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Leverage is the ability to control a large amount of money in the forex markets.
For example, we offer leverage of up to 400:1 for forex. That means, for every $1 that you have in your trading account, you can trade $400 in the forex market.
Leverage gives the trader the ability to make meaningful profits on the normally miniscule daily currency movements, and, at the same time, risk only minimal capital on a given position.
Leverage can exponentially increase your profits as well as your losses so it's crucial that traders take care when using leverage. The larger your position size, the larger your pip value will be and therefore, the greater the impact on your profit/loss (P/L).

What is the leverage on my trading account?

As part of our Pepperstone Partners program, we offer MAM (Multi Account Manager) and PAMM (Percentage Allocation Management Modules) to qualified and experienced fund managers with relevant licences or industry experience. Our MAM software allows you to easily manage hundreds of sub-accounts from one centralised place with virtually no delay in allocation. To find out more about our partners program benefits or enquire about MAM/PAMM software, visit <a href="https://pepperstonepartners.com/" target="_blank" rel="noreferrer noopener">pepperstonepartners.com</a>.

Does Pepperstone offer MAM/PAMMs?

Changing your trading account leverage is a powerful tool and one that may need to be changed from time to time based on your trading strategy. Changes in your account leverage affect the amount of margin you are required to post for a given trade size. In order to change your leverage on your trading account, you can do so via the secure client area.
Once logged in, click on the small pen icon next to the trading account you wish to change leverage for, then click the option "Change Leverage". 
Here you can select from the drop down menu the leverage options for your account.

How can I change the leverage on my trading account?

Demo accounts expire automatically after 30 days unless you have a live funded account and request us to set it to non-expiry for you.

How long do demo accounts last?

Demo accounts will disappear from the SCA once 30 days lapse, even if it is set to non-expiry.

Why did my demo account disappear?

The initial deposit to trade with Pepperstone is $200.00 USD or equivalent. However, this is not actively enforced and clients are welcome to deposit less than this.

What's the minimum deposit for a live account?

Withdrawals are processed during business hours Australian time and take 1 business day to be processed and sent by Pepperstone. Once sent, withdrawal ETAs depend on the method chosen. For example withdrawals by Bank Wire Transfer usually take 1-5 business days to reach your account once sent. Paypal, Neteller, Skrill - 2 Business days

How long until I receive my withdrawal?

Pepperstone cannot teach you how to trade nor make any trading decisions for you. We do have a dedicated team of trading specialists that can help you design your trading strategy based on a number of factors, but ultimately, all final decisions are made by the client.

Can Pepperstone teach me how to trade or trade on my behalf?

You can have up to 100 live accounts with us, as long as you have over 10 units of currency in 10 of your live accounts.

How many trading accounts can I have?

To open a live account, please head to our homepage and select Live Account &gt; Open a Live Trading Account.
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.

How do I open an account?

Under the Australian Anti-Money Laundering and Counter Terrorism Financing Act 2006, we are required to verify your identity before opening your trading account.
To verify your identity, we require you to provide a minimum of 100 points of ID.
We must be able to understand the language on any identity documents submitted. Our team can currently translate most European languages plus Arabic, Chinese, Japanese, Malay, Russian and Thai.
To help us verify your ID, please provide documents totalling at least 100 points.
<h3>Primary photographic ID - 70 points</h3>
<ul><li>Passport</li><li>Driver's license</li><li>Government-issued photo ID</li></ul>
<h4>Requirements</h4>
<ul><li>Must show full name and date of birth</li><li>If the document is certified or notarised, add 30 points extra (100 points in total)</li><li>Must be valid</li></ul>
<h3>Secondary ID - 30 points</h3>
<ul><li>Utility bill (phone, electricity, gas)</li><li>Bank or credit card statement</li><li>Government-issued tax document</li><li>Birth certificate</li><li>Citizen certificate</li></ul>
<h4>Requirements</h4>
<ul><li>Must be less than six months old and show the full document</li><li>Must show name and residential address (PO Boxes will not be accepted)</li><li>Name and residential address on the document must match the application form</li><li>Must show a provision of services, such as money owed or paid</li></ul>
Please note: We cannot accept screenshots of any ID documents, and we recommend all photo IDs be submitted as photos (rather than a scan or photocopy).

What are Pepperstone's AML ID requirements?

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 by us or from any one 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 <a href="mailto:support@pepperstone.com">support@pepperstone.com</a>.

Is Pepperstone an ECN/STP trader or market maker?

MT4, MT5 and cTrader are all available for download on PC. All platforms have a web-based version (both Windows and Mac compatible) and mobile phone app. Downloaded platforms of MT4 and MT5 are compatible with Windows and Mac. cTrader is only compatible with Windows.

What trading platforms can I trade with?

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, spreads and commissions, trading accounts and more.
You can also view important information in our <a href="https://eu-assets.contentstack.com/v3/assets/bltaec35894448c7261/bltd520bacf75b50821/5e8035a94c08d963b4f4bee1/PepperstonePDS.pdf" target="_blank" rel="noreferrer noopener">Product Disclosure Statement (PDS)</a> and <a href="https://files.pepperstone.com/legal/CMA/Pepperstone_KE_Client-Terms-and-Conditions.pdf?mtime=20200922172217" target="_blank" rel="noreferrer noopener">Terms and Conditions</a> documents.

What are your trading conditions?

Our demo account aims to mimic a live account and allows you to test our platforms and trading conditions, but due to execution differences, the exact same trade outcomes may not occur at all times. The difference is that you can have up to 200 live account trades open or pending at any one point in time, whereas demo accounts are limited to 50 trades at any one time.

What's the difference between a demo and a live account?

Yes, we proactively monitor our exposure to clients, hedging internally when we can but also using multiple external providers to hedge with when the market risk goes beyond certain limits.
This model allows our clients to enjoy seamless execution speeds, as orders being matched internally will result in extremely fast execution with low levels of slippage regardless of the trading session or time of day.
More information about our hedging policies can be found in our <a href="https://eu-assets.contentstack.com/v3/assets/bltaec35894448c7261/bltd520bacf75b50821/5e8035a94c08d963b4f4bee1/PepperstonePDS.pdf" target="_blank" rel="noreferrer noopener">Product Disclosure Statement (PDS)</a>.

Does Pepperstone hedge positions?

We primarily make money via the spread (the difference between the bid and ask price on your contract) and commission (which will be reflected when you place a trade and varies depending on which platform you use) on each of the instruments we offer. More information can be found in section 7 of our <a href="https://eu-assets.contentstack.com/v3/assets/bltaec35894448c7261/blt09045db21c07e3a0/5e8035f435aa196e17be3486/PepperstoneFSG.pdf" target="_blank" rel="noreferrer noopener">Financial Services Guide (FSG)</a>.

How does Pepperstone make money?

Have a trade that you're not happy with? Feel free to create a trade investigation and our Support team can investigate your enquiry. To create a trade investigation, please <a href="https://eu-assets.contentstack.com/v3/assets/bltaec35894448c7261/blt4610f109a1775850/5e80359f4c08d963b4f4bedb/Pepperstone-trade-investigation-form.pdf" target="_blank" rel="noreferrer noopener">fill out this form</a> and send this directly to support@pepperstone.com.

How can I request a trade investigation?

Pepperstone has an automated stop-out policy to protect against negative balances. But in a fast-moving market, this stop-out may occur after the account has already incurred a negative balance. The level at which our automated stop-out occurs, and the policy regarding covering negative balances vary depending on the circumstances and the jurisdiction.
For FCA retail clients, the automated stop-out will occur when your account equity falls below 50% of the margin requirement of your trades. FCA retail clients are also protected by full negative balance protection. So, if your account goes into negative equity, we'll cover it for you automatically.
For all other clients, the automated stop-out will occur when your account equity falls below 20% of the margin requirement of your trades. While you aren't protected by full negative balance protection, we consider waiving negative balances on a case-by-case basis, taking into account the circumstances.

Does Pepperstone offer negative balance protection?

Pepperstone rollover occurs 23:59 – 00:01, MT4 server time, which is currently on GMT+3. Our rollover time coincides with New York market's close, which takes place 5 pm, New York time.

What time does your rollover occur?

Pepperstone offers FX, indices, equities, cryptos, energy and commodities to trade. You can read about the product specifications for each product on our <a href="/trading/instruments">available instruments page</a>.

What instruments can I trade?

Yes. MetaTrader 4 and MetaTrader 5 are extremely popular platforms for automated trading strategies via expert advisors.

Does Pepperstone allow expert advisors?

<h2>Understanding trading conditions</h2>

Frequently Asked Questions

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Understanding trading conditions

Understanding fees and charges