Pepperstone review — Standard and Razor, ASIC, FCA
Pepperstone offers two main accounts — Standard (cost inside the spread) and Razor (raw spread + commission) — through several regulated legal entities.
An editorial review by FOX Trading Capital — not a client review, not advertising and not investment advice. FOX receives no payment from the broker for this material and uses no affiliate links in it. Conditions depend on the legal entity and the client's country and may change; check them on the broker's website before opening an account. Leveraged CFD trading carries a high risk of losing money rapidly. Broker data checked on the official website on 25 October 2026.
Legal entities
| Entity | Regulator / number | For whom |
|---|---|---|
| Pepperstone Group Limited (ACN 147 055 703) | ASIC, AFSL 414530 | Australia |
| Pepperstone Limited (No. 08965105) | FCA, 684312 | United Kingdom |
| Pepperstone Markets Limited | Securities Commission of The Bahamas, SIA-F217 | global website |
Accounts
| Account | Pricing | Commission | Min. deposit |
|---|---|---|---|
| Standard | all costs in the spread | none (except share CFDs) | $0 (global and Australian site); £10 (UK) |
| Razor | raw FX spread from 0.0, gold from 0.08 | from $3.50 per lot per side (FX and gold) | same |
- Leverage: 30:1 for retail clients (Australian and global site), up to 500:1 for professional clients (global site).
- Platforms: MT4, MT5, cTrader, TradingView and Pepperstone's own platform (web and app); the set depends on the account and region — the UK site does not list MT4 and TradingView for CFD Standard.
- The broker itself states that 80% of retail accounts lose money when trading CFDs with it.
Algorithmic trading
MT4/MT5 and cTrader support automated trading (Expert Advisors and cBots). For high-frequency algorithms the fixed Razor commission matters — it is easy to include in a cost calculation. Specific automated-trading rules were not specified on the pages checked.
Strengths
- ASIC and FCA regulation for the respective regions.
- Transparent Razor commission structure.
- A wide choice of platforms.
Limitations
- Platforms and leverage differ by region.
- Founding year not specified on the pages checked.
- Retail leverage capped at 30:1 (a protection, but it limits multi-order strategies).
FOX conclusion
A transparent Standard/Razor model, ASIC and FCA regulation for the respective regions and a wide choice of platforms. The limitation for multi-order strategies is the 30:1 retail leverage in regulated jurisdictions.
Evaluation criteria
- regulation of the legal entity that serves the client
- full trade cost (spread + commission) on EUR/USD and gold
- MT4/MT5 and Expert Advisor support
- Margin Call / Stop Out levels
- transparency of the published conditions
Sources
The materials are for information only and are not investment advice. Leveraged trading carries a high risk of losing money.
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