Pepperstone is an online CFD and forex broker founded in 2010 in Melbourne, Australia. It is known for its choice of platforms and its commission-based Razor account. Here we look at its regulation, accounts, costs and the points traders should be aware of.
Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This review is for information only and is not investment advice.
Pepperstone at a glance
| Founded | 2010, Melbourne, Australia |
| Main regulators | ASIC, FCA, CySEC, BaFin, DFSA, CMA Kenya; SCB Bahamas (offshore) |
| Platforms | MT4, MT5, cTrader, TradingView, Pepperstone platform and app |
| Accounts | Standard (spread only) and Razor (raw spread plus commission) |
| US clients | Not accepted |
Regulation and safety
Pepperstone operates through regulated entities in several major jurisdictions, plus an offshore entity for other regions:
- Pepperstone Group Ltd: ASIC, Australia (AFSL 414530).
- Pepperstone Limited: FCA, UK (FRN 684312).
- Pepperstone EU Ltd: CySEC, EU (licence 388/20); Pepperstone GmbH is supervised by BaFin in Germany.
- Pepperstone Financial Services (DIFC) Ltd: DFSA, Dubai (F004356).
- Pepperstone Markets Kenya Ltd: CMA Kenya.
- Pepperstone Markets Ltd: Securities Commission of the Bahamas (offshore), serving clients in other regions.
Licence details above are as stated by Pepperstone. Always check the firm and website on the regulator’s official register before you open an account, and confirm which entity your account will be held with. Regulation does not protect you against trading losses. See our guide: How to check if a broker is legitimate.
Products and platforms
- CFDs on forex, indices, commodities, shares, ETFs and crypto (availability varies by region); spread betting for UK clients.
- Platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView and Pepperstone’s own platform and app.
Accounts and fees
- Standard account: no commission; costs are built into the spread (Pepperstone lists EUR/USD minimum spreads from about 1.0 pip on its global pricing page).
- Razor account: raw spreads from 0.0 pips plus commission, listed at $3.50 per lot per side on MT4/MT5 (rates differ on cTrader and TradingView).
- No inactivity fee according to Pepperstone; some bank wire withdrawals carry a fee.
- Overnight swap charges apply to leveraged positions held overnight.
Fees, spreads and minimum deposits vary by region and account type and can change at any time. Check Pepperstone’s current pricing pages for your country before trading.
Leverage
Retail clients of the ASIC, FCA and EU entities are subject to leverage caps of 30:1 on major currency pairs. The Bahamas entity offers higher leverage to retail and professional clients. Higher leverage increases both potential gains and losses. Read Can you lose more than you invest in forex?.
Things to be aware of
- Clients outside the main regulated regions may be onboarded with the offshore Bahamas entity, which has different protections.
- Commission and spread structures differ by platform, so compare total costs for the platform you plan to use.
- Pepperstone publishes the percentage of retail CFD accounts that lose money on its UK and EU websites; the figure is updated regularly, so check the current one.
Pros and cons
Pros
- Regulated by several major regulators
- Wide choice of platforms including cTrader and TradingView
- Transparent commission-based Razor account
- No inactivity fee (per Pepperstone)
Cons
- No US clients
- Offshore entity for some regions
- No real share investing for most clients (CFDs only)
- Pricing varies by platform and region
Who might consider Pepperstone?
Pepperstone may suit active traders who want a choice of professional platforms and a commission-based pricing model, and who can open an account with one of its major regulated entities.
Summary
Pepperstone is a well-known broker with strong regulation in its main regions and a wide choice of platforms. As always with CFDs, check which entity you would be with and understand the risks of leverage before trading.
Information in this review was checked against Pepperstone’s published information and public regulatory records in November 2026. Details change, so always confirm the current terms on the broker’s own website and the regulator’s register.
Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This review is for information only and is not investment advice.