Pepperstone Review 2026
Best-in-class raw spread and platform choice.
One of the best raw-spread brokers available. No minimum deposit, FCA regulated, and multiple platforms including cTrader. Top pick for active traders.
The basics
Pepperstone was founded in 2010 and is headquartered in Melbourne, Australia. It is privately owned. The broker offers CFDs on 1,200 instruments across forex, indices, commodities, and crypto. All positions are contracts for difference — there is no real asset ownership.
MetaTrader is available on all account types. Copy trading lets you replicate the positions of other traders automatically.
| Founded | 2010 |
| Headquarters | Melbourne, Australia |
| Instruments | 1,200+ |
| Platforms | MT4, MT5, cTrader, TradingView |
| MetaTrader | Yes — MT4 and MT5 |
| Copy trading | Yes |
| Real stocks | No — CFDs only |
Is Pepperstone safe?
FCA-regulated brokers must keep client funds in accounts segregated from company funds, provide negative balance protection, and contribute to the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 per client if the broker becomes insolvent.
| Regulator | Licence | Entity |
|---|---|---|
| FCA | 684312 ✓ | Pepperstone Ltd |
| ASIC | 414530 ✓ | Pepperstone Group Ltd |
| CySEC | 388/20 ✓ | Pepperstone EU Ltd |
| DFSA | F004356 ✓ | Pepperstone MENA Ltd |
| SCB | SIA-F217 ✓ | Pepperstone Markets Ltd |
| BaFin | 151148 ✓ | Pepperstone GmbH |
| CMA | 128 ✓ | Pepperstone Markets Kenya |
You can verify the FCA licence at register.fca.org.uk. The registration shows the entity name, authorisation status, and full permissions list. It takes under a minute.
Pepperstone spreads
These are the typical spreads on Pepperstone's standard account. Spreads vary by market conditions and account type. ECN or raw-spread accounts offer lower spreads in exchange for a per-trade commission.
| EUR/USD | 1.0 (std) / 0.09 (razor) pips |
| GBP/USD | 1.2 / 0.08 pips |
| USD/JPY | 0.9 / 0.1 pips |
| Gold (XAU/USD) | 12c/oz |
| S&P 500 | 0.4pt |
Pepperstone's EUR/USD spread of 1.0 (std) / 0.09 (razor) pips is competitive for a retail broker without a per-trade commission.
Pepperstone withdrawal fee and processing time
Fee: None. Pepperstone does not charge deposit or withdrawal fees.
Processing time: 1 to 3 business days. Card withdrawals are typically processed within 24 hours. Bank transfers take 2 to 3 days.
Withdrawal requests must pass identity verification before processing. If your account is not yet fully verified (proof of identity and address submitted), expect additional delays. Verified accounts follow the standard processing times above.
Pepperstone minimum deposit by entity
The minimum deposit depends on which Pepperstone entity serves your country. Offshore entities often allow lower minimums but with less regulatory protection.
| Entity | Regulator | Min deposit | Max leverage (forex) |
|---|---|---|---|
| Pepperstone Ltd | FCA 684312 | None | 1:30 |
| Pepperstone Group Ltd | ASIC 414530 | None | 1:30 |
| Pepperstone EU Ltd | CySEC 388/20 | None | 1:30 |
| Pepperstone MENA Ltd | DFSA F004356 | None | 1:500 |
| Pepperstone Markets Ltd | SCB SIA-F217 | None | 1:500 |
| Pepperstone GmbH | BaFin 151148 | None | 1:30 |
| Pepperstone Markets Kenya | CMA 128 | None | 1:400 |
Pepperstone vs IC Markets
| Pepperstone | IC Markets | |
|---|---|---|
| Primary regulator | FCA 684312 | ASIC 335692 |
| Min deposit | None | $200 |
| EUR/USD spread | 1.0 (std) / 0.09 (razor) pips | 0.8 (std) / 0.02 (raw) pips |
| MetaTrader | Yes | Yes |
| Instruments | 1,200+ | 2,250+ |
| Copy trading | Yes | No |
| Withdrawal fee | None | None |
Both brokers are regulated and legitimate. Pepperstone suits traders who value copy trading and social features. IC Markets is better for traders who prioritise its specific regulated entity coverage.
Regulation — the numbers that matter
| FCA | 684312 — Pepperstone Ltd |
| ASIC | 414530 — Pepperstone Group Ltd |
| CySEC | 388/20 — Pepperstone EU Ltd |
| DFSA | F004356 — Pepperstone MENA Ltd |
| SCB | SIA-F217 — Pepperstone Markets Ltd |
| BaFin | 151148 — Pepperstone GmbH |
| CMA | 128 — Pepperstone Markets Kenya |
Leverage for retail clients in the EU and UK is capped at 1:30 on major forex pairs under ESMA rules. The offshore entity offers up to 1:500, but with lighter regulatory protection.
Pros and Cons
What works
- FCA, ASIC, CySEC regulated
- ECN spreads from 0.0 pips
- No minimum deposit
- MT4, MT5, cTrader, TradingView
- Copy trading via third parties
- No inactivity fee
What does not work
- No real stocks
- Education limited compared to eToro
- No proprietary tools beyond platforms
The verdict
Pepperstone is a legitimate, regulated broker. The FCA licence number 684312 is verifiable on the public register. It is best suited for social and copy traders. Rating: 4.5 out of 5.
Alternatives to Pepperstone
If Pepperstone does not fit your needs, these regulated alternatives are worth comparing:
Frequently asked questions
Is Pepperstone safe?
FCA-regulated brokers must keep client funds in accounts segregated from company funds, provide negative balance protection, and contribute to the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 per client if the broker becomes insolvent. Pepperstone holds FCA licence 684312, which is publicly verifiable on the official register.
What is the Pepperstone minimum deposit?
The minimum deposit is None. This applies to the main regulated entity. Some offshore entities may differ. See the entity table above for full breakdown.
What is the Pepperstone EUR/USD spread?
The EUR/USD spread on Pepperstone standard accounts is typically 1.0 (std) / 0.09 (razor) pips. Spreads vary with market conditions. ECN or raw accounts offer lower spreads with a per-trade commission instead.
How long does Pepperstone take to process withdrawals?
1 to 3 business days. Card withdrawals are typically processed within 24 hours. Bank transfers take 2 to 3 days.
Does Pepperstone charge withdrawal fees?
None. Pepperstone does not charge deposit or withdrawal fees.
Does Pepperstone have MetaTrader?
Yes. Pepperstone supports both MT4 and MT5 on all account types. This allows automated trading, custom indicators, and expert advisors.