Pepperstone Commission Guide

Commission and Trading Lots Size

Pepperstone allows trading with 3 types of lot sizes. On this page, we quote using standard lots which is the equivalent of 100,000 units of the base currency. However, the broker also allows trading with smaller lots, these being micro lots (1,00 units) and mini lots (10,000).

The ability to trade with different lot types gives you added flexibility with your trading sizes. This is especially helpful for conservative traders who may want to limit the risk they take on by using less of their own funds. It is also helpful for those with fewer funds available to trade with.

Since micro and mini lot sizes are smaller, it is only right that the broker charges a smaller commission. Pepperstone applies a straight pro-rata conversion for mini lots. If the commission is $3.50 for a standard lot, you can expect to pay 35c for a mini lot (0.1).

If trading with micro-lots, a not-quite pro-rata conversion is applied. As an example EUR/USD commission of $3.50 will convert to 0.04c for micro lots.

Razor Account Round Up

With commissions of $7.00 round-turn per lot, commissions with Pepperstone follow industry standards. Nearly all ECN-style brokers have exactly the same commissions, there are some brokers that charge more but there are some brokers that charge less. For more info, visit our GO Markets Review and Fusion Markets Review. We have previously written about the Lowest Commission Brokers.

While the Razor Account does have commission costs, the spread is very low which more than makes up for the added commissions. In fact, Pepperstone is one of the Lowest Spread Forex Brokers for this style of account.

To help you choose between the Pepperstone Razor account and the Pepperstone Standard account, let’s look at the commission on the Pepperstone Standard account – a good account for beginner traders.

Pepperstone Standard Account Commissions

The Pepperstone Standard account has $0 commission and a mark-up of 1.0 pips. By offering the simplicity of commission that is built into the spread, the Pepperstone Standard account is a perfect choice for beginner traders, globally.

Standard Account – key features

• Forex spreads from 1.0 pips
• No commission costs (commission included in the spread)
• Choice of MetaTrader 4 or 5 trading platforms
• Can use Capitalise.ai with MetaTrader 4 for automation
• Best for beginner traders, discretionary traders, long term traders

Snapshot of Pepperstone Standard Account

Spreads with the Standard account are wider than the Razor account, since the broker’s commissions, or trading costs, are included with the spread. Despite this, spreads are still low being just 1.0 pips per lot. Like with the Razor account, one can choose between standard, micro and mini lots.

You can choose between MetaTrader 4 and MetaTrader 5 trading platforms and, if you choose MetaTrader 4, you can automate by integrating Capitalise.ai with the platform.

Pepperstone Standard Account Commissions Deep-Dive

As already established, the Pepperstone standard account has no commission costs. In reality, this isn’t exactly true – it just means the broker has incorporated the commissions into the spread.

When comparing minimum spreads with Pepperstone Razor Account and Standard Account, it appears they widen the spread by a flat 1.0 pips for major and minor pairs.

Raw Account Spreads

Standard Account Spreads

The Standard account can be used with either the MetaTrader (MT4 or MT5) platforms. If using MetaTrader 4, Capitalise.ai is available, which is among the Automatic Trading Platforms.

Swap-Free (Islamic) Account

For Islamic traders who abide by Shariah law, there is also a swap-free account. This account is only available to traders in Muslim-majority countries such as the United Arab Emirates, Morocco, Malaysia and Indonesia.

The Islamic account is the same as the Standard account but without swap fees. Instead of overnight fees, you pay an administration fee. This administration fee is charged every 11th day (10th overnight) that you hold an open position. Major pairs cost USD $50, that average to about USD $5 per day.

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Choosing Between Razor Vs Standard Accounts

Our team made a full guide to help choose between the Pepperstone Razor vs Standard accounts. In summary, if we assume that Pepperstone marks up the spread with the standard account by 1.0 pips, then we can say the Razor account will be cheaper.

Remember that the cost with a standard account is with the spread only, while a Razor account has spreads + commission. So, if we apply the minimum spread for each account type, then this is the result:

Standard Account

• 1.0 pips which converts to $6.00 for each lot to open a trading position

Razor Account

• 0.0 pips + $3.50, which converts to $3.50 for each lot to open a trading position.

While the Razor account is cheaper when compared to the standard account, the difference is of most significance to high-volume or high-frequency traders, as the totals will add up over time.

Before you go looking for a broker with a no-commission account and lower spreads, keep in mind that 1.0 pips are very low for a standard account. You won’t find many brokers with tighter spreads, regardless if they are Market Maker Brokers or a no-dealing desk broker.

It’s important to note that the cost with a standard account is with the spread only, while a Razor account has spreads + commission.

You can also improve your knowledge of Pepperstone’s minimum deposits required across both main accounts – the Pepperstone Standard and Pepperstone Razor accounts – as well as Pepperstone deposit information by reading our detailed explanation of Pepperstone minimum deposit requirements.

How do Pepperstone commissions compare to other brokers

The table below compares the commission charged by 16 different brokers for like-for-like trading accounts. As can be seen, The vast majority of brokers charge the standard USD$7.00 per standard lot. So it would be fair to conclude that commissions with Pepperstone on their Razor account are fair and what one would expect from a broker you can trust.

There are a few brokers that do have slightly lower commissions, examples of these are GO Markets and Fusion Markets. If you are a high-volume trader and your goal is to save on commission costs, then these brokers may be worth considering. Just be sure the spreads match or better those of Pepperstone and the broker hasn’t sacrificed other features.

Some brokers have tiered commission. This means the more you trade the lower the commission costs will be. Low-volume traders may end up paying more while high-volume traders will likely save in the long run.

Verdict On Pepperstone Commission Rates

Our analysis comparing Pepperstone to other forex brokers shows the broker is competitive when it comes to commission rates and combined with their spreads makes their brokerage one of the lowest worldwide. This is why our 2025 analysis showed the broker was the Best Forex Brokers In Australia and and a top FCA Regulated Brokers winner. There is a more comprehensive Pepperstone Review that looks at other attributes of the broker from the trading platforms to execution speeds.

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