Pepperstone Review 2026
Pepperstone is one of the most highly rated CFD and forex brokers, built for active traders. Its Razor account offers some of the lowest spreads in the market, execution is fast, and you can trade on MetaTrader 4, MetaTrader 5, TradingView, or cTrader. There is no inactivity fee and no minimum deposit. It is CFD and forex focused — not a platform for buying and holding real shares.
Reviewed by Yaniv Barshaf, CPA · Fees verified 17 August 2026 · Our methodology
Disclosure: FeesWizard may earn a commission if you open an account through links on this page. This never affects our fee data or rankings — how we make money.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of 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.
Our verdict on Pepperstone
Pepperstone is our top pick for active forex and CFD traders — low spreads, no inactivity fee, and a full choice of professional platforms. It is for trading, not long-term investing.
Get started with PepperstoneCapital at risk. This is not financial advice. Investing involves risk of loss.
Fees
- stock Commission: Razor: raw spreads plus a fixed commission on FX and Spot Gold (XAU/USD) only — GBP 2.25 per lot per side on a GBP account, USD 3.50 on a USD account, so GBP 4.50 / USD 7 round turn, charged in full when the position opens on MT4 and MT5; cTrader is USD 6 round turn on FX. Standard: no commission on FX, indices or commodities (the cost sits in the spread), but share CFDs cost from 0.1% per side
- withdrawal: Free, except bank wire withdrawals to an international bank account, which are charged GBP 15
- inactivity: None
- conversion: Currency conversion fee on non-base-currency trades
- spread: Very low (EUR/USD from ~0.1 pips on Razor); overnight swaps on held positions
Wondering how your money is protected? Read what happens if a broker goes bust →
Who Pepperstone is best for
Pepperstone suits active and experienced CFD and forex traders who care about tight spreads, fast execution, and professional platforms. It is less relevant for long-term, buy-and-hold investors who want to own real shares — for that, a share-dealing platform is the right category.
Pepperstone fees in plain English
On the Razor account you get very tight spreads (EUR/USD from around 0.1 pips) plus a fixed commission — but only on FX and Spot Gold. It is £2.25 per lot per side on a GBP account and $3.50 on a USD account, so £4.50 or $7 for a round turn, and on MT4 and MT5 both sides are charged upfront when the position opens; cTrader works out cheaper at $6 round turn on FX. Indices and commodities carry no commission on either account. The Standard account is commission-free on FX, indices and commodities, with the cost folded into a wider spread, though share CFDs still cost from 0.1% per side. Pepperstone does not set a minimum deposit and bank transfers have none, though card, Apple Pay and Google Pay funding carries a £10 minimum. There is no inactivity fee, and withdrawals are free unless you send a bank wire to an international bank account, which costs £15. A currency-conversion fee applies on non-base-currency trades, and positions held overnight incur swap charges.
Safety and regulation
Pepperstone is regulated across multiple top-tier jurisdictions, including the FCA in the UK, ASIC in Australia, CySEC in Europe, and BaFin in Germany, and has operated since 2010. Regulation reduces counterparty risk but not the market risk you take on each trade.
Platforms and tools
A key reason traders choose Pepperstone is platform choice: MetaTrader 4, MetaTrader 5, TradingView, and cTrader are all supported, along with advanced order types and fast execution. This flexibility is what sets it apart from simpler CFD apps.
Important: CFDs carry high risk
CFDs are leveraged products and a large majority of retail CFD accounts lose money. Pepperstone is a short-term trading product, not a way to build a long-term share portfolio. Only trade with money you can afford to lose, and make sure you understand leverage first.
Our Pepperstone score: 3.6/5
How this is calculated →Computed from the fee data on this page, not assigned by hand. Our commercial relationships are not an input.
- Cost (45% of the score)50/100
Spread-based pricing cannot be compared like-for-like with share-dealing fees, so this dimension is scored neutrally.
- Regulation & protection (20% of the score)100/100
Regulated by FCA, ASIC, CySEC, BaFin. Tier-one regulators (FCA, BaFin, SEC and equivalents) carry the most weight.
- Market & account breadth (15% of the score)66/100
Covers 2 of the asset classes we price and 1 account type.
- Accessibility (10% of the score)70/100
Minimum deposit none; no fractional shares; has mobile app.
- Fee transparency (10% of the score)55/100
Prices through the spread, so the true cost is not published as a schedule.
Pros and cons
Pepperstone
Pros
- +Among the lowest spreads in the market (Razor account)
- +No inactivity fee, no minimum deposit
- +MT4, MT5, TradingView and cTrader supported
- +Strong multi-jurisdiction regulation
Cons
- −CFD/forex only — no real share ownership
- −Razor account adds a per-lot commission
- −Best value mainly for active traders
Pepperstone
Best for active forex and CFD traders who want low spreads
Capital at risk. This is not financial advice. Investing involves risk of loss.
Pepperstonefees & safety, in depth
Compare Pepperstone head-to-head
Pepperstone vs alternatives
| Feature | PepperstoneCFD | Webull | Plus500CFD |
|---|---|---|---|
| Rating | 3.6 / 5 | 4.7 / 5 | 3.6 / 5 |
| Stock commission | Razor: raw spreads plus a fixed commission on FX and Spot Gold (XAU/USD) only — GBP 2.25 per lot per side on a GBP account, USD 3.50 on a USD account, so GBP 4.50 / USD 7 round turn, charged in full when the position opens on MT4 and MT5; cTrader is USD 6 round turn on FX. Standard: no commission on FX, indices or commodities (the cost sits in the spread), but share CFDs cost from 0.1% per side | $0 on stocks, ETFs and options (regulatory fees on sells) | No commission, cost is in the spread |
| Withdrawal fee | Free, except bank wire withdrawals to an international bank account, which are charged GBP 15 | Free (ACH); wires $25 to send; account transfer out $75 | Free — Plus500 charges no deposit or withdrawal fees; your own bank or card issuer may charge on international transfers or unsupported-currency conversions |
| Inactivity fee | None | None | Up to $10/month after 3 months without logging in |
| Min deposit | None | None | set per payment method, shown in the platform's Funds Management screen (Plus500 publishes no single figure) |
| Fractional shares | No | Yes | No |
| Demo account | Yes | Yes | Yes |
| Regulators | FCA, ASIC, CySEC, BaFin | SEC, FINRA, SIPC, FCA | FCA, CySEC, ASIC |
Frequently Asked Questions
Is Pepperstone safe and legit?
Pepperstone is regulated by FCA, ASIC, CySEC, BaFin and has operated since 2010. All investing carries risk of loss.
What are Pepperstone's fees?
Stock commission: Razor: raw spreads plus a fixed commission on FX and Spot Gold (XAU/USD) only — GBP 2.25 per lot per side on a GBP account, USD 3.50 on a USD account, so GBP 4.50 / USD 7 round turn, charged in full when the position opens on MT4 and MT5; cTrader is USD 6 round turn on FX. Standard: no commission on FX, indices or commodities (the cost sits in the spread), but share CFDs cost from 0.1% per side. Withdrawal: Free, except bank wire withdrawals to an international bank account, which are charged GBP 15. Inactivity: None.
What is the minimum deposit for Pepperstone?
The minimum deposit is none.
Pepperstone
Best for active forex and CFD traders who want low spreads
Capital at risk. This is not financial advice. Investing involves risk of loss.