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Frequently Asked Questions

Questions about Pepperstone

Pepperstone aggregates liquidity from 22 tier-1 banks and ECNs to provide some of the best quotes from the interbank market for you to trade on.

Pepperstone is a private proprietary limited Australian company - our Australian Business Number is 12 147 055 703. Pepperstone is owned by a veteran management-team with years of experience in the forex and technology industries.

Client funds are held in client segregated accounts with the National Australia Bank.

Pepperstone Financial Pty Ltd holds the Australian Financial Services License AFSL 414530.

ASIC requires licensed financial services providers to meet strict capital requirements and to implement and comply with internal procedures including risk management, staff training, accounting and audits.

Pepperstone is an international forex trading firm dealing in over-the-counter forex contracts. Pepperstone gives our clients access to the forex markets including major and minor world currencies, gold and silver.

We offer a unique combination of Straight Through Processing (STP) online currency trading using the MetaTrader 4 Platform.

Pepperstone is an Australian based Foreign Exchange trading firm catering for all types of traders from beginners to professionals. If you would like to see a brief history of Pepperstone as well as our regulatory and licensing information, please visit the About Us page.

Opening account is simple. Click the "Open a Live Account" button on the main site and fill in the registration form.

Your Account login (number), trading/investor passwords, PIN code and the server for Meta Trader 4 Platform will be emailed to you. Please, save them for future reference.

Pepperstone needs 100 points of ID identity documents to verify your account. Full details are available here:

100 Point ID Check

  • Wire Transfer
  • Credit Card 
  • Skrill
  • Neteller
  • China Union Pay
  • Poli
  • Qiwi
  • Fasapay
  • Webmoney
  • PayPal


Submit the online Withdrawal form found in the Secure Client Area. Withdrawals are processed within 24 hours (1 business day or less). However, due to unforeseen circumstances, withdrawals may take longer.

No. Pepperstone prides itself on being an International fx trading firm welcoming clients from across the globe. Sadly US Commodity Futures Trading Commission (CFTC) regulation prevents US clients trading with non US brokers. Pepperstone strictly complies with all International and Australian regulations and thus at present Pepperstone is unable to accept US clients.



Questions about Trading Conditions

The Pepperstone trading servers are currently set to GMT + 2 Hours.

The Pepperstone rollover occurs at 23:59 - 00:01 MT4 Server Time. Pepperstone bases MT4 Server time on “5pm New York”, the internationally recognised end-of-day in the forex markets and is currently set at GMT +2 Hours.

Monday Market Open = 00:01 MT4 Server Time

Friday Market Close = 23:55 MT4 Server Time

*Every day from 23:59 - 00:01 - The Market will be closed for trading - Non-executable prices will still be streamed through the platform at this time.

Leverage available for Pepperstone trading accounts is up to 500:1

The minimum required deposits for a Pepperstone Trading Accounts is $200USD or Equivalent

Trading times for Gold (XAUUSD) during GMT +3 (chart time) are:
Open Monday 01:00 (Chart time) and close Friday 24:00 (chart time)
Daily break time 00:00-01:00 (chart time)



Common Problems with MetaTrader 4

Close and reload the MetaTrader 4 platform. The error should go away.

On market execution you cannot place your pending orders before execution of the entry order. After placing the trade, you can add your stop/limit orders through the Terminal.

Check the Experts tab in the Terminal. If the EA is trying to place trades without success it will show an error number. Download a PDF of all MetaTrader 4 error codes.

Demo accounts expire after 30 days as standard. To get a new demo account, in the MetaTrader 4 platform go to File>Open an account and you can generate a new login and password. You do not need to download the platform again.

The message invalid account shows when the login or password information is incorrect. Please check your login, password and the server address.

Go to the market watch area, right click and choose symbols. Click on the properties for a trading symbol and it will give you all details including the swap rates.

For positions that are open on Wednesday and held overnight to Thursday, the amount added or subtracted to an account as a result of rolling over a position (swap) is three times the usual amount. Charging or paying 'triple swaps' for Wednesday-to-Thursday roll-over accounts for the settlement of trades through the weekend, as swap rates are not charged during this period due to the market being closed.

To view all currency pairs, right click on the market watch and then choose 'Show All'.

The trading platform time cannot be changed. There are local time indicators available to download from the MetaQuotes community.



Questions about Forex

The Spread is the difference between the BID and the ASK price in the market quotes.
The ASK price is applicable to a BUY order and the BID price is applicable to a SELL order Pepperstone believes it has some of the tightest spreads in the industry. Pepperstone's normal dealing spreads are between 1 and 3 pips for the major currency pairs.

We Support Micro Lots - A Lot size of 0.01 which is equivalent to 1000 units of base currency.

We generate our revenue from a small markup on the spread we receive from the interbank market on a Standard account, or alternatively a fixed commission rate per-lot on Razor accounts.

Pepperstone clients have the ability to execute trades directly from real time streaming quotes, provided by the largest liquidity providers in the forex market. Quotes are updated in real time as the market changes.

Executing trades via the internet is made easy by Pepperstone. Just download and install the MetaTrader 4 software and log in to your account. To then open a trade, click the "new order" button in the trading terminal, enter the trading volume desired in the New Order window, then click on the BID (sell) or Offer (Buy) Executing a deal with Pepperstone via the Internet is a simple two-step process. Simply enter the number of lots and then click on the BUY or SELL button to open an instant Market Order. Your deal is then automatically executed by the dealing software which will calculate the margin requirement, and if there is sufficient margin funds available on the account, the deal is confirmed online instantly. The open order then appears in your trading terminal and is updated automatically according to market conditions.

Yes you can. Pepperstone's MT4 software accepts pending orders.

Margin the amount of money required in your account in order to open a trade. Margin is a simple calculation based on the current market quote of the base currency vs USD, the volume requested, and the leverage level you have selected when opening your account. The dealing software will not allow you to open a position if you do not have sufficient free margin available. Your free margin is indicated in the MT4 trading terminal. To calculate the margin requirement required to open a trade, please use the following formula: (Market Quote * Volume) / Leverage = $Margin required eg. You want to open 0.1 (10,000 base currency) lots of EUR/USD at the current market quote of 1.4177 and with a leverage level of 1:200. (1.4177 * 10,000) / 200 = $70.89 As you can see from this example, you need at least $70.89 free margin at 1:200 leverage to open the trade. This shows you the power of the leverage offered by Pepperstone. If you choose 1:1 leverage (or no leverage) you would need $14,177 free margin instead of $70.89 just to open this trade!

No. Your free margin can become a negative figure. Your trades will stay open until your available EQUITY level (also indicated in the MT4 terminal) falls to 20% or less of the required margin to open the trades. If you see the previous example in this FAQ, the trade opened with a margin requirement of $70.89 would not be subject to a margin call unless the account equity falls to $14.18 or less.

Deals are confirmed on screen, typically within one second. Full transaction details may be accessed on screen as well, including date, time, rate, notional amount bought and sold, USD value, and reference number.

The Pepperstone MT4 software tracks all trading activity in real time, allowing clients to view current open positions, real-time profit and loss, margin availability, account balances, and all historical transaction details directly on-screen. Just select the history tab in the trading terminal

You may also generate your own reports from the trading terminal by selecting the history tab. Then right click the history shown to be able to choose the period of time to see in the report. By right clicking again, you can also choose to save the report to disk in html format convenient for viewing in your web browser.

Example 1. GBP/USD
Let's say your deposit is $3,000 and your leverage is set at 1:500. Through this leverage, your buying power on the market is actually $1,500,000. From your analyses, you are expecting the US$ to rise against the major currencies. You decide to SELL 0.10 lots ($1 per pip) of the GBP/USD pair at the market price of 1.8000 and since you only want to risk 10% of your account, you set your stop loss order at 1.8300 (300 pips or $300 risk) 12 days later the GBP/USD quote is 1.7540 and you decide to close your SELL position. Your profit in pips is (1.8000 - 1.7450) 550 pips. Since you chose to trade 0.1 lots volume, and the value per pip is $1. You made a profit of $550 on this trade.
Example 2. USD/JPY Let's say your deposit is $2,000 and your leverage is set at 1:200. Through this leverage, your buying power on the market is actually $400,000. From your analyses, you are expecting the US$ to fall against the major currencies. You decide to SELL 0.20 lots ($2 per pip) of the USD/JPY pair at the market price of 111.10 and since you only want to risk 10% of your account, you set your s loss order at 112.10 (100 pips or $200 risk) A week later the USD/JPY quote is 109.15 and you decide to close your SELL position. Your profit in pips is (111.10-109.15) 195 pips. Since you chose to trade 0.1 lots volume, and the value per pip is $2. You made a profit of $390 on this trade.

To open a Standard Demo account, please, take these steps:

  • Download the Pepperstone MT4 Trading Terminal;
  • Start Pepperstone MT4 Trading Terminal on your PC;
  • Go to menu File/Open an Account, fill in the form and press Next;
  • Choose Pepperstone-Demo server and press Next.


No. You may have up to 200 trades open at the same time. There are no other limits.

Accounts are never permanently closed down due to inactivity, however after 3 months of no activity on the accounts they will be temporarily archived. If you need to access your account again, simply contact and we can reactivate it for you.

Forex is said to be "the fairest market on earth" by some because of its sheer size, and number of participants. No one player, not even the central bank of a particular country can completely control the market direction of a currency.

The forex market is not controlled by a centralised exchange as with stock and futures markets. The forex market is an Over the Counter (OTC) market as transactions are made via the internet from many different locations 24 hours a day, 5 days a week.

The forex market is called an 'Interbank' market due to the fact that historically it has been dominated by banks, including central banks, commercial banks, and investment banks. However, the percentage of other market participants is rapidly growing due to the popularity and availability afforded by internet trading, and now includes large multinational corporations, global money managers, registered dealers, international money brokers, futures and options traders, and private speculators.

A true 24-hour market, forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, then London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night. The market is open 24/5.

The most often traded or 'liquid' currencies are those of countries with stable governments, respected central banks, and low inflation. Today, over 85% of all daily transactions involve trading of the major currencies, which include the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and the Australian Dollar.

Margin is essentially collateral for a position. If the market moves against a customer's position, additional funds will be requested through a "margin call." If there are insufficient available funds, immediately the customer's open positions will be closed out.

Yes - 20% for MetaTrader 4 based accounts and 50% for cTrader accounts. If your Equity (Balance - Open Profit/Loss) falls below 20% of the margin required to maintain an open position then your positions will be automatically closed. This is calculated as follows:

Equity / Margin = < 20%

If you're buying some currency, you're opening a 'long' position, if selling - 'short'. For example, if you buy 1 lot of EUR/USD, it means you open long position for 100,000 of EUR against USD. And if you sell 10 lots of USD/CAD that means you open short position for 1 mln of USD versus CAD.

Currency prices (exchange rates) are affected by a variety of economic and political conditions, most importantly interest rates, inflation and political stability. Moreover, governments sometimes participate in the forex market to influence the value of their currencies, either by flooding the market with their domestic currency in an attempt to lower price, or conversely buying in order to raise the price. This is known as Central Bank intervention. Any of these factors, as well as large market orders, can cause high volatility in currency prices. However, the size and volume of the forex market makes it impossible for any one entity to "drive" the market for any length of time.

The most common risk management tools in forex trading are the limit order and the stop loss order. A limit order places restriction on the maximum price to be paid or the minimum price to be received. A stop loss order sets a particular position to be automatically liquidated at a predetermined price in order to limit potential losses should the market move against an investor's position.

Currency traders make decisions using both technical factors and economic fundamentals. Technical traders use charts, trend lines, support and resistance levels, and numerous patterns and mathematical analyses to identify trading opportunities, whereas fundamentalists predict price movements by interpreting a wide variety of economic information, including news, government-issued indicators and reports, and even rumor. The most dramatic price movements however, occur when unexpected events happen. The event can range from a Central Bank raising domestic interest rates to the outcome of a political election or even an act of war. Nonetheless, more often it is the expectation of an event that drives the market rather than the event itself.

As a general rule, a position is kept open until one of the following occurs: 1) realization of sufficient profits from a position; 2) the specified stop loss is triggered; 3) another position that has a better potential appears and you need these funds.

In order to gain a practical understanding of foreign exchange trading, there is no better way than to open a forex demo account, where you can experience what it's like to trade the forex market without risking any capital + take a good forex educational course.