Pepperstone Review 2026: Regulation, Razor Costs, Platforms and Fees
By FX Handbook Editorial Team · Facts verified · Updated
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FX Handbook score
- Minimum deposit
- $0
- Regulators
- 5 (SCB, FCA, CySEC, DFSA, ASIC)
- Max leverage
- 200:1, by entity
- Platforms
- MetaTrader 4, MetaTrader 5, cTrader, TradingView, Pepperstone platform
- Regulation and client protection (30%)5 / 5
- Trading costs (20%)4 / 5
- Deposits and withdrawals (15%)3 / 5
- Execution and platforms (15%)5 / 5
- Accounts and products (10%)5 / 5
- Transparency and support (10%)4 / 5
Based on the broker’s and regulators’ published information, without account testing. Scored with our review methodology (version 1.0). Not available to residents of: United States.
Pepperstone is a forex and CFD broker founded in Melbourne in 2010, with entities authorised by ASIC, the FCA, CySEC, BaFin and the DFSA. Clients outside those regions are served by Pepperstone Markets Limited under the Securities Commission of The Bahamas, with retail leverage up to 1:200 and negative balance protection. It offers Razor and Standard accounts on MT4, MT5, cTrader, TradingView and its own platform.
Is Pepperstone regulated?
Pepperstone serves clients through the following legal entities. Each licence was checked on the regulator's own register on the date shown.
| Entity and regulator | Clients served | Protections |
|---|---|---|
| Pepperstone Markets Limited SCB (Bahamas), licence SIA-F217 Checked 3 October 2026 | Clients outside Australia, the UK, the EU and the US (pepperstone.com/en), where Pepperstone accepts them. Not checked on the SCB register. Max retail leverage on majors: 200:1 | Negative balance protection: Yes Segregated client funds: Yes Compensation scheme: None stated |
| Pepperstone Limited FCA (United Kingdom), licence 684312 Checked 3 October 2026 | Clients in the United Kingdom. Authorised since 5 August 2015. Max retail leverage on majors: 30:1 | Negative balance protection: Yes Segregated client funds: Yes Compensation scheme: None stated |
| Pepperstone EU Limited CySEC (Cyprus), licence 388/20 Checked 3 October 2026 | Clients in the EU and EEA; licensed since 3 August 2020. Max retail leverage on majors: 30:1 | Negative balance protection: Yes Segregated client funds: Not stated Compensation scheme: None stated |
| Pepperstone Financial Services (DIFC) Limited DFSA (Dubai, UAE), licence F004356 Checked 3 October 2026 | Clients in the Dubai International Financial Centre framework; licensed since 11 March 2020 with an endorsement for retail clients. | Negative balance protection: Not stated Segregated client funds: Not stated Compensation scheme: None stated |
| Pepperstone Group Limited ASIC (Australia), licence AFSL 414530 Checked 3 October 2026 | Clients in Australia. Not checked on the ASIC register. Max retail leverage on majors: 30:1 | Negative balance protection: Yes Segregated client funds: Not stated Compensation scheme: None stated |
Pepperstone account types and costs
| Account | Minimum deposit | Pricing | Platforms |
|---|---|---|---|
| Razor | $0 | Raw spread + $3.50 per lot per side on MT4 and MT5 ($7 round turn); $6 round turn on cTrader | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Pepperstone platform |
| Standard | $0 | Spread only, no commission | MetaTrader 4, MetaTrader 5, cTrader, Pepperstone platform |
Which Pepperstone entity would open my account?
Pepperstone serves clients in the UK under the FCA, in the EU under CySEC and BaFin, in Australia under ASIC and in the DIFC under the DFSA: for retail clients in the UK, EU and Australia, leverage on major pairs is capped at 30:1. Clients elsewhere open accounts on pepperstone.com/en with Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas, where retail leverage on forex is up to 1:200: forex regulation.
Pepperstone states that retail clients of the Bahamas entity are not liable for a negative balance and that retail client money is always held in segregated accounts. Professional clients do not get the same negative balance protection: negative balance protection.
Pepperstone clone firm warning
The FCA register lists firms that have used Pepperstone Limited’s details without being part of it, including “Pepper/Pepperforeign.com” (added 5 February 2021). Contact Pepperstone only through the details on the FCA register: clone firm.
Pepperstone Razor vs Standard account
The Razor account has raw spreads from 0 pips on EUR/USD plus a commission of $3.50 per lot per side on MetaTrader ($6 round turn on cTrader); the Standard account has no commission and a 1 pip markup on forex.
Illustrative only: advertised minimum spreads, USD account, pip value about $10, no swap or slippage. Actual spreads are usually higher.
Pepperstone deposits and withdrawals
Pepperstone states that it charges no deposit fees, and that withdrawals are free except international bank transfers, which cost $20. Most methods, including cards, PayPal, Neteller, Skrill and crypto, credit immediately or within one business day; bank transfers can take up to seven business days.
Pepperstone pros and cons
Pros
- Entities authorised by the FCA, CySEC and DFSA, checked on the registers, plus ASIC and BaFin
- Negative balance protection and segregated funds for retail clients of the Bahamas entity, according to Pepperstone
- MetaTrader 4, MetaTrader 5, cTrader, TradingView and its own platform
- No minimum deposit and 1,350+ CFDs
Cons
- Global clients are served by the Bahamas entity, with different protections from FCA or CySEC rules
- $20 fee on international bank transfer withdrawals
- Retail leverage on the Bahamas entity (1:200) is higher than in the UK, EU or Australia (30:1)
Alternatives to Pepperstone
Other brokers we have reviewed with the same methodology, ranked by score. Check that the broker accepts clients from your country.
Comparisons and rankings
Frequently asked questions
Is Pepperstone regulated?
Yes. Pepperstone Limited is authorised by the FCA (684312), Pepperstone EU Limited by CySEC (388/20) and its DIFC entity by the DFSA (F004356); we checked all three on the registers. Global clients are served by its Bahamas-licensed entity.
What is the Pepperstone minimum deposit?
Pepperstone has no obligation to fund an account; the smallest deposit it accepts is $10, according to Pepperstone.
Does Pepperstone charge withdrawal fees?
Pepperstone states that withdrawals are free except international bank transfers, which cost $20.
What leverage does Pepperstone offer?
Up to 1:200 on forex for retail clients of its Bahamas entity, and 30:1 on major pairs for retail clients in the UK, EU and Australia.
Sources
- Pepperstone Limited, Financial Services Register, Financial Conduct Authority
- Pepperstone EU Limited, Investment Firms (Cypriot), Cyprus Securities and Exchange Commission
- Pepperstone Financial Services (DIFC) Limited, Public Register, Dubai Financial Services Authority
- Costs and fees, Pepperstone
- Trading accounts, Pepperstone
- How we protect you, Pepperstone
- Withdrawals, Pepperstone