Pepperstone Enhances UK Trading with Tax-Free Spreads
Pepperstone is a renowned Australian online trading provider. It made a significant addition to its offerings by introducing “tax-free” spread betting for its UK clientele. This new feature is available to users on the popular social charting platform TradingView. It enables Pepperstone’s UK customers to engage in spread betting across a wide range of financial instruments. These include forex, indices, commodities, and shares, all while utilizing TradingView’s highly customizable charts.
One of the key advantages of this integration is that UK-based traders no longer need to engage in cumbersome “screen switching” to utilize both Pepperstone and TradingView for their spread betting activities.
Tamas Szabo, the Group CEO of Pepperstone, expressed enthusiasm about this enhancement. He highlighted that it enables customers to trade precisely the way they want to on the TradingView platform. He believes that this feature will significantly transform the trading experience for Pepperstone’s clients and will open up more opportunities for its UK user base.
Notably, Pepperstone has distinguished itself as one of the select brokers on TradingView to offer the benefits of spread betting to its UK clients. Spread betting via Pepperstone means traders have access to consistently competitive spreads, low latency, rapid execution, and award-winning client support.
The decision to integrate spread betting into TradingView for UK traders seems strategic for Pepperstone. In the previous year, Pepperstone’s profit before tax from its British operations more than doubled, reaching an impressive £4.6 million. Furthermore, the brokerage saw a substantial increase in its trading revenue, which surged by 36% to £10.7 million during the fiscal year ending on June 30, 2022.
However, it’s essential to note that this performance did not surpass Pepperstone’s achievements in fiscal year 2020. Two years earlier, the brokerage reported a profit before tax of £7.7 million, with revenue soaring to £12.7 million.
In its annual report submitted to the UK Companies House, Pepperstone defended its performance over these two fiscal years. The company explained the discrepancy by highlighting that, in the earlier period, Pepperstone UK was managing European clients, thus accounting for the notable difference in figures.
Pepperstone also made reference to the exceptional market volatility seen in 2020, primarily due to the COVID-19 pandemic, which had a substantial impact on its revenue and profit before tax during that period.