Pepperstone Review 2026: raw spreads from 0.0 pip, leverage 1:500, multi-regulated
As of July 2026, Pepperstone is one of the best forex brokers for ultra-competitive spreads, with spreads from 0.0 pip on the Razor account. Regulated by ASIC, FCA, CySEC and DFSA (DIFC introducer), it offers leverage up to 1:500 outside Europe, over 1,200 instruments, expanded perpetual CFDs (gold, silver, Nasdaq, S&P 500, WTI, Brent) with near 24/7 access, and three platforms (MT4, MT5, cTrader). Our top choice for scalping and high-frequency trading. For FSCA regulation with 1:500 leverage, RaiseFX remains our primary recommendation.
Pepperstone overview
Pepperstone is a forex and CFD broker founded in 2010 in Melbourne, Australia. With over 400,000 clients in 175 countries and a daily trading volume exceeding $12 billion, it is one of the largest forex brokers in the world.
Pepperstone is multi-regulated by ASIC (Australia), the FCA (United Kingdom), CySEC (Cyprus) and DFSA (DIFC/Dubai, introducer licence). This regulatory coverage guarantees a high level of protection for clients based on their geographical location.
As of July 2026, Pepperstone has also expanded its perpetual CFD offering beyond SpaceX: gold, silver, Nasdaq, S&P 500, WTI and Brent are available depending on the eligible entity and jurisdiction. These contracts with no fixed expiry date position Pepperstone as a broker offering near 24/7 access within regulated CFD infrastructure.
Trading conditions
| Parameter | Details |
|---|---|
| Regulation | ASIC, FCA, CySEC, DFSA (introducer) |
| Perpetual CFDs | Gold, silver, Nasdaq, S&P 500, WTI, Brent, SpaceX (entity/jurisdiction dependent) |
| Headquarters | Melbourne, Australia |
| Instruments | 1,200+ (forex, indices, commodities, stocks, crypto) |
| Max leverage | 1:500 (outside Europe) |
| Razor spreads | from 0.0 pip + $3.50/lot |
| Standard spreads | from 0.6 pip (no commission) |
| Platforms | MT4 / MT5 / cTrader |
| Minimum deposit | Varies by region |
| Scalping | Allowed |
| EA robots | Allowed |
| Overnight trading | Allowed |
Available instruments
Pros and cons
- Among the lowest spreads on the market (0.0 pip on Razor account)
- Multi-regulation: ASIC, FCA, CySEC, DFSA (DIFC introducer)
- Expanded perpetual CFDs (gold, indices, oil…) with near 24/7 access
- Three platforms: MT4, MT5, cTrader
- Over 1,200 available instruments
- Leverage up to 1:500 outside Europe
- Scalping and EA robots allowed
- Ultra-fast execution, ideal for high-frequency trading
- No FSCA regulation (unlike RaiseFX)
- Leverage limited to 1:30 for European clients
- $3.50/lot commission on the Razor account
- Islamic account not available in all regions
Our scores by criteria
Pepperstone vs RaiseFX
| Criteria | Pepperstone | RaiseFX |
|---|---|---|
| Regulation | ASIC, FCA, CySEC, DFSA | FSCA licence |
| Max leverage | 1:500 (outside EU) | 1:500 |
| Spreads | from 0.0 pip | Competitive |
| Instruments | 1,200+ | 500+ |
| Platforms | MT4/MT5/cTrader | MT5 |
| Scalping | ✓ | ✓ |
| EA robots | ✓ | ✓ |
Verdict
The best broker for ultra-low spreads and scalping
Pepperstone is the best broker for ultra-competitive spreads and high-frequency traders. Its 0.0 pip on the Razor account, three platforms and 1,200+ instruments make it a benchmark choice. Multi-regulation by ASIC, FCA, CySEC and DFSA provides solid security.
However, for traders specifically seeking FSCA regulation with 1:500 leverage, RaiseFX remains our top recommendation. Both brokers complement each other depending on the trader's profile.
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This review is based on real testing by our analyst team, official website consultation, terms and conditions analysis, regulatory status verification with relevant authorities, and user reviews from Trustpilot and specialized forums. Our complete methodology is detailed on our methodology page. Last verified: July 2026.