Pepperstone Review

Updated for 2019

Pepperstone is an online forex and CFD broker providing services for both retail and institutional traders. I have personally traded with Pepperstone for several years and sent many clients over to them.

I, therefore, can base this review on my personal experience and what clients have told me after trading with them.

Below you will find an in-depth review of the broker which outlines costs, customer service, security, instruments and personal experience.

Who is Pepperstone?

Pepperstone is originally an Australian forex and CFD broker. In 2017 they also established Pepperstone UK in London, United Kingdom.

They provide FCA regulation (FRN 684312) for clients in the UK and European Economic Area (EEA). For clients based in Australia and elsewhere, they provide ASIC regulation (ACN 147 055 703).

Pepperstone is today one of the world’s largest Forex brokers processing an average of US $5.8 Billion of trades every day.

who are pepperstone

Business model

We always carefully consider the conflicts of interest a broker may have before making any recommendation. As a rule, we usually avoid brokers that only use a market making model. This means that the broker is always taking the opposite side of your trades, and therefore profits on your losses.

Pepperstone is a pure ECN broker, meaning that your trades will be sent to a third-party – often a bank. They, therefore, don’t profit from your losses and the biggest conflict of interest is eliminated.

Pepperstone ECN

Edge Technology

The EDGE Environment is believed to be the most comprehensive, highest-performing portfolio of enterprise Forex Trading Technology for clients who seek to unlock unparalleled execution acceleration and reduced spreads.

EDGE allows Pepperstone clients direct Interbank Trading via MetaTrader 4.


Up to 12x improvement in execution speed, Up to 10x latency reduction with additional optical fibre connections to Interbank Servers in New York. New One-Click MT4 order window for Ultra-Fast Trade Placement.


Pepperstone Price Improvement (PPI) Technology intelligently routes FX orders to detect market-hot spots and deliver optimal prices.

Gain a complete market view with 57 Additional Tradable Currency Pairs. New Market Depth display in MT4 enables analysis of FX market order book and liquidity.


New Dark Pool Liquidity access and enhanced interbank connectivity mean EDGE Spreads are tighter – delivering cost savings on trades for our Clients.

Transparent and seamless access to the global currency market has never been more accessible to retail FX Traders than with EDGE.

Dark pool liquidity

Because there is no central exchange in the Forex Markets, liquidity exists in multiple fragmented FX pools across different interbank venues and bank systems.

Pepperstone EDGE unifies these dark pools and is designed to deliver an unparalleled depth of market to the retail FX Trader.

Block Orders and High Volume Strategies such as Scalping can be delivered to the market with maximum price efficiency.

Dark Pool Liquidity

Market Depth

See Interbank Market Depth – Analyse the interbank order book to make more informed trading decisions. See pockets of liquidity and trade large lot sizes with confidence.

Spreads in FX should always be considered in conjunction with depth-of-book. In FX, the larger the ticket size, the wider spread is.

The depth of Market is a measure of volume available for transaction purposes for a particular instrument at a certain point in time.

The best Offer (ASK) and the best BID are displayed in a table along with the capped volume available at given prices.

>>> Try a free demo with Pepperstone


Compared to other retail brokers, the trading costs with Pepperstone is extremely low.* They offer two kinds of trading accounts; Standard and Razor.

The Standard account offers to trade without commission, while the Razor offers interbank spreads with a small commission of 3.5 AUD per 100k traded.

Spreads with the Standard account are as low as 1.0 pip, while spreads on the Razor account are as low as 0.0 pips.

We would like to emphasize the low costs on exotic currency pairs. For instance, the EURNOK usually have a spread between 15 – 30 points with most brokers. During both the London and U.S session, we had 8 points spread on our Standard account.

Please note that spreads can vary between account and client classification.

Spreads with Pepperstone

*We have compared real-time spreads and swaps.

Customer Support

Both myself and clients can report fantastic support from Pepperstone. If you have a question, you can get in touch via Live Chat, email or phone. With Live Chat, you can often get an answer within a couple of seconds.

Their support team holds years of knowledge and expertise from the forex trading industry, you can rest assured they can always help you pursue your forex trading goals.

I would especially like to mention that Pepperstone UK has given me extraordinary good service and support.

Over the years, Pepperstone has won numerous awards including #1 in Customer Service and Overall Client Satisfaction.


The platforms offered by Pepperstone are MetaTrader 4 and cTrader. Both platforms support Expert Advisors, hedging, and high-frequency trading. These are state-of-the-art platforms used by the majority of traders.

Ultimately, the two platforms may not be easily set apart. We believe that users focused on EAs may be drawn to MT4 due to its wider availability, more online resources, and a larger online community.

Other traders may be drawn to cTrader by the greater ability to make modifications to the interface and more advanced order options.


API support

As an API trader, you are unique in your requirements. Potential benefits of being a Pepperstone API Trader is the ability to see the depth of market, a segregated client account for your capital as well as what we believe to be a unique edge thanks to Pepperstone’s proprietary technology.

Pepperstone account holders with a minimum of USD$250m trading volume per month may apply for a FIX Demo Environment to test their FIX Capabilities.


I personally believe that Pepperstone is one of the best choices for a retail forex trader. You can enjoy an extreme low-cost environment with FCA or ASIC regulation, fantastic support, modern technology, and state-of-the-art platforms.

As a professional forex trader, I recommend them with great confidence that you will enjoy their services.



Do they accept clients from the USA?

No, as per now, U.S clients are not accepted.

Do they have solutions for fund managers?

Yes, you can contact your account manager for further information.

>>> Try a free demo with Pepperstone

Håkon Fuglaas
Håkon is the CEO of K2 Trading and has more than five years experience from the foreign exchange market as a trader, broker, and fund manager.