What Pepperstone costs per trade
MEASUREDEUR/USD figures from our July 2026 live UK account, tested by David Levy. Razor commission £2.25 per side, £4.50 the round turn. Standard uses Pepperstone's published 1.0 pip rate; our capture recorded a 1.1 pip modal on Standard. GBP pip value £7.42 per standard lot at GBP/USD 1.3476 (19 Jul 2026).
Razor saves £43.56 a month at this volume
At 1.0 lot and 20 trades a month on EUR/USD, Razor costs £5.24 per round turn (0.10 pip + £4.50 commission) against £7.42 on Standard.
See how Pepperstone compares to UK alternativesRisk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.9% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Read the relevant Key Information Document (KID) before opening an account.
Our verdict on Pepperstone
Pepperstone suits active UK traders who want raw pricing behind a full platform line-up. The Razor account tested at 0.1 pips EUR/USD with £2.25 per lot, per side, and runs MT4, MT5, cTrader and TradingView on the same account. It is a weaker fit for anyone who wants an ISA, share dealing or a fixed spread.
Three reasons stand out. First, Razor pairs the tested 0.1 pip spread with £2.25 per side, competitive with anything in the FCA set. Second, no other broker in the UK set runs all four platforms together, with spread betting available on each. Third, Pepperstone Limited is FCA authorised under FRN 684312 with segregated client money and FSCS cover to £85,000 for eligible clients.
Pepperstone is not perfect. Razor commission is charged per side, so a round turn costs double the headline figure. Crypto CFDs are unavailable to UK retail clients under the FCA ban. A trader who wants an ISA or a share-dealing wrapper needs IG or Trading 212 instead. None of that changes the conclusion for an active UK forex trader.
Pros
- Full platform set of MT4, MT5, cTrader and TradingView; no other broker in the UK set runs all four
- Tight raw spread plus a competitive commission on the Razor account, tested at 0.1 pips EUR/USD with £2.25 per lot, per side
- £10 minimum deposit, with no minimum at all on bank wire
- FCA-authorised (FRN 684312) with segregated client money and FSCS cover up to £85,000 for eligible clients
- Fee-free funding across debit and credit cards, Apple Pay, Google Pay and bank transfer, with withdrawals also free (broker site, accessed 10 July 2026)
- Spread betting available on MT4, MT5, cTrader and TradingView, so profits can fall outside capital gains tax subject to your circumstances
- No dealing desk on the Razor account, with cTrader and MT5 depth suited to scalping and algo trading
Cons
- Razor commission is charged per side, so a round turn costs double
- No fixed-spread account for traders who want price certainty
- Crypto CFDs are unavailable to UK retail clients (FCA ban)
- No ISA or share-dealing wrapper, so a UK trader who wants those needs IG or Trading 212
Pepperstone score breakdown
4.5/5 · Excellent
The overall CFB Score comes from the full methodology, more than 100 data points per broker. The category ratings summarise each area and do not reconcile by simple average.
How is our rating calculated?Pepperstone scores 90/100 in our testing. This review is based on a live UK account, opened at the broker's FCA-authorised entity, funded in GBP and traded. The EUR/USD, GBP/USD and EUR/GBP spread figures shown are modal values recorded on that account across three trading days in July 2026.
Pepperstone is the strongest all-round choice in our UK set on cost, platform breadth and regulation together. Pepperstone Limited is FCA-authorised under FRN 684312. Its Razor account tested at 0.1 pips on EUR/USD with £2.25 per lot, per side, and it runs MT4, MT5, cTrader and TradingView, a combination no other broker we cover offers.
Active and cost-sensitive traders get the most here, especially scalpers and algo users who value cTrader and a raw account. Beginners are well served too, given the £10 minimum and a clean app. Traders who want fixed-spread price certainty get that instead from Trade Nation.
Pepperstone is not flawless. The commission is charged per side, and there is no fixed-spread account or share ISA wrapper. The spread figures in this review are modal values recorded on a live UK account in July 2026, so they reflect real conditions rather than a marketing “from” rate.
Pepperstone quick facts
Pepperstone Limited trades in the UK under FCA authorisation, and the table below collects the figures a UK trader checks first.
| Item | Detail |
|---|---|
| UK regulator | FCA, Firm Reference Number 684312 |
| UK entity | Pepperstone Limited, Companies House 08965105 |
| Parent | Pepperstone Group, whose Australian parent Pepperstone Group Limited is ASIC-licensed |
| Year founded | 2010 |
| Headquarters | Melbourne, Australia (group) |
| Trading platforms | MT4, MT5, cTrader, TradingView, Pepperstone app |
| Account types | Razor (raw spread plus commission); Standard (all-in spread); spread betting. TradingView is Razor-only |
| Minimum deposit | £10 on both accounts; none by bank wire |
| Maximum retail leverage | 30:1 major FX and government bonds from the UK, eurozone, US, Japan, Canada or Switzerland, 20:1 non-majors, gold and major indices, 10:1 other commodities, 5:1 shares and anything unlisted |
| Spreads (EUR/USD) | Tested 0.1 pips on Razor and 1.1 pips on Standard (modal, David Levy, live UK account, July 2026) |
| Commission | Razor: £2.25 per lot, per side on MT4 and MT5; US$3.00 on cTrader FX and US$3.50 on TradingView, converted. None on Standard |
| Funding methods (UK) | Debit or credit card, Apple Pay, Google Pay, bank transfer |
| Negative balance protection | Yes, for UK retail accounts |
| FSCS cover | Up to £85,000 per eligible person |
| Financial Ombudsman Service | Yes, complaints eligible |
| Demo account | Yes, free |
Trading costs and fees
Pepperstone splits its pricing across two retail accounts, and which one is cheaper depends entirely on how much you trade. The spreads below are tested modal values, the most frequent spread David Levy recorded on a live UK account across three trading days in July 2026 rather than a broker “from” figure. Our recorded-spread protocol and the evidence tier behind this review are documented in full.
| Account | EUR/USD | GBP/USD | EUR/GBP | Three-pair average | Commission |
|---|---|---|---|---|---|
| Razor | 0.1 pips | 0.2 pips | 0.2 pips | 0.17 pips | £2.25 per lot, per side (MT4 and MT5) |
| Standard | 1.1 pips | 1.2 pips | 1.2 pips | 1.17 pips | None (cost sits in the spread) |
All six figures are tested modal values from the July 2026 capture. The Razor three-pair average of 0.17 pips is the mean of our own recorded modals, computed from the three figures in its row. Pepperstone publishes a similar average on its own site; the figure here is derived from our capture, not taken from the broker.
Razor account costs
Razor is the raw account and the reason cost-led traders shortlist Pepperstone. EUR/USD tested at 0.1 pips, GBP/USD and EUR/GBP at 0.2 pips each, a three-pair average of 0.17 pips, with commission of £2.25 per lot, per side on MT4 and MT5. On those two platforms the commission is a published, fixed GBP rate, so a UK trader carries no conversion drag on the fee itself. One standard lot of EUR/USD costs roughly £5.24 all in: about £0.74 of tested spread plus £4.50 of round-turn commission.
The commission is not the same figure on every platform Razor runs, which is easy to miss because the account name does not change. Pepperstone’s own UK costs page carries five separate tables, one per platform (accessed 30 July 2026):
| Platform | FX, per lot per side | Spot gold | Billed in |
|---|---|---|---|
| MT4 Razor | £2.25 (£4.50 round turn) | £2.25 | Published in GBP |
| MT5 Razor | £2.25 (£4.50 round turn) | £2.25 | Published in GBP |
| cTrader | US$3.00 | US$3.50 | Converted at spot |
| TradingView | US$3.50 | US$3.50 | Converted at spot |
| Pepperstone platform | US$3.50 | US$3.50 | Converted at spot |
Two things follow. Only MetaTrader gets a published sterling rate: the MT5 table sets out a full currency matrix, so GBP 2.25 is a price rather than a conversion, and Pepperstone charges no conversion fee on the others but the pound cost still moves with spot. And gold is GBP-native on MetaTrader at £2.25 while it costs US$3.50 on cTrader, so the platform changes the metals cost more than it changes the FX cost. Pick the platform first and the commission follows it.
Standard account costs
Standard folds the whole cost into the spread and charges no commission. EUR/USD tested at 1.1 pips and GBP/USD at 1.2 pips. One standard lot of EUR/USD costs roughly £8.16, all of it spread. The account suits traders who want a single number to reason about and who do not trade often enough for the commission maths to pay off.
Razor vs Standard: which costs less
Razor wins on cost for anyone trading with any regularity. On one EUR/USD lot the tested figures put Razor near £5.24 against Standard’s £8.16, so Razor is cheaper by roughly a third despite carrying a visible commission. Standard only closes the gap when the raw spread widens sharply, because the commission stays fixed while the spread moves. The honest rule: if you compare the two, add the commission to the raw spread and compare that total, never the spread alone.
Spread betting costs
Pepperstone offers spread betting to UK clients on MT4, MT5 and cTrader, and on TradingView where the account is a Razor one (broker site, accessed 10 August 2026). Pricing follows the same account split, so a spread-bet account tracks Razor or Standard costs rather than carrying a separate schedule. HMRC does not normally treat placing a spread bet as trading, so those profits are not taxed and losses attract no relief, and no stamp duty applies, though tax treatment depends on your circumstances and can change.
Other fees UK traders should check
Pepperstone charges no deposit or withdrawal fee on any method, though your bank or payment provider may apply its own (broker site, accessed 10 August 2026). Two costs are easy to miss. The Razor commission is per side, so every MT4 or MT5 round turn is £4.50 rather than £2.25, and the cTrader and TradingView rates are quoted in US dollars rather than pounds. And a balance held in a currency other than the one you fund in picks up a conversion cost on each conversion, which matters if you fund in pounds and trade dollar-denominated instruments.
Trading platforms
Pepperstone runs MT4, MT5, cTrader and TradingView alongside its own app, and no other broker in our UK set offers all four. A scalper or algo trader gets cTrader and MT5 depth. A charting-led trader gets TradingView wired straight to the account.
| Platform | What it adds |
|---|---|
| MT4 | The long-standing standard for expert advisors and simple automation |
| MT5 | More timeframes, more order types and depth of market |
| cTrader | Depth-of-market pricing and order handling suited to scalping |
| TradingView | Charting in the browser, connected directly to your account |
cTrader
cTrader is the platform Razor is built for. It shows depth of market natively, handles partial fills cleanly and supports cBots for automation, which is why it suits scalpers more than MT4 does. Pepperstone is one of a short list of FCA brokers offering it; the cTrader broker comparison covers the rest.
MetaTrader 5
MT5 adds timeframes, order types and depth of market over MT4, and it runs the Smart Trader Tools pack. It is the better MetaTrader choice for a trader starting fresh rather than porting an existing expert advisor. Our MT5 broker guide covers the UK field.
MetaTrader 4
MT4 remains the default for expert advisors, and Pepperstone supports it on both Razor and Standard. Traders bring an existing EA here more often than they build one. See the wider UK field for MT4 trading accounts.
TradingView
TradingView connects directly to a Pepperstone account, so charting and order entry sit in one browser window with no bridge software. Chart-led discretionary traders get the most from it. The UK TradingView field is compared separately.
Pepperstone app
Pepperstone’s own app handles account management, funding and simple order entry. It is a companion to the desktop platforms rather than a replacement, and a trader running automation will not work from it.
Is Pepperstone safe? FCA FRN 684312
Pepperstone is FCA regulated and safe for UK retail clients. Pepperstone Limited holds FCA authorisation under FRN 684312, which you can confirm on the FCA register.
FCA regulation
Pepperstone Limited is authorised and regulated by the FCA under FRN 684312 (FCA register record, checked 16 July 2026). The wider Pepperstone Group is regulated across several jurisdictions, and its Australian parent, Pepperstone Group Limited, is licensed by ASIC. Only the FCA-authorised UK entity serves UK retail clients, and only its permissions and protections apply to your account. Execution on the Razor account runs with no dealing desk: raw pricing is aggregated from external liquidity providers and routed straight through, which is what the per-side commission pays for.
Client money, FSCS and negative balance protection
Pepperstone Limited is the UK company you contract with; the Australian parent is ASIC-licensed but carries none of the UK protections. Client money is held in segregated accounts under the FCA’s CASS rules, separate from the firm’s own funds. Negative balance protection applies to retail CFD accounts, so a position cannot leave you owing more than your balance. If the firm failed, FSCS cover runs up to £85,000 per eligible person, which covers shortfalls in client money and assets rather than trading losses. Complaints you cannot settle go to the Financial Ombudsman Service, and our FCA rules guide explains the award limits.
History and ownership
Pepperstone Group was founded in Melbourne, Australia, in 2010, and the UK entity was authorised to serve UK clients later. The group is privately held, so it publishes no listed-company accounts, which is a genuine difference from a rival such as CMC Markets or IG whose parents report to a public market.
Public reviews
Trustpilot rates Pepperstone 4.3 out of 5 from 3,527 reviews (Trustpilot profile, captured August 2026). That is at the upper end of the FCA-regulated brokers we cover, where the range runs from 2.0 to 4.6. Read it as a brand-level signal rather than a UK verdict: Trustpilot profiles cover the whole brand across every market it serves, not the FCA-authorised UK entity on its own. Scores also move, so treat the figure as a August 2026 snapshot.
TradingView users rate Pepperstone 4.6 out of 5 from 35,197 ratings (TradingView profile, captured August 2026), with 201K accounts connected through TradingView. That measures something different from the Trustpilot score above. TradingView raters have linked a live account to a chart and are grading the connection and the fills behind it rather than the brand, and on that measure Pepperstone sits near the top of the brokers on this site, on the second-largest sample here.
Account types and minimum deposit
Pepperstone runs two retail accounts, and the choice between them is a cost decision rather than a feature one.
Account options for UK clients
Razor carries a raw spread plus commission; Standard folds the cost into a wider spread. MT4, MT5 and cTrader run on both accounts. TradingView is Razor-only: Pepperstone states on its own platform page that it is not available on the Standard CFD account (Pepperstone TradingView, checked 29 August 2026). UK clients can also open a spread betting account alongside a CFD account: the two differ in tax treatment rather than pricing model. HMRC does not normally treat placing a spread bet as trading, so those profits are not taxed and losses attract no relief, and no stamp duty applies, while CFD profits fall within capital gains tax. Tax treatment depends on your individual circumstances and can change, so check your own position before it drives the choice.
Pepperstone minimum deposit
The minimum deposit at Pepperstone is £10 on both account types, and there is no minimum at all on bank wire transfers (broker site, accessed 29 July 2026). Funding scales to what you actually trade, which suits a beginner testing the platform and an active trader sizing properly.
Funding and withdrawals
Pepperstone funds by card, mobile wallet and bank transfer, with no fee charged by the broker on either direction.
Deposit methods (UK clients)
Debit or credit card, Apple Pay, Google Pay and bank transfer all fund a UK account, with no deposit fee (broker site, accessed 10 July 2026). Bank transfers carry no per-transaction floor; card and mobile-wallet deposits start at £10.
| Method | Deposit minimum | Fees | Withdrawal time |
|---|---|---|---|
| Debit or credit card | £10 | None | Same day to 1 working day |
| Apple Pay and Google Pay | £10 | None | Same day to 1 working day |
| Bank transfer (domestic) | None | None | Same day to 3 working days |
| Bank transfer (international) | None | None | Same day to 3 working days |
Withdrawals
Pepperstone charges no withdrawal fee on any method, though your bank or payment provider may apply its own (broker site, accessed 10 July 2026). Withdrawals return to the account the money came from, a standard anti-fraud control, and final settlement depends on the receiving bank.
Account opening
Opening is online, with identity and address verification under the FCA’s client-onboarding rules. The £10 minimum is low enough to be a formality, so a UK trader can complete verification and then decide how much to deposit.
Product range
Pepperstone covers forex, indices, commodities and share CFDs, with the raw pricing mattering most on the first two. Every asset class is covered separately across our CFD broker guides.
| Asset class | Available to UK retail | Note |
|---|---|---|
| Forex | Yes | The core offer, and where Razor pricing does the most work |
| Indices | Yes | Major global indices, covered in depth on our indices page |
| Commodities | Yes | Metals and energies |
| Share CFDs | Yes | Single-name CFDs at 5:1 retail leverage |
| Crypto | No | Banned for UK retail clients by the FCA |
Forex pairs
Forex is the depth of the Pepperstone offer and the reason the Razor account exists. Tested EUR/USD of 0.1 pips on Razor is at the tight end of the FCA-regulated field, and the pair range extends well past the majors into crosses and exotics where the spread widens.
Index CFDs
Index CFDs carry 20:1 retail leverage on the majors, and Pepperstone quotes the main global benchmarks. A trader weighing brokers on this class specifically should read our comparison of index CFD brokers, which ranks the UK field on that basis rather than on forex cost.
Pepperstone’s international entities offer crypto CFDs, and UK searchers arrive expecting them. The FCA banned the sale of crypto derivatives to UK retail consumers from 6 January 2021. The markets table above states the retail unavailability in the crypto row, and no crypto tier appears in the leverage list because the FCA caps do not include one.
Leverage for UK traders
Retail leverage at Pepperstone follows the FCA’s standardised caps rather than anything the broker sets itself. The caps below apply to every FCA-regulated broker, and our guide to leverage limits explains how margin follows from them.
| Asset class | Retail leverage cap |
|---|---|
| Major currency pairs | 30:1 |
| Non-major pairs, gold, major indices | 20:1 |
| Other commodities, non-major indices | 10:1 |
| Government bonds from the UK, eurozone, US, Japan, Canada or Switzerland | 30:1 |
| Individual shares, and any asset not listed above | 5:1 |
Customer service
Pepperstone’s UK support runs by live chat, phone and email during market hours, with self-service through its online help centre. We have not run timed response tests on the UK desk, so service here is described from published information rather than scored from our own contact.
| Channel | Availability |
|---|---|
| Live chat | Market hours |
| Phone | Market hours |
| Market hours, response times not tested by us | |
| Help centre | Always available |
Higher-tier and active clients may be assigned a dedicated account manager.
Research and education
Pepperstone leans on regular market analysis, an in-platform economic calendar and integrated news, plus a Smart Trader Tools add-on pack for MetaTrader aimed at active traders. Webinars and tutorials centre on automation across MT4, MT5 and cTrader rather than beginner theory. Research is solid for an execution-led broker, though education depth trails a full-service house like IG. We describe the offer from Pepperstone’s published material pending a live assessment.
How Pepperstone compares to alternatives
Against the field, these are the closest calls.
| If you value… | Consider |
|---|---|
| The lowest per-lot commission | Tickmill |
| The widest market range and a share ISA | IG Markets |
| Raw pricing with native TradingView | Eightcap |
| Fixed spreads and price certainty | Trade Nation |
Tickmill’s UK review covers the commission case in detail, and traders who want the widest market range alongside a share ISA should weigh what IG offers UK clients. For raw pricing with TradingView built in, Eightcap is the closest match. If price certainty matters more than the lowest cost, Trade Nation runs genuinely fixed spreads. Our overall UK ranking covers the wider field.
Should you open an account with Pepperstone?
Yes, for active traders who want the full MT4, MT5, cTrader and TradingView set on one FCA account, with a tested raw spread and a £10 minimum. Active and algorithmic traders should shortlist it first: Razor pricing tested at 0.1 pips on EUR/USD plus £2.25 per side, under FCA authorisation FRN 684312, is the combination no rival in our set matches.
Not for traders who need an ISA, share dealing, or fixed spreads. IG covers the wrappers and Trade Nation owns price certainty.
A demo account is the no-cost way to test the platform first, and how to practise before funding covers using one properly. If Pepperstone fits how you trade, open a Pepperstone demo account before funding a live one (affiliate link, see our advertiser disclosure).
FAQs
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Related pages
About the author
Justin Grossbard is the co-founder and CEO at CompareForexBrokers. He has traded forex since 1998, leads UK broker research and has personally reviewed every FCA-regulated broker on this site. His work has appeared in Forbes, Kiplinger and Finance Magnates, and he holds a Bachelor of Commerce (Honours) and a Master of Marketing.