Pepperstone UK Review 2025

1. Pepperstone Has Market-Leading Spreads

Pepperstone is well-known as one of the best UK brokers for ultra-tight forex spreads. Pepperstone Account Types offer competitive spreads compared to other top UK forex brokers.

Standard Account

The standard account type is ideal for beginner traders as you pay no commission fees on top of the spread. Instead, you can trade no commission forex spreads that equals the raw spread + at least 1.0 pips increase (e.g. 0 pip spread plus 1.0 pip = 1.0 pip)

	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPYUSD/SGD
	1.10	1.20	1.40	2.00	1.50
	0.70	2.20	1.10	1.60	1.60
	1.90	2.00	2.40	2.30	2.50
	1.40	2.50	2.50	2.60	2.60
	1.20	1.80	1.90	2.30	2.30
	1.32	1.95	1.37	1.87	1.73
	1.30	1.70	2.10	1.70	2.10

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025

The table above compares Pepperstone’s commission-free standard spreads to other top brokers. As you can see, Pepperstone is a great option for UK traders with ultra-competitive average spreads for all major currency pairs.

Please note, average spreads are sourced directly from the broker’s websites and updated monthly. 

Lowest Spread Forex Brokers

Razor Account

Pepperstone’s Razor pricing is similar to an ECN account, with spreads starting from 0.0 pips plus commission fees. The commission fee you pay per trade depends on the trading platform you are using, plus the volume you are trading.

• MT4 & MT5: USD 3.50 / GBP 2.25 per side per 100,000 units traded (USD  7.00 / GBP 4.50 round-turn).
• cTrader & TradingView: USD  6.00 per lot per 100,000 units traded (round-turn) converted to the nominated account currency

Likewise to their no commission spreads, Pepperstone’s Razor account pricing is among the best worldwide for retail traders. Regardless of the currency pair you want to focus your trading strategies on, Pepperstone offers tight spreads and low commission fees.

ECN Spread comparison	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPY	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPY	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPY	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPY	EUR/USDAUD/USDEUR/GBPEUR/JPYUSD/CADAUD/JPYGBP/USDUSD/JPY
	0.10	0.20	0.20	0.71	0.40
	0.10	0.20	0.30	0.50	0.30
	0.20	0.20	0.40	N/A	0.30
	0.17	0.30	0.54	0.68	N/A
	0.20	0.40	0.50	0.70	0.70
	0.10	0.50	0.60	0.80	1.10
	n/a	0.50	0.60	0.40	0.30

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025

Razor account spreads to varying ECN trading account types can be reviewed below. The EUR/USD spread is the trendsetter, starting from 0 pips, with an average spread of 0.13* based on information from Nov – Nov 2019. Compared to the AUD/USD, spreads start from 0 pips and maintain an average spread of 0.14.

In 2019 the branded active trader program was initiated to reward traders who attained “frequent flyer” status when it came to trading. The program allows members to benefit from receiving a portion of the commission from their FX trades back into their trading accounts as rebates. Traders will earn GBP 1 rebate per FX lot traded up to 500 lots. That’s a typical monthly rebate of between GBP 200 – 500, paid into your account daily.

Pepperstone is highly recommended for high-volume traders as they offer the most competitive commission (i.e. lowest) of any retail Forex broker globally. The maximum level will mean a commission rate of up to 43% on a regular trading commission. Additionally, a swap-free account, aka Islamic Account, is available for those unable to make or receive payments derived from interest rates.

Spreads Are Even Lower Due To Price Improvement Technology

Price Improvement Technology (PIT) is another method in which Pepperstone can reduce brokerage fees. When a volatile market exists, PIT works in three major steps to enhance the benefit of large price movements.

1. A trader makes a Forex or CFD Trade through one designated platform; MT4 or cTrader.
2. Trade is then executed whilst a more favourable price movement is detected.
3. PIT aims to fill the price at a greater benefit to the trader.

Zero Fees On Deposits And Withdrawals

Often, international institutions charge their own fees, which need to be paid by a client. Pepperstone prides itself on the notion that it doesn’t charge fees for deposits. Payments must be made by first-party bank accounts. Payments will only be accepted if bank accounts and names match.

1. Visa – Instant funding through Verified By Visa is available at no charge.
2. MasterCard – MasterCard SecureCode allows a deposit of fast funds similar to Visa; fees are not included.
3. PayPal – Funding an account with PayPal means zero fees
4. POLi & BPay – Traders who have eligible bank accounts can make transfers at any time
5. China Union Pay – Offering funding at any time, plus no fees or charges
6. Wire Transfer (Domestic & International) – These are available; however, they can be time-consuming
7. Skrill (Moneybookers), Qiwi & Neteller – Instant deposit method, available 24/7 with no additional charge
8. Fastapay – Deposit money instantly, with no fees

Any withdrawal requests received before 8:00 am GMT are processed on the day they are received. If made past the 8:00 am deadline, the deposit will be put through the next day. The Pepperstone account will receive funds via the bank account which has been linked to the relevant account. Third-party withdrawals are not allowed, as is the case for deposits. A credit card can be used for withdrawals if the withdrawn amount is equal to or is less than the deposited amount. If this isn’t the case – an alternative method will be required for the withdrawal.

It’s important to note that when employing a bank wire transfer, the waiting period is often between three to five working days, whilst an International Telegraphic Transfer incurs a fee of approximately 10.5 pounds.

Trading with a Pepperstone Razor account provides a broker with low trading costs without a No Dealing Desk Brokers. Leading spreads in a multitude of markets as well as access to price improvement technology and low commissions.

Determined to understand and become better educated on all things Pepperstone? Learn more and view the complete Pepperstone Fees page.

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*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

2. Pepperstone Review: Trading Platforms

The Pepperstone Group offers the two most popular Forex trading platforms globally:

1) MetaTrader Platforms

• MetaTrader 4 is the world’s most popular forex trading platform
• MetaTrader 5 is an upgrade on its predecessor with more powerful features
• Ideal for automated trading, day trading, scalping and hedging
• Keeps traders ahead of the market with up-to-date quotes, news and market analysis features

2) cTrader

• A trading platform made for traders by traders designed to replicate an institutional trading environment
• Personalised for each trader through pre-set & detachable charts
• Enables traders to code their own strategies in C# (seen in our cTrader review)

3) TradingView

• Advanced charting technology
• Trading directly through charts
• Ability to connect with the world’s largest social trading network

4) Capitalise.ai

• Automation with no code
• Backtesting to test strategies
• Automation through the use of Pine Script coding

Generally, it’s difficult to separate the Forex trading platforms that are offered by the CFD broker. The availability of resources, user-friendly platform, and interest in Forex automation (EAs) all indicate a preference for MetaTrader 4. However, MetaTrader 5 provides automation in a different code. View our Pepperstone MT4 vs MT5 guide to determine which MetaTrader forex platform best suits your trading habits.

cTrader, on the other hand, provides advanced trading platform customisation with cTrader Automate (formerly cAlgo) combined with advanced risk management and order functionality. With no need to download Webtrader, it can be used as a backup plan for the popular forex trading platforms for traders who access Pepperstone from a public computer.

Pepperstone Execution Speeds

The Pepperstone Razor account, better suited for scalpers and algorithmic traders, avoids forex trading dealer intervention, connecting you directly to the interbank market. The main difference between the Razor and the Standard accounts is the raw spreads and commissions made from the Razor account, allowing for a lower-cost setup.

As a true ECN broker, Pepperstone ECN offers the best spread betting platform combines fast global trading servers with the leading optic fibre network latency can be low as 0.05 of a second (50ms). Relative to other forex brokers, Pepperstone ranks fastest in terms of speed.

1) Fast Global Trading Servers

The Equinix servers, one of the leading firms at NASDAQ, recently partnered with Pepperstone. Equinix has servers set up at two strategic locations in terms of liquidity pools with London and Wall Street accessible to 60+ Exchanges, 400+ buy/sell firms and over 150 Financial Service Providers.

2) Optical Fibre From Australia To Wall Street

The utilisation of an optical fibre network from the Pepperstone head office in Sydney to the Equinox server in New York ensures that global traders can be confident regarding location. Potential remoteness issues are nonexistent. The optic fibre connection reduced the latency by up to 10 times!

3) Smart Trader Tools (MetaTrader Only)

A package of 16 trading tools and 15 custom indicators are on offer to traders that choose MT4 or MT5 trading platform. Some of the more sought-after features include:

1. Correlation Matrix, showing relationships between instruments
2. Autochartist highlighting the statistically significant movements in the market
3. Alarm Manager alerts trading of key price changes and market events
4. Sentiment Trader showing the sentiment of past and live trading data
5. Connect Feature delivering news, analysis as well as an economic calendar
6. Excel RTD merging real-time data with excel
7. Trade Simulator allows for the testing of strategies (only for MT4)
8. Stealth Orders keep pending orders hidden from the market
9. Session Map highlighting which currency markets are live and operational
10. Mini Terminal still see markets whilst hiding MetaTrader

Pepperstone Trading Platform Conclusion

Fast execution speeds and enhanced, top-of-the-range features ensure that Pepperstone offers a pair of the most sought-after Forex platforms. Offering the quickest trading environment of the Forex brokers combined with outstanding options in the platform category, Pepperstone can only be awarded the maximum amount of points in this particular category, ticking every box when it comes to trading platforms.

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*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

3. Pepperstone Has Award Winning Customer Service

Gaining a 3% rise in the market share comes with reasons. For Pepperstone, this remarkable increase within the retail forex trading market comes from its exceptional customer support. Pepperstone won the Investment Trends overall client satisfaction award, further making a statement that the assistance provided to brokers is simply unparalleled.

What core aspects have allowed Pepperstone to excel in its customer support division?

1) Personalised Customer Service

Having a team that holds years of expertise within the forex trading sector is the perfect place to start when building an award-winning department. These real traders can educate and assist in answering every Forex inquiry. Whether you are at the outset, in the middle, or even an expert in the trading arena – you can ask questions and seek guidance on any matter. In some high-volume trading cases, a dedicated account manager may be assigned to a specific forex trader, allowing Pepperstone to understand the trader’s trading needs better.

2) 24-Hour Support

Support is constantly available whenever forex markets are open around the globe. The five offices, located in strategic positions; (1) London, (2) Shanghai, (3) Dallas, (4) Bangkok, and (5) Melbourne, highlight Pepperstone’s desire to service all their clientele. This 24-hour support also extends Pepperstone’s reach beyond traders in the UK.

3) Customer Support Channels

Pepperstone possesses a strength, with its ability to engage in live chat, to provide a high level of support to traders. This feature, accessible around the clock, similar to their phone customer support (with respective national numbers for corresponding office locations), is brilliant in ensuring brokers can always reach out for assistance. Although notably less used, e-mail support is available.

Additionally, the CFD broker offers a range of educational resources to supplement their award-winning customer support, with materials such as webinars and trading platform tutorials available.

Pepperstone Broker Reviews Match Their Awards

Since launching in 2010, many review pages have generated positive feedback regarding Pepperstone and its services. In Nov 2019, Pepperstone’s overall score was 8.9 from over 450 reviews, placing them on the front foot when it came to trader satisfaction.

On reviewing content, there were a couple of issues concerning Pepperstone. The first was about ‘exotic pairings’, currency pairings outside the major global currencies. Another problem in the reviews pertained to the withdrawal of money from accounts. Overall, the overwhelming amount of reviews leaned towards positive features that Pepperstone possesses, including the speed of the VPS, being <5ms, quick deposits, and how accessible creating an account is.

Investment Trends, in their annual survey, asserted that Pepperstone was the best broker in terms of customer service, value for investment, relevant platforms, and execution speeds.

Pepperstone Customer Service Conclusion

It’s evident that Pepperstone provides outstanding support service to consumers based on the following:

• The well-versed and experienced customer service team has attained multiple awards
• A multitude of touch points open to guidance and assistance for brokers
• Overwhelmingly positive reviews from traders

The only broker that could top the excellent reviews Pepperstone received was OANDA – well-known for its determination to be the best in this category. See our Pepperstone vs OANDA comparison for more information.

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*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

4. Pepperstone Offers Spread Betting

For UK and Irish clients spread betting is available from Pepperstone as an alternative to CFD trading.

Like CFD trading, spread betting lets you speculate on rising and falling financial markets without owning the underlying asset. You can also spread bet on the same range of instruments that Pepperstone offers as CFDs.

Pepperstone also lets you spread bet on margin, the same as leverage on CFDs. This allows you to spread bet on a large position while putting up just a small percentage of the trade’s full value.

However, the significant difference between CFDs and spread betting is the tax benefits (spread betting is free from capital gains tax and stamp duty). This lowers your costs and increases your profit potential.

To spread bet with Pepperstone, the broker offers an account much like its Standard Account, which offers spreads starting from 0.7 pips. While these are relatively low, spreads can widen as much as 1-2 pips from our experience, and there are lower-cost brokers out there.

When opening test CFD and spread betting accounts with Pepperstone, we rated it a perfect score of 15/15 due to how straightforward it was. We found the 4-step process is ultra-simple and takes minutes. It involves choosing your account type and platform, agreeing to the terms and conditions, and submitting.

You need to verify that you’re a UK resident, which is stipulated by the main UK regulatory body, the Financial Conduct Authority (FCA), to open a Pepperstone spread betting account. Once accepted, Pepperstone will contact you with an invitation to create a profile and open an account.

On our sister site (spread-bet.co.uk) you can view our full Pepperstone spread betting review where we compare the broker to the other 16 providers.

5. Pepperstone Offers Risk Management Features

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CFDs are complicated instruments, so brokers must know that risks are involved when trading with such markets. Furthermore, using leverage heightens the chances of inexperienced brokers losing their capital in the blink of an eye. Brokers must understand the risks and are guarded with the tools to mitigate these risks. Pepperstone provides some of these tools. However, these only equip traders with part of the toolbox. Continue reading to determine further details of the risk management features on hand.

Currency Trading Orders Types

When faced with currency trading orders, Pepperstone presents brokers with three different order types. These include; a limit order and a stop-loss order which essentially withdraws from a trade upon achievement of a certain price. Such boundaries can be set as a price or the maximum you are willing to gain/lose in a particular trade. The final currency trading order moves with the market as it fluctuates – establishing itself as a trailing stop. This will activate only when the predetermined level has been attained.

Having understood the above limitations, you should note that Pepperstone does not offer guaranteed stop-loss orders. These are similar to ‘stop-loss’ orders with the slight difference that the maximum loss is locked in at a specific level, as opposed to losses that surpass it in a high-volatility market. Although guaranteed stop-loss orders may have caused a substantial fee hike, they are effective in risk management for traders who don’t want to expose themselves to risk.

Another risk management tool that Pepperstone does not provide is negative balance protection. Although there are measures created to prevent an exit from a CFD trade exceeding a trader’s deposit – this is not 100% foolproof. If a trader is averse to risk, it would be wise to consider a broker that offers Negative Balance Protection (i.e. easyMarkets).

Regulation Of Pepperstone

Pepperstone operates in the UK as Pepperstone Limited with company number 08965105 and is regulated by the Financial Conduct Authority (FCA) with licence number #684312.

Whilst not relevant if you are a trader in the UK, it is worth noting that Pepperstone is a highly regulated broker across the globe. This suggests that Pepperstone has a reputation of trust since the broker must comply with the local requirements of some of the most stringent financial regulators in the world.

Final Thoughts On Pepperstone

Based on this Pepperstone UK review, it would be recommended that the Pepperstone Razor Account should be used by:

• • Traders on an intermediate level – those searching for the lowest fees and spreads as well as popular Forex Trading Platforms. Such traders will also choose their broker reading reviews. For this reason, Pepperstone’s Razor Account is the most appropriate.
  • Traders with ample experience – those looking to test their skills and expertise with advanced features, including automated trading, higher leverage, and speedy execution on trades.

This award-winning combination of top-class customer service, the lowest fees, and a variety of successful features puts Pepperstone’s brand in the limelight among brokers in the UK.

Open a demo accountVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’

6. Pepperstone Offers A Variety Of Deposit And Withdraw Methods

In the UK, Pepperstone allows accounts to be funded using Visa debit and credit cards, Mastercard debit and credit cards, and PayPal. While other e-Wallet options such as Skill, NETELLER, UnionPay, BPAY, and Poli are available to clients of Pepperstone in other certain other countries such as Australia, UK clients are not so lucky.

There is no cost to make a deposit using PayPal. In fact, there is no cost for any of the funding methods except for bank transfers. Regardless of your payment method, deposits are immediate, with withdrawals taking 1 to 3 working days. Making deposits via Bank Transfer can reflect on the same day or take up to 3 days.

Open a demo accountVisit Pepperstone

*Your capital is at risk ‘74.8% of retail CFD accounts lose money’