Pepperstone Trading Platform Review

Pepperstone, a globally recognised online trading broker, has been serving traders since its establishment in 2010. Over 620,000 clients worldwide have made Pepperstone their broker of choice because of its reliability, competitive trading conditions, and exceptional customer support. The broker’s FCA-authorised entity caters to UK traders and provides all standard client protection mechanisms. Headquartered in London, Pepperstone Limited operates under FCA firm reference number 684312, issued by the Financial Conduct Authority (FCA).

Pepperstone Contact Information

The broker offers a broad market range, including forex, indices, commodities, shares, and ETFs, with over 2,700 contracts for difference (CFDs) and spread bets available for trading. This extensive selection caters to traders of all skill levels, allowing clients to diversify portfolios and explore various markets. Beginners hesitant to start trading with real money immediately may opt for the demo account, which comes with 50,000 units of virtual funds in any of the supported base account currencies.

Highlights of Pepperstone

• Multiple Licences: The broker is regulated by seven financial authorities, including the UK’s FCA.
• Free VPS: Eligible clients can take advantage of a free VPS service.
• Diverse Trading Platforms: Pepperstone provides access to leading platforms such as MetaTrader 4, MetaTrader 5, cTrader, and TradingView, along with its proprietary platform, offering flexibility to suit diverse trading styles and strategies.
• Wide Range of Instruments: Traders can access over 2,700 CFDs and spread bets, enjoying razor-sharp spreads and fast order execution.
• Excellent Customer Support: The broker is praised for its fast, competent, and solution-oriented customer service, available via phone, email, online form, and live chat.

Advantages and Disadvantages of Pepperstone

Available Markets at Pepperstone

Pepperstone offers a diverse range of trading opportunities across various markets, providing access to 2,700+ CFDs and spread bets with competitive spreads and fast execution. Traders can explore forex, indices, commodities, shares, ETFs, and more. Whether a user is a seasoned trader or just starting their trading journey, Pepperstone’s comprehensive portfolio will prove more than sufficient.

Forex

Pepperstone provides access to one of the world’s most liquid markets, granting traders exposure to major, minor, and exotic currency pairs. With tight spreads, low commissions, and high liquidity, forex trading is an appealing option for Pepperstone users. The broker ensures fast execution and no requotes, making it ideal for users seeking to trade currency fluctuations in real-time.

• Access to a highly liquid market with 90+ currency pairs, including GBP/USD, EUR/USD, AUD/USD, NZD/JPY, and more.
• Competitive pricing with low commissions of £2.25 per standard lot, per side, and 0 pips (Razor), and tight spreads from 1 pip (Standard).
• Fast execution (30 milliseconds), 99.89% fill rate (the vast majority of orders are executed without rejections or requotes), no dealing-desk intervention, providing a seamless trading experience.
• Forex CFDs and spread betting are available on Pepperstone’s proprietary platform, MT4, MT5, cTrader, and TradingView.
• Leverage caps in line with FCA regulations: 1:30 for major currency pairs, and 1:20 for minor and exotic currency pairs and gold.

Average Forex Spread at Pepperstone

Shares

UK customers can spread bet and trade a wide range of Share CFDs with leverage, including shares of companies from the US, UK, Germany, and Australia. With competitive pricing and the option to use leverage, Pepperstone enables traders to go long or short on stocks, offering opportunities to profit from rising and falling markets.

• Available stocks from Europe, US, UK, Germany, and Australia.
• Access to derivatives on major stocks of companies like Amazon, Apple, BHP, JPMorgan Chase, Glencore, Rio Tinto, among others.
• High liquidity and low commissions per side:
  • 0.07% commission per side for Australia share CFDs (no minimum commission).
  • 0.10% commission per side for German share CFDs (no minimum commission).
  • 0.20% commission per side for Hong Kong share CFDs (no minimum commission).
  • 0.10% commission per side for UK share CFDs (no minimum commission).
  • $0.02 per share for CFDs on US shares and ETFs ($0.02 minimum commission).
  • 0.10% commission per side for European equities (no minimum commission).
• Access to pre- and post-market trading, allowing flexibility around major market events.
• Leveraged trading available, up to 1:5 for individual stocks.

Indices

Those seeking to speculate on the performance of major global indices, such as the S&P 500, Nasdaq, and FTSE 100, can consider Pepperstone’s index CFD and spread betting offerings. Whether using a Razor or Standard Account, Pepperstone offers tight spreads and charges no commissions. Indices are ideal for individuals interested in capitalising on broader market trends rather than individual assets.

• Trade major global indices from North America, Europe, Asia, and Africa, including UK100, GER40, FRA40, US500, NAS100, AUS200, CN50, HK50, and SA40.
• £0 commissions on index trading, reducing overall trading costs.
• Low Razor Account spreads from 0.4 points (US500), 0.9 points (GER40), and 1.0 point (UK100).
• Pepperstone boasts a fill rate of 99.89% and fast order execution.
• No requotes, no partial order fills.

Commodities

Pepperstone offers a variety of CFDs for soft and hard commodities, including metals, energies, coffee, and sugar. Traders can benefit from razor-sharp spreads and leverage without the need for physical delivery. Commodities are a popular choice for hedging against inflation or diversifying a trading portfolio, and traders will be more than satisfied with Pepperstone’s selection of commodity products.

• A wide range of commodities: gold, silver, gasoline, natural gas, cattle, cocoa, coffee, corn, wheat, copper, and aluminium, among many others.
• No physical delivery required, making it easier to trade without logistical concerns.
• Leveraged trading (up to 1:20 for gold and 1:10 for other commodities), allowing greater exposure with less capital.
• Minimum spreads from 0.3 points (Natural Gas) and no commissions with Razor Accounts.
• Multiple tier-1 banks serve as liquidity providers.

ETFs

Exchange-traded funds (ETFs) are available for traders seeking diversified exposure to specific sectors or regions. Pepperstone offers CFD products on over 100 ETFs, covering industries like technology, energy, and emerging markets. These instruments provide a cost-effective way to gain broad market exposure without the need to invest in individual stocks.

• 100+ ETFs tracking the performance of equity markets in 35 countries.
• The ability to go long or short on ETFs ensures flexibility in market outlooks (Banks and Financials, Bonds, Emerging Markets, Energy and Industrials, Indices).
• Low commissions of $0.02 per share, per trade; Exchange spreads with no markups; overnight funding costs apply to positions held open over consecutive days.
• Leveraged trading options are available, allowing traders to amplify their returns.
• Exposure to entire markets or sectors without owning individual stocks.

Currency Indices

Currency indices, such as the USDX, allow traders to track the performance of a currency against a basket of other currencies. These instruments provide a broader perspective on currency movements compared to traditional forex pairs, making them useful for macroeconomic analysis.

• Currency index CFDs (EURX, JPYX, USDX) are available for trading, measuring direct changes in the value of a currency against a basket of other currencies.
• Leverage of up to 1:5.
• Currency indices provide a broader view of currency strength compared to individual pairs.
• Useful for hedging.
• Competitive Razor Account spreads from 1 pip (EURX, JPYX) and 5 pips (USDX), transparent pricing.

Dividends and CFD Forwards

At Pepperstone, traders may also explore dividend adjustments for index CFDs and share CFDs. CFD and Spread Bet Forwards are another highlight of Pepperstone’s offering.

• CFD forwards include but are not limited to AUS200, GER40, UK100, crude oil, Brent oil, gold, and silver.
• Dividends for Index CFDs (22 markets in total) such as UK100, AUS200, FRA40, and more.
• Dividends for Share CFDs, such as Shell, Tesco, Unilever, and Balfour Beatty, to name a few.
• No overnight fees charged on CFD and Spread Bet Forwards, as they are factored into the price of the forward contracts.
• Automated trading via MT5 and cTrader.

Trading Costs at Pepperstone

Pepperstone offers competitive pricing designed to cater to a wide range of traders. The broker ensures transparency and affordability across various fees, including spreads, commissions, overnight fees, and non-trading fees.

By leveraging deep liquidity from tier-1 banks and institutions, Pepperstone provides tight spreads and efficient execution across multiple asset classes. Whether trading forex, commodities, indices, or stocks, the broker’s pricing structure is tailored to meet diverse trading needs while maintaining cost-effectiveness. Below, we offer a detailed breakdown of the key cost components to be aware of before creating a live Pepperstone account.

Spreads

Pepperstone provides UK traders with three main account types: Razor, Standard, and Spread Bet. Razor Accounts offer ultra-low spreads, starting from 0.0 pips on major forex pairs like EUR/USD and GBP/USD, plus a commission of £2.25 per standard lot per side. Standard Accounts feature slightly wider spreads, starting from 1.0 pips and charge no commissions.

Consistently competitive spreads across commodities, indices, and shares are a major perk of trading at Pepperstone. For instance, Brent and crude oil feature minimum spreads as low as 2.0 points across all available account types. UK100 can be traded at minimum spreads of 1.0 point on the three accounts.

Commissions

Commissions at Pepperstone are primarily applicable to Razor accounts when trading forex CFDs. These commissions vary depending on the account currency and the selected trading platform. For UK traders, a commission of £2.25 per standard lot per side is charged when trading on the MT4 and MT5 platforms. Commissions on cTrader, TradingView, and Pepperstone’s proprietary platform are charged in US dollars. Non-USD account holders should note that the commission ($3 on cTrader and $3.5 on TradingView and the Pepperstone platform) will be converted at the spot rate in their account currency.

Other commissions apply to CFDs on ETFs ($0.02 per share) and shares. Traders who gravitate towards share CFDs will pay the following commissions:

Overnight Fees

Overnight fees, or swap rates, are charged or credited for holding CFD or spread bet positions beyond the trading day. Pepperstone calculates these fees based on interbank rates, adjusting them daily to reflect market conditions. Commodities, indices, and shares incur overnight fees, with a standard 2.5% charge applied to trades. These fees vary depending on whether a position is long or short, ensuring fairness and alignment with global market practices. For forex trades, the swap rate depends on the trade size and the Tom-Next rate.

Pepperstone provides the following calculation formula: daily swap charge/credit = one point x (trade size [or notional amount] x tom-next).

Traders can find the current swap rates on the trading platforms supported by the broker. Note, however, that these rates are indicative and change daily.

Examples of Pepperstone’s forex swap rates below:

Non-Trading Fees

Pepperstone stands out by not charging account maintenance or inactivity fees, making it an attractive option for individuals who tend to take long breaks from trading. However, it is important to note that MetaTrader accounts with less than 10 units in the respective base currency that remain inactive for over three months are archived to optimise server space. Reactivation is available upon request. Additionally, Pepperstone does not impose deposit or withdrawal fees, though intermediary banks or payment processors may charge their own fees.

Trading Platforms Supported by Pepperstone

Pepperstone offers a versatile range of trading platforms designed to cater to traders of all levels. With options like MetaTrader 4, MetaTrader 5, cTrader, TradingView, and Pepperstone’s proprietary platform, customers can access advanced charting tools, automated trading, and customisable features across desktop and mobile devices. These platforms provide a seamless trading experience, real-time price streaming, and access to hundreds of CFD instruments. Copy trading, expert advisors, and advanced risk management tools are also supported, ensuring traders can execute strategies efficiently.

Another highlight of trading with Pepperstone is the free Virtual Private Server (VPS) service available to eligible or professional clients. It ensures a low-latency trading environment characterised by its reliability and security, and is particularly beneficial for algorithmic trading. The VPS is available to clients meeting specific trading volume criteria.

Pepperstone Trading Platform

The Pepperstone trading platform offers a smooth trading experience. Traders can access the platform in their desktop browsers or on their Android/iOS devices. One-click trading, real-time position management, and charting options are among the perks of using this platform. Pepperstone clients may also customise watchlists, switch between charts quickly, and access a variety of tools for efficient trading. Its cross-device compatibility ensures traders can manage their positions anytime, anywhere, making it a versatile choice for both beginners and experienced traders.

• One-Click Trading: Execute trades quickly with the one-click trading functionality, ideal for fast-moving markets.
• Accessibility: Available on desktop and mobile devices.
• Instrument Variety: 1,300+ CFD symbols, 1,000+ share CFDs, 1,100+ share spread bets.
• Customisable Watchlists: Create and customise individual watchlists or follow public watchlists to monitor preferred instruments.
• Tools and Features: Traders can use various risk management tools and technical indicators.

MetaTrader 4 (MT4)

MT4 is the world’s most popular trading platform, known for its user-friendly interface and advanced features. It supports automated trading through Expert Advisors (EAs) built with MQL4, allowing users to create and run custom trading algorithms. Its flexibility and extensive customisation options make it suitable for traders of all levels, offering robust tools for technical analysis and strategy development.

• Autochartist: Autochartist can be utilised for market analysis.
• Automated Trading: Build and run Expert Advisors (EAs) using the MQL4 programming language, enabling automated trading strategies.
• Extensive Indicators: With 85 pre-installed indicators and 28 additional Smart Trader tools, MT4 helps traders identify high-probability trades.
• Video Tutorials: Pepperstone provides MT4-related video tutorials, such as ‘How to log in’, ‘How to place a trade’, ‘How to manage your positions and view your history’, ‘How to customise watchlists, charts, and indicators’.
• Mobile Trading: In addition to being available in the form of desktop and browser-based software, MT4 is also suitable for mobile trading, thanks to dedicated smartphone apps that can be downloaded from Google Play and the App Store.

MetaTrader 5 (MT5)

MT5 builds on MT4’s success with enhanced functionality, including faster processing, more timeframes, and advanced order types. It supports trading in Share CFDs and offers improved tools for automated trading through MQL5. Its ability to handle multiple asset classes and advanced charting options makes it ideal for traders seeking a more powerful platform with extended capabilities.

• Advanced Charting: Access 21 timeframes and 38 built-in indicators for comprehensive market analysis.
• Enhanced Functionality: MT5 offers all the features of MT4 with additional tools, including faster processing and built-in indicators.
• Market Variety: Trade shares, forex, commodities, and indices, expanding access to global markets.
• MQL5 Programming: Easily code trading signals and automate strategies using the MQL5 language.
• Hedging Capability: Hedge positions to manage risk effectively.

TradingView

TradingView integrates seamlessly with Pepperstone, offering access to advanced charting tools and a vast social trading network. Traders can use pre-made or customisable indicators, automate strategies with Pine Script, and trade directly from charts. Its cloud-based platform ensures data security and accessibility across devices. UK traders can connect their spread betting accounts to TradingView and enjoy tax-free profits.

• Advanced Charting: Access industry-leading charting technology with a wide range of premade and customisable indicators for in-depth market analysis.
• Social Trading Network: Connect with millions of traders on the world’s largest social trading network.
• Direct Chart Trading: Trade directly from TradingView charts.
• Pine Script Automation: Use Pine Script to create custom indicators and automated trading strategies, ideal for those interested in coding.
• Cloud-Based Platform: Enjoy a secure, cloud-based platform that protects against data loss and allows for seamless trading across devices.

cTrader

cTrader is an intuitive platform designed for both beginners and experienced traders, offering advanced features like depth of market and customisable order execution. With its institutional-grade environment, cTrader is ideal for forex and CFD traders seeking precision and flexibility. Its user-friendly interface and advanced risk management tools make it a strong contender for those prioritising control and customisation. The platform is accessible in browsers as well as on iOS, Android, Mac, and Windows-based devices.

• C# Programming: Use C# to create custom algorithms and automate trading strategies with cTrader Automate.
• Advanced Order Control: Manage slippage and order fulfilment with precision using cTrader’s advanced order features.
• Institutional-Grade Trading: Designed to replicate an institutional trading environment, cTrader is ideal for both beginners and experienced traders.
• Market Depth: Access the depth of market functionality to make informed trading decisions.
• Customisable Charts: Enjoy advanced charting tools and extensive customisation options, including session times and take-profit/stop-loss adjustments.

Mobile Trading at Pepperstone

Pepperstone has ensured that its UK clients will be able to enjoy everything the broker has to offer, whether at home or on the go. Its proprietary platform is suitable for both Android and iOS devices, with dedicated applications available on Google Play and the App Store. In addition to the Pepperstone App, traders can use the mobile applications of platforms like TradingView, MetaTrader 4, MetaTrader 5, and cTrader.

The Pepperstone trading app offers a robust mobile trading experience via its dedicated app, designed for traders to place real-time orders across various asset classes, including forex, commodities, indices, and cryptocurrencies. It should be noted that crypto CFDs are nota available to UK retail traders, consistent with the Financial Conduct Authority’s ban on crypto derivatives.

The app provides features such as one-click trading, razor-sharp spreads (for Razor accounts), live streaming prices, multiple charting options, technical indicators, and risk-management tools. Users can also access customisable watchlists, a demo account with virtual funds, and updates on instrument performance and market hours.

Account Types Available at Pepperstone

Pepperstone offers several account types to suit different trading preferences and experience levels. Whether a beginner, swing trader, or scalper, traders are free to choose a suitable account type with this broker. UK traders can opt for a Spread Betting account, featuring no commissions, tax-free profits, and trading markets in GBP.

Pepperstone offers two CFD trading accounts: Standard and Razor. The Standard Account is designed for beginners, featuring competitive spreads that cover most of the trading costs, making it straightforward to use. The Razor Account, on the other hand, features commission-based costs with exceptionally low spreads. Both options support GBP as a base account currency.

Additionally, Pepperstone offers a Demo Account with a virtual balance for practice and strategy testing without financial risk. Professional traders are alsowelcomed by the broker. Learn more about each of Pepperstone’s account types below.

Spread Betting Account

Pepperstone’s Spread Betting account is tailored specifically for UK traders, offering a tax-efficient way to speculate on the price movements of global markets. With access to advanced platforms and over 1,432 instruments, it is a flexible and cost-effective choice for both new and experienced traders.

• No Capital Gains Tax (CGT) or stamp duty for UK residents.
• Trade 1,400+ markets, including forex, shares, indices, commodities, and more.
• Amplify positions with FCA-regulated leveraged products.
• Manage risk by opening opposing positions in the same market.
• Trade via Pepperstone’s web and mobile apps, MT4, MT5, cTrader, and TradingView.

Standard Account

The Standard Account is ideal for beginners due to its simplicity and all-inclusive pricing structure. It features wider spreads compared to the Razor Account, as trading costs are incorporated into the spread. The EUR/USD, for instance, has a minimum spread of 1.0 pip when it comes to this account type. In addition, the leverage caps vary depending on whether the client is a retail trader (1:30) or a professional (1:500).

• Spreads from 1.0 pip.
• No additional commissions are charged, making it easier to calculate costs upfront.
• 1,400+ instruments.
• Supports hedging and scalping.
• Suitable for Pepperstone’s proprietary platform and mobile app, cTrader, MT4, and MT5 users.

Razor Account

The Razor Account is tailored for active traders, including scalpers and those using automated trading systems. It offers raw spreads starting from 0.0 pips on major currency pairs, and while a commission is charged, the overall costs are relatively low. The commission stands at £2.25 per standard lot, per side, when it comes to forex.

• Supports multiple platforms, including Pepperstone’s proprietary platform and mobile app, MetaTrader, cTrader, and TradingView.
• FX commission £2.25 per standard lot per side.
• Offers raw spreads starting from 0.0 pips on major currency pairs, providing ultra-low trading costs.
• Stop-out levels of 50% (retail) and 20% (professional).
• Leverage of up to 1:30 (retail) and 1:500 (professional).

Professional Trading

Gaining professional status at Pepperstone comes with various perks. Pros can enjoy leverage of up to 1:500, and the Active Trader programme offers cash rebates and other benefits for high-volume traders.

To qualify, traders must meet two of three specific criteria, such as executing a significant number of large trades (10 per quarter in the past year), holding a financial portfolio exceeding €500,000, or having professional experience in the financial sector of at least one year. We should note that professional clients lose some benefits, such as negative balance protection. However, the greater flexibility may be worth it for professionals.

• Access leverage up to 1:500.
• A personal account manager is assigned to each professional client.
• Trade large positions with a single click.
• VPS hosting is another highlight and allows traders to run automated strategies 24/7.
• Enjoy exclusive benefits and discounts by gaining access to Pepperstone’s Active Trader programme.

Demo Account

For beginners and those looking to practise new strategies, Pepperstone provides a Demo Account. It comes with a virtual balance of up to 50,000 currency units and is valid for 30 days. It allows users to explore their preferred platform, test trading strategies, and gain market experience without risking their real funds. The demo account is an excellent tool for both beginners and experienced traders who want to refine their skills or experiment with new approaches in a risk-free environment. It mirrors real trading conditions, offering a simulation of live trading.

• Virtual balance of up to 50,000 currency units.
• Mirrors real-market conditions, providing a realistic trading experience.
• No financial risk involved.
• Expires within 30 days.
• Pepperstone offers demo accounts for cTrader, TradingView, MT4/5, and its proprietary platform.

Customer Support at Pepperstone

UK customers can get in touch with a member of Pepperstone’s support team via multiple channels, including email at [email protected], phone at +44 800 046 5473, and live chat. A toll-free telephone line (0800 046 5473) is also available to UK customers. Support agents are available 24 hours on weekdays and 18 hours at weekends.

The live chat feature, accessible from the bottom right corner of Pepperstone’s website, is highly efficient, with agents typically responding promptly. Additionally, Pepperstone’s extensive FAQ section covers a wide range of topics, including but not limited to account management, trading platforms, and conditions.

Regulatory Background and Compliance

The parent company, Pepperstone Group Limited, was founded in 2010 and operates under multiple regulatory frameworks, which serve to ensure that the company offers a high level of security and compliance.

Pepperstone’s UK branch, Pepperstone Limited, is based at 70 Gracechurch Street, London. The broker is licensed by the Financial Conduct Authority (FCA), and its FCA reference number is 684312.

For UK traders, the FCA licence means that the broker adheres to high regulatory standards and safeguards traders via segregated client funds, participation in the Financial Services Compensation Scheme (FSCS), negative balance protection, and fully transparent operations.

The Cyprus Securities and Exchange Commission (CySEC) is the entity that regulates Pepperstone in Europe. The broker has acquired licences in Australia (ASIC), Germany (BaFin), Dubai (DFSA), and Kenya (CMA). In addition, its international operations are under the supervision of the Securities Commission of the Bahamas.

Client Security at Pepperstone

At Pepperstone, client security is a top priority. As stated above, the broker offers negative balance protection to its retail clients, which means accounts will not go below zero in case of extreme market conditions.

In terms of investor compensation schemes, Pepperstone is a member of the Financial Services Compensation Scheme (FSCS), which provides UK traders with coverage of up to £85,000 in case the broker is unable to meet its obligations. Pepperstone also adheres to the CFD leverage limits set by regulatory bodies, such as the FCA, which help to reduce the risk of significant losses. The leverage caps are as follows:

In addition to the above measures, Pepperstone implements robust measures to protect client funds. Client money is held in segregated bank accounts at regulated banks. The broker also uses SSL encryption to secure online transactions and offers two-factor authentication (2FA) to prevent unauthorised access to client accounts.

What UK Traders Say about Pepperstone?

UK traders on Trustpilot generally praise Pepperstone for its competitive spreads, fast execution, and excellent customer support, which is described as responsive and helpful. The broker holds an impressive rating from more than 3,000 reviews, with 81% of users awarding it 5/5 stars. Many traders appreciate the user-friendly platforms like MetaTrader and TradingView, along with the broker’s transparent and low-cost pricing structure. However, occasional complaints mention withdrawal delays or technical issues. Overall, Pepperstone is highly regarded for its reliability and trading conditions, making it a popular choice among both novice and experienced UK traders.