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Pepperstone Review
A CFD/forex broker popular with active traders for tight raw spreads and support for MT4/MT5, cTrader and TradingView.
Best for
- Active forex/CFD traders
- MT4/MT5 and cTrader users
- Scalpers wanting tight spreads
Not best for
- You're a US resident
- You want long-term share investing
- You dislike leverage
Our verdict & scoring
Pepperstone is favoured by active forex/CFD traders for its low raw spreads (plus commission) and broad platform support including MetaTrader 4/5, cTrader and TradingView. Regulated in the UK/EU and elsewhere; not available to US retail traders.
Scores are based on our review methodology. Affiliate relationships do not buy higher ratings.
Who should actually use Pepperstone
Pepperstone is built for active forex/CFD traders — especially scalpers and anyone who wants tight raw spreads (plus commission on the Razor account) rather than padded all-in pricing. Its platform flexibility is a real differentiator: MetaTrader 4/5, cTrader and TradingView are all supported, so you keep your preferred workflow. It's not available to US residents, and it's the wrong venue for long-term share investing or anyone avoiding leverage.
What we'd change
The Razor account's raw-spread-plus-commission pricing is excellent for high-frequency styles but makes cost comparison less obvious for casual traders — you're paying a commission on top of the spread. Add overnight swap/financing and currency-conversion costs to the picture, and remember these are leveraged, high-risk products under ESMA/FCA retail caps.
How it compares to IG
Both are FCA-regulated and unavailable to US retail. IG is the bigger, LSE-listed institution with thousands of markets, share dealing and UK spread betting; Pepperstone counters with tighter raw spreads for active traders and broader third-party platform support (MT4/MT5, cTrader, TradingView vs IG's more proprietary stack). Cost-focused scalpers lean Pepperstone; breadth-focused traders lean IG. UK clients get FSCS protection up to £85,000 either way.
Pros
- Tight raw spreads
- Supports MT4/MT5, cTrader, TradingView
- Well-regulated across regions
Cons
- Leveraged CFDs are high-risk
- US-restricted
- Commission on Razor accounts
Fees & hidden costs explained
Raw spreads + commission (Razor account) or spread-only (Standard); overnight financing applies.
Safety, regulation & availability
UK: Pepperstone Limited is FCA-authorised (FRN 684312). EU: CySEC-regulated; also ASIC (Australia) and others. ESMA/FCA leverage caps and negative-balance protection apply to retail. Not for US retail traders.
Account protection: UK: FSCS up to £85,000 via the UK entity. EU: Cypriot ICF up to €20,000.
Available to retail traders in:
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Frequently asked questions
Is Pepperstone available in the US?
No — Pepperstone is not available to US retail traders. It serves clients in the UK and EU (among other regions).
Is Pepperstone regulated?
Yes — Pepperstone Limited is FCA-authorised in the UK (FRN 684312), CySEC-regulated in the EU and ASIC-regulated in Australia. ESMA/FCA leverage caps and negative-balance protection apply to retail clients.
What's the difference between Razor and Standard accounts?
Razor offers raw spreads plus a commission per trade; Standard is spread-only with no separate commission. Active traders and scalpers usually favour Razor's tighter spreads.
Which platforms does Pepperstone support?
MetaTrader 4, MetaTrader 5, cTrader and TradingView — one of the broadest third-party platform line-ups among CFD brokers.
Is my money protected at Pepperstone?
UK clients have FSCS protection up to £85,000 via the UK entity; EU clients are covered by the Cypriot Investor Compensation Fund up to €20,000.
Official sources
Risk warning: Trading stocks, options, futures, forex, crypto, CFDs and funded accounts involves risk. You can lose money. This website is educational only and does not provide financial, investment, tax or legal advice.
Leverage, volatility, fees, spreads, liquidity and platform rules can increase losses.
Affiliate disclosure: We may earn a commission when you click some links on our site. This does not cost you extra. Our comparisons are educational and transparent, and our rankings are not affected by commissions.