Pepperstone review

Our verdict

Pepperstone is an Australian CFD broker with several Tier-1 licences and a broad platform line-up. Its gold spreads benchmark below average, though offshore clients are served from the Bahamas.

Pepperstone was founded in Melbourne in 2010 and has grown into one of the larger retail CFD brokers. It holds Tier-1 licences from ASIC, the FCA and CySEC, along with licences in Dubai, Kenya and the Bahamas; international clients outside those regions are typically onboarded by the Bahamas entity. For gold traders, Pepperstone offers spot XAUUSD on a Standard account with the cost built into the spread and on a Razor account with raw spreads plus a commission. BrokerChooser measured Pepperstone's gold spread at $0.15 in September 2026, below the $0.32 market average it tracks, but the exact Razor commission for gold was not clearly published on the official gold page. Leverage on gold is capped at 1:20 under Tier-1 rules and up to 1:200 at the Bahamas entity. Trading is available on MT4, MT5, cTrader, TradingView and Pepperstone's own app, from 0.01 lots, with no minimum deposit. Islamic accounts are offered. Client funds are segregated, and UK and EU clients have access to compensation schemes. Pepperstone appears on the RBI Alert List, so Indian residents should treat it as an unauthorised platform under Indian rules. It suits gold traders who value strong regulation and platform flexibility.

Key facts