Pepperstone Review 2021: A Platform For Forex & CFDs

July 16, 2020
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Pepperstone is an Australian investment platform that has offices in England and is regulated by the UK’s Financial Conduct Authority (FCA) as well as the Australian Securities and Investments Commission (ASIC). With Pepperstone, you can operate Forex and CFDs instruments. It has an awesome investment platform, very good apps and two types of accounts. With no withdrawal or inactivity fees and no minimum deposit, this is a strong choice for those occasional traders who are only looking to trade forex and ETFs.

Pepperstone is a solid broker for investors who are looking to get into trading, and has all the tools available to provide a solid experience to traders of all backgrounds. It doesn’t offer much when it comes to propriearty platforms, however.

In this Pepperstone review, you will also find a comparison between Pepperstone and where you can select the platform that best suits your needs. We believe that is a better option than Pepperstone because it has a more stable and easy to use investment platform with excellent educational content, far better withdrawal options and a greater number of investment possibilities.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with Pepperstone and scored our findings on a 10-point scale across 10 distinct categories.
1 - Fees910
2 - Signup Process710
3 - Minimum Deposit1010
4 - Ease of Use810
5 - Deposit & Withdrawal Options1010
6 - Customer Support810
7 - Asset Classes910
8 - Referral Program 01
9 - Demo Account & Educational Resources710
10 - Safety & Regulation1010

Pepperstone Pros & Cons

•No inactivity fee.
•No withdrawal fee.
•There is no minimum deposit.
•The account opening is completely digital.
•The platform offers a good interface for graphics.
•There are phone support and live chat.
•Not listed on a stock exchange.
•There are commissions if you make withdrawals to countries other than the European Union or Australia.
•Unable to see price alerts.
•Pepperstone does not publicly present its financial statements.
•Customer service is only 24/5.
•You can only trade CFDs and Forex

Account Types

With Pepperstone, you can open two types of accounts, Razor and Standard. With both accounts you can access the same instruments, but, there are some differences in the fee structure that we will present to you in the next section. In any case, many users see the Standard account as a simpler alternative to the Razor, since all fees are included in the spread. Those with a specific style of trading, such as scalpers or algorithmic traders, have access to a cheaper setup than the Razor account sees.

Both accounts have the following characteristics:

  • Minimum trading size 0.01 lots.
  • Maximum trading size 100 lots.
  • Scalping allowed.
  • Hedging allowed.
  • News trading available.
  • No dealing desk execution.

Having only two account types can be both beneficial and detrimental, depending on your particular trading style. Some traders prefer a single account from where to perform all trades, no matter what the asset, which is pretty much what Pepperstone offers. Other brokers have a plethora of account options with different features specially tailored to very precise scenarios, making them optimum choices for highly experienced traders.

Let’s dive into the more important details about Pepperstone to see how it will match your particular style of trading.

Order Types

Pepperstone offers its customers the option to buy and sell using Stop and Limit orders.

What Are Limit Orders?

Limit orders help you maximize your profits. You can either buy or sell using limit orders.

Imagine you had a stock worth $95, and you wanted to sell it when it hit $100. You can put a sell limit at $100 and when the stock hits that point, your broker will immediately push forth a market order to sell your stock.

It works similarly for buying. If you want to buy a stock once it hits a certain price, you can simply order its purchase through a buy limit order. When the stock hits that value, it will be purchased at the first possible opportunity.

Limit orders can only be set on the correct side of the market. This means that you can only sell stocks at prices higher than what yours are currently worth, and buy them at lower prices than what they’re currently worth.

What Are Stop Orders?

Stop orders are the opposite of limit orders. Their main function (not necessarily, but broadly speaking), is to minimize losses.

They work in an opposite manner to limit orders in that orders are placed on the wrong side of the market.

For example, if you have a stock valued at $95, and you don’t want to hold it if it goes below $90, then you can place a stop order to sell the stock if it hits that price.

It works similarly for buying stocks. If you’re interested in purchasing a stock only after it hits a certain price that’s higher than what it currently is, you can place a stop order for that. If the stock is valued at $30 right now, and you only want to buy it once it hits $50, stop orders are the way to go.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Pepperstone Fees

Non-trading fees

With Pepperstone you won’t have to pay account opening, inactivity, deposit or withdrawal fees.

Trading fees

You must take into account some characteristics in each type of account in particular when you trade:

  • Razor: raw spreads and commissions (e.g. 0 pip spread plus $7 AUD commission = total cost $7 AUD)
  • Standard: raw spread + 1 pip increase (e.g. 0 pip spread plus 1 pip=1 pip)
CharacteristicsRazor Standard
Institutional grade spreadsYesYes
Average EUR/USD spread0.0 – 0.3 pips1.0 – 1.3 pips
CommissionFrom $7 AUD round turn 100k AUD traded0
Rollover swapsRefer to your trading platform for market ratesRefer to your trading platform for market rates
Best forScalpers and algorithmic tradersNew traders

Pepperstone offers very good rates and possibilities to save money when trading on its platform. For this reason, the broker is very well rated in this aspect.

How We Rank Fees

At Yore Oyster, we rank fees based on both trading and non-trading fees. Non Trading fees consist of deposit, withdrawal and inactivity fees. The commissions and spreads associated with each asset type are also built in the score to determine the overall value.

Pepperstone Fees Score: 9/10

#2 Sign up Process

The account opening process is very simple. You can do most of the process, online. To open an account, go to the home page and click the Create account> Open account button.

The online process will take 5-10 minutes. The system will ask you to complete an integration exam and send in your account opening identification documents, which you can upload during the application. The verification process usually takes 1-3 days.

Primary Identification Document

  • Passport.
  • Driver’s license.
  • Government-issued identification photograph.

Secondary Identification Document

  • Tax invoice (telephone, electricity, gas).
  • Bank or credit card statement.
  • Government-issued tax document.
  • Birth certificate.
  • Certificate of citizenship.

You can access the platform in 14 languages:

To operate within the Pepperstone platform, you must wait up to 3 days. This aspect is essential because being able to open an account quickly offers you the possibility of exploiting opportunities in the financial market. Some platforms offer better verification times for your account, meaning that you’ll be able to start trading in 2 or fewer days after opening your account. For an easy online signup process and a not-so-great verification process, we give this broker its 7/10 score in this category.

How We Rank The Signup Procedue

We ranked the signup procedure based on how quick and easy it is to open an account and we base our score on the following criteria:

  • The speed with which the documents can be uploaded
  • Number of documents required
  • The time the verification process takes

The easier an account opening process is without unnecessary checks the higher the score is for this dimension.

Pepperstone Signup Process Score: 7/10

#3 Minimum Initial Deposit

In order for you to trade on the Pepperstone platform, you do not have to meet a minimum initial deposit. For this reason, the broker is very well qualified in this category. However, the broker recommends a minimum opening balance of $200 AUD

How We Rank Minimum Initial Deposit

The formula here is simple, the lower the minimum initial deposit the higher the score. We at Yore Oyster believe that everyone should be able to try out a broker without having to deposit thousands of dollars to get the opportunity to do so.

The Scoring Threshold For Minimum Initial Deposit

If a broker has a requirement for upto $100, the score here is a perfect 10, as most people can afford to invest. However, if a broker charges upto $500, it still scores a healthy 8 because most of our readers believe they can invest $500 to try out a broker’s services. However, as the minimum initial deposit requirements rise above $500 most of our readers feel a bit hesitant to try out a broker due to which the score decreases.

Pepperstone Minimum Initial Deposit Score: 10/10

#4 Ease Of Use

Pepperstone’s investment platform is excellent because it offers, for free, the possibility of trading with MetaTrader 4 (one of the most popular trading platforms on earth), MetaTrader 5 (the most modern and powerful platform) and cTrader (the easiest platform to use). All platforms are available to run via Pepperstone’s WebTrader and mobile apps for seamless syncing across all your devices.

We find it excellent that MetaTrader 4 and 5 can be used because they are very useful platforms and are valued as one of the most used tools by traders in the world. You will be able to find a large number of chart options, indicators, and plotting tools.

You can also see several charts at the same time, you have customization options and you can even create environments. For example, environments for Forex, another for technology CFDs or financial sector CFDs.

These customization possibilities allow you to be much more efficient when analyzing and making the best investment decisions.

Below we show you the usefulness of each of the platforms offered by Pepperstone.

CharacteristicscTraderMetaTrader 4MetaTrader 5
Desktop platformsWindowsWindows, Mac OSWindows, Mac OS
Android/iOS supportYesYesYes
150 trading instruments availableXNG/USD not availableYesYes
Expert advisors/automated trading supportYesYesYes
Strategy backtestingYesYesYes
Customizable charting and indicatorsYesYesYes
Depth of market functionalityYesNoYes
Advanced take-profit/stop-loss levelsYesNoNo
Access to historical dataNoYesYes
Detachable charts for multiple monitorsYesNoNo
Social/copy trading functionalityYesYesYes
Cloud-hosted profiles, templates and passwordsYesNoNo

Mobile App Trading Platform

The Pepperstone app uses the same analysis tools as the desktop version. You will see that it offers very good features for all types of investors, from beginners to experts. Also, the app is very well rated on the download site with a score of 4.6/5 with more than 500,000 reviews.

Although the Pepperstone investment platform is wonderful, the broker loses points due to the time you will have to invest to comfortably manage it, making it a suboptimal choice for new traders.

How We Rank Ease Of Use

Ease of use comprises of the overall user experience provided by a platform. We rank this dimension according to the following criteria:

  • Intuitive Interface Across All Platforms
  • Customizability Options Available To You
  • Advanced Research Tools For Analysis

Having an intuitive interface was ranked as the number one factor by most of our users in considering a broker with a good interface. The options available for customizing dashboards and statistical analysis were also very important factors according to our audience.

Pepperstone Ease of Use Score: 8/10

#5 Deposit & Withdrawal Options

One of the pros of using Pepperstone is the fact that you can open your trading account in several different base currencies. Available base currencies are:

  • AUD
  • USD
  • JPY
  • GBP
  • EUR
  • CAD
  • CHF
  • NZD
  • SGD
  • HKD

Additionally, Pepperstone also allows several ways for you to fund your account. Below you will see several of the deposit and withdrawal methods:

  • Visa
  • MasterCard
  • Bank transfer
  • Neteller
  • Skrill
  • PayPal

It is important to take into account that, in general, transfers take 3 to 5 business days, but using a credit card, funds will be available instantly, letting you take advantage of great trading opportunities.

It is also necessary to take into account that:

  • Funds can only be sent to a bank account that has the same name as your Pepperstone trading account.
  • Fees charged for international bank transfers will be at your expense. Most international bank transfers cost around $20 AUD.
  • Withdrawals made via bank transfer will generally take 3-5 business days to get your money in your account.

As you can see, Pepperstone does very well in terms of versatility and options when it comes to funding and withdrawing your funds.

How We Rank Deposit & Withdrawal Options

Having a lot of Deposit & Withdrawal options gives you the flexibility to deposit and withdraw fudns in the manner that best fits your needs. We rank this dimension according to the following criteria:

  • Ways in which you can deposit your funds
  • Ways in which you can withdraw your funds
  • Number of options within different Deposit and Withdrawal Types

We look at 3 main options that a broker needs to offer for a perfect score as these are the most commonly used by brokers:

  • Credit/Debit Cards
  • Bank Transfer & Wire Transfer
  • E-Wallets such as Paypal, Skrill and WebMoney

Pepperstone Deposit & Withdrawal Options Score: 10/10

#6 Customer Support

• Includes live chat for easy communication.

Customer service is very good, you will receive an immediate response. However, customer support is only 24/5. Below you will see the ways to communicate with Pepperstone:

  • Phone (toll-free): 0800 046 5473
  • Phone (non-UK): +44 (800) 0465473
  • Live Chat 24/5 on the Pepperstone website
  • Support: [email protected]
  • Press: [email protected]

Pepperstone technical support offers you several alternatives to communicate with the technical advisers. However, the service is only 24/5, making Pepperstone lose points compared to other brokers that offer the ideal 24/7 technical support service.

How We Rank Customer Support

Customer support plays an important role in getting much needed help. Our criteria takes into account the 3 most pivotal factors considered by our viewers which include:

  • Availabiltiy of Support via Live Chat, Phone & Email
  • Speed & Quality of Response Across Platforms
  • Availability of Customised Support Such as a Dedicated Account Mnager

The customer support dimension is a really important dimension for most of our readers. Hence, we not only take into account all the platforms that are used to provide support but the quality of the support provided and the consumer feedback.

Pepperstone Customer Support Score: 8/10

#7 Asset Classes


Through CFDs you will be able to buy highly reputable stocks like Apple, Alphabet, Tesla and Alibaba.

Currency Pairs

You will be able to trade more than 60 currency pairs. For example, USD/JPY, CAD/GBP, etc.


Yes, you can trade gold through CFDs.


You will be able to operate with this type of financial instrument.


You will be able to access more than 50 different types of cryptocurrencies.

While it is true that Pepperstone has a number of alternatives in most of the financial instruments it offers, unfortunately, you will not be able to invest in bonds, which reduces the diversification capacity of your portfolio if you choose this broker.

Pepperstone Asset Classes Score: 9/10

#9 Demo Account & Educational Resources

Pepperstone allows you to open a 30-day demo account. This type of account works with paper money. Also, this wonderful tool will allow you to test your hypotheses and investment strategies without risking real money. Even so, the 30-day time limit is rather disappointing, especially considering that some platforms will give you unlimited access to a demo account even after you start trading. This allows you to test new strategies as you learn more and become a better trader.

Educational Resources

At Pepperstone you will have access to valuable tools that will allow you to increase your skills. You will be able to have access to outstanding news, analysis of the market, economic calendars, and even a section where you can see how the experts do technical analysis.

The fact that Pepperstone only offers a demo account for 30 days makes it lose points because investors usually need more time to test the investment platforms.

Pepperstone Demo Account & Educational Resources Score: 7/10

#10 Safety & Regulation

Is Pepperstone safe?

Pepperstone is regulated by the UK’s Financial Conduct Authority (FCA), by the Dubai Financial Services Authority (DFSA) and the Australian Securities and Investments Commission (ASIC). Also, Pepperstone users in the European Union will be protected by the UK Investor Protection Fund of up to £ 85,000.

Pepperstone Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to, which scores 91/100 points across the 10 categories mentioned in this review.

Pepperstone Vs.

One of the most relevant aspects when putting the best and most profitable investment ideas into practice is that you can have a platform that can add value to your strategies. Moreover, the said platform should allow you to be confident when investing your money by providing tools and information to do the best analysis possible, all the while charging the lowest rates in the market. Taking into account the most relevant aspects for an investor we prefer over Pepperstone for the following reasons: Offers More Investment Options

Pepperstone has a good number of CFDs that you can invest in. However, offers you several numbers of possibilities because on its investment platform you will be able to access a greater number of CFDs. This feature is really important because with you will be able to have a greater capacity for diversification when building your investment portfolios, therefore reducing risk.

It’s Easier To Use

Although it is true that the Pepperstone investment platform is sophisticated and is used by traders around the world, to manage this investment platform with total tranquillity and mastery, you will need to go up a steep learning curve that can take a long time. In this sense, if you are a beginner investor or simply do not want to spend time and effort learning how to use the Pepperstone investment platform, we think that your best option is It has a very stable platform, is easy to use, and intuitive. Furthermore, it has an interface that follows the best data processing standards for traders. Has Referral Program

As we mentioned in this Pepperstone review, Pepperstone does not have a referral program, but does. They offer you a referral program that will allow you to earn $25 USD for each person you invite to invest in this wonderful investment platform, giving you an alternative means to make your money grow.

It Provides More Educational Resources

With you have more tools and options so you can study the market and create the best investment plans. For example, you will be able to access:

  • Free financial webinars.
  • Educational courses for traders.
  • Extensive market glossary.
  • Comprehensive CFD trading guide.
  • Cryptocurrency trading tutorial.
  • Investmate,’s investor education app.

Far better withdrawal options

Although Pepperstone’s withdrawal options sure are great,’s are way better. With you will have a greater number of withdrawal options compared to Pepperstone. Besides being able to fund or withdraw with credit cards, bank transfers, Neteller and Skrill, all of which you can also use in Pepperstone, also allows the use of;

  • Debit cards
  • iDeal
  • Giropay
  • Multibanko
  • Przelewy24
  • QIWI
  • Webmoney
  • Trustly

Additionally, you’re never charged a fee to deposit or withdraw money with

Pepperstone Review In Summary

  • At Pepperstone you can operate Forex and CFD instruments. Also, it has an investment platform, very good apps and two types of accounts.
  • With Pepperstone you won’t have to pay account opening, inactivity, deposit or withdrawal fees. But there are fees associated with each type of account.
  • The account opening process is very simple. Most of the process you can do it digitally. Also, the online process will take no more than 15 minutes.
  • Pepperstone requires a minimum deposit of $200 AUD.
  • Pepperstone’s investment platform is excellent because it offers for free the possibility of trading with MetaTrader 4 (most popular), MetaTrader 5 (most modern and powerful) and cTrader (the easiest platform to use). But, keep in mind that it will take some time for you to learn to operate these platforms.
  • The Pepperstone app has an excellent rating of 4.6/5.
  • The company’s customer service offers various contact alternatives. However, it is only 24/5.
  • You can also open a demo account, but it can only be used for 30 days.
  • Pepperstone is aimed towards traders looking for a basic investment experience; ones who aren’t looking for anything extensive.

In general terms, we think that is a better option because it offers a broader base of investment options, the investment platform is easier to use, and the educational content is complete and useful. Also, the trading platform has an excellent interface and far better withdrawal options. is ideal for all types of investors. If you are a beginner or an experienced trader click learn more to see how this wonderful broker can be an ally that will allow you to fully exploit capital gains.

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