Pepperstone Review 2026: Raw Spreads, MT4/MT5/cTrader, and Fast Execution

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Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.6% of retail investor accounts lose money when trading CFDs with Pepperstone. Forex trading involves substantial risk of loss. This site compares software features only — not investment strategies or recommendations. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not indicative of future results.

Pepperstone at a glance

Regulators:

Australia (HQ): Pepperstone Group Limited, ASIC licence 414530
UK: Pepperstone Limited, FCA FRN 684312 — verify on FCA register
EU: Pepperstone EU Ltd, CySEC licence 388/20
UAE: Pepperstone Financial Services (DIFC) Ltd, DFSA
Kenya: Pepperstone Markets Limited, CMA (Kenya)

Pepperstone does NOT accept US residents for forex trading.

8.6/10

Pepperstone

Editorial score

Best for: Scalpers, algo traders, MT5 power-users
Skip if: US residents and copy-traders
Cost floor: No minimum; Razor: 0.0 pip + $7/lot RT

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Spreads — Standard vs Razor

Account	EUR/USD spread	Commission	All-in per $100K lot	Suitable for
Standard	~0.77 pips average	None	~$7.70	Low-volume manual traders
Razor	~0.09 pips average	$3.50/side ($7 RT)	~$7.90	Scalpers + algo (consistent cost regardless of spread widening)

The Razor account’s advantage over Standard is not cost on average — both work out to roughly $7–8 per $100K. The advantage is consistency: during news events, Standard spreads can widen to 3–5 pips while Razor raw spread stays near 0.1–0.3 pips with commission unchanged. For scalpers and EAs, the predictability of commission-based pricing matters more than the average.

Platform support — the widest stack in retail forex

Pepperstone supports all four major platforms simultaneously:

MetaTrader 4 — full EA support, 30 technical indicators, custom indicators via MQL4
MetaTrader 5 — multi-asset, improved order-depth display, MQL5 EA support
cTrader — favoured by algorithmic traders for its API depth and cBot (C#) environment
TradingView — for chart-forward traders who prefer TV’s analysis tools; live order execution via Pepperstone’s TV integration

On mobile: both MT5 and cTrader mobile apps are fully functional for order management, chart analysis, and alert monitoring. The TradingView mobile app connects via broker login.

Regulation by jurisdiction

Jurisdiction	Accepts	Leverage cap	Entity
UK	Yes	30:1	FCA 684312
EU	Yes	30:1	CySEC 388/20
Australia	Yes	30:1	ASIC 414530
UAE	Yes	Per DFSA	DFSA
Kenya	Yes	Per CMA	CMA Kenya
USA	No	—	Not licensed

Who Pepperstone is for

Best match: UK/EU/AU trader with $500+ who wants tight spreads and needs MT4, MT5, or cTrader support — the platform stack is the widest in the regulated broker universe
Second match: Scalpers and high-frequency manual traders; Razor account cost is predictable under news conditions
Not a good match: US residents (not accepted), beginners who want a guided onboarding (the platform assumes prior knowledge), copy-traders

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