When you enter the forex trading industry, one of the most crucial aspects is finding a broker. Various top forex brokers can offer you attractive features such as low spreads, fast customer service, and high leverage. By finding the right broker, you’ll be ready to take on the financial market, no matter what challenges you experience. One of the brokers we’ll be talking about in this article is Pepperstone. It’s an Australian forex broker that offers a vast array of instruments, whether it’s currencies or CFDs. In the following, we’ll be talking about everything you need to know about choosing Pepperstone as your broker.
One of the most attractive things about Pepperstone is its tight spreads and low commissions. In fact, that’s the primary feature you look for in a potential broker. Their average spread if you choose a standard account is 1.13 pips- and it’s commission-free. Unlike other brokers, it also doesn’t have fees for inactivity, deposit, and, withdrawals. This means that if you withdraw funds from your account, you won’t be charged with a certain fee and the same goes for being inactive. They also don’t have a minimum deposit, which is a unique feature that Pepperstone has. This broker has two accounts to choose from- Standard and Razor. With a standard account, there is no commission but has a higher spread. The razer account, on the other hand, has low spreads but with a commission.
Market and products
One of the cons of Pepperstone is that it’s quite limited in the instruments it provides as you can only trade with forex snd CFDs. However, they do still offer instruments such as crypto. It offers 61 currency pairs, 14 stick indices, 64 stock CFDs, 16 commodity CFDs, and 5 cryptos.
Another important feature, having flexible leverage has its pros and cons. You can easily change your leverage with this broker, with options from 1:30 up to 1:500. Having flexible leverage is convenient, especially if you want to lower your risk. However, be careful with how high you set your leverage as this can cause you to over-trade.
Pepperstone has various partnerships with different social trading platforms, which you can learn strategies and techniques from. Examples of these platforms are Myfxbook, Mirror Trader, DupllTrade, and MetaTrader Signals. These are all platforms that can help you gain knowledge in forex trading, whether it’s signals or strategies. Pepperstone also provides you with trading ideas through Autochartist, which is a trading management tool. Through technical analysis, you can have a better trading experience.
Unfortunately, they don’t have a 24/7 customer service to accommodate your concerns and inquiries, but they do respond quickly once they see your message. They can be contacted through live chat, email, and phone and their customer service are accessible in a variety of languages. They do respond 24 hours a day, from Sunday to Friday.
Withdraw and Deposits
Another essential feature to be looked at in brokers is their method of finances, especially when you live in a different country from your broker. The cons of Pepperstone is that they have a $20 fee for those who don’t live in the EU or Australia and when you do a bank withdrawal. They offer various ways of funding money into your trading account- debit or credit cards, bank transfer, and e-wallets. By transferring through credit card, it takes at least 2 business to get your money.
Pepperstone offers quite a poor news feed for those who plan to do fundamental analysis along with their strategies. However, they made up for this by launching a Telegram channel with their latest market commentary. The analysis of their research team is found to be incredibly accurate, especially when executing trades.
In conclusion, I hope this article was able to shed insight on choosing Pepperstone as your broker. The bottom line is that it’s a recommendable choice as a broker, especially as the fees and spreads are low. It’s also a regulated broker so you can be sure that it’s reliable and trustworthy. However, you may feel limited as they don’t offer all instruments compared to other brokers. In the end, the good outweighs the bad when it comes to Pepperstone as a broker.Click Here to Open Account with Pepperstone Broker