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We offer three account types to suit our traders' needs

Razor account

Our Razor account includes raw spreads, meaning we pass the spreads we receive from our liquidity providers directly on to our clients.

Unlike MetaTrader, when you trade on cTrader, the commission rate is determined by the currency you're trading rather than the deposit currency of your account. The commission rate on cTrader Razor accounts is 7 units of the first quoted currency in the currency you are trading - for example, a 1 lot trade of NZDCAD will cost NZD$7 in commissions.

Standard account

Our Standard account is commission-free and includes our raw spread + 1 pip increase (e.g. 0 pip spread plus 1 pip = 1 pip (0.5 pip each way for bid and ask prices).

Swap-free account

Our Swap-free account is the same as our Standard account, however it doesn't include swaps, making it ideal for traders who can't pay or receive swaps. It's important to note that traders will incur an administration charge when a trade is held open for two days past rollover, applied every two days.

What is a swap?

A forex swap rate is defined as an overnight or rollover interest that's earned or paid for holding positions overnight in forex trading. These rates are determined by the interbank spread and cross-currency basis.

Swaps can go both ways. That means traders can be paid swaps, or they can incur swap charges on their relevant trade positions. This will depend on the instrument being traded, whether your position is long or short, and whether the trade was held over the rollover period. As spot forex contracts settle on a T+2 basis, triple swaps will be charged on the Wednesday rollover to account for the weekend interest.

What is an admin charge?

Traders will always incur a fixed admin charge and never be paid an admin fee, regardless of their trade positions. Admin fees are charged if you hold a trade open past 10 continuous rollovers. This fee is charged every 10 days. Clients with a swap-free account don't pay triple admin charges.

We’re often asked this question. Part of the difficulty in answering it is the fact that ECN and STP are marketing terms taken from a listed market regime and different providers in the industry give them different meanings.

A true ECN or STP broker is an introducing broker or a broker who operates using someone else’s system under a white label arrangement.

We’re the issuer of the products that we provide and we have control over the systems that we use because our preference is for our clients to have a direct relationship with us.

That said, we could be considered to be an 'ECN' broker in that we don't run any proprietary trading book. By contrast, we source our pricing from external Liquidity Providers (pricing isn’t provided from us or from anyone related to us) via an electronic communication network, and this pricing is passed on to you and our other clients without a dealing desk intervening.

Hedging each individual transaction creates more chance of something happening to the second limb of the trade, which impacts the first. For this reason, we don’t hedge each and every position with our external Liquidity Providers because we want to provide you with a better product by giving you price certainty and speed in terms of how we deal with you. Please be assured that we take our risk management practices very seriously and closely monitor our exposure to ensure we are not exposed to excessive risk.

We consider a 'market-making broker' to be someone who operates a dealing desk and creates their own prices, which can be based on their own proprietary trading positions or risk exposure. We don’t currently operate in this manner, so although we have market-making authorisations on our AFS Licence (like every other licensed product issuer in Australia), we don’t consider ourselves to be a market maker.

For more information about this, please contact us at support@pepperstone.com.

We aim to provide low trading costs and fast execution across a wide range of instruments.

You can learn about our trading conditions under Trading with us, where we cover our available instruments, swaps, spreads and commissions, trading accounts and more.

You can also view important information in our Product Disclosure Statement (PDS) and Terms and Conditions documents.

To open a live account, please head to our homepage and select Create an Account to start our simple registration process.

The process will take around 5-10 minutes to complete online. You'll be prompted to complete an onboarding quiz and provide your account opening ID documents, which can be uploaded online during your application.

Your application will then be reviewed by our back office team. Once we've verified your documents, we'll send you your trading account login information.