Information only, not financial, investment, legal or tax advice. We do not recommend any provider. Facts were checked against the sources listed at the end on the dates shown and may have changed since. Read our full disclaimer.
Pepperstone is a forex and CFD broker, founded in Melbourne in 2010, that serves retail and professional traders through MetaTrader 4, MetaTrader 5, cTrader, TradingView and its own platform. Its Australian business is licensed by ASIC, its UK business by the FCA, and its international site is run by a Bahamas entity regulated by the Securities Commission of The Bahamas.
Pepperstone's UK site stated on 3 November 2026 that 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. Its international site, run by Pepperstone Markets Limited, showed 80% on most pages and 79.6% on its pricing and client-funds pages on the same day. The Australian site showed no percentage.
At a glance
| Item | Detail |
|---|---|
| Legal names | Pepperstone Group Limited (Australia); Pepperstone Limited (UK); Pepperstone Markets Limited (Bahamas) |
| Founded | 2010, in Melbourne (About page) |
| Headquarters | Not stated as such. Pepperstone Group Limited's address is Level 16, Tower One, 727 Collins Street, Melbourne |
| Type of business | Forex and CFD broker; spread betting in the UK |
| Main products | CFDs on forex, indices, commodities, crypto, shares and ETFs; spread betting (UK) |
| Ownership | Not published on the pages we opened |
| Website | pepperstone.com |
Key figures
Pepperstone's About page gives these figures as correct on 1 March 2026.
| Metric | Figure (1 March 2026) |
|---|---|
| Traders | 900,000+ |
| Monthly trading volume | AUD 947bn+ |
| Withdrawals processed each month | AUD 133m+ |
| Licensed entities worldwide | 9 |
Products and services
CFDs and spread betting
Pepperstone's main products are CFDs on forex, indices, commodities, cryptocurrencies, shares and ETFs. UK clients can also spread bet. The About page says more than 100 US shares can be traded 24 hours a day.
Crypto CFDs
Pepperstone offers crypto as CFDs, not as coins held for the client. Its crypto page lists Bitcoin and Ethereum priced in several currencies, other coins such as Solana and Cardano, and three crypto indices tracking the top 10, 20 and 30 coins by market value. Availability depends on the entity. Crypto CFDs combine leverage with high price volatility.
Platforms
Clients can choose between MT4, MT5, cTrader, TradingView, Pepperstone's own platform and its mobile app. The pricing page shows that commission on the Razor account differs by platform (see below).
Account types
Two main retail account types are published: Standard, where costs other than overnight funding sit in the spread, and Razor, which pairs raw spreads with a separate commission on forex and gold. Pepperstone also lists Premium, Pro and active-trader programmes.
Fees and pricing
Figures are from the pricing page on Pepperstone's international site (Pepperstone Markets Limited), opened on 3 November 2026. Spread data on that page covers 1 to 31 December 2025. Pricing on the UK and Australian sites may differ.
| Item | Standard | Razor |
|---|---|---|
| Forex spreads | Included in spread, no commission | Raw spreads from 0.0 |
| Gold (XAU/USD) | Spreads from 0.15 | Raw spreads from 0.08 |
| FX and gold commission, MT4/MT5 | None | From USD 3.50 per lot per side |
| FX and gold commission, cTrader | None | USD 6 fixed, round trip |
| FX and gold commission, TradingView | None | USD 7 fixed, round trip |
| Share CFD commission | 0.07% to 0.20% per side | 0.07% to 0.20% per side |
| Other charge | Detail |
|---|---|
| Overnight funding | Charged or credited on positions open at 17:00 New York time; index and share CFDs use 2.5% plus or minus the benchmark rate, divided by 360 |
| Inactivity fee | None; accounts with under ten units of currency and no activity for three months or more may be archived |
| Deposits and withdrawals | No Pepperstone fee, except USD 20 for bank wires to international bank accounts |
Pepperstone's "how we make money" page names spreads, commission and overnight funding as its revenue sources.
Markets, currencies and payment methods
Pepperstone serves clients through regional sites tied to different entities: Australia (ASIC), the UK (FCA) and an international site run from the Bahamas. In January 2026 it announced a new onshore office in Dubai alongside its SCA licence, serving as a hub for the UAE and wider Middle East and North Africa region. Razor commissions are quoted in USD, with non-USD accounts converted at the spot rate. Bitcoin and Ethereum CFDs are priced in AUD, USD, GBP and EUR.
On the international site, client money is held in trust under regulation 88 of the Bahamas Securities Industry Regulations 2012, with Tier 1 banks, unless a client has opted into professional status. The trading conditions page says negative balance protection applies to all retail clients.
Regulation in brief
Pepperstone says it has nine licensed entities. We confirmed three from Pepperstone's own regional sites, plus one licence announcement. We could not open the ASIC, FCA or Bahamas registers directly from our research tools on 3 November 2026.
| Entity | Regulator | Authorisation | Reference | Source |
|---|---|---|---|---|
| Pepperstone Group Limited | ASIC (Australia) | Australian financial services licence | AFSL 414530; ACN 147 055 703 | Company disclosure |
| Pepperstone Limited | FCA (UK) | Authorised and regulated | FRN 684312; company no. 08965105 | Company disclosure |
| Pepperstone Markets Limited | Securities Commission of The Bahamas | Licensed and regulated | SIA-F217; company no. 177174 B | Company disclosure |
| Not specified in the release text | SCA (UAE) | Category 5 licence (arranging and advice) | Not shown | Company disclosure (22 Jan 2026) |
The remaining entities, including any in the EU, were not listed on the pages we opened, so we have left them out rather than rely on third-party lists. Our guide on how to check a financial licence explains how to confirm an entry on the FCA register or ASIC's professional register. For EU-regulated brokers, see our CySEC explainer.
Who it tends to suit
Pepperstone is commonly used by forex and CFD traders who want a choice of third-party platforms, particularly MetaTrader, cTrader and TradingView, and a commission-based raw-spread account. It may suit active traders more than investors seeking real shares, which were not part of the offer on the pages we opened. For a direct comparison with a UK broker offering ISAs and share dealing, see IG vs Pepperstone and our IG profile. XTB, Plus500 and eToro are covered in the forex and CFD hub.
What to check before signing up
- Which Pepperstone entity the site you are on belongs to, and which compensation and complaints schemes, if any, cover it.
- The retail loss figure on your regional site.
- Whether Standard or Razor pricing costs less for your trade size and platform.
- Overnight funding on positions held for days or weeks.
- If crypto CFDs are available to retail clients in your country.
Information only, not financial or investment advice. CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money. On 3 November 2026 Pepperstone's UK site stated that 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider, and its international site stated 80% (79.6% on some pages). Crypto CFDs are high risk and prices can move sharply.
Sources
Primary sources we checked for this page. Trademarks belong to their owners. Links open the original.
- Pepperstone: About Pepperstone (accessed 3 November 2026)
- Pepperstone Group Limited: About Pepperstone (Australia) (accessed 3 November 2026)
- Pepperstone Limited: Privacy Policy (UK site) (accessed 3 November 2026)
- Pepperstone: Trading costs and fees (accessed 3 November 2026)
- Pepperstone: How does Pepperstone make money (accessed 3 November 2026)
- Pepperstone: How we protect you (accessed 3 November 2026)
- Pepperstone: Trading account terms and conditions (accessed 3 November 2026)
- Pepperstone: Is Pepperstone licensed and regulated? (accessed 3 November 2026)
- Pepperstone: Pepperstone expands UAE presence with SCA Category 5 licence and new Dubai office (22 January 2026) (accessed 3 November 2026)
- Pepperstone: Crypto CFD trading (accessed 3 November 2026)
- Australian Securities and Investments Commission: Report 778: Review of online trading providers (December 2023) (accessed 3 November 2026)
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Information only, not financial or investment advice. CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. Crypto-assets are high risk and largely unregulated in some markets.
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