Founded in 2010, Pepperstone is an Australian broker that is regulated both in Australia by the ASIC and the UK under the FCA. As a forex broker, Pepperstone brings 8 years of industry experience to cryptocurrency trading. The reputation of this broker in the forex world is overall very good. Their venture into crypto trading is met with high expectations!
Main Tradable Cryptos
- Strong security track record
- Competitive spreads
- Not available to U.S., New Zealand, Japan, or Canada
You’ll be happy to know that you can sign up for a demo account with Pepperstone! Note that the demo account is only for 30 days.
Signing up with Pepperstone takes slightly longer than your average broker, but you are able to begin trading quicker.
You will have to fill out a form on your experience as a trader and your current occupation. Pepperstone isn’t the only broker who asks for this information so it is nothing to be worried about.
Your funds up to 50,000 GBP are protected with Pepperstone, giving you a safety blanket in case anything goes wrong.
Pepperstone offers four different account types. They have a standard, razor, swap-free and active traders account. Each account has their benefits and their drawbacks. You can find out more information here.
Unfortunately this broker is not available to users in the USA, Canada, New Zealand, and Japan.
The cryptos on offer are limited to the most popular: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Dash.
Not a huge range, but this is not surprising to see with forex brokers. Ripple was available previously but has since been taken off.
They have stated they intend to bring it back, as well as expand their current crypto lineup.
They do not apply any fees to their crypto trading – they earn their money through the spread. To find out the current spread you need to check every pair on their platform that you intend to trade.
Their spread is competitive with other brokers, meaning the spreads are subject to change. Make sure to keep an eye on these so you don’t get caught out by higher spreads!
Pepperstone claim to have no requotes which means there should be no issue with slippage!
The leverage for cryptos is 5:1 for professional clients and 2:1 for retail clients.
MetaTrader 4 is the platform of choice for Pepperstone. This charting software is not great but it is enough for you to trade with.
There is a browser-based platform as well as a desktop download. MT4 also has a mobile app, but we feel it is not the best.
Mobile apps are not very good with brokers in general though. Hopefully over the years we will see improvements.
Keep in mind that when trading cryptocurrencies with Pepperstone, they are CFD’s. You will never actually own or hold any cryptocurrency.
In order to start trading, there is a minimum of 200 Australian dollars which amounts to around $150.
The customer support provided by Pepperstone is very high quality. The industry standard for forex brokers’ customer support is quite high which gives them an advantage over crypto-only brokers.
You will have an account manager who you can call or email. Live chat is also available on the site. If you ever have problems, there is more than enough help available to you at a high quality.
Unfortunately, they are lacking in their information department regarding their cryptocurrency trading. No page is offered showing a breakdown of fees or spread goals which is concerning.
Low barriers to trading coupled with an established background leave Pepperstone as a safe broker choice. As a beginner, you may find MetaTrader 4 confusing but with the customer support available as well as online tutorials, this is a beginner friendly choice that is safe, reliable, and easy.
Below we have outlined the pros and cons for Pepperstone. Have a read through and if you think you’d like to trade with this broker, you can sign up here. We have other broker reviews available, so if you’d like to check out a few different ones have a look at the menu to the right.
- Easy to verify your account
- Demo account available
- Not available to U.S., Canada, Japan, New Zealand
- Mobile, web, and desktop platform available
- Mobile app needs improving
- Good track record, established in forex
- ASIC and FCA regulations
- Easy to start
- Claim to have no requotes - no slippage
- Difficult to figure out spreads
- Email, live chat, and phone support all available
- Account managers are assigned to each customer
- No information on their spread available on the website