone Group Limited ASIC (Australian Securities and Investments Commission) 30:1 20:1 10:1 5:1 2:1
Pepperstone Limited FCA (Financial Conduct Authority) 30:1 20:1 10:1 5:1 -
Pepperstone EU Limited CySEC (Cyprus Securities and Exchange Commission)  30:1 20:1 10:1 5:1 2:1
Pepperstone Markets Limited SCB (Securities Commission of The Bahamas) Up to 200:1, depending on the instrument Up to 200:1, depending on the instrument Up to 200:1, depending on the instrument Up to 20:1 Up to 5:1
Pepperstone Financial Services (DIFC) Limited DFSA (Dubai Financial Services Authority) 30:1 30:1 20:1 10:1 5:1
Pepperstone Markets Kenya Limited CMA (Capital Markets Authority) Up to 400:1 Up to 400:1 Up to 400:1 20:1 NA

Changing the leverage manually is a very useful feature if you want to lower the risk of your trade. Be careful with forex and CFD trading as preset leverage levels may be high.

Social trading, algo trading and strategies

Pepperstone has partnered up with multiple social trading platforms, through which you can access copy trading features including Myfxbook, Mirror Trader, MetaTrader Signals and DupliTrade.

  • Myfxbook is an automated forex trading service. It is a mirroring service that allows you to copy other trades from other trading systems.
  • MetaTrader Signals lets you access thousands of trading strategies and signals from other traders. 
  • Lastly, DupliTrade collects all the above services into one. DupliTrade lets you tap into other traders' expertise for new techniques. However, you will have to deposit a minimum of AUD 5,000 to access DupliTrade's strategy providers.

Spread betting

Pepperstone provides spread betting for UK and Irish clients. In the UK, spread betting profits are exempt from capital gains tax.

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Pepperstone review

Score: 5/5
You can find trading ideas based on technical tools and read market reports written by Pepperstone's research team.
Trading ideas
Newsflow is basic within MetaTrader
Daily market analysis
No fundamental data available

You can find Pepperstone's research tools in three locations:

  • Trading platform
  • Pepperstone's website, under 'Market analysis'
  • Secure Client Area

Trading ideas

Pepperstone provides trading ideas via Autochartist, a trading management tool. These trading ideas are based on technical analysis. You can access Autochartist through the Secure Client Area, or you can download and attach it to the MetaTrader platform. This way you'll receive automatic notifications when emerging and completed chart patterns such as triangles, wedges, tops and bottoms are identified.

Pepperstone review - Research - Recommendations

Fundamental data

Pepperstone does not offer fundamental data on equities.


Pepperstone has OK charting tools. You can use 31 technical indicators and other editing tools, such as trendlines and Fibonacci retracement.

However, MetaTrader's design is outdated and some features are hard to use. For example, we had difficulty figuring out how to remove an indicator from the chart.

Pepperstone offers another downloadable tool for the MetaTrader platforms: the Smart Trader Tools package is a suite of 28 tools to help improve your trade execution and management. These include a correlation matrix, a sentiment trader, a trade simulator and many more useful mini apps. 

Pepperstone review - Research - Charting

News feed

Unfortunately, the MetaTrader platform has a poor news feed. It's unstructured and finding relevant news items is cumbersome. We missed tags and visual elements.

To make up for these shortcomings, Pepperstone has launched a Telegram channel with their own market commentary.

We really liked the analysis written by Pepperstone's research team. The authors have a good understanding of volatility regimes and macro.

There's a daily newsletter by experienced trader Chris Weston called the "The Daily Fix" that offers:

  • a quick recap of the most important current events and market movements
  • interesting charts using inter-market and technical analysis looking for correlations and divergencies
  • preview of upcoming events like elections or Fed meetings

Furthermore, Pepperstone has market commentary in Chinese, Spanish, Italian and German on their respective YouTube channels.

An Economic Calendar also helps to track the markets. However, we've seen better implementations of this tool elsewhere; for example, we missed filters.

Pepperstone review - Research - Market news

Compare research pros and cons

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Pepperstone review
Customer service

Score: 5/5
Pepperstone's customer service is great. You can reach them on several channels and will get quick and relevant answers.
Phone support
Live chat
Fast response time

You can contact Pepperstone via:

  • live chat
  • phone
  • email

Pepperstone customer service is available in several languages, such as English, Russian, Vietnamese and Thai.

The live chat works just as you would expect. We also chatted with an operator, and we always got relevant answers. After each conversation, you can rate and comment on the chat, making it easy and efficient to provide feedback.

Phone support is also great. An agent was connected within seconds and answered questions in a professional and friendly manner.   

The customer support team gives very quick and relevant responses to email queries as well. They typically reply within less than an hour (max. a few hours) and their answers are clear with relevant links attached. 

We also liked that Pepperstone customer service is available 24 hours a day.

Pepperstone review - Customer Service

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Pepperstone review

Score: 5/5
Pepperstone has great educational materials. You can use demo accounts, participate in webinars and watch educational videos.
Demo account
Trading platform tutorial
Educational videos and webinars

At Pepperstone you can learn in the following ways:

  • Demo Account
  • Webinars
  • Platform tutorial videos
  • Quality educational articles
  • Trading Glossary

You can use demo accounts for getting familiar with the platforms. We think this is the best way to learn how Pepperstone trading platforms work.

In addition, you can participate in webinars, access educational content, and learn from platform tutorial videos in a dedicated MetaTrader 4 Course. There are also educational videos available on Pepperstone's YouTube channel.

Another useful feature is a trading glossary that helps you understand unfamiliar words, expressions or acronyms.

Pepperstone review - Education

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Pepperstone review

Pepperstone is regulated by 7 national authorities including top-tier regulators such as the FCA in the UK. At the same time, the company is not listed on any exchange, does not disclose financial information and does not have a bank parent.
Majority of clients belong 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

Is Pepperstone regulated?

Yes, it is regulated by the following national authorities: the UK's Financial Conduct Authority (FCA) for UK clients, the Federal Financial Supervisory Authority (BaFin) for German and Austrian clients, the Cyprus Securities and Exchange Commission (CySEC) for other EEA clients; the Dubai Financial Services Authority (DFSA) for Middle-Eastern clients; the Australian Securities and Investments Commission (ASIC) for Australian clients; the Capital Markets Authority of Kenya (CMA) for African residents; and the Securities Commission of The Bahamas (SCB) for all other clients.

Is Pepperstone safe?

On August 6, 2020, the company revealed that it had been the subject of a data leak. Hackers used malware to compromise a computer used by an external service provider of Pepperstone.

Pepperstone reassured clients that no potential harm could come to their trading account or funds held with the company, although their name, contact details and date of birth may have been accessible by the hackers. While this incident is concerning, we note that security measures were in place and the company detected the intrusion and has also duly informed their customers.

When looking at safety, we highly advise you to check these two factors:

  • how you are protected if something goes wrong
  • and what the background of the broker is.

How you are protected

If something goes wrong with Pepperstone:

  • Clients based in the UK will be protected by the UK's investor protection fund up to £85,000.
  • Clients from Germany and Austria can get back 90% of their claims on securities, but not more than €20,000, and 100% up to €100,000 on cash claims (as per BaFin rules).
  • Clients from other European countries (EU and EEA countries) are protected by the Cyprus Investor Compensation Fund (ICF), up to €20,000.

Unfortunately, clients outside the EU and the UK won't get any kind of protection.

Pepperstone investor protection
Country of clients Protection amount Regulator Legal entity
UK £85,000 FCA Pepperstone Limited
Germany, Austria €20,000 BaFin Pepperstone GmbH
Other European countries €20,000 CySec Pepperstone EU Limited
Middle-Eastern countries No protection DFSA Pepperstone Financial Services Limited
Australia No protection ASIC Pepperstone Group Limited
African countries No protection CMA Pepperstone Markets Kenya Limited
All other clients No protection SCB Pepperstone Markets Limited

Pepperstone provides negative balance protection for forex spot and CFD trading, but only for retail clients from the UK, Australia and the European Union (the latter includes all European Economic Area countries like Norway) and Middle-Eastern countries onboarded through their DFSA licence. Professional clients on the other hand are not covered by negative balance protection.


Pepperstone is an Australian private company established in 2010. A longer track record means the company has successfully navigated periods of crisis or uncertainty in the financial sector. A good example is how Pepperstone handled the Swiss franc crisis in 2015.

During the 2015 Swiss National Bank-related forex crisis, Pepperstone was able to avoid losses by using foresight and its high-speed technology. Before the crisis, Pepperstone warned against possible dangers, discouraging clients from taking excessively leveraged positions on the franc. They accomplished this through enforcing position caps and limiting the leverage on affected accounts. For clients who were exposed through open positions, Pepperstone’s systems liquidated these positions, thus helping them avoid their balance going into negative.

On the other hand, you may have some trouble if you are looking for more information about Pepperstone. Transparently disclosed financial information is quite limited compared to other brokers. It is also difficult to find out who the owners are. 

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Pepperstone review
Bottom line

Pepperstone is a great forex and CFD broker, regulated by multiplse top-tier authorities, including the FCA, the BaFin and ASIC.

The account opening is fast and fully digital. Customer service is great, providing lightning-fast and relevant answers. Deposit and withdrawal are a breeze, with no fees charged in most cases.

On the other hand, at Pepperstone you can trade mostly forex and CFDs. If you're looking for advanced features in your trading platform, you might find the MetaTrader platform slightly disappointing.

Feel free to try Pepperstone as there is no inactivity fee or minimum deposit for standard accounts.

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Pepperstone review

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Author of this review

Edith Balázs

Author of this review

Edith is an experienced financial journalist having worked for 20+ 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 20+ 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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74-89% of retail CFD accounts lose money