Pepperstone Review 2026
Pepperstone is an Australian broker regulated by the FCA and ASIC, but a 2023 ASIC finding and recent withdrawal complaints show the record is not spotless.
Min Deposit
$0
Spreads From
0.0 pips
Max Leverage
1:30
Platforms
4
Pros
- Holds real, checkable licenses from the FCA, ASIC, and other regulators
- Supports MetaTrader 4, MetaTrader 5, cTrader, and TradingView in one login
- Razor account spreads run close to 0.0 pips on major forex pairs
- No minimum deposit is required to open a trading account
Cons
- ASIC found Pepperstone breached retail leverage limits in 2023
- WikiFX logged over 130 user complaints in three months about withdrawals
- Clients on its Bahamas entity may get weaker protection than FCA clients
- Only CFDs are offered, so you never own the real underlying asset
- Standard account spreads carry a wider markup than the Razor account
Pepperstone started in 2010 in Melbourne. Owen Kerr and Joe Davenport built it into one of the largest forex and CFD brokers in the world. It waited until 2013 for its first ASIC license, then added the FCA in the UK in 2015. It now serves clients in around 150 countries.
The broker only offers CFDs, so you trade the price of forex, shares, indices, and crypto without owning the real asset. You can trade through MetaTrader 4, MetaTrader 5, cTrader, or TradingView under one login. Razor account spreads run close to 0.0 pips, plus a small commission, though standard account spreads carry a wider markup.
In 2023, ASIC named Pepperstone among seven brokers that breached retail leverage limits, and it repaid affected clients. On Trustpilot it scores 4.3 out of 5, yet WikiFX logged over 130 complaints in three months about stuck withdrawals and slippage. Some clients are onboarded to its Bahamas entity, which offers thinner protection than the FCA or ASIC arms.
Min. Deposit
USD 0
Max Leverage
1:30 for retail clients under FCA, ASIC, and CySEC rules, up to 1:500 for eligible professional clients
Spreads From
0.0 pips (Razor account, plus commission)
Platforms
Pepperstone started in 2010 in Melbourne. Owen Kerr and Joe Davenport built it into one of the largest forex and CFD brokers in the world. It waited until 2013 for its first ASIC license, then added the FCA in the UK in 2015. It now serves clients in around 150 countries.
The broker only offers CFDs, so you trade the price of forex, shares, indices, and crypto without owning the real asset. You can trade through MetaTrader 4, MetaTrader 5, cTrader, or TradingView under one login. Razor account spreads run close to 0.0 pips, plus a small commission, though standard account spreads carry a wider markup.
In 2023, ASIC named Pepperstone among seven brokers that breached retail leverage limits, and it repaid affected clients. On Trustpilot it scores 4.3 out of 5, yet WikiFX logged over 130 complaints in three months about stuck withdrawals and slippage. Some clients are onboarded to its Bahamas entity, which offers thinner protection than the FCA or ASIC arms.
Standard
- No commission
Razor
Major pairs currency pairs available for trading
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
Regulators
Platforms
- FCA (UK)
- ASIC (Australia)
- CySEC (Cyprus)
- DFSA (Dubai)
- SCB (Bahamas)
- CMA (Kenya)
