Pepperstone Review 2023 Update – Is it a good broker or not?
| General Information |
|
|---|---|
| Broker Name: | Pepperstone |
| Broker Type: | Forex Broker |
| Country: | Australia |
| Operating since Year: | 2010 |
| Regulation: | ASIC, 220440, FCA, 684312 |
| Address: | Level 16, Tower One, 727 Collins Street Melbourne, VIC Australia 3008 |
| Broker Status: | Regulated |
| Customer Service | |
| Phone: | +1786 628 1209 |
| Email: | [email protected] |
| Languages: | English, Vietnamese, Chines, Spanish |
| Availability: | 24/5 |
| Trading | |
| Trading Platforms: | MT4, MT5, cTrader, Web Trader, Mobile Trader |
| Trading Platform(s) Timezone: | GMT +3 |
| Demo Account: | Yes |
| Mobile Trading: | Yes |
| Web-based Trading: | Yes |
| Bonuses: | N/A |
| Other Trading Instruments: | Currencies, Indices, Commodities, Equities, Cryptocurrencies |
| Account | |
| Minimum Deposit ($): | 200 USD |
| Maximum Leverage: (1:?) | 1:500 |
| Spread: | Variable |
| Scalping Allowed: | Yes |
Pepperstone General Information
Pepperstone joined the brokerage party in 2010. It’s one of the top-tier brokerages in Australia according to those who are experts in forex trading, as indicated by Pepperstone Reviews.
According to their website, a team of experienced traders was behind the founding of the company. What they’re saying is that they know what traders are and what they need because the founders themselves have been one of them.
In 2015, it opened an arm in London to better serve its European clients. And, if all goes well for this broker, we believe they’re going to have a more dominant presence in the brokerage scene.
In fact, Pepperstone is a fantastic choice for forex and CFDs traders, as highlighted by Pepperstone Reviews. That’s because this broker primarily deals with those assets. It’s also famous for the superb and friendly customer service it offers.
It provides some pretty good protection for traders, as well as useful trading platforms. Let’s take a look at this broker and see whether it is the right choice for forex traders.
Regulation and Protection
For those wondering is Pepperstone safe or not, we have some good news for wary traders: Pepperstone is a regulated broker under the Australian Securities and Investment Commission (ASIC) and the UK’s Financial Conduct Authority (FCA).
That is a pretty solid regulatory status. It merely means that the broker has to meet strict capital requirements. ASIC requires brokers to “comply with internal procedures,” such as risk management, staff training, accounting, and audits.
Want more? Client funds are in the National Bank of Australia. You can sit back and trust that Pepperstone does not and will not misuse your fund.
Overall, it’s a safe broker to deal with. Now that that’s out of the way, let’s look at the more specific things we search for a broker.
Pepperstone Trading Instruments
Pepperstone offers more than 150 instruments across forex, indices, equities, cryptocurrencies, and commodities. That is a lot, but not quite as many as other brokers. For instance, IG Markets have more than 16,000 markets.
Anyhow, the offerings are incredibly ideal for traders. Pepperstone is primarily a forex and CFDs broker, but it also has other excellent selections.
- Forex
- Index CFDs
- Share CFDs
- Commodities
- Cryptocurrencies
- Currency Index CFDs.
Is this limited selection of instruments a shortcoming? It can be, or not, depending on the type of trader you are.
Review of Pepperstone Trading Conditions
In spite of the limited selection of trading instruments, Pepperstone more than makes up by providing excellent trading conditions. With the following conditions risk of losing money is reduced to the maximum!
This broker has variable spreads on its trading platforms. Prices come from many different liquidity providers, ensuring that the trader gets the best price at any time. Pepperstone’s swap rates are very competitive for each currency pair.
Meanwhile, commissions start from 3.50 Australian dollars on major currencies. For stock CFDs, it’s 0.02 Australian dollars per share. Traders can use standard, mini, and micro contract sizes, depending on their trading needs.
Trading Accounts – Standard, Razor, and Swap-free
Most traders are free to open an account with Pepperstone, as long as they are not from Japan, New Zealand, Canada, and the US.
Two main account types available
As for account types, it offers the following main types:
- Standard
- Razor.
The standard account is a pretty popular choice because it does not charge any commission fees. The Razor account charges commissions. Both Standard and Razor accounts use financing/interest rates, while the swap-free account, of course, does not.
Traders who want to get the cheapest deal can use the standard account because it does not charge any minimum account balance. Both Razor and Swap-free accounts need at least a $200 minimum deposit.
Razor account type
Pepperstone’s Razor account type is specifically designed to cater to scalpers and algorithmic traders. It provides the optimal choice for both trading styles. With a starting spread from 0.0 pips, the Razor account ensures competitive pricing.
Additionally, a standard commission fee of $0.08 round turn per 0.01 lots traded is applicable. Traders can benefit from the precision and cost-efficiency offered by the Razor account, making it an ideal option for those seeking tight spreads and low commission charges.
Standard account – the best choice for beginners
The best account for beginners, therefore, would be the Standard account. The Razor is suitable for active traders who use hedging and scalping.
Pepperstone also offers the “Active Trader Program” for those who trade with huge volume. This program offers discounts, which are pretty significant in this field.
For instance, if your traded volume in lots ranges from 200 to 499, you get a $1 discount. For 500 to 14099 lots, you get $1.5, and so on. Discounts for trading volumes exceeding 5000 lots are negotiable.
Deposits
Pepperstone also makes it easy for traders to fund their account through deposits. For bank transfers and electronic wallets, deposits are free.
But if you are using credit or debit cards, you have to shoulder a pretty high deposit fee of 3%. For the Australian dollar, it’s only 1.8%.
Among the many deposit options are:
- Bank transfer
- Credit/debit cards
- PayPal
- Poli
- China Union Pay
- BPay
- Skrill
- Neteller
- Qiwi
- Fasapay
- Broker-to-broker transfer.
As with many other brokers, bank transfers usually take 2 to 3 business days, while credit/debit card transfers are credited right away.
Withdrawals
Withdrawals with Pepperstone using credit or debit cards are free. However, you should pay some fees for electronic and bank transfers.
They understand traders and their needs because the founders have been traders themselves. For bank withdrawals, you pay $20. That’s a high price to pay. For Skrill, it’s fixed at $1. For PayPal, it’s 3%.
Similar to many other brokers, confirmation of the withdrawal comes in 24 hours. The funds arrive within five business days.
Overall, Pepperstone has some pretty flexible deposit and withdrawal methods. However, traders ought to check first whether they are okay with some of the fees this broker charges concerning deposits and withdrawals.
Pepperstone Trading Platforms
Pepperstone also ensures that traders have some of the best trading platforms within their reach. The trading platforms they offer are:
- cTrader
- MetaTrader4
- MetaTrader5
cTrader
cTrader platform has a pretty slick but functional design that is useful for institutional trading. It offers some advanced features that control slippage and orders and fast entry and exit execution.
Moreover, it’s perfect for those using an automated program as it also sports coding customization. This platform is perfect for both new and advanced traders. Compared with other trading platforms, this Spotware-made platform balances simplicity and functionality.
The cTrader platform is positioned as an intuitive and extremely easy to use platform, but also providing the advanced trading capabilities as well as great tools for analysis.
MetaTrader4
And of course, the industry standard, MT4, is also here to serve Pepperstone traders. It’s the most popular trading platform around for forex traders. Since Pepperstone is a forex broker, it’s not a surprise that MT4 is here, even if its successor, MT5, is also present.
The MT4 lets you customize the platform to fit the way you trade. It also has expert advisor capabilities using the MetaQuotes’ MQL 4. You gain access to 28 trading indicators that maximizes your chances of correctly anticipating price movements. You can also install plugins of your choice.
MetaTrader5
Now, the MT4 might be taking the lion’s share of popularity, but the MT5 stills packs tons of features that will surely make it a favorite for many traders.
The MT5 offers hedging capabilities, advanced orders, newer tools, and more indicators. It’s also much easier to use and customize.
But if you have been using the MT4 for a long time and you suddenly switched to MT5, you might want to brace for some adjustments. This is particularly true for those who use programs and expert advisors when trading, as the coding works of the MT5 uses the MQL 5, not MQL 4.
But if you are starting as an absolute beginner, you might find MT5 easier to understand than MT4. Also, if MT4 is primarily made for and used by forex traders, the MT5 is made for a wider variety of traders.
Review of Pepperstone Customer Support
The broker offers 42/5 customer support available via email, phone and live chat. Popular FAQs section is also handed out to answer customers questions.If things go as planned, this broker will become more influential in the brokerage industry.
Negative balance protection – a crucial feature
Negative balance protection is a crucial feature that protects traders from losses exceeding their account balance. Additionally, FXPrimus offers social trading, which allows traders to connect and follow the strategies of successful traders.
Moreover, FXPrimus provides spread bets, giving traders the ability to speculate on the price movements of various financial instruments. With negative balance protection, social trading, and spread bets, FXPrimus offers a comprehensive trading experience that prioritizes risk management and enables traders to diversify their strategies.
Pepperstone Education and Analysis
Pepperstone also has its research and education features nailed down. It provides the Market Analysis and Education features on the website, presenting a wide variety of materials for traders to digest.
Traders who want to keep abreast of the latest happenings can read their Market news section. It’s complete with the latest updates on economic data, central bank decisions, and the most recent tariffs threats from leaders around the world.
It also posts updated financial news on its Financial Events section. And if that is not enough, the Trading Opportunities section will help you spot the best asset to trade in the market.
For technical traders, it offers the Chart of the Day, which features the most exciting forex charts in the market. And these blogs and articles come from the broker’s managers, strategists, and researchers.
Pepperstone Review Summary — Is It Good?
Pepperstone is exceedingly useful in many areas, such as trading platforms, customer service, and education. There’s no doubt that many traders also find their account offerings very good.
With the powerful trading platforms, traders will find it easy to get in their game with less learning curve.
These platforms can complement the trading account they are using to get the best combination of the two. The only things that could use some improvements are some parts of their fee structure. Some are quite expensive, and there may be some adjustments needed in that department.
Trading instruments can be expanded
At the same time, the trading instruments they offer can still be expanded. Traders are no longer sticking to only one or two kinds of trading products. So, if Pepperstone aims to beat its feats and rise higher among the top traders, this area could still be worked out.
Nonetheless, Pepperstone ranks high among the best brokers for traders, whether beginners or pros. Forex and CFDs traders will surely love their offerings. For additional information you can always visit Pepperstone website and the official pepperstone.com review page!
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Not an ideal forex broker
Not an ideal broker for forex trading, signals are slow and they are not skilled enough to organize portfolio. All seems a mess here.
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Poor customer support
Poor customer support. They can not comprehend and can’t communicate well. It is even very difficult to ask for help, the support line is always busy.
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Delayed withdrawals
Customer service is great but they can’t do anything on their withdrawal delays. Almost impossible to withdraw.
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Bad customer service
Bad customer service. Always not available and once you get one, they seem so rude and empathetic.
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Avoid this broker
Aside from the very slow withdrawal service, everything about this broker is worst. Avoid this broker by all means.
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Terrible support
Terrible online support. I can’t even rely on them to provide me good resolution.
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Slow withdrawal process
Trading terms are okay. The only thing that made me decide to change my broker is the slow withdrawal process. Aside from the difficulty in securing approvals, the process of credit is very slow.
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Slow withdrawals
The slow process of withdrawals. This is the reason I am closing my account. Withdrawal is really very slow.
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Bad withdrawal process
Unacceptable withdrawal terms and processes. It seems as if it is very impossible to withdraw. I am not happy with withdrawals and I am not trading with them again.
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Difficult withdrawal process
Be careful not to trade with this broker. It is very difficult to withdraw profit.
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Poor support
Slow customer service, some of my messages are left unreplied. Customer service is not always available to assist. Poor support.
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Not a good broker
I honestly don’t know what to expect in my succeeding weeks. My first week is very disappointing. Do not deal with them. They are not a good forex broker.
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Disappointing brokers
I am so disappointed with the broker services. I got several losses, only got one winning trade-that is when I started trading. The rest are all losses.
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Beware with this broker
Don’t be fooled by this broker service. They will give false hopes just to convince you. Once they hooked you up they will ask for more money. Be careful nobody wins on their forex trading.
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Slow customer service
Slow customer service replies. A simple concern would take them almost the entire day to resolve.
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