72.9% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Key facts
- Regulation: Pepperstone Limited — FCA, FRN 684312
- Founded: 2010, Melbourne
- Accounts: Standard, Razor (raw spread) and spread betting
- Minimum deposit: none
- Platforms: MT4, MT5, cTrader, TradingView, Pepperstone platform
Who is Pepperstone?
Pepperstone was founded in Melbourne in 2010 and has become one of the largest forex and CFD brokers by trading volume. Its UK company, Pepperstone Limited, is authorised by the FCA and serves UK clients from London. The group also holds licences in Australia, Europe and other regions.
Accounts and costs
| Standard | Razor | |
|---|---|---|
| Pricing | Spread only | Raw spread + commission |
| EUR/USD | Around 0.75 pips on average | From 0.0 pips (around 0.1 on average) |
| Commission | None | Per lot, varies by platform |
| Best for | Simplicity | Active and algorithmic traders |
UK clients can also open a spread betting account, available on MetaTrader, cTrader and TradingView — unusual flexibility for spread bettors.
Platforms
- MT4 and MT5 with full Expert Advisor support
- cTrader for depth of market and a clean interface
- TradingView integration for chart-based trading
- Pepperstone platform and app for a simpler experience
Safety
As an FCA-authorised firm, Pepperstone Limited segregates retail client money, provides negative balance protection and applies FCA leverage limits. Eligible clients are covered by the FSCS.
Pros and cons
Pros
- Raw spreads on Razor
- MT4, MT5, cTrader and TradingView
- Spread betting on multiple platforms
- No minimum deposit
Cons
- Focused on trading — no share-dealing ISA
- Choice of platforms can overwhelm beginners
- Commission structure differs by platform
Pepperstone vs our top pick
Both Pepperstone and Hantec Markets offer raw-spread accounts for UK clients. Pepperstone wins on platform choice and spread betting; Hantec Markets offers a focused MT4 experience backed by a group with more than three decades in the markets. See Hantec Markets vs Pepperstone.
Verdict
For active forex traders who want low costs and their choice of platform, Pepperstone is one of the strongest options in the UK.
Frequently asked questions
Is Pepperstone regulated in the UK?
Yes. Pepperstone Limited is authorised and regulated by the Financial Conduct Authority (FRN 684312).
What is the difference between Razor and Standard?
Razor offers raw spreads from 0.0 pips plus a commission; Standard is commission-free with wider spreads.
Does Pepperstone offer spread betting?
Yes. UK clients can open a spread betting account, which is available on MT4, MT5, cTrader and TradingView.
Is there a minimum deposit?
Pepperstone doesn't set a minimum deposit.
Is Pepperstone safe and legit?
Pepperstone serves UK clients through an FCA-authorised entity, which must segregate client money, provide negative balance protection to retail clients and give eligible clients access to the Financial Ombudsman and FSCS. As with any leveraged product, your trading capital is still at risk.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money.