Pepperstone Broker Review – Best Online Forex Broker | TradeForex

Pepperstone Basics

🏛️ Based in	Sydney, Australia
⚖️ Regulation	CySEC, FCA, ASIC, CMA
💰 Minimum Deposit	$0 (0 Naira)
💳 Deposit Options	VISA, MasterCard, Bank Wire
💳 Withdrawal Options	VISA, MasterCard, Bank Wire
📌Open an account	Start Trading with Pepperstone

Our Opinion About Pepperstone

Pepperstone is one of our absolute favourite brokers and was founded in 2010. They are an international broker with offices in Limassol, Düsseldorf, London, Melbourne, Dubai and Nairobi. As a regulated company, Pepperstone offers an outstanding online trading experience and a safe trading environment. They have won many forex awards and earned the trust of over 1,000,000 traders. They also process an average of US$12.55bn of trades every day, making them one of the largest forex brokers in the world.

When it comes to trading conditions, Pepperstone has a much better offering than many of their competitors. They provide access to trade over 1000+ trading instruments including forex, shares, indices, metals, commodities, and cryptocurrencies. They offer a great choice of account options. You can choose from 2 different account types – both of which come with tight spreads and fast trade execution. You can also choose from three trading platforms – MetaTrader4, MetaTrader5, and cTrader.

In addition to its excellent trading environment, Pepperstone also offers world-class online trading support. They offer a great selection of tools including trading calculators, premium trading tools, and VPS services. They also offer free educational resources such as articles, eBooks, and webinars. And for those with questions, Pepperstone also provides great customer service and multilingual support.

Key Values

Pepperstone Regulation

Pepperstone is the trading name for multiple business entities. While this setup might seem a bit complicated, it ensures that all their traders worldwide benefit from a high level of regulatory oversight and the best client protection.

Pepperstone Licences

As a group, Pepperstone hold licences from some of the strictest regulatory bodies in the world. For example, it is regulated by the Australian Securities and Investment Commission (ASIC), the UK Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CYSEC). Here is the full breakdown of their companies, licences, and registrations:

• ASIC – Pepperstone Pty Ltd has licence number 414530 from the regulator in Australia.
• FCA – Pepperstone Ltd has licence number 684312 from the regulator in the UK.
• SCB – Pepperstone Markets Limited has license number SIA-F217 from the Bahamas.
• CySEC – Pepperstone EU Limited has licence number 388/20 from the regulator in Cyprus.
• DFSA – Pepperstone is regulated under license number F004356 in Dubai.
• CMA – Pepperstone has the licence number 128 from the regulator in Kenya.
• BaFin – Pepperstone has a licence under registration number 151148 in Germany.

Regulations in Nigeria

Forex traders in Nigeria can trade under the Pepperstone Markets Limited. This is the Bahamas subsidiary of Pepperstone, which has a licence from the Securities Commission of The Bahamas (SCB). This entity offers a great level of client fund protection and account security. It also offers great trading conditions and a safe trading environment.

Fund Safety

Pepperstone prides itself on its high level of client fund security. The company therefore keeps its client funds in segregated accounts with tier one banking providers. This ensures that your money is always being stored with a regulated, reputable financial services provider. Moreover, it also keeps client funds in segregated accounts separate from its own funds. This ensures that Pepperstone cannot use your money for operational purposes.

Forex Awards

If you’re looking for a great service, it can help to know if the forex broker you want to trade with has even won any industry awards. Pepperstone is an award-winning company and one of the best options for forex traders in Nigeria. It has received many awards in recognition of its excellent online trading services. Here are some of their most recent awards:

• Best Forex Broker 2021 (Daytrading.com)
• The Best Tailored Professional Trading Conditions 2019/2020 (Professional Trader)
• Best Trading Performance Tools 2020 (Professional Trader)
• The Best Global Forex ECN Broker Award 2019 (Global Forex Awards)
• Best Forex Trading Support – Europe 2019 (Global Forex Awards).

Pepperstone Trading Assets

Pepperstone markets are great in terms of trading assets. They offer 1000+ trading instruments. These include currency pairs, metals, shares, commodities, cryptocurrencies, and a wide range of major indices.

Pepperstone Trading Instruments

• Forex: Pepperstone gives you 60+ currency pairs to choose from including major, minor, and exotic currency pairs. You can trade all the top instruments such as EUR/USD and GBP/USD.
• Shares: Pepperstone offers trading on 900+ share CFDs. You can choose from a wide range of shares across the American, European, and Asian markets.
• Commodities: They give you 20+ commodities to choose from including popular instruments such as gold, silver, platinum, petroleum, natural gas, coffee, cocoa and orange juice.
• Indices: They give you access to 20+ indices. You can trade all of the most popular instruments across the American, European, and Asian markets.
• Pepperstone crypto trading: They offer trading on 9 cryptocurrency CFDs. You can trade Bitcoin, Bitcoin Cash, and Litecoin. You can also trade Ethereum, Ripple, and Polkadot.

Pepperstone Registration – How To Open An Account

As part of our Pepperstone review, we checked their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account at Pepperstone. The registration process is quite simple and you can register online. The first step is to register online. This is so that Pepperstone can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.

The next step is to take a short test about online trading. This is so that Pepperstone can determine whether their online trading services are suitable for you. At this stage, all you need to do is show Pepperstone that you have the skills and knowledge needed to trade properly. If you pass the test, you will be fully registered and ready to open an account. The final step is to fund your online trading account. This is so that Pepperstone can process your trades. At this stage, all you need to do is deposit funds, using your chosen payment method.

Pepperstone Account Types

Their accounts come with great trading conditions. They have a minimum 0.01 lots trading size and a maximum 100 lots trading size. There is a maximum leverage of 1:400. The base currencies are GBP, USD, EUR, CHF. You can use scalping and hedging trading strategies. You can also use EAs.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Razor	From 0 pips	$0	1:400	$3.50
Standard	From 1.0 pips	$0	1:400	$0

Account Opening

As part of the registration process, you will need to choose your account type. There are two main Pepperstone account types – the Razor Account and the Standard Account. Both of their accounts offer the same instruments, leverage, trading volumes, and deposit currencies. You will also need to choose your trading platform. Pepperstone has three main trading platforms – MetaTrader4, MetaTrader5, and cTrader. All of their platforms offer advanced trading tools and a variety of order types. 

Account Verification

As part of the registration and account opening process, Pepperstone needs to verify your identity. For this reason, they ask you to complete their KYC process and submit certain verification documents.  This could be a copy of your passport or driving licence. You also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document. Alternatively, it could also be a birth certificate, or a citizen certificate. 

Real Accounts

The Standard account and the Razor account are both real accounts. They have a minimum 0.01 lots trading size and a maximum 100 lots trading size. There is a maximum leverage of 1:30. The base currencies are GBP, USD, EUR, CHF. You can use scalping and hedging trading strategies. You can also use EAs.

Demo Accounts

Pepperstone offers an unlimited demo account. Their demo account mimics a live trading environment and allows you to practise your forex trading in real-time. New forex traders can also explore the full suite of tools that MT4, MT5, and cTrader have to offer. Veteran forex traders can also use the demo account to test new EAs and trading strategies.

PAMM Accounts

As part of their Partners program, Pepperstone offers both MAM and PAMM to qualified fund managers with relevant licences or industry experience.

Pepperstone Spreads

Pepperstone spreads are variable. Their minimum and average spreads are low across all account types. As an example of what you can expect, their spreads for EUR/USD and GBP/USD start from 0.10 on the Razor account and 0.7 on the Standard account.

Pepperstone Commission

Pepperstone has relatively low trading costs. The commission per 0.01 lots on their MT4 and MT5 Razor accounts are USD 0.04 (USD 0.08 round turn). The commission on their cTrader account is 7 USD per round turn.

Pepperstone Leverage

Pepperstone has slightly lower leverage than some of the other forex brokers offering online trading services in Nigeria. That said, the available leverage is still more than enough for forex traders to benefit from added opportunities. The leverage available depends on the instrument you choose. The leverage available on forex pairs, commodities, indices, and metals is 200:1. Meanwhile, the leverage available on cryptocurrencies and stocks in 10:1 and the leverage available on ETFs in 20:1.

Pepperstone Non-Trading Fees

Unlike many other forex brokers, Pepperstone does not charge any administration or inactivity fees. This means that you can stop trading for a few months, or even years, without worrying about incurring any extra fees. In addition, Pepperstone does not charge any deposit or withdrawal fees, it only asks you to cover the costs of any international bank wires.

Pepperstone Currency Conversion Fees

Pepperstone charges a currency conversion fee for transfers in currencies other than their accepted base currencies. Currency conversions are charged at the current spot rate, minus a conversion fee of up to 1 per cent. If you have USD bank accounts and USD trading accounts, then this should not be a problem. However, if you want to open an account in a separate currency, or if you only have bank accounts in NGN, then it is something to keep in mind.

Base Currencies

Accounts can be denominated in the following base currencies: AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD, but not NGN. While most Nigerians will want to have their trading accounts denominated in USD, some traders may want to have multiple accounts with different base currencies so as not to pay conversion fees when trading. The wide range of base currencies available at Pepperstone allows for traders to do this and is welcomed.

Pepperstone Bonuses

Pepperstone trading is great. They offer excellent account types and competitive online trading conditions. However, there may be room for improvement when it comes to bonuses and reward plans.

Pepperstone Payment Methods

As part of our Pepperstone review, we checked their payment options. The Pepperstone has a fairly limited choice of payment methods. However, it does accept most conventional payment methods. Let’s take a look in more detail.

Pepperstone Deposits

Methods

Pepperstone lists Visa, Mastercard, and bank transfers as its main deposit methods. However, if you decide to open a live trading account, then more funding methods may be available to you in your client area. For example, some clients may also be able to fund their accounts using e-wallets or other methods such as PayPal.

Minimum Deposits

The minimum deposit at Pepperstone is $0. However it’s recommended to start with $200, to have more possibilities in trading the markets. When trading with leverage, brokers will always require a margin to cover the money borrowed from the broker to hold your trading position. With less than 200 USD in your account, it makes it difficult to hold a substantial trading position without getting stopped out and losing the money held in your trading account as a result.

Crypto Deposits

Pepperstone does not currently accept cryptocurrency deposits.

Pepperstone Withdrawals

Withdrawal Options

Pepperstone withdrawal methods are fairly standard. They list Visa, Mastercard, and bank transfers as their primary withdrawal methods. However, if you decide to open a live trading account, and use an alternative method for your deposits, then more withdrawal options may be available to you in your client area. For example, some clients may also be able to withdraw money from their trading accounts using e-wallets.

Minimum / Maximum Withdrawal

There is no minimum or maximum withdrawal amount at Pepperstone.

How Long Does It Take

Pepperstone is fairly quick at managing withdrawal requests. Withdrawal forms received before 08:00 (GMT) will be processed the same day. If these are received after 08:00 (GMT), they will be processed the following day.Depending on where the money is being sent, it may take slightly longer for you to receive your funds, For example, withdrawals made by Bank Wire Transfer usually take 3-5 working days to reach your account.

Withdrawal Limit

There is no withdrawal limit at Pepperstone.

Withdrawal Fees

Pepperstone does not charge any withdrawal fees. It’s important to keep in mind though that Pepperstone will not cover the costs of international bank wires

Withdrawal Problems

There have been very few reports of withdrawal problems online. Pepperstone is a reliable forex broker and can be trusted to keep your funds in segregated accounts, take the necessary security precautions to protect your money, and to promptly deal with any withdrawal requests. Any withdrawal problems should be reported directly to their customer service team, who will deal with the issue quickly.

Withdrawal Conditions

There are a few withdrawal conditions that you need to keep in mind. Pepperstone is a regulated forex broker and, as such, is very strict when it comes to following Anti-Money Laundering rules and regulations. For this reason, non-profit withdrawals can only be returned to the original deposit source. Also, regardless of which deposit method you use, profits can only be withdrawn via a bank transfer to a bank account in your name.

Pepperstone Trading Hours

Pepperstone’s trading hours are in line with forex trading hours. You can open trades whenever the forex market is open.

Pepperstone: Legit or Scam?

Pepperstone is not a scam broker. They are a legitimate forex broker with licences from several reputable authorities. As a regulated company, they take adequate security and client fund protection measures. They also offer adequate payment methods and transaction handling processes.

Trading Platforms

Pepperstone has Metatrader 4, Metatrader 5, and cTrader. All of the platforms are available on desktop, tablets, and mobile. This gives you the freedom to choose between the three most popular trading platforms on the market. It also gives you the freedom to trade whenever and wherever you want.

MetaTrader4

MetaTrader4 (MT4) is one of the best trading platforms for new forex traders. It has a user-friendly design and comes with helpful online trading tools. You can use it platform to trade all of the top CFD trading instruments including forex, shares, and indices. The Pepperstone MT4 platform also comes with advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. You can use these tools to master your technical analysis and implement better trading strategies.

MetaTrader5

MetaTrader5 (MT5) is also another great choice for beginner traders in Nigeria. It has a simple design and an easy-to-use interface. As with MetaTrader4, you can use it to access and trade all your favourite trading instruments. The Pepperstone MT5 platform also has a wide selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. As such, it has better functionality and enables you to make more sophisticated trades.

cTrader

cTrader is a popular and powerful trading platform. It comes with a clean, modern interface that is easy to navigate. As with MT4 and MT5, you can get access to a wide range of CFD trading instruments including forex, metals, and stocks. The Pepperstone cTrader platform also comes with 6 order types, 55 technical indicators, an economic calendar, and market sentiment tools. As such, it is a great trading platform that you can easily use to carry out your analysis and manage your trades.

Mobile Trading Platforms

All three of their online trading platforms are available on Android mobile devices, iOS mobile devices, and tablets.

Trading Tools

Pepperstone offers a Smart Traders Tools package. It includes a suite of expert advisors that help you enhance your trading strategy. They also help you manage your risk and improve your overall trading experience. It also offers a wide range of trading tools for more advanced traders including API trading and VPS services.

Education And Research

Pepperstone goes the extra mile when it comes to online education. They offer a wide range of online articles and forex trading guides. These resources help you to improve your knowledge of the forex market and to start creating more in-depth trading plans. They also give you access to a large number of online webinars. These webinars cover many key topics such as market analysis and risk management techniques. They are also available on-demand. This means that if you can’t attend the live webinar, you can still continue your online training at a later time. Not found what you’re looking for? One of the great things about Pepperstone is that they provide custom learning materials on request. Simply contact their Support Team and let them know what you need help with.

Extra Trading Services

Pepperstone has partnered with social trading platforms. Their main partner, MetaTrader signals, lets you access trading signals from successful traders in real-time. This type of social trading also helps you diversify your trading strategy. It also helps you to reduce your portfolio risk and save time on your market research

Customer Support

The Pepperstone customer support team offers excellent customer service. You can contact them via live chat, email, or phone. You can also reach them online by filling in the contact form on the website.

Our Verdict

Pepperstone is a world-class broker with excellent trading conditions. Its high quality education and trading support make it a great option for new traders. Its advanced trading technology and copy trading services means that it is a great option for experienced traders as well. Pepperstone gives you everything you need to create and implement successful trading strategies. It also ensures a safe trading environment and a seamless trading experience.

Pepperstone Forex Broker Review – FAQ

Ready to start trading? Register for an online trading account with Pepperstone here.

Pepperstone Forex Broker Review – Similar Brokers

Pepperstone is a great choice for forex traders in Nigeria. However, if you want to see some alternatives, there are also many other forex companies. Here are some brokers similar to Pepperstone.

Still deciding? Take a look at some of our other forex broker reviews.