Is Pepperstone really free?

Pepperstone does not provide access to real stock trading on US markets. If you are looking for a zero-commission broker to trade on US stock exchanges, you can check our article detailing the best apps offered in this category of brokers. If you wish to stick with Pepperstone though, then you will find the fees they charge below.

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Pepperstone fees
Overview of Pepperstone fees and charges

It's safe to say that Pepperstone's fees are low in general. They either don't charge a brokerage fee for things that other brokers do, or they only charge a small amount.

Here's a high-level overview of Pepperstone's fees

Pepperstone Fees snapshot
Assets Fee level Fee terms
US stock fee - Not available
EURUSD fee Low MT4 ECN Razor pricing: $3.76 commission per lot per trade plus spread cost. 0.1 pips is the average spread cost during peak trading hours.
US mutual fund fees - Not available
Inactivity fee Low No inactivity fee

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Pepperstone fees
Pepperstone fees explained

Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely because online brokerages' businesses can be much better scaled: from a purely technical standpoint, it doesn't make that much of a difference for them if they have 100 or 5,000 clients.

This is not to say, however, that they don't charge any fees at all. They make money by charging you various rates for various actions or events. Usually you need to keep an eye on the following three types of fees:

  • Trading fees - these are brokerage fees that you pay when you actually carry out a trade, like buying an Apple share or an ETF. What you pay is either a commission, a spread or a financing rate. Some brokers apply all of these.
    • A commission is either fixed or based on the traded volume.
    • A spread is the difference between the buy price and the sell price.
    • A financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
  • Non-trading fees. These are usually related to some operations you carry out in your account, such as depositing money, withdrawing money, or not trading for an extended period.

We compare Pepperstone fees with its closest competitors, IC Markets and Axi.

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Pepperstone fees
Pepperstone trading fees

Pepperstone's trading fees are low, which makes it suitable for you even if you trade often (i.e. several times a week).

Let's break down trading fees according to the different asset classes available at Pepperstone.

Trading fees

Pepperstone's trading fees are low.

Forex fees

Pepperstone's forex fees are low.

Forex fees of a $20,000 30:1 position (open, 1-week-hold and close)
Pepperstone IC Markets Axi
EURUSD benchmark fee $6.9 $6.9 $5.6
EURGBP benchmark fee $8.5 $7.5 $4.4

CFD fees

Pepperstone has low CFD trading fees.

CFD fees and commissions on a $2,000 trade
Pepperstone IC Markets Axi
Apple CFD $0.5 $0.5 -
Vodafone CFD - - -
Germany - - -

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Pepperstone fees
Pepperstone non-trading fees

When it comes to non-trading fees, Pepperstone is a rather cheap broker.

Non-trading fees include various brokerage fees and charges at Pepperstone that are not related to buying or selling assets. This can be a withdrawal fee, deposit fee, inactivity fee or account fee.

A high-level overview of how Pepperstone stacks up in terms of non-trading fees
Pepperstone IC Markets Axi
Withdrawal fee $0 $0 $0
Deposit fee $0 $0 $0
Inactivity fee No No No
Account fee No No No

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Pepperstone fees
Pepperstone deposit fee

Usually, brokers don't charge anything for deposits, and Pepperstone is no different.

Pepperstone deposit methods
Pepperstone IC Markets Axi
Bank transfer Yes Yes Yes
Credit/debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Deposit fee $0 $0 $0

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Pepperstone fees
Pepperstone withdrawal fee

Pepperstone generally doesn't charge a withdrawal fee.

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

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74-89% of retail CFD accounts lose money

Pepperstone fees
Pepperstone inactivity fee

Pepperstone does not apply an inactivity fee, which is great because your account won't be charged even if you do not trade for an extended period (like several months or years).

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74-89% of retail CFD accounts lose money

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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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