Pepperstone Review: Raw Spreads From 0.0 Pips, Zero Fees, and Where It Falls Short
A CFD and forex broker built for traders who count every pip — raw spreads from 0.0, five serious platforms, and almost nothing in fees except the trade itself. Here’s what fifteen years of running it that way gets right, and where it falls short.
Pepperstone was founded in Melbourne in 2010 on a simple idea: give active traders institutional-grade pricing without institutional-grade minimums. Sixteen years on, it’s delivered on that — a platform it says now serves more than 900,000 traders, and a fee structure that beats most of the competition without much of a catch.
The short version: raw spreads from 0.0 pips on the Razor account, five professional platforms to choose from, eight regulators including ASIC and the FCA, and no fees on deposits, withdrawals, or sitting idle. If you already know you want to trade CFDs and forex actively, Pepperstone is consistently one of the best places to do it.
In This Review
Our Verdict
Pepperstone is arguably the best broker around for active CFD traders. The Razor account’s spreads average around 0.09 pips on EUR/USD — genuinely tight, not a marketing number — and between cTrader, MT4, MT5, TradingView, and its own platform, there’s a serious option for almost every style of trading. Costs stay low across the board: no deposit fees, no withdrawal fees, no charge for leaving the account alone.
What it isn’t is a home for long-term investors. Everything here is a CFD — there’s no real share ownership, no bonds, and the research tools are useful rather than deep. For the trader this is built for — someone running active forex, index, or commodity positions — those gaps rarely matter. For everyone else, it’s worth knowing going in.
Best for active CFD & forex traders. Raw spreads from 0.0 pips and no deposit or inactivity fees.
Visit Pepperstone → Try Free DemoCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Regulation and Safety
Pepperstone is licensed by eight regulators, which is about as broad a regulatory footprint as a retail CFD broker gets. The four most relevant to most readers are ASIC in Australia, the FCA in the UK, BaFin in Germany and CySEC in Cyprus. The rest (the DFSA, the Bahamas’ SCB, and the capital markets authorities in Kenya and the UAE) extend that coverage into other regions Pepperstone serves. Which entity looks after you, and so which protections apply, depends on where you live.
Pepperstone says client funds are held in segregated accounts at regulated banks, separate from its own money, and retail clients get negative balance protection on the regulated entities. UK clients get FSCS protection of up to £85,000 per person; EU clients get ICF protection of up to €20,000. Clients of the offshore entities have no compensation scheme, so check which company your account agreement names.
- 8 regulators, including ASIC, the FCA, BaFin and CySEC
- Client funds held separately from company funds, at regulated banks
- FSCS (£85k) or ICF (€20k) protection, depending on region
Account Types
There are two accounts, and the choice really comes down to how much you trade. The Standard account charges no commission — the cost is built into the spread, which averages around 1.1 pips on EUR/USD. It’s the simpler option, and a reasonable one if you’re newer to this or trade occasionally. The Razor account strips that markup out: spreads fall to around 0.09 pips, but you pay a commission on top — $7 round turn per lot on MT4, MT5, and TradingView, or $6 on cTrader.
For anyone trading more than a handful of lots a month, Razor is almost always the better deal — the raw spread plus commission usually undercuts the Standard account’s all-in cost once you’re past a low volume threshold. Standard mainly makes sense if you’d rather not think about a separate commission line at all.
| Standard | Razor | |
|---|---|---|
| EUR/USD spread (avg) | ~1.1 pips | ~0.09 pips |
| Commission | None | $6–7 round turn / lot |
| Best for | Beginners, occasional trades | Active & high-volume traders |
High-volume traders have one more lever: the Active Trader Programme refunds part of your trading costs as cash rebates, paid daily. On Pepperstone’s international site the tiers run from $1 to $3 per FX lot, rising with monthly volume (the top tier starts above 1,500 lots), and you join by contacting Pepperstone. Terms differ by entity and it’s aimed at professional and high-volume clients rather than AU, UK or EEA retail accounts, so check what applies to you.
Trading Platforms
Platform choice is where Pepperstone separates itself from most of the competition. Where eToro gives you one app and Capital.com leans into a beginner-friendly web interface, Pepperstone hands you five legitimate options, covering everything from manual charting to fully automated strategies.
MT4 is still the industry standard, and if you’ve used it before, your setup — Expert Advisors, custom indicators, everything — carries over with no adjustment. MT5 is the newer sibling: more timeframes, more order types, a built-in economic calendar, and better support for hedging and netting. If you’re starting fresh with algorithmic trading, MT5 is usually the better entry point.
cTrader is the one worth paying attention to if you’re a serious trader and haven’t used it: better order management, Level 2 market depth, faster execution, a cleaner interface, and the lower $6 commission on Razor. It supports automated strategies through cBots. TradingView integration lets you trade straight from its charts using your Pepperstone account — handy if that’s already where your analysis happens. And the Pepperstone Platform itself is a simpler, cleaner web and mobile option for anyone who doesn’t want MetaTrader’s complexity.
If you’re not already committed to an MT4 ecosystem of indicators and strategies, cTrader is genuinely worth trying first. If you are, there’s no real reason to leave MT4 or MT5 behind.
On mobile, you can trade through Pepperstone’s own app or through the MT4, MT5, cTrader and TradingView apps — all five are available on iOS and Android. If you want the fewest moving parts, start with the Pepperstone app; if you already live in MetaTrader or cTrader, their mobile versions carry your setup with you.
We’ve tested a lot of brokers whose “five platforms” turns out to be one real platform and four rebadged widgets. Pepperstone’s isn’t that — cTrader genuinely competes with MetaTrader on its own merits, not just as a checkbox. If you’ve never tried it, this is the broker to try it on.
What You Can Trade
Pepperstone offers 2,700+ instruments, concentrated in the liquid, actively-traded markets rather than obscure corners of the market. It’s not the place for small-cap stocks or exotic bonds — but for the asset classes it does cover, the range is more than enough for most active traders.
| Asset class | Count | Notes |
|---|---|---|
| Forex | 100+ | Majors, minors, exotics. EUR/USD from 0.0 pips on Razor. |
| Indices | 25+ | US30, SPX500, NAS100, UK100, DE40, AU200 and more. |
| Stocks (CFDs) | 900+ | Price exposure only — no real share ownership. |
| Commodities | 40+ | Metals, energy, agriculture. Gold spreads cut 30% in 2026. |
| Cryptocurrencies | 25+ | CFDs only, not available to CMA and retail FCA clients. |
| ETFs (CFDs) | 100+ | Not real ownership. |
Pepperstone’s UK markets page cites 2,700+ CFDs in total and 100+ ETFs. Per-asset counts are approximate and the range varies by entity and over time; some regional pages list fewer instruments.
Worth being clear about: this is a CFD broker, full stop. There’s no real share ownership, no bonds, no listed options or futures. If owning the actual asset matters to you, this isn’t the right broker — our Saxo Bank review is a better fit for that.
Fees
This is really where Pepperstone earns its reputation. Zero deposit fees, zero withdrawal fees, zero inactivity fees, and spreads that are consistently among the tightest available to retail traders.
- No fees on deposits, withdrawals, or inactivity
- Razor spreads average ~0.09 pips on EUR/USD, plus $6–7/lot commission
- Only real cost beyond the spread is overnight financing on open positions
| Fee | Standard | Razor |
|---|---|---|
| EUR/USD spread (avg) | ~1.1 pips | ~0.09 pips |
| Commission | None | $6–7 round turn / lot |
| Deposits & withdrawals | None | |
| Inactivity | None | |
| Overnight financing | Applies to leveraged positions held past rollover | |
One practical thing worth knowing: Pepperstone says MT4 and MT5 live accounts with a zero balance and no trading activity for 90 days are archived. Its support page doesn’t mention any fee for this, and if an account is archived you can contact support or open a new one. It’s worth being aware of if you tend to take long breaks.
The “zero fees” pitch is real, not a bait-and-switch — we checked this against the actual fee schedule, not just the marketing page. The only place people get surprised is overnight financing on positions held open, which is normal for any CFD broker, not a Pepperstone-specific gotcha.
Pepperstone Leverage
Leverage depends on which Pepperstone entity covers you, and that depends on where you live. Clients in Australia, the UK, the EU and the UAE are retail clients of an ASIC, FCA, CySEC or DFSA-regulated entity, where regulators cap what you can use: 30:1 on major forex pairs, 20:1 on minor pairs, gold and major indices, 10:1 on other commodities, and 2:1 on crypto (with no leverage on crypto for UK retail clients). Elsewhere, Pepperstone’s offshore entities allow far more — up to 200:1 on forex through the Bahamas entity and 400:1 through Kenya’s.
The 1:500 figure you’ll see quoted online applies to professional clients, who can apply for higher limits on the regulated entities — up to 500:1 on forex — if Pepperstone approves them. For most retail traders in a regulated region, 30:1 is the real number. If you do qualify as a professional, see our best brokers for professional traders.
| Entity (region) | Retail forex majors | Other notes |
|---|---|---|
| ASIC, FCA, CySEC, DFSA Australia, UK, Europe, UAE | 30:1 | Minors, gold, major indices 20:1; other commodities 10:1; crypto 2:1 |
| SCB (Bahamas) Rest of world | 200:1 | Gold and major indices 200:1; energy 100:1 |
| CMA (Kenya) Africa | 400:1 | Stocks and indices 400:1 |
Limits as published in September–October 2026. Pepperstone can change them, so check the page for your own entity before you trade.
- Leverage magnifies losses exactly as much as gains — at the full 30:1, a move of just over 3% against you would wipe out the margin behind a position
- You can lower your own leverage on the account if you want a safety margin
- Retail clients get negative balance protection, so you can’t lose more than you deposit
Our view: more leverage isn’t a feature, it’s a risk setting. The cost advantage at Pepperstone comes from tight spreads, not from how much borrowed exposure you can stack onto a trade — and most traders are better off using well under the maximum.
Deposits, Withdrawals and Minimums
There’s no minimum deposit to open and verify an account. To actually fund it, card deposits start at $10, while Apple Pay, Google Pay and bank transfers have no minimum. Beyond those, available methods vary by region — PayPal, Skrill and Neteller where offered, and POLi in Australia. Pepperstone charges nothing to deposit, though your own bank or card provider might, and deposits must come from an account in your own name.
Can you trade with $10? Technically, yes — it’s enough to fund by card and place a first trade. In practice, with retail leverage capped at 30:1, $10 buys very little exposure and one normal market move can erase it. Treat it as a way to test the platform, not as a real account.
| Method | Deposit | Withdrawal |
|---|---|---|
| Visa / Mastercard | From $10, instant | Up to 1 business day, no fee |
| Apple Pay / Google Pay | No minimum, instant | Up to 1 business day, no fee |
| Bank transfer | No minimum, up to 2 business days | Up to 7 business days; international transfers may carry a fee (about $20) |
Figures from Pepperstone’s published funding and withdrawal pages (deposit details from its UAE entity, withdrawal details from its Bahamas entity). Methods, minimums, fees and timings vary by region and entity, so check the page for your own entity before you fund. Withdrawal times cover Pepperstone’s own processing only.
Withdrawals go back to where the money came from: Pepperstone can only return funds to the source, meaning the same bank account or card in your name. Pepperstone doesn’t charge for card or e-wallet withdrawals, though international bank transfers can carry a fee (about $20 on its Bahamas entity), and we couldn’t find a published minimum or maximum — in practice your ceiling is your available balance, so margin tied up in open positions reduces what you can take out. Pepperstone only processes withdrawals on working days, so a request on a weekend or holiday waits. Its side is usually quick, but the final arrival depends on your bank.
Copy Trading
Pepperstone offers copy trading through a separate app, letting you follow and replicate other traders’ positions. It works, but it’s a smaller, less mature community than eToro’s CopyTrader, which has been the standard for social trading for over a decade — if copy trading is your main interest, eToro is still the stronger pick. As a secondary feature alongside serious platforms, though, it’s a reasonable bonus (not available in the EEA, UK, or AU).
Pros and Cons
- Raw spreads from 0.0 pips on Razor
- Five solid platforms, including cTrader
- Eight regulators, including the FCA, ASIC, BaFin and CySEC
- No deposit, withdrawal, or inactivity fees
- Cash rebates for high-volume traders
- Full support for automated/algo trading
- $0 to open an account
- CFDs only — no real asset ownership
- Limited crypto range vs. dedicated exchanges
- Research tools are functional, not deep
- MT4 and MT5 demo accounts expire after 60 days
- Not available in the US, Canada, Japan, or NZ
- No interest paid on idle cash
Put simply: Pepperstone is right for you if you’re an active forex or CFD trader who feels spread costs, runs MT4/MT5/cTrader, or wants TradingView execution and algo support. Look elsewhere if you want real share or ETF ownership, bonds, options, or you’re based somewhere Pepperstone doesn’t operate.
Start with the free demo to test the platforms, then decide whether to open a live account.
Visit Pepperstone → Try Free DemoCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
What Traders Say About Pepperstone
Review sites are noisy, but they’re worth a glance — mostly for the pattern rather than the score. Pepperstone’s Trustpilot profile is strong, with a high rating across thousands of reviews:
Trustpilot figures as of October 2026; scores change daily. About 10% of reviews are one-star.
- Polite, professional support that resolves account queries quickly
- A user-friendly platform
- Straightforward handling of transactions
- Delays processing deposits and withdrawals
- Slow support replies at busy times
- Strict identity verification
- Occasional technical glitches
Trading forums are more mixed. Some threads report withdrawals arriving within a day or two with no fuss; others, on complaint-heavy forums like ForexPeaceArmy, describe slow withdrawals, wide spreads around the daily rollover and slippage on orders. That’s typical for any broker with a large client base — people with problems post, and people without them mostly don’t. These are individual experiences we can’t verify, so treat them as a pattern to watch for rather than a verdict.
How to Open a Pepperstone Account
Opening an account is not complicated. The whole process is online — no paperwork in the post, no phone call — and the application itself takes roughly 10 to 15 minutes. What it isn’t is instant. Pepperstone is a regulated broker, so it has to verify who you are before you can fund the account and trade. In third-party testing, that check took under a day (BrokerChooser’s testers were verified within a day); the broker itself doesn’t publish a guaranteed turnaround, so plan for one to three working days rather than minutes.
- Photo ID — passport, driver’s licence or government-issued photo ID, showing your full name, date of birth, issue and expiry dates and country of issue
- Proof of address — a utility bill, bank or credit card statement, or government tax document issued in the last three months, showing your name and home address (no P.O. boxes)
- Clear files — colour PDF or JPEG with all four corners visible; screenshots and black-and-white copies are rejected
- About 15 minutes for the application and the trading-experience questionnaire
The steps themselves are short:
- Create your login. Pick your country first — this decides which Pepperstone entity covers you and which leverage limits apply — then enter your email, personal details and a password.
- Take the suitability questionnaire. A short survey about your trading experience and finances. Pepperstone uses it to assess whether leveraged derivative products are suitable for you.
- Upload your documents. This is the KYC (know-your-customer) step: photo ID plus proof of address, uploaded from your phone or computer. Pepperstone says it will tell you exactly which documents it needs as you fill in the application.
- Choose your account. Pick a base currency (the main ones, including USD, EUR, GBP and AUD, are available, though the list varies by entity), then Standard or Razor. Razor is almost always better value once you’re trading any real volume. If you’d rather practise first, Pepperstone offers a demo account with virtual funds and live market pricing.
- Pick a platform. cTrader for a clean, professional start; MT4 if you already have indicators and strategies built there.
- Fund and trade. Once you’re approved, deposit by card, bank transfer, e-wallet, Apple Pay or Google Pay — there are no deposit fees on Pepperstone’s side, and roughly $10 is enough to place a trade.
What the verification (KYC) check involves
Every regulated broker has to run identity checks under anti-money-laundering rules, so you’ll go through this with any serious provider. It’s also something a few traders grumble about — the “strict identity verification” point in the section above. In general, delays tend to come from the same few things: a proof of address older than three months, a name or address that doesn’t match what you typed into the application, a cropped photo with a corner missing, or a screenshot instead of a file. Get those right and the check is usually uneventful.
- Use the same spelling of your name and address on the application and the documents
- Upload a statement or bill from the last three months — the most recent one you have
- Photograph documents flat, in good light, with all four corners in frame
- If something is rejected, Pepperstone emails you instructions — support is also available by live chat and email
Document rules are taken from Pepperstone’s published verification requirements and can differ by region and entity; some pages list two proof-of-address documents and other ID types, such as a national ID card. Verification time is based on third-party testing, not a Pepperstone guarantee.
Pepperstone vs. Competitors
Two names come up most when traders weigh Pepperstone: Saxo Bank, for people who want a real bank behind their account, and IC Markets, for people chasing the lowest raw cost. Here’s how it stacks up against each.
Pepperstone vs. Saxo Bank
These two get compared a lot — both are well regulated, both serve serious traders — but they’re built for different jobs. Pepperstone is a CFD specialist with a real spread advantage: ~0.09 pips vs. Saxo’s spreads from 0.6 pips on EUR/USD (one third-party test reports about 0.8–0.9 pips all-in on a Classic account), which adds up fast at any real volume. Saxo is a licensed bank that gives you actual stocks, ETFs, and bonds alongside CFDs, with the backing of a bank, plus a very wide bond selection for a retail broker (5,200+).
Pepperstone vs. IC Markets
IC Markets (now branded simply “IC”) is the other name that comes up whenever raw-spread brokers are discussed. On trading cost the two are close to identical — both charge about $7 round turn per lot on a raw account, and both advertise an average EUR/USD spread of roughly a tenth of a pip (Pepperstone ~0.09, IC ~0.1). The real differences are elsewhere. Pepperstone has the broader regulatory footprint, including the FCA and BaFin; it has its own mobile app; and it lists 100+ forex pairs to IC’s 61+. IC counters with a slightly longer instrument list and a higher Trustpilot score, according to IC’s own website. Minimum deposit is a minor factor either way: Pepperstone asks for none, while IC’s FAQ states $200 even though its account page shows no minimum.
IC figures are from IC’s own website, October 2026, and vary by entity and account type. *IC’s account page shows no minimum deposit while its FAQ states $200. Both brokers advertise no deposit or withdrawal fees, but fees can apply to some methods — for example, Pepperstone’s Bahamas entity lists a $20 fee on international bank-transfer withdrawals. Confirm current terms with each broker.
Which one is right for you?
- Choose Pepperstone if you want the broadest regulation (including the FCA), a $0 account opening, its own mobile app, and five platforms to pick from
- Choose IC Markets if raw cost per trade is your first filter and you want a slightly longer instrument list
- Choose Saxo if you want real stocks, ETFs and bonds in one account, backed by a licensed bank
For most active CFD traders, Pepperstone vs. IC Markets comes down to regulation and trust versus the last fraction of a pip — the cost gap is too small to decide on its own. Pepperstone vs. Saxo is a different question entirely: it’s less about price and more about whether you want to trade or to own.
The Bottom Line
Pepperstone does one thing and does it well: it gets active CFD and forex traders in and out of positions as cheaply as the industry allows, on whichever platform they prefer. Raw spreads from 0.0 pips, five real platform choices, eight regulators, and almost nothing in fees beyond the trade itself. It won’t suit anyone who wants to actually own what they’re trading — but for the trader it’s built for, it’s hard to beat.
Compare Pepperstone With
Three other brokers we’ve reviewed that readers often weigh against Pepperstone.
Frequently Asked Questions
Is Pepperstone a good broker?
For active CFD and forex traders, yes — we score it 4.3 out of 5. Its strengths are raw spreads from 0.0 pips, five platforms, eight regulators and no deposit, withdrawal or inactivity fees. Its limits are that it only offers CFDs and its research tools are basic. See our verdict and score breakdown.
Is Pepperstone safe, and is my money protected?
Pepperstone is a regulated broker. It is licensed by eight regulators including ASIC, the FCA, BaFin and CySEC; it says client funds are held in segregated bank accounts; and retail clients get negative balance protection on the regulated entities. UK clients are covered by the FSCS up to £85,000 per person, and EU clients by the ICF up to €20,000. Offshore entities have no compensation scheme, and trading CFDs is high-risk whichever broker you use. See Regulation and Safety.
What is the minimum deposit for Pepperstone?
There’s no minimum deposit to open and verify an account. Card deposits start at $10, while Apple Pay, Google Pay and bank transfers have no minimum. Minimums can vary by payment method and region.
Can I trade with $10 on Pepperstone?
Technically yes — $10 is enough to fund by card and place a first trade. In practice, with retail leverage capped at 30:1, it buys very little exposure and a normal market move can wipe it out, so use it to test the platform rather than as a real account.
Is Pepperstone broker free?
Opening an account is free, and Pepperstone charges no deposit or inactivity fees and doesn’t charge for card or e-wallet withdrawals (international bank transfers can carry a fee on some entities). You still pay to trade: the spread on a Standard account, or a raw spread plus $6–7 round-turn commission per lot on Razor, plus overnight financing on leveraged positions held past rollover. See Fees.
How much can I withdraw from Pepperstone?
We couldn’t find a published minimum or maximum withdrawal limit, and Pepperstone doesn’t charge for card or e-wallet withdrawals (international bank transfers can carry a fee of around $20 on some entities). In practice you can withdraw your available balance — margin tied up in open positions isn’t available — and funds can only go back to the bank account or card you deposited from. See Deposits, Withdrawals and Minimums.
Pepperstone vs IC Markets — which is better?
Costs are nearly identical; both advertise an average EUR/USD spread of around a tenth of a pip (Pepperstone ~0.09, IC ~0.1) and about $7 round-turn commission. Pepperstone has the broader regulation (including the FCA), no stated minimum deposit and its own mobile app; IC Markets has a slightly longer instrument list and, by its own website, a higher Trustpilot score. See the full comparison.
What leverage does Pepperstone offer?
It depends on your regulator. Retail clients under ASIC, FCA, CySEC or DFSA are capped at 30:1 on major forex pairs; offshore entities allow up to 200:1 (Bahamas) or 400:1 (Kenya) on forex; professional clients can apply for up to 500:1 on forex. See Leverage.
Standard or Razor — which account should I pick?
Razor, if you trade any meaningful volume — the raw spread plus commission usually beats Standard’s all-in cost. Standard is simpler if you’d rather not see a separate commission line.
Does Pepperstone charge inactivity fees?
Pepperstone doesn’t list an inactivity fee. It does archive MT4 and MT5 live accounts that have a zero balance and no trading activity for 90 days, so if you plan a long break, keep an eye on that. Contact support if an account is archived.
Can I run Expert Advisors or automated strategies?
Yes, fully, across MT4, MT5 (Expert Advisors) and cTrader (cBots). Pepperstone is one of the more EA-friendly brokers out there.
How does the Active Trader Programme work?
It pays cash rebates to high-volume traders, refunded daily. On Pepperstone’s international site the FX rebate runs from $1 to $3 per lot, rising with monthly volume (200 to 1,500 lots earns $2; above 1,500 lots earns $3), and you join by contacting Pepperstone. Terms differ by entity and it’s aimed at professional and high-volume clients, so AU, UK and EEA retail clients should check eligibility first.
Is there a Pepperstone app?
Yes. Pepperstone has its own mobile app, and you can also trade through the MT4, MT5, cTrader and TradingView apps — all available on iOS and Android.
How do I open a Pepperstone account, and is it hard?
It’s not hard. You apply online in about 10 to 15 minutes, take a short suitability questionnaire, and upload a photo ID and a recent proof of address for verification. Approval isn’t instant — third-party testers were verified within a day, but allow one to three working days — and you can fund and trade once you’re approved. See how to open an account for the full steps and the documents you’ll need.
How do I log in to Pepperstone?
Log in from Pepperstone’s official website with the email and password you registered with, then open your trading platform with your account credentials. Type the address yourself or use a bookmark rather than following links in emails or ads.
Can you make $100 a day with forex?
Some traders have days like that, but it isn’t a plan. $100 a day on a $1,000 account would mean a 10% gain every day, which takes a level of risk most traders can’t sustain — and Pepperstone’s own warning says 73.6% of its UK retail accounts lose money on spread bets and CFDs (72.9% for its EU entity). Aim to manage risk first; consistent income is a result, not a target. Our guide on why retail traders lose money explains the pattern.
Is Pepperstone tax free?
No. Pepperstone doesn’t make trading profits tax-free, and tax depends on where you live and how you trade. In the UK, spread betting profits are currently exempt from capital gains tax for individuals, but that doesn’t apply to CFDs and rules can change. This isn’t tax advice — check with a qualified accountant.
Is Pepperstone available in the US?
No — US, Canadian, Japanese, and New Zealand residents aren’t accepted. US traders should look at our Interactive Brokers review instead.
Does Pepperstone offer real share ownership?
No — everything here is a CFD, meaning you’re trading the price movement, not the underlying asset. For real ownership, see our Saxo Bank review.
This review is for informational purposes only and isn’t financial advice. Fees and features are accurate as of October 2026 and can change — always confirm current pricing with Pepperstone directly before opening an account. CFDs are complex instruments carrying a high risk of losing money rapidly due to leverage; 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone Limited (as published on its UK website in October 2026); the figure differs by Pepperstone entity, for example 72.9% for its EU entity and 80.1% for its international entity, and changes over time. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Where spread bet instruments are available to UK clients, spread betting profits are exempt from capital gains tax; tax treatment depends on individual circumstances and may change. Review-site ratings and competitor figures are as published in October 2026 and change over time. AllinAllSpace may receive compensation if you open an account via links on this page.