Broker review · 2026
Pepperstone review 2026
Raw spreads, every major platform and FCA/ASIC regulation.
Pepperstone matches IC Markets on cost while offering stronger tier-1 regulation, including the FCA and BaFin. Its Razor account delivers raw spreads with a low commission across MT4, MT5, cTrader and TradingView, and there is no minimum deposit.
Pros
- Razor account with raw spreads and $7 round-turn commission
- FCA, ASIC, CySEC and BaFin regulation
- MT4, MT5, cTrader and TradingView
- No minimum deposit
Cons
- Product range is narrower than IG or Saxo
- Not available to US residents
- Research is good but less extensive than market leaders
Pepperstone overview
Pepperstone was founded in Melbourne in 2010 and now serves hundreds of thousands of clients worldwide. It is consistently ranked among the cheapest brokers for forex and is known for reliable execution during volatile markets.
Is Pepperstone safe and regulated?
Pepperstone holds licences from ASIC, the FCA, CySEC, BaFin, the DFSA, Kenya’s CMA and the SCB in the Bahamas. UK clients benefit from FSCS protection up to £85,000, and EU clients from investor compensation schemes.
Tier-1 regulators are shown in bold. Always confirm the licence on the regulator’s own register.
Pepperstone spreads and fees
The Razor account charges about $3.50 per side per lot on MT4/MT5 with EUR/USD averaging 0.1 pips. The commission-free Standard account averages about 1.1 pips. There are no deposit, withdrawal or inactivity fees.
| Account | EUR/USD spread | Commission (round turn) | Cost per lot |
|---|---|---|---|
| Standard | 1.1 pips | $0 | $11.0 |
| Raw / ECN | 0.1 pips | $7 | $8.0 |
Trading platforms
Pepperstone supports MT4, MT5, cTrader and TradingView, plus its own web and mobile app. Smart Trader Tools add advanced order types to MetaTrader, and copy trading is available via Myfxbook, DupliTrade and Signal Start.
How Pepperstone scores
- Trust & regulation 30%
- 4.8
- Fees & spreads 25%
- 4.8
- Platforms & tools 15%
- 4.9
- Markets & range 10%
- 4.2
- Ease of use 10%
- 4.0
- Research & education 10%
- 4.3
Verdict
Pepperstone is one of the best all-round forex brokers outside the US: low cost, excellent platforms and strong regulation.
Open an account with PepperstoneYou will be taken to pepperstone.com.
Pepperstone FAQ
Is Pepperstone regulated by the FCA?
Yes. Pepperstone Limited is authorised and regulated by the UK Financial Conduct Authority.
Does Pepperstone have a minimum deposit?
No. Pepperstone has no minimum deposit, though $200 or more is recommended.
Is Pepperstone better than IC Markets?
Costs are similar. Pepperstone has stronger tier-1 regulation (FCA, BaFin), while IC Markets offers slightly lower cTrader commissions.
Is Pepperstone good for beginners?
Pepperstone scores 4.0/5 for ease of use. It is better suited to traders with some experience; beginners may prefer these brokers.