Pepperstone is an agency-execution broker offering competitive fees on its commission-based Razor Account, giving traders access to nearly 90 instruments, including forex and CFDs on popular markets including cryptocurrencies, across multiple third-party trading platforms.

By Steven Hatzakis / February 18th, 2019 / Updated: February 19th, 2019

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Trust Score
  • Limited range of CFD markets
  • No proprietary trading platform

Review Sections:

Founded in 2010 in Melbourne, Pepperstone has grown to be a major player in the online forex brokerage industry, transacting nearly $180 billion in monthly FX volume. In 2016, Pepperstone attracted a strategic investment from CHAMP Private Equity, one of the leading investment firms in Australia.

Pepperstone predominantly offers the MetaTrader suite of platforms from MetaQuotes Software Corporation including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as the range of platforms from Spotware Systems: cTrader, cAlgo and cMirror.

In addition, Pepperstone offers additional third-party platforms for social copy-trading from companies such as such as ZuluTrade, Tradency, and Myfxbook, to complement the signals market available by default on MT4 and cMirror.

Platforms aside, Pepperstone supports CFD trading on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash, catering to the growing interest in cryptocurrency investing.

Pepperstone is regulated in Australia and the UK and has offices in the United States (US), United Kingdom (UK), China and Thailand, and offers several dozen CFDs on major indices that include commodities such as energy and precious metals, in addition to nearly 60 forex pairs.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of Pepperstone.

Year Founded2010
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub No
Authorised in the European Union Yes

Offering of Investments

The following table summarizes the different investment products available to Pepperstone clients.

Currency Pairs (Total Forex pairs)59
CFDs - Total Offered31
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

Pepperstone offers two pricing models depending on the account type you open, ranging from the commission-based Razor Account to the Standard Account, which incorporates commissions into the prevailing spreads. Fees can also vary slightly, depending on the platform you choose to trade.

Pepperstone offers a good range of options on its pricing plan, with the Razor Account the clear choice for cost-sensitive traders.

Pepperstone average spreads Oct12018
Pepperstone average spreads Oct 2018.

The Razor Account can be used with either the MetaTrader (MT4) or cTrader platforms and follows a commission-based pricing structure in addition to prevailing spreads. Average spreads of 0.16 pips on the EUR/USD in the Razor Account are comparable to industry peers when factoring in the commission of 0.753 pips to calculate the all-in cost of 0.91 pips on MT4 (or 0.86 pips on cTrader).

Pepperstone offers a good range of options on its pricing plan, with the Razor Account the clear choice for cost-sensitive traders.

Meanwhile, the Standard Account is based on commission-free pricing and is not as competitive, as spreads are inherently wider.

Pepperstone offers a good range of options on its pricing plan, with the Razor Account the clear choice for cost-sensitive traders. In addition, Pepperstone’s active trader program offers further discounts on the applicable commission rates – depending on the amount you deposit and your expected trading volumes, helping to boost its ranking in this category among forex brokers that cater to active traders.

Minimum Initial Deposit$200.00
Average Spread EUR/USD - Standard1.16
All-in Cost EUR/USD - Active0.86
Active Trader or Premium/VIP Yes

Customer Service

To score Customer Service, partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.


  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.4 / 10
  • Average Professionalism Score: 4 / 10
  • Overall Score: 7.2 / 10
  • Ranking: 8th (23 brokers)
  • View Infographic


Pepperstone’s broad range of third-party social copy-trading platforms and research tools helps counter-balance its limited scope of in-house content. For example, the Market Review section – where news articles where posted - hadn’t been updated for several months around the time of our review.

Pepperstone offers AutoChartist to live account holders, providing automated pattern recognition and trading signals. Pepperstone also offers Smart Trader Tools, an MT4 add-on with tools such as sentiment indicators, which is available to clients with an account balance of at least $500 AUD.

For social copy-trading, Pepperstone offers the MirrorTrader and RoboX platform from Tradency, the ZuluTrade platform, and myFxbook for MT4, in addition to the native signals markets from MT4 and cTrader.

Pepperstone research Auto Chartist

When it comes to fundamental and technical analysis, Pepperstone offers content from third-party analysts and an economic calendar that shows consensus forecasts powered by Myfxbook, and an FX Weekly analysis from Boris & Kathy of BK Forex which also provides an Event Risk Calendar Forecast report.

Pepperstone research BK Forex
Pepperstone research BK Forex

Aside from social trading and the platform-related add-ons, which help give MT4 a premium touch, Pepperstone’s research offering saw year-over-year improvements with the addition of the Chasing Returns module, and DupliTrade for social-copy trading, along with the firm’s regular contribution of analysis on Trading View.

Pepperstone Roblox Tradency Social Copy Trading

Overall, Pepperstone finished 11th out of 28 brokers for Research in our 2019 Forex Broker Review, and finished Best in Class in the Social Copy-Trading category.

Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist Yes
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Platforms & Tools

Pepperstone offers Metaquotes Software Corporation’s suite of MetaTrader platforms, including MetaTrader4 (MT4) and MetaTrader5 (MT5) for desktop, mobile and web, as well as the MT4 Multi-terminal. To learn more about MT4 and MT5, read our Metatrader guide.

After registering for a Razor Account at Pepperstone, accessing the desktop and web version of MetaTrader 4 (MT4) comes pretty standard, with minimal configuration changes made from each broker, even though pricing, execution and reporting tools can vary significantly.

Pepperstone MT4 desktop
Pepperstone MT4 desktop

Pepperstone uses its EDGE infrastructure to help bridge the MetaTrader platform with liquidity providers to whom it routes your order for execution, while incorporating its Pepperstone Price Improvement (PPI) technology to help improve execution rates. This is a highly proactive approach for an agency broker.

Pepperstone MT4 charts trendlines
Pepperstone MT4 charts trendlines

Besides the desktop version, MT4 web is a lighter version of the platform made for web browsers, and comes with nearly the same number of indicators and drawing tools as the native desktop version, making it a viable option for the desktop version when you need access to MT4 charts. Meanwhile, MT4 web doesn’t support automated trading strategies, which can be done only on the desktop version.

Pepperstone MetaTrader4 WebTrader platform

Besides MetaTrader platforms, Pepperstone offers the suite of platforms from Spotware Systems, including the cTrader and cAlgo platforms, which support automated trading. The Razor and Standard accounts can be used with both platforms at Pepperstone, helping to unify account offerings across its products.

Moving to the cTrader platform, traders at Pepperstone can login to the web version or download the desktop version for Windows. To learn more about Spotware Systems, read our cTrader guide. For algorithmic trading, cAlgo can be used as a standalone platform that can be linked with a cTrader account and comes standard from the developer. It would be ideal if both modules were combined into a single platform, as those who need the automated trading capabilities must install both cTrader and cAlgo.

Pepperstone cAlgo desktop charting

Spotware systems also launched a web-based app called cMirror, which lets Pepperstone’s clients copy trading strategies from other users and mirror those signals in their own account (i.e. social copy trading).

This offering appears to compete with MetaQuotes’ signals market, which is available through the MT4/MT5 desktop platforms. Nevertheless, cMirror is very rudimentary in its current form, with only a few basic features beyond sorting strategies by account type, returns and time frame, giving MT4 the edge on social trading from its signals’ market.

Pepperstone cMirror web

Compared to the MT4 platform, both platforms support algorithmic trading and fare well when compared alongside each other; however, cTrader has an advantage with its web-based platform, which offers a wider range of trading tools compared to MT4 web. Meanwhile, the desktop version of MT4 contains the algorithmic trading module – compared to cTrader, which requires the standalone cAlgo platform to run in parallel, a small but noteworthy difference.

Pepperstone’s platforms compare well with other brokers that offer platforms from MetaQuotes Software Corp and Spotware Systems’ platforms, such as FxPro, aside from differences in execution method and pricing as Pepperstone only offers agency execution across its platforms.

Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) Yes
cTrader Yes
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Mobile Trading

Mobile trading at Pepperstone is done either via the MetaTrader 4 mobile app or the cTrader app, both of which are available directly from the developer on Google Play and iTunes, and usually come standard from broker to broker. To learn more about cTrader mobile by SpotWare, read ourTo learn more about Spotware Systems, read our guide to cTrader. For this section, I focused on Pepperstone’s MT4 mobile app.

Pepperstone MetaTrader4 Mobile Charting

For traders who already have the MT4 mobile app installed, logging in is just a matter of searching for Pepperstone from the app login screen – compared to the cTrader mobile app where the developer makes a branded version for each broker, which can be found on iTunes and Google Play directly from Spotware Systems.

Both apps rank highly in design, functionality and range of tools. Meanwhile, Pepperstone’s lack of proprietary platforms – including desktop, web and mobile – makes the comparison more about pricing and execution, which both rank highly and are similar to FxPro, IC Markets and FXOpen.

Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting - Indicators / Studies30
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Other Notes

Pepperstone provides execution across all its account types and platforms solely on an agency basis, compared to other forex brokers that may execute using an agency or dealing desk execution model, such as OANDA, Dukascopy Bank, FXCM and FxPro, which offer both.

This structure of using agency-only execution leaves less room for conflicts of interest that can arise with a dealing desk, yet it also leaves less control for execution quality as third-party dealers are relied upon in the agency model. Therefore, traders seeking pure agency execution may prefer Pepperstone.

Pepperstone launched CFD trading on four major cryptocurrencies including bitcoin, ethereum, litecoin, and dash, and offered traders the opportunity to hedge from the same account. In 2018, Pepperstone added Bitcoin Cash.

Final Thoughts

With nearly 90 instruments available to trade, Pepperstone’s niche offering is mainly for those who focus exclusively on forex and the most popular CFD markets. Pepperstone’s regulatory umbrella encompasses the UK’s FCA and Australia’s ASIC licensing, which helps win customers’ trust. In 2018, Pepperstone further broadened its research offering with the addition of content from BK Forex and tools such as Chasing Returns and DupliTrade.

Pepperstone caters well to advanced traders with competitive pricing on its Razor Account and active trader offering. Pepperstone also supports algorithmic trading on platforms from MetaQuotes Software Corp, which it further expanded in 2018 with the addition of MT5, further complementing its offering, which also includes Spotware Systems’ platforms. In addition, Pepperstone offers a multitude of social copy-trading platforms.

Considering the low minimum deposit, range of platforms and account types, Pepperstone caters well to all types of forex-focused traders, regardless of experience level.


For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each FX broker was graded on 81 variables. How we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

Steven Hatzakis

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Pepperstone Competitors

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Ratings Overall


Commissions & Fees
Offering of Investments
Platforms & Tools
Customer Service
Mobile Trading

Commissions & Fees

Commission Notes

Compared to firms with commission-based pricing that offer cTrader and MT4, such as FxPro, the commissions for forex trading at Pepperstone are similar to its industry peers.

Razor Account:

  • In the Razor Account in MetaTrader 4, the average spread on the EUR/USD is 0.16 pips, using data from Pepperstone as of October 1st 2018, while the commission is $3.76 per side or $7.53 round turn for every 100,000 units (standard lot) when your balance is denominated in USD, which equates to an all-in cost of roughly 0.85 pips (0.16 pips + 0.753).
  • The commission rates when using cTrader with the Razor Account will be slightly different as they are based on the pair you are trading and not the currency in which your balance is denominated.

Standard account:

  • The standard account is commission free but has higher spreads instead and is not as competitive as the Razor Account, as average spreads on the EUR/USD are 1.16 pips, according to Pepperstone.

Active Trader program:

Pepperstone’s Active Trader program is structured as a liquidity rebate where a portion of the commissions paid are refunded to you based on the volume you trade during a given month.

Pepperstone active trader
Pepperstone Australia active trader tiers.

Since Pepperstone doesn’t track the volumes to notify you, traders must keep an eye on their volumes and inform the broker manually in order to claim any eligible rebates. A minimum of 200 lots is required to qualify for the lowest tier, with a rebate of $1.00 per standard lot.

  • Level 1: 200 lots @$1.00 ($200 rebate)
  • Level 2: 1,000 lots @ $1.50 ($1.5K rebate)
  • Level 3: 1,500 lots @ $2.00 ($3K rebate)
  • Level 4: 5,000 lots @ $3.00 ($15K rebate)

Pepperstone Active Trader tiers
Pepperstone Active Trader tiers

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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