Pepperstone review: Razor costs, Kenyan licence and five platforms

Pepperstone sells two pricing models. Razor quotes EUR/USD at an average 0.1 pips and adds USD 7 per round trip on MetaTrader, which brings the total to 0.8 pips in August 2026 published pricing. Standard drops the commission and averaged 1.1 pips over the same period. Compare it with IC Markets and Exness on our head-to-head pages.

On one standard lot, Razor costs USD 8 and Standard costs USD 11. A trader closing 40 lots a month saves about USD 120 on Razor, so Standard only makes sense at low volume.

Both accounts use variable spreads, and a 1,000-unit contract lets you size down on a small balance. Convert your own lot size with the lot size calculator first.

Minimum deposit

USD 10

EUR/USD average

1.1 pips

Raw all-in EUR/USD

0.8 pips

Platforms

4

Founded

2010

Yes. Pepperstone Markets Kenya Limited holds licence number 128 on the CMA's register of licensees, and the broker also answers to ASIC in Australia, the FCA in the UK, CySEC in Cyprus, DFSA in Dubai and the Securities Commission of the Bahamas.

Traders in Kenya can therefore complain to a local regulator, a real edge over offshore rivals.

Elsewhere in Africa, the entity changes. Pepperstone also runs a Bahamas arm, and protections there sit well below the UK or Australian rules. The firm reports that 80% of retail CFD accounts lose money. Your client agreement names the entity holding your funds, so read that line before depositing.

Pepperstone supports five platforms: its own Webtrader, MT4, MT5, cTrader and TradingView. All four third-party options run automated strategies, which is why algorithmic traders rank the broker so high. MetaTrader users also get single sign-on and FX Blue add-ons.

Webtrader carries 90 indicators and lets you drag stop and limit levels on the chart, though the Australian entity does not offer it. The newer mobile app has four simple tabs and suits a beginner placing basic trades. Its charting is thin, so anyone drawing trendlines on a phone should install the MT5 or cTrader app.

• Swap-free option
• Demo account
• Copy trading

Pepperstone lists 2,631 tradeable symbols, of which 65 are forex pairs. CFDs cover indices, commodities, metals, shares, ETFs and crypto, and new perpetual CFDs trade around the clock. Your platform decides how much of that you see: MT5 showed 1,427 symbols, while MT4 shows fewer because it has no share CFDs.

That total suits a forex-first trader and falls short for a share trader, since category leaders pass 10,000 products. A separate exchange, pcrypto.com, offers up to 150 underlying crypto assets through an AUSTRAC registration in Australia. If you only want currency pairs and gold, 65 pairs on MT5 will cover your watchlist.

Licences by tier 1, 2, 3, 4

3, 2, 0, 2

Tradeable symbols

2631

Forex pairs

65

Listed company

No

Bank

No

Android app

Yes

iOS app

Yes

Chart indicators

90

Trading Central

No

Autochartist

No

Webinars

Yes

Crypto CFDs

Yes

US shares

No

Global shares

No

The USD 10 minimum sits among the lowest for a broker with this many licences. Pepperstone takes debit cards, bank wires, crypto, PayPal, Skrill and Neteller, and it charges nothing on inbound international wires. No inactivity fee applies, so a dormant balance stays intact.

M-Pesa rails were not visible in the data available to us for this broker. Kenyan traders should confirm the routes in the client area before relying on mobile money, and a card remains the simplest first deposit.

Convert the USD 10 floor into shillings, naira or rand to see the local entry cost, and add your bank's own card charge on top.

The conclusion of this Pepperstone review favours active and automated traders. Choose it for Razor pricing at 0.8 pips, a wide platform choice, and a licence in Nairobi if you live in Kenya. Its daily market analysis and YouTube library also help a trader who wants context with each session.

Beginners get less, because education has no course path, quizzes or progress tracking, and third-party tools such as Trading Central are absent. A newer trader wanting guided lessons will do better with AvaTrade's course library. Traders still shopping around can read the low spread shortlist or our forex broker comparison table.