Broker review
Pepperstone review: UK, EU and global companies
Pepperstone’s preliminary rating is 8.6/10, the highest in our data, across 8 companies from the FCA to the Securities Commission of the Bahamas. EUR/USD averages 0.1 pips on Razor plus commission, or 1.1 pips on Standard; UK minimum deposit £10.
Low Spread Brokers does not give personal investment advice.
Verdict at a glance
Pepperstone
8.6/10
Entities 8
- Tier 1FCA684312
- Tier 1CySEC388/20
- Tier 1BaFin151148
- Tier 1ASICAFSL 414530
- Tier 1DFSAF004356
- Tier 2CMA (UAE)20200000358
- Tier 2CMA Kenya128
- OffshoreSCBSIA-F217
- Minimum deposit
- £10
- EUR/USD spread from
- 0.0 pips (Razor, 19 Oct 2026)
- Max retail leverage
- 1:30 (retail, per Pepperstone support FAQ) (FCA)
- Platforms
- MT4, MT5, cTrader, TradingView, proprietary
- Founded
- 2010
73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).
Scores: platforms 9.5/10, regulation 9.0/10, costs 8.2/10 and accounts 7.5/10. Pepperstone offers MT4, MT5, cTrader, TradingView and its own platform, and publishes average spreads as well as minimums. All figures come from Pepperstone’s pages, checked 19 Oct 2026; we have not opened a live account. Read first: how we rankhow we make moneyeditorial policy
Quick answer
Is Pepperstone a good broker for UK traders?
UK clients sign up with Pepperstone Limited, FCA licence 684312 as Pepperstone publishes it, with 1:30 leverage on retail accounts, negative balance protection and FSCS cover up to £85,000. Its Razor account averages 0.1 pips on EUR/USD plus GBP 2.25 per lot per side; 73.6% of the UK company’s retail accounts lose money.
- Tier 1 regulators across the group: FCA, CySEC, BaFin, ASIC and DFSA.
- Clients outside those regions may land with Pepperstone Markets Limited in the Bahamas, an offshore company whose published loss rate is 80%.
- In the UAE the CMA-licensed company only introduces clients; the product issuer is the Bahamas company.
- UK clients can also open a spread betting account, on the same minimum deposit.
Pepperstone pros and cons
Pros
- MT4, MT5, cTrader, TradingView and its own platform
- Tier 1 companies for the UK, the EU, Germany, Australia and Dubai
- Average spreads published: EUR/USD 0.1 pips on Razor, 1.1 pips on Standard
- UK minimum deposit £10; bank transfers have no minimum
Cons
- Lowest price needs Razor, with GBP 2.25 per lot per side on UK accounts
- On UK Standard accounts TradingView is not available
- Offshore Bahamas company for clients outside the Tier 1 regions; Kenyan company’s loss rate is 88%
- No swap-free account in our data
Entities and regulation
Pepperstone lists 8 companies in our data. The one that opens your account sets your leverage cap, negative balance protection and compensation scheme. Licence numbers are as the broker publishes them; check each on its regulator’s register.
| Entity | Regulator | Licence | Max. retail leverage | Negative balance protection | Compensation |
|---|---|---|---|---|---|
| Pepperstone Limited | Tier 1 FCA | 684312Checked on the register, 20 Oct 2026 | 1:30 (retail, per Pepperstone support FAQ) | Yes | FSCS up to £85,000 (eligible clients) |
| Pepperstone EU Limited | Tier 1 CySEC | 388/20Checked on the register, 20 Oct 2026 | Not published | Not published | Not published |
| Pepperstone GmbH | Tier 1 BaFin | 151148Checked on the register, 20 Oct 2026 | Not published | Not published | Not published |
| Pepperstone Group Limited | Tier 1 ASIC | AFSL 414530Checked on the register, 20 Oct 2026 | Not published | Not published | Not published |
| Pepperstone Financial Services (DIFC) Ltd | Tier 1 DFSA | F004356Checked on the register, 20 Oct 2026 | Not published | Not published | Not published |
| Pepperstone Financial Services LLC | Tier 2 CMA (UAE) | 20200000358As published by the broker | Not published | Not published | Not published |
| Pepperstone Markets Kenya Limited | Tier 2 CMA Kenya | 128As published by the broker | Not published | Not published | Not published |
| Pepperstone Markets Limited | Offshore SCB | SIA-F217As published by the broker | Not published | Not published | Not published |
Which entity will I get?
Pick your region to see which company our data says would hold your account.
Pepperstone Limited · FCA · 684312 · Max retail leverage 1:30 (retail, per Pepperstone support FAQ)
Pepperstone EU Limited · CySEC · 388/20 · Max retail leverage Not published
Pepperstone GmbH · BaFin · 151148 · Max retail leverage Not published
Pepperstone Group Limited · ASIC · AFSL 414530 · Max retail leverage Not published
Pepperstone Financial Services (DIFC) Ltd · DFSA · F004356 · Max retail leverage Not published
Pepperstone Markets Kenya Limited · CMA Kenya · 128 · Max retail leverage Not published
Pepperstone Markets Limited · SCB · SIA-F217 · Max retail leverage Not published
Warnings and clones
Search each Pepperstone licence number on the regulator’s own register and compare the website address listed there with the one you are on. Clone firms copy real names and licence numbers.
Client money
Tier 1 regulators require client money to be held apart from the firm’s own money. An offshore company may not offer the same protection, and its compensation, if any, is the broker’s own arrangement.
Costs and fees
Spreads as Pepperstone publishes them, each with its account, check date and source page. Some rows are minimums (“from”) and some are averages, as the source labels them.
Spreads by pair and account
| Pair | Account | Published spread | Checked | Source |
|---|---|---|---|---|
| EUR/USD | Razor | 0.1 pips average | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
| EUR/USD | Razor | 0.0 pips from | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
| EUR/USD | Standard | 1.1 pips average | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
| EUR/USD | Standard | 1.0 pips from | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
| GBP/USD | Razor | 0.2 pips average | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
| GBP/USD | Standard | 1.2 pips average | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
| USD/JPY | Razor | 0.2 pips average | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
| USD/JPY | Standard | 1.2 pips average | 19 Oct 2026 | https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads |
Commission
2.25 GBP per lot per side (Razor (UK, FX and XAU/USD); USD account $3.50, EUR account €2.60 per side)
Swaps
Swap rates are not in our data for Pepperstone; check the overnight rate in the platform before holding a position.
Non-trading fees
- Deposit fee
- Not in our data
- Withdrawal fee
- Not in our data
- Inactivity fee
- Not in our data
Account types
Razor is Pepperstone’s raw-spread account; Standard has no commission. UK minimum deposit £10 on Standard, Razor and spread betting. Minimum deposit: £10
- StandardCosts built into the spread, no separate commission.
- RawRaw spread with a commission charged per lot.
- DemoVirtual money with live prices.
- Spread bettingUK spread bets: a stake per point instead of CFD contracts.
- ProfessionalFor clients who opt up: higher leverage, fewer retail protections.
Professional status
Opting up to professional status with Pepperstone removes retail protections such as leverage caps and negative balance protection.
Demo account
Pepperstone offers a demo account (checked 20 Oct 2026 on Pepperstone’s site). Virtual balance: unlimited, in a currency you choose; top-ups at any time on cTrader and TradingView, through support on MT4, MT5 and the Pepperstone platform. How long it lasts: the Trader and TradingView demos expire after 90 days of inactivity, the Pepperstone, MT4 and MT5 demos after 60 days (logging in or trading counts as activity); a demo can be made non-expiring with an approved, funded live account. Platforms: TradingView, cTrader, MT4, MT5 and Pepperstone’s own platform. Demo results do not include slippage or the cost of a real loss. The Pepperstone demo account page on this site has the full terms.
Trading platforms
Platforms Pepperstone offers, from our data (checked 19 Oct 2026).
- MT4MetaTrader 4: expert advisors and a wide indicator library.
- MT5MetaTrader 5: more order types and timeframes than MT4.
- cTraderDepth of market and cBots.
- TradingViewPlace trades from TradingView charts.
- proprietaryThe broker’s own web and mobile platform.
Markets
- Forex
- CFDs, plus spread bets for UK clients
- Other markets
- Not recorded in our data; check the product list of the company that holds your account
Deposits and withdrawals
Funding methods listed on Pepperstone’s pages. Availability depends on your country and the company that holds your account.
- Debit card
- Credit card
- Apple Pay
- Google Pay
- Bank transfer
List copied from the broker’s pages, checked 19 Oct 2026.
Before your first withdrawal
- Methods in our data
- 5
- Withdrawal fees and times
- Not in our data yet
- Where to check
- The deposits and withdrawals page of your company’s website
Score breakdown
Four criteria scored 0–10 from published data. Research and support show “not measured” until we open live accounts; the marker on each bar is the average of this page’s comparison set.
8.6/10
- CostsWeight 25%8.2Set average 7.5
- PlatformsWeight 15%9.5Set average 9.5
- RegulationWeight 25%9.0Set average 8.3
- AccountsWeight 15%7.5Set average 7.3
- ResearchWeight 10%Not measuredNot measuredSet average 0.0
- SupportWeight 10%Not measuredNot measuredSet average 0.0
Published data log
Every dated entry behind the figures on this review, copied from Pepperstone’s own pages. Licence rows show the leverage the broker publishes for that company.
| Checked | Entry | Published value |
|---|---|---|
| 19 Oct 2026 | EUR/USD spread, Razor | 0.1 pips average |
| 19 Oct 2026 | EUR/USD spread, Razor | 0.0 pips from |
| 19 Oct 2026 | EUR/USD spread, Standard | 1.1 pips average |
| 19 Oct 2026 | EUR/USD spread, Standard | 1.0 pips from |
| 19 Oct 2026 | GBP/USD spread, Razor | 0.2 pips average |
| 19 Oct 2026 | GBP/USD spread, Standard | 1.2 pips average |
| 19 Oct 2026 | USD/JPY spread, Razor | 0.2 pips average |
| 19 Oct 2026 | USD/JPY spread, Standard | 1.2 pips average |
| 19 Oct 2026 | Retail loss rate, Pepperstone Limited (UK) | 73.6% |
| 19 Oct 2026 | Retail loss rate, Pepperstone EU Limited | 74.1% |
| 19 Oct 2026 | Retail loss rate, Pepperstone GmbH | 76.1% |
| 19 Oct 2026 | Retail loss rate, Pepperstone Markets Limited (Bahamas) | 80% |
| 19 Oct 2026 | Retail loss rate, Pepperstone Markets Kenya Limited | 88% |
| Not published | Licence 684312, FCA: max. retail leverage | 1:30 (retail, per Pepperstone support FAQ) |
| Not published | Licence 388/20, CySEC: max. retail leverage | Not published |
| Not published | Licence 151148, BaFin: max. retail leverage | Not published |
| Not published | Licence AFSL 414530, ASIC: max. retail leverage | Not published |
| Not published | Licence F004356, DFSA: max. retail leverage | Not published |
| Not published | Licence 20200000358, CMA (UAE): max. retail leverage | Not published |
| Not published | Licence 128, CMA Kenya: max. retail leverage | Not published |
| Not published | Licence SIA-F217, SCB: max. retail leverage | Not published |
Our verdict on Pepperstone
8.6/10
Pepperstone ranks first on our preliminary rating because it scores at or near the top on platforms, regulation and costs at once. The weak points are the accounts range, with no swap-free account in our data, and the offshore Bahamas company that serves clients outside its Tier 1 regions.
Choose it if
- you want MT4, MT5, cTrader and TradingView at one broker
- you live in the UK, the EU, Australia or Dubai
- you compare average spreads, not only minimums
Look elsewhere if
- you need a swap-free account
- you would be onboarded by the Bahamas company
73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).
What changed
- 19 Oct 2026 Companies, average and minimum spreads, Razor commission and loss rates for five companies collected from Pepperstone’s pages.
Alternatives to Pepperstone
IC Markets, FP Markets and FxPro: the other brokers with MT4, MT5, cTrader and TradingView, in the order of this page’s rule. Not all of them have a UK company.
- 1
IC Markets
8.1/10- Minimum deposit
- $0
- EUR/USD spread from
- 0.1 pips
- Regulated by
- ASIC, CySEC, FSA Seychelles, SCB
Read reviewVisit brokerUnpaid link73.46% of retail investor accounts lose money when trading CFDs with this provider (IC Markets (EU) Ltd).
- 2
FP Markets
8.0/10- Minimum deposit
- $50
- EUR/USD spread from
- 0.0 pips
- Regulated by
- ASIC, CySEC, FSCA, FSA Seychelles
Visit brokerUnpaid link74.51% of retail investor accounts lose money when trading CFDs with this provider (First Prudential Markets Ltd).
- 3
FxPro
7.6/10- Minimum deposit
- Not published
- EUR/USD spread from
- 0.0 pips
- Regulated by
- FCA, CySEC, FSCA, SCB
Visit brokerUnpaid link75% of retail investor accounts lose money when trading CFDs with this provider (FxPro Financial Services Ltd).
Risk warning:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Low Spread Brokers does not give personal investment advice.
FAQ
Pepperstone review: questions
Answers use Pepperstone’s published terms collected on 19 Oct 2026. Terms change: check the broker’s own page before you trade.
Ask a questionWe cannot give personal investment advice.
1Is Pepperstone regulated in the UK?
Yes: Pepperstone Limited holds FCA licence 684312, as Pepperstone publishes it. Search the number on the FCA Register and compare the website address shown there.
Broker data checked 19 Oct 2026
2What is the minimum deposit at Pepperstone?
£10 for UK Standard, Razor and spread betting accounts, according to Pepperstone’s UK accounts page; bank transfers have no minimum (checked 19 Oct 2026).
Broker data checked 19 Oct 2026
3What leverage does Pepperstone offer?
1:30 for UK retail clients, according to Pepperstone’s support pages. Our data has no confirmed figure for its CySEC, BaFin, ASIC, DFSA, Kenyan or Bahamas companies.
Broker data checked 19 Oct 2026
4Does Pepperstone offer spread betting?
Yes, to UK clients of Pepperstone Limited, on the same £10 minimum deposit as its CFD accounts. Spread bets are a UK product; clients of other companies trade CFDs.
Broker data checked 19 Oct 2026
5Which trading platforms does Pepperstone have?
MT4, MT5, cTrader, TradingView and its own platform. On UK accounts TradingView is not available with Standard.
Broker data checked 19 Oct 2026
6How much does Pepperstone charge on EUR/USD?
Razor: from 0.0 pips, average 0.1 pips, plus GBP 2.25 per lot per side on UK accounts (USD and EUR accounts are charged differently). Standard: from 1.0 pips, average 1.1 pips, no commission. Checked 19 Oct 2026.
Broker data checked 19 Oct 2026
7How many Pepperstone clients lose money?
It depends on the company: 73.6% with the UK company, 74.1% with the CySEC company, 76.1% with the German one, 80% with the Bahamas company and 88% with the Kenyan one, as published on 19 Oct 2026.
Broker data checked 19 Oct 2026
Sources
Pages of Pepperstone behind the figures on this review. Their text prevails over ours.
- Pepperstone: spreads page (Razor)Checked on 19 Oct 2026
- Pepperstone: commission and feesChecked on 19 Oct 2026
- Pepperstone: minimum depositChecked on 19 Oct 2026
- Pepperstone: retail loss rate, Pepperstone Limited (UK)Checked on 19 Oct 2026
- Pepperstone: retail loss rate, Pepperstone EU LimitedChecked on 19 Oct 2026
- Pepperstone: retail loss rate, Pepperstone GmbHChecked on 19 Oct 2026
Check the company before you open a Pepperstone account
If you are in the UK, search FCA licence 684312 on the FCA Register, then compare Pepperstone with the alternatives above.
CFDs are complex and carry a high risk of losing money rapidly.