Pepperstone Spreads And Fees Review

This page is a desk-based comparison built from each broker's published pricing and terms and our recorded data; we have not tested these accounts except in our recorded tests.

Pepperstone Fees Calculator

To calculate Pepperstone fees when trading our Fee Comparison tool can be used. This factors in Pepperstone spreads (published on their website) and Pepperstone commissions (pegged to the traders base currency) to competitors who publish similar data monthly. This is updated periodically and a full explanation of charges are explained below.

Types Of Fees And Spreads Charged By Pepperstone

Pepperstone’s costs fall into four kinds, and the list below breaks them into spreads, commissions, overnight funding, and other fees. Which of them matter depends on the account type and the instruments being traded.

• Spreads
• Commissions
• Overnight and funding charges
• Other fees

Pepperstone essentially offers two main types of trading accounts, and each account applies differently.

Razor Spreads

Razor is the account I point cost-conscious traders to, with forex spreads from 0.0 pips and spot gold from 0.08 points. Rather than widen the spread, Pepperstone charges a commission on forex and gold, US$3.50 per side (US$7 round turn) per standard lot on a USD MetaTrader account. The table below shows how those raw spreads compare, so you can weigh the all-in cost yourself.

Some of the abbreviations on this page are expanded to the regulator's full name: a broker regulated by ASIC is regulated by the Australian Securities and Investments Commission; by FCA, the Financial Conduct Authority; by DFSA, the Dubai Financial Services Authority.

Avg. spreads are taken from each broker’s website and updated monthly. Last update on 1 Sep 2026

Standard Spreads

The Standard account builds about a 1 pip markup into the spread, which starts from 1.0 pips on forex with no commission, and its published EUR/USD average is 1.1 pips. I think it suits a beginner who would rather see one all-in number, and the table below shows how it compares for you.

Avg. spreads are taken from each broker’s website and updated monthly. Last update on 1 Sep 2026

Pepperstone offers low fees and a lower average spread across the 8 forex pairs compared to 43 other brokers.

Lowest Spread Forex Brokers

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Pepperstone Forex Spreads Explained

A spread is the gap between the ask and bid prices on a pair, and because Pepperstone uses variable spreads that gap moves with the market. The wider it is, the more each trade costs, so apply the formula below to work out the price being paid.

The measured spread on each major pair, and how it moves through the trading day, is in the Pepperstone Spread Comparison.

Spread (Pips) = Ask, Bid

Pepperstone uses ECN ‘style’ trading and No Dealing Desk Brokers. Pepperstone explains ‘Electronic Communication Network ‘(ECN) and ‘Straight Through Processing’ trading with the following statement:

Pepperstone draws its spreads from a range of liquidity providers, and it adds a modest markup to index, commodity, and crypto pricing instead of charging commission on those instruments, with ECN-style pricing and no dealing desk intervention. I like that structure because your costs stay tied to the underlying market rather than a desk’s own book. Crypto prices are sourced from LMAX Exchange.

Comparing commission with other brokers

Against other raw-spread accounts, this commission rates as competitive. The guide linked below has the full comparison if you want to check the numbers.

The commission a Razor account pays per lot, and how it compares across pairs, is worked through in the Pepperstone Commission Guide.

On MetaTrader 4 and 5 the commission is set by your account currency, so check what the charge will be before committing. On cTrader and TradingView the fee is in USD and converted at the spot rate for non-USD accounts.

Calculating your costs

Total cost = (Spread) x (Pip Cost) x (Number of Lots Traded)

Where Pip cost:

• Micro-lots (1000 lots base currency) = USD$0.10c per pip
• Mini-lots (10,000 lots base currency) = USD$1.00 per pip
• Standard-lots (100,000 base currency) = USD$10.00 per pip

Pip cost will be converted to your account currency at the spot forex rate.

Standard Account, This is a commission-free account. Instead of commission pricing, your cost is in the spread. Pepperstone’s no commission spreads can be as low as 1.0 pips which is very competitive compared to other no-dealing desk brokers.

Razor (MetaTrader 4 and 5), This account is for traders using MetaTrader 4 and 5 trading platforms. The low spreads are determined by external liquidity providers, with Pepperstone charging a commission instead of adding to the spread. This commission is:

• Standard lot (100,000 units) on a USD account: US$3.50 a side, US$7.00 round turn
• Smaller lots: charged in proportion (MT4 and MT5 round micro lots up or down)
• Other account currencies, a side per standard lot: EUR 2.60, GBP 2.25, CHF 3.30, AUD 3.50, JPY 303, NZD 4.75, SGD 4.55, HKD 28.17, CAD 3.50

Razor (cTrader and TradingView), This account works the same as Razor (MetaTrader) account, however, for those using the cTrader and TradingView platforms Pepperstone commission fees are calculated slightly differently:

• The commission is fixed at US$6 round turn per standard lot on cTrader and US$7 round turn per standard lot on TradingView, and if your trading account is not in US dollars, the fee is converted at the spot rate into your account currency.

Trading Fees Conclusion

Choosing a commission account or a commission-free one is the first cost decision at any broker. The image below compares the two Pepperstone account types on that basis.

If you trade with any volume, I recommend Razor on MetaTrader, which gives the lowest all-in cost once spread and commission are added together. A beginner who wants costs in one number belongs on Standard instead. Note that the platform chosen changes how the commission is charged, which I would factor in before opening the account.

Finance charge/overnight holding fee

Any position still open at 5pm New York time rolls over and either pays or earns a swap, with rates that change daily, so check the figures on your platform before holding a trade. On Wednesday evening the charge is tripled for pairs with a two-day settlement. I always look at swap rates before holding anything over a weekend, because that is where the cost can surprise.

Non-Trading Costs

Deposits are free, and withdrawals cost you nothing except international bank wires, which carry a US$20 charge. The table below sets out the withdrawal fees at Pepperstone Markets Limited.

There is no account-keeping or inactivity fee, which I count as a real plus, though an account with a balance under ten units that sits unused for three months or longer may be archived. So stepping away from the markets for a while costs nothing.

I like the breadth of funding options here, since deposits can be made in several ways with no fees attached. The minimum for each method at this entity appears in the list that follows.

• Visa and Mastercard debit and credit cards (US$10 minimum)
• Apple Pay and Google Pay (US$10 minimum)
• PayPal (US$10 minimum)
• Skrill and Neteller (US$10 minimum)
• Malaysian local methods (US$10 minimum)
• Cryptocurrency (US$25 minimum)
• Bank wire (no minimum)

Pepperstone Shares CFD Fees

Pepperstone Markets Limited offers 1,162 share CFDs and 95 ETF CFDs across a range of global exchanges. The costs below set out the commission you pay per exchange.

Shares CFD Costs

1. Commission, a side: US shares and ETFs US$0.02 a share; Australian shares 0.07%; UK and German shares 0.10%; Hong Kong shares 0.20%; no minimum
2. Spread: the exchange’s bid and ask, with no markup from Pepperstone

Other Share CFD Fees

Overnight positions attract swaps, and dividend adjustments are applied even though the underlying shares are never owned. That trade-off is worth understanding, and I would read the dividend schedule before you trade share CFDs. They run on the Pepperstone platform, MT5, TradingView, and cTrader, but not on MT4.

Pepperstone Crypto, Commodity And Index Fees

Commodities, indices, and cryptocurrencies are spread-only products, so your whole fee sits inside the spread with no commission on index or commodity CFDs. The exception is spot gold on a Razor account, where commission runs from US$3.50 per side per lot.

How Pepperstone CFD Trading fees work

Pepperstone draws prices from a range of liquidity providers, with LMAX Exchange supplying crypto quotes, and adds a modest markup inside the spread rather than charging commission on these instruments. That ECN-style structure, with no dealing desk intervention, is one I like because your costs stay close to the raw market price. Current spreads are visible on the platform before each trade.

Other fees for CFDs trading

Margin is not a fee but capital needed to open a position, and it varies by instrument, so check the requirement before sizing a trade. Beyond that, overnight swaps apply, triple the daily amount on Wednesday evening, and futures-based instruments such as some soft commodities carry contract roll adjustments.

Cryptocurrencies

You can trade 31 crypto CFDs plus three baskets, Crypto10, Crypto20, and Crypto30, with no commission because the cost sits in the spread and prices come from LMAX Exchange. Crypto swings hard in both directions, and I would size positions on that assumption rather than the hope of a one-way move. Treat it as a high-risk corner of any portfolio.

Pepperstone Commodity Fees

The commodity range covers metals, soft commodities, and energy, and the conditions listed below set out the minimum trade size and the commission rule. I think commodities can diversify your portfolio, though they carry the same high risk of loss as any CFD.

• Minimum trade size of 10c per pip
• No commission, except Razor Spot Gold (XAU/USD), charged from US$3.50 per lot per side

Precious Metals (Gold And Silver)

6 different metal pairs are available for trade against the USD, AUD or Euro. This includes silver and gold crosses.

Platinum and palladium

Available on all trading platforms Pepperstone offer, trading is done against the USD.

Soft commodities

Trading of agricultural goods that are grown is one of the oldest assets available for trade. While not as popular as hard commodities, owning soft commodities such as corn, cocoa and rice can form a valuable part of a diverse portfolio to protect yourself against volatility and risk.

Energy

Oil and gas products are tradable commodities on MetaTrader 4, MetaTrader 5 and cTrader and are available to all Pepperstone account holders. Trading of oil includes access to two major oil markets, West Texas Intermediate (WTI) Crude Oil and Brent Crude oil.

Energy instruments trade against the US and have a minimum trade size of 10c per pip.

Index CFDs

Trading on indices allows you to speculate on some of the top financial and stock markets around. Indices are a calculation of the weighted average of share prices for groups of high performing stocks in a stock exchange. Pepperstone offers some of the most well-known indices such as the S&P 500, NASDAQ 100 and ASX 200.

Pepperstone offers the following

• 23 major stock markets around the world
• No commission (cost is in the spread, so no hidden markups)
• No dealing desk

Currency Index CFD

You can speculate on movements in the value of the USD against a grouping of 6 other currencies, including the Pound, Euro and Yen). Trading with Currency Index CFD with Pepperstone includes:

• No commission

Other Fees

The tools and services below can add or save money depending on how you trade. Some are free and some carry third-party charges.

Pepperstone Demo Account

You can open a demo on the Pepperstone platform, MT4, MT5, cTrader, or TradingView with an unlimited virtual balance, and I think practising there is the right move before risking real money. Demos on Pepperstone, MT4, and MT5 end 60 days after creation, and cTrader and TradingView demos end after 90 days without use. The cap is 5 demos without a live account, or 10 with one.

MT4 and MT5 Smart Trader Tools

The 28 Smart Trader Tools are free on MT4 and MT5, and I think they are worth switching on. They include a mini terminal for risk management, a trade terminal that runs all your orders from one place, and a correlation matrix for spotting pairs that move together.

cTrader Automate

cTrader Automate allows robots and custom indicators to be built in C#, and it is now part of cTrader itself rather than being an add-on. Pepperstone makes no charge for it, so automation can be trialled without a fee from the broker.

Social Trading Tools

The copy and social trading services at this company are CopyTrading by Pepperstone, cTrader Copy, DupliTrade, Signal Start, and MetaTrader Signals. I would compare their costs carefully, since each charges in a different way.

Signal Start (Powered by Myfxbook)

Signal Start, powered by Myfxbook, works by setting up an MT4 or MT5 account, signing up, then following signal providers or offering your own signals. Everything is managed from a browser, and the charge is set by the provider being followed.

MetaTrader Signals

MetaTrader Signals is built into MT4 and MT5, with a marketplace of providers you can sort by results, growth, and equity. Any charge is set by the signal provider, not Pepperstone, so check the fee before subscribing.

DupliTrade

DupliTrade automates your trading by copying strategy providers, and it requires a dedicated account funded with at least US$5,000. I would only suggest it if that capital is set aside and hands-off execution is the goal.

About Pepperstone

The account on this page sits with Pepperstone Markets Limited, which holds an SCB licence and takes clients from countries that have no Pepperstone company of their own. I recommend the Razor account on MetaTrader for the lowest all-in cost, and Standard if you want one simple number. Elsewhere in the group, licences from the FCA, ASIC, CySEC, BaFin, and the DFSA cover the other companies’ own clients.

Risk Disclaimer

Forex and CFDs are complex instruments and come with a real chance of losing money, so weigh the risks and the protections available before trading. Your account sits with Pepperstone Markets Limited under the Securities Commission of The Bahamas (SIA-F217), while other companies in the group carry FCA, ASIC, CySEC, BaFin, and the DFSA licences for their own clients. Pepperstone is not regulated in the United States, and the full review has more detail.

Click here to read a full Pepperstone Review.