Pepperstone Pepperstone Forex Review

PepperStone Forex Broker Reviews, News, Bonuses and Promotions
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Pepperstone real time & average spread

Real time spread
Average spread
For the last hour
Min spread
Max spread
Swap long: n/a
Swap short: n/a
Stop/Limit level: n/a

Account types


  Minimum Deposit Minimum trade size Max Leverage Swap Spread
Edge Standard Account $200 AUD 0.01 (micro lot) 500:1 yes  0.8 pips + $7 per lot commisson
Edge Razor Account $200 AUD 0.01 (micro lot) 500:1 yes 1.2 pips - no commission
Edge Swap Free Account $200 AUD 0.01 (micro lot) 500:1 no 1.2 pips - no commission

Pepperstone maintains several unique trading accounts. The Edge Standard account is intended for regular traders, offering STP processing and interbank spreads on the popular MT4, while the Razor account is targeted at advanced and EA traders and offers lower spreads (and, of course, higher trading costs). There is an additional account offered to high volume traders and institutional partners – the Edge Active Traders account, which offers higher level of service:  superior ECN EDGE execution and also an experienced and dedicated manager working with the account holder. What is more, there is a swap-free account compliant with Sharia law available at Peperstone.


The Company

Pepperstone is an Australian-based ECN forex broker founded in 2010. The company Pepperstone Group Ltd. is ASIC-regulated and also has offices in Dallas, USA and Shanghai, China. The broker offers its clients options to trade forex (more than 70 currency pairs), Index CFDs, precious metals and energy.

Pepperstone is a relatively new broker, however it gained popularity for providing sophisticated trading solutions and excellent trading conditions. In 2014 it was awarded as the fastest growing company in Australia by BRW Magazine.

Security of Funds

Pepperstone holds an Australian Financial Services License and is regulated by the Australian Securities and Investment Commission (ASIC). ASIC requires licensed financial services providers to meet strict capital requirements and to comply with various internal procedures for risk management, accounting and audits. As for the minimum capital requirement, ASIC requires forex brokers to hold at least $ 1 million in order to provide financial services legitimately. So as to see the “big picture”, the US regulatory authority NFA requires forex brokers to possess a minimum of 20 million, UK’s FCA – 730 000 EUR and Cyprus’ CySec – 1 000 000 EUR.

Additionally, Pepperstone stated on its website that it maintains client segregated accounts held with top-tier banks and also that it holds Professional Indemnity Insurance with Lloyds of London.

Despite the regulation and the requirements set to brokers, one should be aware of the risks of trading Margin FX and CFDs. Unlike the EU-based brokers, Australian ones are not covered by any compensation scheme. UK-based brokerages, for example, fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person per company

Trading Conditions



Minimum deposit
Pipestone’s clients can start trading with 200 AUD or equivalent as a minimum. For instance, ThinkForex, another Australian based broker, requires $ 250 minimum initial deposit and offers average spreads amounting to 1.2 pips, while AvaTrade, also headquartered in Australia, requires just $100 to start with and average floating spreads amounting to 1.8 pips on the EUR/USD.

Spreads and commissions
As regards the spreads offered by Peppersone, the average ones amount to 1.2 pips on the EUR/USD for the Edge Standard account and 0.2 pips for the Edge Razor account.

Another component of trading costs are commission fees charged by brokers. Pepperstone, however, charges commission on the Edge Razor account only, amounting to $3.5 per 100k traded, while the Standard one is commission-free.

Speaking of trading costs, we should also mention that admin charges are applicable to the Islamic account type, if a trade has been held for 3 days or more. Their amount ranges from 3 to 150 points, depending on the currency pair.


Another feature offered by this broker that is worth our attention is the Pepperstone Price Improvement (PPI), which in fact is positive slippage. The PPI technology fills your orders at a more favorable level automatically should prices move to traders’ advantage.


As for leverage, the maximum leverage provided by Pepperstone is 500:1. This is considered to be a high leverage especially bearing in mind in many countries there are limits on leverage, far lower than this. For instance the max leverage allowed in US is 50:1 and in Japan leverage is limited to 25:1.

Trading Platforms

Pepperstone provides its clients with a choice of three platforms: MetaTrader4, MetaTrader5 and cTrader. The industry standard MT4 is available for Mac, iPad/tablet, Android and iPhone. Also, a web-based MT4 version is offered, called WebTrader. A web version of the cTrader platform is also offered, as well as such for mobile devices. What is more, the cTrader platform has a cAgo option, allowing trading with robots and developing of custom indicators in C#.


The three trading platforms offered by Peppersrone are probably the most popular ones in the industry. The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, because MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. As regards the cTrader platform, it is custom-made for use with ECN brokerages and offers simple user-friendly interface.


Also, we have to mention some important features that Pepperstone offers its clients. First of all, the  order execution infrastracture. Pepperstone has partnered with Equinix and through its NY4 data centre the broker participates in the Equinix Financial eXchange. Via this exchange Pepperstone accesses a number of low-latency networks, and is able to exchange data directly with strategic partners and customers.


Methods of Payment

Peperstone offers its clients a wide range of payment methods available: Bank Wire, Credit/Debit cards (Visa & MasterCard accepted), Skrill, Local Bank Deposit, Neteller, Bpay, Union Pay, PayPal, BPay, FasaPay, WebMoney, QIWI and POLI.



In conclusion, Pepperstone is one of the leading Australian-based brokerages, offering real fast execution, extremely low spreads, transparent pricing and reasonable trading costs.


Pros Cons
ASIC-regulated No bonuses or rebates
Very low spreads No Negative balance protection
Choice of platforms & accounts No deposit guarantee scheme
Positive slippage  




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Traders` reviews for Pepperstone Add review

Pepperstone Review - Axitrader Whitelabel

Pepperstone is a Whitelabel of Axitrader's Integral price feed. They don't have a server of their own they use the Axitrader server. You can do the test yourself. Just do a trace route on their servers: ;and

you will note the go back to the following - ;and

You will note that after doing a who'is search the technical contact for the domain "" is none other than:

Technical Contact:
Scott Edwards ***
206/220 Pacific Hwy
Crows Nest, NSW 2065

The reality is that Pepperstone is just a start-up company that does not even have their own Australian Financial Services Licence, they rent ONE !...

Axitrader on the other hand are a well established comapany that has been around since 2007.

Would you ever trade with a company that was started up in 2011 by an internet marketer and an ex-forex market maker from go-markets who rent an Australian Financial Service Licence?

Well it seems like some people are willing to take the risk... good luck to them I say.....

Bernie 03/26/2012

Pepperstone customers service is great

I cannot say anything bad about these guys-great customer service and amazingly quick withdrawal times. A friend of mine turned me on to them and I tell everyone that is new to trading to give them a try.

Fran 09/12/2011