PePepperstone at a glance
- Best for: FCA-regulated ECN
- SpreadScout score: 4.8 / 10
- Regulation: FCA, ASIC, CySEC
- Spreads from: 0.07 pips (typical) · Min deposit: $0 · Max leverage: 1:500
- FCA regulated with FSCS cover (up to GBP 85,000)
- $0 minimum deposit
Overview: who Pepperstone is best for
Pepperstone’s Razor account sits circa $0.50 above IC Markets on all-in cost per lot, but that marginal premium buys FCA regulation, FSCS cover up to GBP 85,000, and TradingView integration — three features IC Markets does not offer UK traders.
Our sampled EUR/USD spread on the Razor account averaged 0.07 pips during the London session. With commission at $3.50/side ($7.00 round-turn), the all-in cost is circa $7.70 per lot. That places Pepperstone second in our cost ranking, and first among FCA-regulated ECN brokers.
The $0 minimum deposit removes any barrier to entry. A trader can open a Razor account, deposit any amount, and begin trading at near-interbank spreads immediately.
Pros & cons
Pros
- FCA regulated with FSCS cover (up to GBP 85,000)
- $0 minimum deposit
- TradingView integration — unique among ECN brokers
- Razor account all-in circa $7.70/lot
Cons
- Marginally wider raw spread than IC Markets
- GBP 10/month inactivity fee after 12 months
- No fixed-spread account
Fees & spreads
The Razor account costs circa $7.70 per EUR/USD lot (0.07-pip typical spread + $7.00 commission). The Standard account at 1.0 pip (commission-free) equates to circa $10 per lot — only worth considering for very low-frequency traders who prefer simplified billing.
The inactivity fee is GBP 10/month after 12 consecutive months of zero trading. For active spread-focused traders, this never triggers. Swap rates are competitive; Islamic accounts are available. No deposit or withdrawal fees apply on primary methods.
| Cost (EUR/USD) | Pepperstone | IC Markets | Exness |
|---|---|---|---|
| Spread — standard | 1.0 pips (typical) | 0.8 pips (typical) | 0.3–0.7 pips (typical) |
| Spread — raw/ECN | 0.07–0.1 pips (typical) | 0.0–0.1 pips (typical) | 0.0–0.1 pips (typical) |
| Commission | $3.50/side ($7.00 round-turn); cTrader $3.00/side | $3.50/side ($7.00 round-turn); cTrader $3.00/side | $3.50/side on Raw/Zero accounts |
| All-in cost / lot | circa $7.70 per lot | circa $7.20 per lot | circa $7.00 per lot (Raw) |
| Minimum deposit | $0 | $200 | $10 |
Spreads live-sampled on EUR/USD during the London session. Figures are typical, not guaranteed.
Key facts at a glance
Markets you can trade
Platforms & tools
Pepperstone is the only ECN broker offering TradingView integration alongside MT4, MT5 and cTrader. For traders whose analysis workflow lives in TradingView, this eliminates the platform-switching friction every other ECN broker imposes.
cTrader offers the same execution transparency and lower commission path as at IC Markets. MT4 and MT5 cover the EA and indicator ecosystem. All four platforms connect to Pepperstone’s Equinix LD4 and NY4 servers.
Is Pepperstone safe? Regulation & protection
Short answer: Pepperstone is a very safe choice. It is regulated by FCA, ASIC, CySEC and holds client money in segregated accounts, with negative-balance protection. As an FCA-authorised firm, UK clients are covered by the FSCS up to £85,000.
Pepperstone Limited is FCA-authorised (684312), verified on the Financial Services Register. UK clients receive FSCS coverage up to GBP 85,000 — the strongest retail protection available. Client funds are held at Barclays Bank (UK). ASIC (414530) and CySEC (388/20) licences cover non-UK clients.
Deposits & withdrawals
Bank transfers arrive in 1–3 business days. E-wallets are typically same-day. No withdrawal fees on primary methods. The process is straightforward and consistent across our testing.
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