This Pepperstone review will provide you with a comprehensive overview of trading with Pepperstone, the online Forex broker.
This is from a real client that has long standing experience with their trading environment and service.
Let’s get straight in to this Pepperstone review so you can get a better understanding about what you can expect trading with them.
I hope this helps you make a better informed decision about which Forex broker to trade with.
Pepperstone review introduction
Pepperstone is an online Forex broker with headquarters in Melbourne, Australia. The company was founded in 2010. They also have other global offices, which includes one in London, UK.
Pepperstone’s business operations revolve around the reception and transmission of orders in OTC financial derivatives.
This basically means that they can deal prices and execute orders in margined Forex, commodities, stock indices and other CFD products to and on behalf of their clients. Pepperstone facilitates this through their online trading platforms that you can access via a desktop computer or smartphone application.
The company is currently licensed and regulated by two tier one authorities. These are the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in Australia and the UK respectively.
This allows Pepperstone to legitimately operate and on board clients from various jurisdictions.
It also demonstrates that they take the safety and security of your funds seriously.
Review of Pepperstone’s trading environment
Pepperstone’s trading environment is low cost and flexible and enables you to take advantage of trading opportunities in many global markets.
There are over 150 different instruments to trade on, which includes;
- Index CFD’s
- Share CFD’s
The greatest selection of instruments available for trading on Pepperstone’s trading platforms is Forex. This asset class alone will give you access to 61 currency pairs. This is including all the major currencies, many minor currencies and some exotics.
If you are interested in trading index CFD’s, there is a selection of 14 to choose from. This includes the indices from the major global exchanges. For instance, you can trade the FTSE, ASX 200, Nasdaq, DAX, S&P 500, Dow Jones, Nikkei, Italy 40.
Pepperstone has also added individual share CFD’s but these are only available on their MT5 trading platform. There are more than 50 individual share CFD’s which probably includes your favorite companies.
You can certainly trade the world’s most recognizable brands to participate in the rise or fall of their share price.
These include Google, Apple, Amazon, Facebook, Tesla, Walt Disney and Coca Cola. This is to name just a few. Actually, there is a good range of individual stocks available from practically every industry.
Further to this, you can also trade some hard and soft commodities. Gold, silver and crude oil are usually available on many Forex trading platforms. However, commodities like cocoa, coffee and sugar are not. All in all, there are 15 commodities available for trading which includes agricultural, energies and precious metals commodities.
For those looking to trade crypto currencies, there is a small selection available. Which are Bitcoin, Litecoin, Dash and Ethereum.
All of this can be done in a low latency trading environment.
What this means is that the speed of execution is lightning fast. Most orders are executed within 30 milliseconds of Pepperstone receiving it. With such high execution speeds you can expect to receive better trade fills and less price slippage.
All this basically means is that Pepperstone offers you a high performing trading environment that is also safe and secure.
There is also a great selection of instruments available for trading from the most popular asset classes.
Let’s see if this is good value for money though.
Pepperstone account types review
Pepperstone has two account types for you to choose from.
The only difference between the two account types is the spreads and commissions.
On the razor account type, you will be able to trade from a 0.0 pips spread plus a separate fixed commission. Their standard account has a mark-up on the spread and you can trade from 1 pip.
The separate fixed commission will vary depending on the account base currency you choose when you register your trading account.
It will be the equivalent of $7 per round turn lot.
This might sound expensive but it is the pro rata amount. What this means is that if you trade one micro lot, the fixed commission will only be $0.07 per round turn. So it’s really not that much.
Their spreads are very competitive and Pepperstone was rated number one for spreads based on a survey of over 18,000 traders and investors. The survey was conducted by Investment Trends in a 2018 Australia Leverage Trading Report.
I have always found Pepperstone’s spreads to be tight and the average variable spread is also reasonable. It will change depending on the time of day and the liquidity in the market.
With that being said, you really can trade from zero pips but not as frequently as you can trade from a 0.1 or 0.2 pips spread.
You can fund your trading account with Pepperstone in AUD, USD, GBP, EUR, CAD, CHF, NZD, JPY, SGD and HKD.
Pepperstone also offer an Islamic swap free account on either the razor or standard account types.
Pepperstone’s trading platforms
This Pepperstone review would not be complete without mentioning what trading platforms are available for you to trade on.
Most Forex brokers offer the MT4 trading platform because it is currently the most popular trading platform for the Forex trading community.
This is expected from any market leading broker.
Pepperstone also offers the latest MT5 trading platform from the same developer as well as the cTrader platform from Spotware.
Each of these platforms is available as a desktop download, through your internet browser or as an app on your smart phone.
All platforms stream live quotes and include charts to analyse the markets. They also support your favorite trading robots and allow you to execute advanced order types.
Which platform you choose comes down to personal preference so it is recommended that you create a demo account for each to test them out.
The MT4 and MT5 trading platforms are simple to use and powerful trading platforms packed with enough features to help take your trading to the next level.
cTrader has been designed to replicate an institutional trading environment. It has a simple and intuitive interface with powerful detachable charts.
Between them, these platforms will give you everything you need to trade in the Forex markets.
Furthermore, you can set up any combination of trading platform and account type under a single user profile.
Pepperstone deposit methods
Once you have registered your trading account, you will gain access to all your funding and withdrawal needs through a simple to use dashboard.
Funding your trading accounts is very straight forward and it is a 3 step process.
First click on the funding option on the left hand side of your secure client area.
Then select the trading account to be funded.
This will take you to step two which will allow you to choose your funding method.
Then once you have done that, the third and final step is to enter the amount and confirm the deposit.
Depending on the deposit method you choose, your funds should either be instantly available for trading or there might be a delay for them to clear.
The deposit methods available to you with Pepperstone are;
- Bank transfer
- Union Pay
Deposit by bank transfer can take between 3 to 5 business days to arrive and be credited to your trading account.
All other methods should be instant.
If you have any questions, a multi lingual customer support representative will be available directly from within your secure client area.
Remember, you will only be able to fund your trading account from a funding source in your name.
Personally, I have only every used my visa debit card to deposit and the process has been seamless and easy. This is the best method in my opinion and funds were instantly available on the trading platform.
Furthermore, Pepperstone’s accounts team will simply refund your card if you request a withdrawal with this method and there is no charge for this.
I believe you can only do this within 6 months of making your last debit card deposit. This is a limitation of the method and not something Pepperstone has control over. The time restriction may vary between payment processors.
Pepperstone review of withdrawal procedure
Similarly, the withdrawal procedure is also a 3 step simple process.
When you select the funding tab on the left hand side of your secure client area, there is a secondary option to withdraw funds from your trading account.
On the first step, you choose the trading account to withdraw from, then the withdrawal method.
The second step will display the withdrawal methods available to you.
Then on the third and final step, you should choose the amount.
Some withdrawal methods do not accrue any costs but there may be fees for bank transfers.
Pepperstone states that withdrawal requests received before 07:00 (AEST) will be processed on the same day.
Your funds will also only be returned to the original funding source or a funding source in the account holder’s name.
This is standard procedure for all licensed and regulated Forex brokers and it is for your safety and security.
Here is a withdrawal request I made via a bank transfer.
Pepperstone received my withdrawal request on the 19th of August and I confirmed that the bank details were correct by email in the first instance.
You must confirm the withdrawal request to proceed.
By the next business day, I received an SMS from my bank notifying me that the funds had been credited to my account.
This is outstanding service and the process was a lot faster than the estimated 3 to 5 business days it can take with this withdrawal method.
Review of additional services from Pepperstone
Peppertone also provides additional benefits and services to registered users and clients.
These include trading guides, education and tools to make better informed trading decisions and to manage risk.
Education: There is enough here to help you get started but it is limited. The educational resources offered by Pepperstone include trading guides and webinars that cover more advanced topics. Generally speaking, Pepperstone could make improvements in this area.
Market Analysis: Trading opportunities are regularly published to the website from their analyst team.
Autochartist: This is a free market scanner that predicts price movements that you can follow and action in your trading account. This is a third party service provided to you for free with your trading account.
Social trading: Pepperstone offers you the ability to copy other traders. Their trades will automatically be converted in to your live trading account when you subscribe to the signal.
Smart trader tools: These are 28 indicators for the MT4 trading platform. The suite of trader tools is designed to help improve your trade execution, limit risk and enhance your overall trading experience.
Pepperstone review of their customer service
Pepeprstone prides itself on providing exceptional customer service.
In 2017, Pepperstone won an investment trends award for their exceptional customer service. This was based on a large survey of traders trading with some of the best players in the industry.
In 2018, Pepperstone came first in three categories in the UK Forex awards. This included Best ECN broker, best Forex trading conditions and best Forex trading support.
In 2019, The Global Forex Awards rated Pepperstone as providing the best Forex trading support in Europe.
Exceptional customer service is one of the things Pepperstone is recognized for in the Forex trading industry.
I have personally found their customer service team to be friendly, knowledgeable and responsive.
Whenever I have contacted them through their live chat, a representative has been available to answer any questions with hardly any waiting time. The outcome has always been more than satisfactory.
With that being said, I have only contacted them a handful of times over the many years that I have been trading with them. I am a low maintenance client that is happy with the service and just focuses on trading.
You can contact them via telephone, email or live chat 24/5.
What others clients are saying about Pepperstone
Pepperstone has a TrustPilot rating of 4.6 out of 5 at the time of this writing.
The vast majority of the client feedback, which is 70% of them, has provided a rating of excellent or 5 out of 5.
On the other extreme of the rating spectrum, 6% of client feedback given is 1 out of 5.
Pepperstone is licensed and regulated so they must follow certain procedures and trading Forex is risky.
Pepperstone’s client feedback is heavily weighted in the great to excellent brackets of 4 out of 5 and above. This makes up 87% of the total feedback from 494 client Pepperstone reviews.
Some of the things people are saying on TrustPilot are;
“The best ever broker”
“Best broker with lower spreads”
“Best platform with exceptional customer service”
“Pepperstone, integrity, great customer service”
“Good service deposit and fast withdrawal”
The bottom line is that Pepperstone more than satisfies most of the people, most of the time.
Pepperstone review summary
Like anything, there are always areas that can be improved.
However this depends on what you expect from a Forex broker and your individual trading requirements.
For me, the integrity of the broker, the safety and security of my funds, the trading conditions provided and the level of customer service are the main concerns.
Pepperstone does provide a safe and secure trading environment, with a good selection of tradable instruments at exceptional value for money.
Their spreads are some of the lowest available in the industry and their execution speeds are lightning fast.
Their customer service is also of award winning caliber and I have found their trading platforms to be reliable and stable.
To summarize this Pepperstone review, I would say that Pepperstone has a product that is better than most of the competition, offered at a better price point.
I would highly recommend trading with them.
If you would like to experience trading with Pepperstone too,