Pepperstone Review
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Broker Type: ECN
Regulation: ASIC and CDM Pacific Pty Ltd.
Established: 2010
Headquarter: Melbourne, Australia
Forex broker reviewed: Pepperstone
While most other regulated ECN brokers require around $1,000 initial deposit, Pepperstone offers quite a deal by accepting $200 initial deposit to open an ECN account. Read through to see if this broker could meet your requirements.
Pros and cons
Pros
1. Very low deposit to open an ECN account: $200
2. Raw interbank spreads. The Razor account allows you to get as low as 0.1 pip spread
3. Fast execution
4. Availability of MT4 and MT5
5. Regulated broker
6. Seven trading platforms are offered including web and phone platforms
Cons
1. They don’t accept US clients
2. Live chat and email support is only available during Australian business hour. The only 24 hour support is the emergency call.
3. Islamic accounts are not available yet
Pepperstone Review – Salient Features
Spread
The minimum spread that is offered to Razor accounts start from 0.1 pips whereas spread offered to standard accounts starts from 0.5 pips.
Leverage
Maximum leverage that is offered to all account types includes 1:400.
Commission
Commission is only charged to Razor account holders at the rate of AUD 3.5 per 100K trades. No commission is charged to other account types.
Minimum deposit requirement
The minimum deposit requirement is very low and that is a real plus for Pepperstone. You can deposit $200 in your account initially and can start right away. While most of the other ECN brokers require a minimum deposit of $1000 or even higher, Pepperstone has really low deposit requirements.
Strategies (Hedging, Scalping, Forex robot, swap-free Islamic Account)
All types of hedging and scalping strategies can be used without any restrictions. Scalping, trailing stop, and hedging strategies are allowed; traders are also allowed to freely use forex robots.
Islamic accounts are not offered by Pepperstone, but according to them, this type of account will be available soon.
Trading platforms
Pepperstone offers MT4 and MT5 trading platforms. It offers 7 online trading platforms to its customers. Account can be easily accessed from web or via mobile phone. They offer user friendly mobile interface/apps for trader’s ease, whether we talk about blackberry, iPhone, iPad or Android they have apps for all of them.
Citizenship
Pepperstone do has some restrictions and it doesn’t accept citizens from some countries including US.
Instruments
Pepperstone offer 27 currencies and metals which can be traded in.
Execution
As ECN broker, their execution type is market execution.
Regulation
Pepperstone is regulated by ASIC (Australian Securities & Investments Commission). Check the link here: http://www2.search.asic.gov.au/cgi-bin/gfs010c?FORMID=authreproles&ORIGIN=far&REPNO=389931
Pepperstone Review – Conclusion
All in all, Pepperstone happens to be a good broker which is offering all the major services and features to its clients except for a few drawbacks. Their main benefit is they’re regulated broker and they offer ECN account with $200 minimum deposit. Pepperstone is good for you if you are located somewhere in Asia or Middle East or Europe, otherwise you will have to use the emergency number to contact them after the Australian business hour ends.
