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Pepperstone Review UK

Tobi Opeyemi Amure
Reviewed by:
Pepperstone review UK

Pepperstone is one of the largest MetaTrader brokers in the UK right now, and if you’re looking to trade through the MT platform, you might be wondering if Pepperstone is a good avenue to go down. 

In this guide, I’ll show you my personal experiences with Pepperstone, weighing up all the pros and cons, so you can make an informed decision as to whether this platform is right for you.

Throughout this review, I’ll analyse the platform’s core features, rating them on a qualitative points-based scale. These points then translate into star ratings. For more information on how we test view here.

This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at InvestopediaInvesting.com, and Trading.biz.

Overall Rating – 4.5 stars

Overall, I give Pepperstone a rating of 4.5 stars, based on an average of 82.6% and a total score of 74.3.

Pepperstone is the perfect platform for anyone looking to trade CFDs and Forex specifically through the Meta Trader Platform. The fee structure is also attractive

However, the limited range of markets and poor trading platform limit its overall potential. 

Here’s a breakdown of how Pepperstone scored:

CategoryPointsStar ratings
Fees9.45
Safety7.84
Onboarding9.85
Deposit & withdrawal methods8.24.5
Markets6.83
Tools7.74
Investment & trading platform6.53
Education8.84.5
Customer service9.35

Here’s a rundown of the overall pros and cons of Pepperstone:

Pros

  • Great fee structure
  • Good range of CFDs and forex pairs
  • Excellent customer service
  • Abundant educational content

Cons

  • The range of assets is limited
  • No dedicated trading platform
  • Third-party trading platforms are lacklustre
  • The news feed is hard to navigate

Fees – 5 stars

Pepperstone has a great fee structure. For one, the platform doesn’t charge any non-trading fees. The trading fees themselves are also competitive with similar platforms like Plus500.

Non-Trading Fees

Pepperstone does not charge its users any non-trading fees. This means that deposits and withdrawals are completely free to make. Furthermore, you won’t need to pay a maintenance fee, and there’s also no inactivity fee.

Trading Fees

Pepperstone’s trading fees are very competitive with the market average.

When trading, you will be charged a commission or spread fee based on the trading account you use. While these charges vary on the assets and platform you trade on, all are in line, or even better than competitors.

For instance, when trading $2,000 worth of Apple CFDs, Pepperstone will charge you just $0.70. Plus500, on the other hand, charges $7.30.

Pros

  • No non-trading fees
  • Competitive trading fees, particularly for CFDs

Cons

  • None

Safety – 4 stars

On the whole, Pepperstone is a very safe platform. It’s regulated by the Financial Conduct Authority (FCA) and offers negative bank balance protection to UK users. However, a recent data leak and limited availability of financial records are slightly concerning.

Background

Pepperstone is a limited company that was first established in 2010. During this time, Pepperstone has shown its robustness, by successfully navigating the Swiss Franc Crisis in 2015, so that no client accounts went into a negative state, for instance. 

However, Pepperstone also shown some vulnerability, being the victim of a data leak hack in 2020. Fortunately, Pepperstone was able to protect its clients’ financial interests, but some personal information and data were leaked.

Other platforms, such as Saxo Markets, have never been the subject of a hack like this. 

Regulation

In the UK, Pepperstone is regulated by the Financial Conduct Authority. This means that the company has to adhere to strict financial regulations and processes.

Furthermore, should something ever go wrong, you’ll be protected up to the amount of £85,000.

Negative Balance Protection

On top of FCA regulation, UK clients are also offered negative bank balance protection. This means that you will only be at risk of losing the money that you actively put into the platform, and should your balance ever dip below zero, Pepperstone will cover that amount.

Financial Information

As a limited company, Pepperstone does not have to make its financial records public. Because of this, it’s pretty difficult to assess the financial health of the company.

In fact, out of all the UK trading platforms I’ve tested, this was one of the most private regarding financial records. 

Pros

  • FCA regulation
  • Negative bank balance protection

Cons

  • Suffered a data leak in 2020
  • Financial records aren’t publicly available

Onboarding – 5 stars

Opening an account with Pepperstone is a frictionless and easy process.

My account was up and running in less than 24 hours, and the whole onboarding process took about ten minutes.

Account Types

Pepperstone offers four different account types. The most popular is the ‘Standard’ account, which is completely free to open, and offers access to all of the platform’s features.

For the standard account, trading fees use a spread-based pricing structure. This account is great for beginner traders, as the commission is built into the spread, making the fee structure much more certain.

The other main account type is the ‘Razor’ account. This is the same as the Standard account but uses a commission-based pricing structure. This account is slightly better suited to advanced traders.

Beyond these two main accounts, there are also a couple of more niche options to choose from.  One of these is an ‘Active Trader’ account, which helps you cut down trading fees when you volume trade. The other is a managed account for fund managers.

For most traders, the standard account will be the best mix of price and performance, so this is the account that I went with.

Account Opening

Opening an account with Pepperstone was an extremely simple process.

Opening an account on Pepperstone.

Firstly, I had to enter my basic personal and contact information, including my full name, date of birth, address, and email.

Next, I was asked to choose the base currency of my account. Being able to change your base currency is a great way to bypass currency conversion fees, so the fact that you can change this is a great feature.

After choosing my base currency, I had to complete a quick trading questionnaire. This is designed to make sure the platform is right for you, and as long as you have some basic trading knowledge, you shouldn’t run into any issues.

Finally, I needed to upload my ID and a utility bill for verification. The verification process was surprisingly quick, taking less than a day for my account. However, some accounts can take up to three days to verify. 

Pros

  • Plenty of accounts to choose from
  • Onboarding is quick and simple
  • Verification was very quick

Cons

  • None

Deposit & Withdrawal Methods – 4.5 stars

Deposits and withdrawals are completely free to make with Pepperstone.

There are also plenty of methods available, as well as a high number of base currencies. 

Adding funds on Pepperstone.

Base Currencies

Pepperstone has a total of ten base currencies to choose from, these being: GBP, AUD, USD, CHF, KPY, NZD, SCD, EUR, and HKD.

This is a very diverse selection, and being able to choose your base currency can help you reduce costs by bypassing the conversion fee.

Deposits

UK clients can deposit money in several ways, including:

  • Credit card
  • Debit card
  • Bank/wire transfer
  • PayPal

Pepperstone does offer other Ewallet methods to Australian clients, but these are not available in the UK due to FCA regulations. Nevertheless, the majority of users should find the deposit options sufficient.

Deposits are completely free to make, and there’s no minimum deposit fee, meaning you can deposit as much or as little as you like, at any time. 

Withdrawals 

Withdrawals are likewise free to make and can be made by the same methods as above.

It can take anywhere from one to three working days for the funds to hit your account. This all depends on the withdrawal method you choose.

Pros

  • Deposits and withdrawals are free to make
  • No minimum deposit fee
  • Plenty of deposit and withdrawal methods

Cons

  • Some Ewallet methods are not offered to UK clients

Markets – 3 stars

Pepperstone only offers CFD and forex trading to UK clients, which is a much less impressive selection than other platforms such as IG.

Nevertheless, the CFD and forex selection is very good.

Furthermore, Pepperstone offers several copy trading options. UK users also have the option of opening a spread betting account. 

Forex

Pepperstone offers over 90 currency pairs to UK clients. Within this range, you’ll be able to trade forex majors, crosses, minors, and exotics. Most pairs have particularly good liquidity too.

CFDs

The CFD selection is also impressive. Users can trade from the following:

  • 1,400 stock CFDs
  • 101 ETF CFDs
  • 23 stock Index CFDs
  • 32 commodity CFDs
  • 21 cryptocurrency CFDs

What’s great about this selection is that there’s both a good range of overall markets and a great selection of assets within each market.

Some of the asset groups, like Stock Index CFDS, aren’t even offered by direct competitors such as Plus500

Furthermore, you’ll be able to change the leverage levels when trading CFDs.

This is an excellent way to manage the risk of a trade according to your goals and is a feature missing from so many other UK trading platforms.

Therefore, if you’re exclusively looking to trade CFDs, Pepperstone’s range of markets is very attractive.

Copy Trading

Another excellent feature of Pepperstone is that it offers Copy Trading.

Copy Trading allows you to directly copy an advanced trader’s positions by mirroring their account trade-for-trade. 

Currently, Pepperstone users can access copy trading through Duplitrade, MetaTrader Signals, Myfxbook, and Mirror Trader.

These are some of the best copy trading options available right now, and it’s great to see so many options offered, especially considering that most UK platforms don’t offer a single copy trading option. 

Other Assets

Unfortunately, other major asset types including underlying stocks, ETFs, bonds, and cryptocurrencies are not offered by Pepperstone.

This severely limits your ability to diversify your portfolio, reduce risk, and gain exposure to potential gains through different markets.

Therefore, if you’re looking for more of a one-size-fits-all platform, you may want to consider something like IG over Pepperstone.

Spread Betting

Finally, it’s worth noting that UK users can open a spread betting account through Pepperstone.

Spread betting is a highly speculative and risky trading strategy though, and you should only consider trading it if you have extensive experience and expertise.

Pros

  • Great selection of forex and CFDs
  • Spread betting account offered
  • Copy trading is available

Cons

  • Major assets like underlying stocks are missing
  • Limited ability to diversify

Tools – 4 stars

Pepperstone offers a good array of fundamental research tools, including charts, fundamental data, and trading ideas.

However, some of the research tools lack depth when compared to other platforms.

Charting Tools

I found Pepperstone’s charting tools to be pretty excellent overall. There are a total of 85 technical indicators to use.

Charts can also be edited using MetaTrader’s Smart Trader Tool package, which includes virtually every charting tool you could think of, from Fibonacci retracement to a trade simulator.

Pepperstone Trading Tools.

Fundamental Data

Pepperstone offers fundamental data, which you can find through the economic calendar.

However, this feature does lack a few key tools, such as filtering. It’s also unclear why there isn’t a specific section for fundamental data, and the fact that it’s bolted onto the economic calendar is overly confusing.

News Feed

Unfortunately, Pepperstone’s news feed is extremely lacklustre.

The whole layout is honestly a mess, and it’s difficult to filter relevant news from filler.

The economic calendar is equally poor. And without the ability to filter news properly, it’s going to be a useless tool for most people. 

Daily Updates

Finally, Pepperstone offers a daily market update via an email newsletter.

This made up for the terrible news feed in virtually every way, as the updates were short, yet informative.

The technical analysis was of particularly high quality.

Pros

  • Excellent daily newsletter
  • Good charting tools

Cons

  • The news feed is unstructured
  • Fundamental data is confusing to find

Investment & Trading Platform – 3 stars

Pepperstone does not have its own investment and trading platform.

Instead, users will trade through third-party trading platforms.

Unfortunately, these platforms offer a much worse user experience than competitors such as IG.

Pepperstone trading platform.

Web Platform 

You can trade with Pepperstone via MT4, MT5, or cTrader. I chose to look at the MT4 and cTrader platforms.

Unfortunately, I was left very disappointed.

For one, the MT4 platform looks like it hasn’t been updated for 15 years, and isn’t nearly as crisp as competitors such as Plus500.

The search functions are also underwhelming due to the lack of a generic search bar. Furthermore, no price alerts are offered. 

Admittedly, the cTrader platform was much more attractive, and easier to navigate compared to the MT4 platform. However, in comparison to dedicated trading platforms like IG and Saxo, it didn’t impress me. 

Mobile App

Luckily, the mobile app is considerably better than the web version.

Again, there isn’t a dedicated Pepeprstone app per se, but you can access the Pepperstone-Live server through the MT4 app. 

The MT4 app has a much cleaner and more modern design than the web version. The search functions are also excellent, thanks to easy-to-navigate folders and a handy search bar. 

You can also turn on price alerts through the mobile app, which is a bonus. 

Finally, customisability is strong, and you’re able to switch the tabs around to your liking. 

Making a Trade

Making a trade through Pepperstone is simple enough.

The specific process varies depending on which platform you’re trading with.

However, the basic premise of clicking on the asset you’d like to trade with, selecting the price amount, and hitting ‘Place Order.’

Making a trade on Pepperstone.

You can also make various order types, like Market, Stop and Limit and customise your trade further via time limits like GTT and GTC. 

User Experience

My overall experience with Pepperstone was very mixed.

On the plus side, I liked the charting tools, which made researching new assets a breeze. 

I would also recommend Pepperstone for day trading. The MT4 platform, for instance, is a renowned choice for day traders and has a user interface hand-built for handling successive trades. 

However, I also disliked a lot of Pepperstone’s features.

For one, the overall design isn’t particularly user-friendly, and nothing was where I expected it to be, which meant it took a while for me to get accustomed.

Whereas with other platforms like Plus500, I fully understood the platform within a few minutes. Admittedly, this was less of an issue with the mobile platform.

Another thing to note is that, because there is no central Pepperstone platform, I had to constantly switch tabs and log into different accounts to make different trades. This made the trading experience a little more fragmented than I would have liked. 

Finally, I would like to see greater continuity between the mobile and web platforms, because if the web platform looked and performed anything like the mobile app, I wouldn’t have had so many complaints.

Pros

  • The mobile app is particularly good
  • Viable for day trading

Cons

  • The web platform feels outdated and overly complex
  • Price alerts missing on the web version
  • Lack of continuity between platforms
  • No dedicated Pepperstone platform

Education – 4.5 stars

The large majority of Pepperstone’s educational content is excellent.

The platform offers content for all levels, and there’s also a variety of ways to learn, such as articles and books.

However, a few finishing touches such as categorising the content based on knowledge level would go a long way to making this already excellent content perfect. 

Education section on Pepperstone.

Platform Tutorial

First and foremost, Pepperstone offers a comprehensive tutorial on how to use the Meta Trader platform.

This serves as a great introduction to the platform and can be used as a reference guide whenever you find yourself confused.

Content

Furthermore, Pepperstone offers a wealth of educational content covering everything from the basics of trading forex to advanced CFD trading techniques.

This content is offered in a variety of mediums, including articles, webinars, and YouTube videos, and is suitable for every level of trader. 

A couple of changes would make this content even better though. For instance, breaking down the webinars, articles, and videos into smaller groups for beginner, intermediate, and advanced traders would make the content easier to navigate.

Integrating learning tests or quizzes could also help Pepperstone’s educational content stand above the competition. 

Demo Account

Finally, you can test trading strategies and get a feel for the platform through Pepperstone’s demo account.

This lets you trade with up to £50,000 worth of paper money and is the same as the normal platform, minus the personal financial risk.

Demo trading accounts are a great way to put theory into practice, so it’s great to see Pepperstone offer such a valuable tool to its users.

Pros

  • Platform tutorial
  • A wealth of educational content
  • A demo account is offered

Cons

  • Content would be easier to navigate if sectioned by experience level

Customer Service – 5 stars

Pepperstone’s customer service is nearly flawless.

You can get in touch virtually every way you could think of, and the team knows what they’re talking about.

Pepperstone customer service.

Email

The first way to contact Pepperstone’s customer service is via email. When I emailed in, I got a reply back in less than an hour, and this reply was full of useful information and follow-up links to ensure my issue was handled. 

Phone Support

Phone support is also available, and is just as good. You’ll connect to an agent instantly, and the team is excellently trained to handle even the toughest queries and questions. 

Live Chat

Finally, you can chat with an agent directly via a live chat service. When I tested this out, I was surprised at how quickly I connected to an agent. The agent’s responses were also relevant and helpful. This service is open 24 hours a day, too.

The only thing to note here is that some users have reported that it can take a while to connect to an agent. However, I didn’t find this to be the case in my testing. 

Pros

  • Excellent phone support
  • Quick email replies
  • Short live chat response times

Cons

  • Some users have reported longer-than-average live chat connection times

Final Thoughts

Ultimately, Pepperstone is a great option if you’re specifically looking to trade CFDs and forex through the Meta Trader platform.

For this specific purpose, few UK trading platforms are better than Pepperstone.

However, if you’re looking for a more general, one-size-fits-all platform, you likely won’t find any value in Pepperstone. 

FAQs

Can Pepperstone be trusted?

Yes, based on its regulation by the Financial Conduct Authority (FCA), Pepperstone can generally be considered trustworthy.

Does Pepperstone work in the UK?

Yes, Pepperstone operates and provides its services in the United Kingdom. Traders based in the UK can access and utilise Pepperstone’s offerings for their financial trading activities.

Is Pepperstone suitable for beginners?

Yes, Pepperstone can be a suitable choice for beginners who are new to financial trading. The platform offers user-friendly interfaces, educational resources, and support to help beginners navigate the trading process. With access to various trading tools and a range of markets, beginners can start their trading journey with Pepperstone and gradually develop their skills and knowledge.

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Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”.

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