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Pepperstone Review 2024

Written by
Fact checked by
Krisztián G.
Updated
6d ago
Regulated and trusted. Tested via live trading.
18,998 people chose this broker
Not available in United States; see best alternatives

Why choose Pepperstone

Pepperstone is a top-shelf broker for forex and CFD traders, striking a good balance between competitive fees and a solid forex/CFD product selection. I found Pepperstone’s forex fees particularly favorable. By default, Pepperstone uses the old-school MetaTrader platforms, a turn-off for many novice traders; but thankfully, you can link your Pepperstone account to external trading interfaces, including the popular TradingView platform.

  • Fast and fully digital account opening
  • Seamless and free deposit and withdrawal
  • Great educational materials
Overall score
4.4/5
Minimum deposit
$0
FX fee
Low
Index CFD fee
Low
Withdrawal fee
$0
Account opening
1 day
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75.2% of retail CFD accounts lose money

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EURUSD spread
Usual spread in pips

Fees

Score: 4.3/5
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
  • No withdrawal fee
  • No inactivity fee

We compared Pepperstone's fees with two similar brokers we selected, IC Markets and Axi. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Pepperstone alternatives.

Low FX fees

Pepperstone charges a forex commmission: $3.50 commission per lot per trade. Spread costs come on top of this, e.g. the EUR/USD spread is 0.1.

Broker
EURUSD spread
FX commission per lot
Pepperstone
0.1
$3.50 commission per lot per trade
IC Markets
0.0
$3.50 commission per lot per trade
Axi
0.2
$3.50 commission per lot per trade
Pepperstone forex spreads and commissions

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

Low index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.4.

Broker
S&P 500 CFD spread
Pepperstone
0.4
IC Markets
0.2
Axi
0.5
Pepperstone index CFD spreads and commissions

Low stock CFD fees

The commission for stock CFD trading is the following: $0.02 per share with $0.2 minimum fee.

Broker
Apple CFD
Pepperstone
$0.7
IC Markets
$0.3
Axi
-
Pepperstone stock CFD spreads and commissions

No inactivity fee, no withdrawal fee

The brokerage 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.

Broker
Inactivity fee
Withdrawal fee
Pepperstone
$0
IC Markets
$0
Axi
$0
Pepperstone inactivity, withdrawal and other fees

Safety

Pepperstone is a legit brokerage. It 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
  • Negative balance protection for most clients
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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
  • No deposit fee
  • Several account base currencies
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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.
  • Fast
  • Fully digital
  • No minimum deposit
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Mobile app

Score: 3.3/5
Pepperstone has a great mobile trading platform offered by MetaTrader 4. It is well-designed and user-friendly. However, it lacks a safe login.
  • User-friendly
  • Good search function
  • Price alerts
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Desktop 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
  • Good customizability (for charts, workspace)
  • Price alerts
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Product selection

Score: 2.4/5
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.
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“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 Capitalise.ai, which allows you to build trading algos without any coding skills.”

FAQ

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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.

author image
Edith Balázs
Author of this review
I bring 20+ years of experience as a correspondent having worked for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed-income markets. I hold a Master's degree in American Studies and Journalism.
Visit Pepperstone 75.2% of retail CFD accounts lose money
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