Pepperstone Review 2026: Razor Spreads Put to the Test

Our verdict on Pepperstone

Pepperstone built its reputation on execution speed and raw pricing. The Melbourne-based broker now holds licences in Australia, the UK, Germany, Cyprus and Dubai, and its Razor account is one of the cheapest ways to trade EUR/USD at size.

For this review we funded a Razor account, ran the same 1-lot EUR/USD strategy for a month on both account types and compared the all-in cost per round turn.

Accepts FR Residents
Authorised By EU-Member State
Average Spread (EUR/USD) — Spread-Only Account
Minimum Deposit
Overall Rating
0.0 pips + $3.50/lot
$200

Execution and pricing

Fills on the Razor account averaged 28 ms during the London session, with no requotes on market orders. Spreads on EUR/USD sat at 0.0–0.2 pips outside news windows.

Standard vs Razor

Below one lot per month the Standard account usually wins; above that the $3.50 commission is repaid by the tighter spread several times over.

ASIC

  • The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator.

  • ASIC applies the same retail protections as ESMA: leverage limits, negative balance protection and a ban on binary options for retail clients.

  • Australian financial services licensees must hold client money in segregated trust accounts and meet minimum capital requirements.

BaFin

  • The Federal Financial Supervisory Authority (BaFin) supervises banks, financial services providers and securities trading in Germany.

  • BaFin is a tier-1 European regulator: retail clients get ESMA leverage caps, negative balance protection and a ban on trading bonuses.

  • German brokers must hold client money in segregated accounts and report to the statutory compensation scheme up to €90% of the claim, capped at €20,000.

CySEC

  • The Cyprus Securities and Exchange Commission (CySEC) is the financial regulator of Cyprus and a full member of the European Securities and Markets Authority (ESMA).

  • Brokers licensed by CySEC can serve clients across the European Union under MiFID II passporting rights.

  • Retail clients of CySEC-regulated brokers get leverage caps, negative balance protection and a ban on trading bonuses under ESMA rules.

  • Client money must be held in segregated accounts, and firms report to the Investor Compensation Fund (ICF) up to €20,000 per client.

DFSA

  • The Dubai Financial Services Authority (DFSA) regulates financial services in the Dubai International Financial Centre (DIFC).

  • It is a respected, English-language common-law jurisdiction, though outside the EU passporting system.

Remember: a raw-spread account is only cheaper if you actually trade enough volume. Run your own numbers before paying commission for a spread you may never use.

How Pepperstone compares

Broker
Minimum deposit
Time to open account
Saxo
Interactive Brokers
XTB
$0
1 day
FOREX.com
$100
Pepperstone
$200

Pepperstone: frequently asked questions

Is Pepperstone safe?

Pepperstone is regulated by ASIC (Australia), the FCA (UK), BaFin (Germany), CySEC (Cyprus) and the DFSA (Dubai). Client funds are held in segregated accounts and negative balance protection applies to retail clients in the EU and UK.

What is the minimum deposit?

Pepperstone does not charge a deposit fee and there is no minimum for the Standard account; the Razor account has a higher entry threshold.

Does Pepperstone offer a demo account?

Yes — an unlimited demo account with virtual funds is available for both account types, and it mirrors live spreads during market hours.