What Fees And Spreads Does Pepperstone Charge?
Pepperstone uses dynamic spreads from tier-1 banks and liquidity providers. Trading costs depend on your account, platform, and asset class, but in our tests of major assets during key US/European trading sessions on MetaTrader and cTrader, they came out below average for active traders, especially when combined with the rebate program. Pepperstone also has low non-trading costs, with no maintenance charges or inactivity penalties.
Written ByChristian Harris
Christian is a seasoned analyst, leveraging his expertise in stocks, forex, and crypto to evaluate brokers worldwide. With hands-on trading experience and a strong focus on risk management, he helps traders find reliable platforms. Christian's work for BrokerListings.com has been cited in the Financial Times.
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Fact Checked ByTobias Robinson
Tobias is committed to helping traders find the right brokerage for their needs. He has tested 200+ brokers, spent 2,600+ hours using different platforms, and placed 2,100+ trades.
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Edited ByJames Barra
James is an experienced broker analyst with a background in financial services. He has spent 2,500+ hours testing brokers, used 35+ different platforms and apps, audited 120+ broker T&Cs, and verified 300+ regulatory licenses. James has also been on US and UK TV news channels discussing reports conducted by BrokerListings.com and sharing his expertise.
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Fees By Account
Pepperstone’s account structure varies, with a commission-free Standard tier (suited to newer and casual traders) and a raw-spread Razor tier (suited to active traders like day traders). Notably, Razor commissions vary depending on the trading platform used:
Make Full Width| Account / Platform | Avg. EUR/USD Spread | Round-Turn Commission (Per Standard Lot) | Best Suited For |
|---|---|---|---|
| Standard Account | 1.0 – 1.2 pips | $0.00 (costs built into spread) | Swing traders, casual users |
| Razor (MT4 / MT5) | 0.0 – 0.1 pips | $7.00 USD ($3.50 per side) | EAs, scalping strategies |
| Razor (TradingView) | 0.0 – 0.1 pips | $7.00 USD ($3.50 per side) | Chart-focused traders |
| Razor (cTrader) | 0.0 – 0.1 pips | $6.00 USD ($3.00 per side), $7 for XAU/USD | High volume scalpers seeking low commissions |
Note: Commissions on micro and mini lots scale down proportionally. For non-USD accounts, commission charges are converted at current spot rates.
Fees By Asset Class
Fees also depend on the asset traded at Pepperstone:
Make Full Width| Asset Class | Spreads | Commission Rate | Notes |
|---|---|---|---|
| Forex & Gold (XAU/USD) | Raw on Razor (from 0.0 pips); Marked-up on Standard | Based on platform (see table above) | Standard accounts incorporate full cost into the spread |
| Indices & Commodities | Variable (e.g., US500 avg. 0.4–0.6 pts) | $0.00 across all account types | No commission charged on either tier |
| US Shares & ETFs | Prices from underlying exchange bid and offer with no mark-up | $0.02 USD per share (each side) | Applies to both Standard and Razor accounts |
| UK / AU / EU Shares | Prices from underlying exchange bid and offer with no mark-up | 0.07% – 0.10% per trade (each side) | Subject to regional market minimum fees |
Active Trader Discounts
There’s an Active Trader program for some eligible high-volume day traders, scalpers and algorithmic traders, with rebates paid directly into client accounts:
Make Full Width| Active Trader Tier | Monthly Volume (FX Lots) | Daily FX Rebate (Per Lot) | Effective Commission Discount |
|---|---|---|---|
| Tier 1 | 200 – 499 lots | $1.00 / lot | 14% discount |
| Tier 2 | 200 – 1,500 lots | $2.00 / lot | 29% discount |
| Tier 3 | > 1,500 lots | $3.00 / lot | 43% discount |
Pepperstone pays daily cash rebates of $1, $2, or $3 per FX lot. On MT4/MT5 ($7 standard round-turn commission), this equates to an effective 14%, 29%, and 43% commission discount. On cTrader ($6 round-turn commission), the effective discount reaches up to 50% on Tier 3.
Overnight Swap Fees
If you hold a position past 17:00 New York time, Pepperstone applies an overnight interest adjustment (swap fee) based on interbank interest rate differentials. These are found at most forex and CFD brokers, and are an important consideration for swing and longer-term traders:
Make Full Width| Cost Factor | Mechanism | Trader Tip |
|---|---|---|
| FX & Commodities Swap | Calculated daily at 17:00 EST | Check MT4/5 or cTrader specification tab for live daily rates |
| Triple Swap Day | Wednesday evening (for Forex) | Accounts for weekend settlement (3-day roll applied on Wed) |
| Islamic Account Swap | $0 swap interest | Replaced by an administration fee after a grace period |
Non-Trading Fees
Pepperstone does not charge for some of the non-trading costs we typically see at other brokers:
Make Full Width| Fee Type | Cost | Policy Details |
|---|---|---|
| Deposits & Withdrawals | $0 ($20 for international wire transfer withdrawals) | Free via most credit/debit cards, bank wires, and standard e-wallets |
| Inactivity Fee | $0 | No recurring monthly maintenance or penalty fees |
| Account Archiving | $0 | Accounts under 10 currency units with 3+ months of inactivity are archived (reactivable via portal) |
| Currency Conversion | 0.5% | Applied when trading assets denominated outside your base currency |
Trading Cost Example (1 Lot EUR/USD)
To illustrate how Pepperstone’s pricing adds up in a real trade, here’s what you can expect to pay for opening and closing a 1 Standard Lot (100,000 units) EUR/USD:
- Standard Account: 1.1 average spread = $11.00 total cost
- Razor Account (MT4/MT5): 0.1 spread ($1.00) + $7.00 commission = $8.00 total cost
- Razor Account (cTrader): 0.1 spread ($1.00) + $6.00 commission = $7.00 total cost
As you can see, the Razor account tier saves between $3.00 and $4.00 per standard lot compared to the Standard tier, with cTrader yielding the lowest overall cost for active traders.
Bottom Line
Pepperstone offers a very lean cost environment for active traders, particularly through its low-variable Razor tier. Combined with a $0 inactivity policy, it ensures you aren’t penalized if you need to step away from active trading for an extended period.
As a result, Pepperstone is a cheap broker for both trading and non-trading fees.