Author: Harry Napier
Pepperstone broker review: should you work with this company?
There have been many scam brokers on the web for the last few years. Sometimes, it is almost impossible to distinguish them from real and legit companies. The scams mask themselves with promotions, nice pictures, fake awards, and everything that could win the trust of a user. Is Pepperstone any similar? Read our Pepperstone review to find out!
About Pepperstone
The company was founded in 2010 in Australia. Later on, in 2015, it has opened an office in London to work in the European Zone. The broker is regulated by several authorities that include the UK FCA and ASIC. Therefore, it is considered to be a trustworthy service with a good credit record.
What assets are available with Pepperstone?
At Pepperstone, users can only work with the following products:
- 61 currency pairs
- 14 stock index CFDs
- 64 stock CFDs
- 16 commodity CFDs
- 5 cryptocurrencies
Although the number of products is not that huge like with many other competitive services, the company covers this with its fees. It is important to note that leverage cannot be changed and this is a major drawback.
Fees at Pepperstone
We have compared Pepperstone with some other competitive services and can say that it has low fees for forex and other equities. However, there also is a drawback here. This is the high financing rate for CFDs.
For example, if you decide to work with the EUR/USD currency pair, then the spread cost is 0.16 and you will also have to pay $3.76 per lot per trade. With the GBP/USD pair the spreads a 0.49 and the commission is the same. Finally, working with the S&P 500 CFD will cost 0.4 pips on average.
There are no inactivity fees, so you should not worry about leaving your account without trading for some time.
Payment methods at Pepperstone
The accepted payment methods include:
- Bank cards
- Bank transfers
- 10 base currencies including USD, GBP, AUD, and others
- E-wallets for some countries
There are no deposit fees, but if you use any other currencies that are not used by the broker, expect for a conversion fee from your bank. Although most methods are instant, bank transfers may take several business days before the funds reach your account.
When you withdraw your money with E-wallets, you will have to pay $1 for the transaction. However, all other methods are free of charge. According to the information provided by some users, withdrawals via bank cards take up to 2-3 days. This is quite normal for most brokerage services.
Trading platform
Pepperstone uses three platforms. These include both versions of the MetaTrader software and cTrader. All these options can be used on desktop, mobile, and web. While they provide clear fee reports, are easy to customize, and execute orders in quick terms, there are no price alerts and two-step logins are unavailable.
Each trading platform can be accessed with a huge number of languages. It would be a surprise if you wouldn’t have at least one language that you know there.
Customer support at Pepperstone
H2: Customer support at Pepperstone
Only three methods can be used to contact the customer support at Pepperstone: email, live chat, and phone line. You can get help in 4 languages including English and Russian. All the answers received from the agents were fast and professional.
However, the only drawback that we could find was that the support agents do not work 24/7. They are only available during the weekdays.
Customer reviews about Pepperstone
According to several rating websites, Pepperstone has an average rating of 3.5/5. On Trustpilot, there are many spam reviews with advertisements, that is why we do not consider the review percentage from there. Forexpeacearmy has better moderation and does not let such reviews be published.
Here is what a user with the nickname “Mayniak” writes about the service. He likes the way the customer support worked and helped him solve his issues. The trader also likes the fast executions of the trades, low spreads, and user-friendly interface.
Another user, “allan 256, writes that there were many worries when choosing a broker because of the potential withdrawal issues. When he traded here, it appeared that the withdrawals were fine and took near 24 hours to be processed. The customer support also helped him out with several issues.
However, there also are negative opinions. An example is what a user “LuckyAnand” wrote about his experience. The user experienced regular slippage, platform freezing, spread widening, delay in execution, and other issues. Moreover, the user complains that due to the quarantine, his earned profits were dismissed.
According to the majority of the reviews, the broker remains a decent option and can be trusted. However, you are the one who should make a choice!
Final thoughts
Pepperstone looked like a decent broker from the beginning up to the end of our review. Although there were some negative commentaries about it, we consider these to be a regular thing in every field. Pepperstone is regulated and works fine, so we recommend this service.
What about your experience with this company? Let us know in the comments below!
