Pepperstone, the Australian forex and CFD platform, offers a diverse range of trading platforms such as MetaTrader 4 and cTrader, providing traders with unparalleled choices.
With its impressive tight spreads, Pepperstone stands out as an ideal choice for high-volume traders. Nevertheless, the platform caters to a wide audience by offering features like copy trading and a comprehensive research section, ensuring something valuable for everyone.
Pepperstone serves a global clientele, emphasizing its commitment to providing a cost-effective trading platform equipped with advanced technical tools, dependable customer support, and a seamless account opening process.
Renowned as one of the top forex brokers, Pepperstone excels in offering competitive spreads, as evidenced by the positive reviews on Trustpilot.
Rather than resting on their laurels, Pepperstone continues to expand their range of products and markets, bolstered by impressive technology that ensures optimal trade execution speeds and exceptional analytical capabilities.
For MetaTrader enthusiasts, Pepperstone proudly earned the prestigious "Best in Class" award in 2022. Choosing among its cutting-edge trading platforms can be a delightful challenge.
The only minor drawback is the absence of a proprietary trading app, a feature available with some other brokers. However, considering the multitude of other exceptional options available, this may not be a drawback for everyone.
Also consider: AvaTrade or read my guide to the Best Online Brokers in Australia
Who are Pepperstone?
Pepperstone, headquartered in Melbourne, Australia, stands as one of the world's largest forex brokers, offering access to a wide range of trading instruments, including index, share, commodities, and cryptocurrencies CFDs.
Driven by rapid expansion, Pepperstone has established offices in London, Cyprus, Düsseldorf, Dubai, and Kenya, in addition to its Melbourne headquarters. With a client base exceeding 300,000 traders, Pepperstone facilitates an average of US$12.55 billion in daily trades worldwide.
Initially founded by Owen Kerr and Joe Davenport, Pepperstone witnessed a change in ownership. In 2016, Champ Private Equity acquired a majority stake in the company, only to later sell it back to the founding partners, the senior management team, and CHAMP managing director Fiona Lock.
Pros
- Very tight forex spreads
- Award-winning customer service
- Multiple platform options
Cons
- Limited to forex and CFDs
- Demo account only available for 30 days
Pepperstone Ratings
Overall Rating: 4.5 / 5
Pepperstone product range overview
Pepperstone specializes exclusively in forex and CFD trading, which may not be suitable for traders seeking to trade actual stocks and ETFs.
However, the platform offers a diverse range of CFDs, and traders have the option to engage in spread betting, which provides tax-free alternatives.
Pepperstone provides access to a vast selection of over 1200 trading instruments, including:
Forex
With more than 60 currency pairs available, including exotics, Pepperstone's tight spreads offer a significant advantage for forex trading.
Index CFDs
Trading CFDs allows you to speculate on price movements without owning the underlying assets. Pepperstone enables commission-free trading on the movement of 14 major stock markets.
Commodities
Pepperstone offers major metals, energy, soft commodities, gold, and silver, all with tight spreads and rapid execution speeds.
Cryptocurrencies
The volatility in cryptocurrency markets presents ample opportunities. Pepperstone provides over 10 cryptocurrency CFDs for trading, offering stop losses, take profits, and pending orders to assist traders. However, as of January 2021, UK retail traders are unable to engage in CFD cryptocurrency trading.
ETFs
Pepperstone offers more than 100 ETF CFDs that track the performance of equity markets in 35 countries, encompassing regions such as Asia Pacific, South America, North America, UK, Europe, and the Middle East.
Currency Index CFDs
Unlike Forex trading, where you own the underlying currency, trading currency index CFDs allows you to speculate on the value of a currency against other currencies.
Social Trading
Through partnerships with multiple social trading platforms, Pepperstone provides access to a large social trading community, facilitating copy trading. Features like Myfxbook, MetaTrader Signals, and DupliTrade enable traders to utilize automated trading services, access trading strategies and signals from other traders, and leverage the expertise of their peers.
Spread Betting
Pepperstone's spread betting offering includes automated trading, fast execution speeds, and competitive spreads. UK residents can engage in spread betting without incurring tax implications. Advanced spread betting options are also available for professionals, albeit without certain protections like negative balance protection and leverage restrictions.
Capitalise.ai
This code-free automation tool is complimentary with Pepperstone trading accounts and allows traders to save time and engage in round-the-clock trading, free from emotional influences. However, it is exclusively available with MT4.
Overall, Pepperstone provides a comprehensive range of trading instruments and features, catering to various trading preferences and strategies.
Pepperstone trading platform
Pepperstone offers a range of trading platforms suitable for the Australian market, including a web trading platform, a mobile platform, and a desktop trading platform. The platform options available are TradingView, MT4, MT5, and cTrader.
Pepperstone does not provide a proprietary platform.
TradingView
This platform is exclusively available for Razor account holders and offers an impressive suite of trading tools and features, such as charting, social trading, coding, automation, indicators, an economic calendar, and data loss protection. It can be accessed via both desktop and mobile devices.
Alternative options to TradingView include MetaTrader 4 and MetaTrader 5.
MetaTrader 4
As the most widely used platform globally, MetaTrader 4 is available on mobile devices, tablets, and desktops. It is highly regarded for forex trading, offering a fully customizable interface and a comprehensive set of charts. Traders can utilize automated trading robots, advanced indicators, copy trading, and a live demo account. However, the platform could benefit from updates.
MetaTrader 5
MetaTrader 5 is the latest version of the MetaTrader software, maintaining the same powerful tools and functionalities as MT4. It is well-suited for experienced traders and those interested in automated trading through expert advisors and signals. However, beginners or those seeking a simpler platform may find it slightly complex.
cTrader
cTrader is a well-designed platform with a clean layout that is easy to navigate. It provides an intuitive user experience suitable for most traders. The platform offers a variety of indicators, detailed order tickets, informative educational videos, and a comprehensive trade analysis feature that helps identify weaknesses.
Web Trading Platform
The web trading platform is only available with MetaTrader, but it is fully customizable. However, it lacks two-step authentication and alerts/notifications, which can be seen as drawbacks. Basic order types, including market, limit, and stop orders, are available, along with order time limits such as good till canceled and good till time. Assets can be located using categories, although a search box for specific asset names is absent.
Mobile Trading Platform
For the mobile platform, traders can choose between MetaTrader 4, MetaTrader 5, and cTrader, depending on their experience and preferences (descriptions provided above). The mobile platform offers user-friendly interfaces in multiple languages. However, it lacks two-step authentication and biometric authentication options like face or fingerprint ID. Additionally, the absence of alerts and notifications is considered a significant drawback.
Desktop Trading Platform
The desktop trading platform stands out as a preferred choice among the Pepperstone platforms. It allows traders to set alerts and notifications via email and mobile push notifications. It offers the same functionality as the web and mobile platforms, accompanied by an excellent interface design.
Pepperstone Education
Pepperstone boasts a capable in-house research team and offers valuable tools for market analysis and updates, particularly in the forex market. However, it is worth noting that there is a noticeable absence of newsfeeds.
Pepperstone maintains its own research team, which regularly produces market reports and insights. To explore their offerings, users can visit the Pepperstone website and navigate to the 'Analysis' tab. This section provides a diverse range of commentary, videos, and coverage delivered by an experienced team of experts. Additionally, Pepperstone offers a trading management tool called Autochartist, which generates trading ideas based on technical analysis. Users can access this tool in the Secure Client Area and set up automatic notifications for emerging chart patterns.
The platform also provides Charting and Smart Trader Tools to assist users in making informed trading decisions. However, it is important to note the lack of a newsfeed. Newsfeeds are valuable tools, especially in forex trading, as political and economic news can significantly impact currency values. Although Pepperstone offers a daily newsletter called 'The Daily Fix,' it would be more beneficial to users if it were presented as a real-time newsfeed.
Pepperstone customer service
Pepperstone's customer service is highly regarded as excellent in every aspect. With a Trustpilot rating of 4.7 out of 5, they have received glowing reviews that emphasize the swift and informative nature of their responses, along with the helpfulness and politeness of their staff.
Customers can access their service 24 hours a day, 5 days a week through multiple channels, including WhatsApp, live chat, phone, and email. Support is offered in various languages, such as English, Thai, Vietnamese, and Russian.
Although weekend support is limited, excluding phone assistance and restricted live chat hours, there are still available options for customers. However, it is worth noting that response times for emails may be slightly longer during weekends.
During my interaction with Pepperstone's customer service, I was given the opportunity to leave a review on Trustpilot and provided with the name of the agent who assisted me. This demonstrates Pepperstone's willingness to be held accountable for the quality of their service and their commitment to customer satisfaction.
Pepperstone safety
Pepperstone has implemented all necessary safety measures and adheres to stringent regulations. They have obtained high-level regulation in multiple jurisdictions, instilling confidence and alleviating any concerns.
As of the current time, they process an average of US$12.55 billion in trades per day. To ensure the safety of client funds, Pepperstone holds them in segregated accounts with the National Australia Bank (NAB). This means that even in the unlikely event of Pepperstone's insolvency, your funds remain secure.
Pepperstone is regulated by various governing bodies, including:
- Australian Securities and Investments Commission (ASIC)
- Capital Markets Authority of Kenya (CMA)
- Financial Conduct Authority (FCA)
- Federal Financial Supervisory Authority (BaFin)
- Cyprus Securities and Exchange Commission (CySEC)
- Dubai Financial Services Authority (DFSA)
- Securities Commission of the Bahamas (SCB) under Pepperstone Markets Limited
With Pepperstone's robust regulatory framework and client protection measures, you can trust that your funds and investments are well-guarded.
Opening an account at Pepperstone
Opening an account at Pepperstone is a seamless and fully digital process, designed to be quick and easy. Whether you prefer using your smartphone or computer, the entire account opening journey can be completed online.
Pepperstone offers two live retail investor accounts to choose from, catering to different trading preferences. The first option is the Standard account, which is well-suited for beginners and intermediate users. This account features a simple structure, with a 1-pip markup on the raw spread and no commissions.
For scalpers and traders interested in running Expert Advisors, the Razor account is the ideal choice. With this account, Pepperstone provides raw spreads starting from 0.0 pips, accompanied by a commission charge.
Additionally, Pepperstone offers a demo account where you can practice trading without any risk to your personal funds. This is an excellent feature for honing your trading skills and familiarizing yourself with the platform.
The Active Trader program, however, is exclusively available to professional clients. This program offers cash rebates on trades, along with exclusive benefits tailored to the needs of experienced traders.
The actual account opening process typically takes around 12 minutes to complete. However, please note that the duration may vary depending on the availability of the necessary information.
To open an account with Pepperstone, simply follow these steps:
- Visit the Pepperstone website and click on the 'Join Now' button.
- Register your email and create a password.
- Confirm your email address.
- Proceed to the Secure Client Area.
- Fill out the form with your personal details.
- Choose your base currency.
- Complete a survey to determine your trading experience.
- Upload a copy of your identification document, such as a passport or driving license, along with proof of address, such as a utility bill.
By following these steps, you can initiate your journey with Pepperstone and start trading in no time.
Pepperstone fees
Pepperstone offers highly competitive fees that stand out when compared to industry standards. They do not impose any inactivity or account fees, and there is no minimum deposit requirement. The commissions you incur will depend on the chosen trading platform.
Pepperstone provides two main account types, each with its own fee structure. The fees you pay will vary depending on the account you select.
Pepperstone Standard Account Fees:
The Standard account, designed for beginners, does not charge any commissions on top of the spread. On average, the spread for EUR/USD is 0.60 pips. This account offers exceptional value with its fee structure.
Pepperstone Razor Account Fees:
The Razor account features raw spreads, with average spreads as low as 0.17 pips for EUR/USD. In fact, I have yet to encounter a lower spread at any other forex broker. However, there is a commission charge associated with this account, which depends on the trading platform, base currency, and trading volume.
Fees for MetaTrader Platforms:
For the MT4 and MT5 platforms, commissions are billed in your base currency. The commission per 0.01 lots (equivalent to 1,000 base currency) is GBP 0.02 (GBP 0.05 round turn).
Fees for cTrader:
cTrader commissions are charged at $6 USD per round-trip. For instance, a trade of USD 100,000 will incur a fee of USD $3 to open the contract and USD $3 to close it. The fee is converted to GBP at the prevailing exchange rate.
Fees for TradingView:
Commissions for TradingView are charged at the same rate as cTrader.
Swap Rate:
The swap rate refers to the charge applied to holding CFD or spread bet positions overnight. This rate can vary depending on the asset. For CFD and spread bet indices, the charge is 2.5%. Additionally, if you are long on a position, you will pay LIBOR, but if you are short, you will receive LIBOR.
Pepperstone's fee structure reflects their commitment to providing cost-effective trading options for their clients, making them an attractive choice for traders in the Australian market.
Who is Pepperstone suitable for?
With the variety of online trading platforms available at Pepperstone in addition to the variety of fee structures, they have successfully placed themselves as a good option for all levels of forex and CFD traders.
Traders looking to engage in real stocks and ETFs will have to find an alternative platform.
Pepperstone FAQs
Can Pepperstone be trusted?
Yes, Pepperstone can be trusted as they are authorised by several financial authorities in different jurisdictions across the world. They are also one of the best CFD trading platforms for Australian investors.
Is Pepperstone any good?
Yes, Pepperstone is a good forex and CFD broker offering a safe, low-cost way to trade with plenty of excellent Pepperstone trading tools and features and a good choice of platforms.
