TIER 3 · SCB · CMA-KERBI ALERT LIST#44 of 66 international brokers

Pepperstone review: the verdict.

Listed on the Reserve Bank of India Alert ListThe RBI lists Pepperstone as not authorised to deal in forex or run a forex trading platform for Indian residents. Indian residents trading forex on unauthorised platforms can face action under FEMA. Source: RBI Alert List (RBI press release 2025-2026/1530, 19 Nov 2025; checked 24 Oct 2026).

Verdict score

6.6 / 10

Launch formula: 60% hard data, 40% outside ratings. Verified reviews from our traders replace outside ratings as they come in.

Regulation5.0

Best licence: Tier 3

Trading cost5.0

No published spread

Accessibility10.0

Min deposit $0

Platforms & payments5.9

5 platforms · 0 payment methods

Outside ratings8.0

Trustpilot 4.2 from 3,712

Pepperstone vs top-rated peersPER YEAR

I trade standard lots of EUR/USD a month.

Trive$720

GO Markets$1,200

FP Markets$1,440

Zero Markets$1,440

Vantage$1,440

Cheapest vs most expensive here, per year$720

Regulation

Who licenses Pepperstone.

Licences as Pepperstone lists them. A tick means we found the entity on the regulator's own register.

Regulator	Tier	Entity	Licence no.	On register
SCB	OFFSHORE	Pepperstone Markets Limited	SIA-F217	Not yet checked
CMA-KE	TIER 3	Pepperstone Markets Kenya Limited	128	Not yet checked

Accounts

Published EUR/USD costs.

Account	Spread	Commission	Cost / lot
Standard	—	$0	—
Razor	—	$7	—

Cost per standard lot = spread in pips × $10 + round-turn commission. Brokers publish “typical”, “average” or “from” spreads; “from” figures flatter the broker.

Key facts

The fine print.

Website

pepperstone.com

Founded

Not published

Headquarters

Not published

Minimum deposit

Max leverage

1:30

EU/UK leverage cap

—

Platforms

MT4, MT5, cTrader, TradingView, own app

Deposits & withdrawals

Not published

Islamic (swap-free) account

Not published

Copy trading

Yes

Withdrawal fees

Not published

Inactivity fee

Not published

Restricted countries

Not published

RBI Alert List (India)

LISTED as "Pepperstone" · list of 19 Nov 2025 · checked 24 Oct 2026

Verified reviews

Traded with Pepperstone? Prove it.

Verified reviews open soon. Reviews backed by a statement, a read-only MT4/MT5 login or a withdrawal receipt count up to 3× more, and every verified review enters the weekly 100 USDT draw.

Outside rating used for now: Trustpilot 4.2 from 3,712 reviews.

Compare Pepperstone

Visit Pepperstone

Sources · data as of 2026-10-24

accounts: pepperstone.com/en/ways-to-trade/trading-accounts/
platforms: pepperstone.com/en/
regulators: pepperstone.com/en/ways-to-trade/trading-accounts/
trustpilot: www.trustpilot.com/review/pepperstone.com
copy trading: pepperstone.com/en/
max leverage: pepperstone.com/en/ways-to-trade/trading-accounts/
min deposit usd: pepperstone.com/en/ways-to-trade/trading-accounts/
regulators kenya: pepperstone.com/en-af/ways-to-trade/trading-accounts/

Research notes: Global site (pepperstone.com/en) is served by Pepperstone Markets Limited, Securities Commission of The Bahamas (SCB) SIA-F217. Max RETAIL leverage on that site is 30:1; up to 1:1000 offered only to Pro clients (SCB Pro). Min deposit $0 (funding minimum $10). EUR/USD-specific spread not published - only generic FX 'from' 0.1 (Standard) / 0.0 (Razor) pips, so spread fields left null. Razor commission $3.50 per lot per side = $7 RT (FX and spot gold). Site says 9 licensed entities globally incl. Australia and UK, but numbers not shown on pages opened - only Bahamas and Kenya recorded. Founding year not stated ('over 15 years of experience'). Islamic/swap-free not mentioned. Deposits page returned client error.

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