Pepperstone Nigeria Review

Regulation - 10/10

Where Was Pepperstone Founded?

Pepperstone was founded in Australia in 2010, where they are regulated by the Australian Securities & Investment Commission (ASIC).

Is Pepperstone Available in Nigeria?

Yes, Pepperstone is available in Nigeria under the regulation of the Capital Markets Authority (CMA) Kenya who licensed them to operate as a non-dealing forex broker.

Pepperstone accepts Nigerian traders but is not locally regulated by the CBN & SEC in Nigeria.

Pepperstone Markets Kenya LTD. is available in Kenya under the regulation of the Capital Markets Authority (CMA) who licensed them to operate as a non-dealing forex broker.

Pepperstone is available in the UK under the regulation of the Financial Conduct Authority (FCA) in the United Kingdom.

Pepperstone is also regulated by the Financial Services Authority (FSA) in Mauritius as a Full Service Dealer.

Pepperstone Regulation Summary

Range of Markets - 9/10

Pepperstone allows a leverage of up to 1:400 in NG. You trade all instruments as CFDs so you don't own the underlying instruments.

1. Forex CFDs

Pepperstone in Kenya offers over 90 forex pairs for trading; you get all the major pairs including minors and Non Deliverable Forwards (NDFs).

2. Currency Index CFDs

Pepperstone in Kenya allows you trade CFDs on baskets of currencies such as the U.S. Dollar Index (DXY), Japan Yen Index (JPYX) & the Euro Index (EURX).

3. Equity Index CFDs

Pepperstone in Kenya lets you trade Nasdaq & other popular indices such as VIX, US30 etc.

You can also trade the South Africa 40 (SA40) indices at Pepperstone, giving you exposure to the African capital market.

4. Metal CFDs

Precious Metals such as Gold & Silver can be traded at Pepperstone Kenya. Other metals such as Copper, Aluminum, Nickel, Lead & Zinc can also be traded.

5. Agric Commodities CFDs

Cattle, Cocoa, Coffee, Corn, Cotton, Sugar, LeanHogs, Lumber, Oats, Soya Beans etc. are available for trading at Pepperstone in Kenya.

6. Share & ETF CFDs

U.S., UK, Hong Kong, EU, German & Australian share CFDs are available for trading at Pepperstone Kenya. Pepperstone also pays dividends on this shares, whenever the companies behind the shares issue dividends to shareholders.

Range of Accounts - 6/10

1. Demo Account (virtual funds)

Pepperstone’s demo account helps you test and develop your trading skills before opening a live account.

The demo account is not meant for new traders alone, experienced traders can also test new products and strategies on the demo account..

Pepperstone provides 50,000 virtual funds to enable you to practice, develop your skills, and build your confidence.

2. Standard Account

The Standard Account gives you access to all trading instruments with competitive pricing. The standard account is available on cTrader, MT4, and MT5 platforms.

The Standard Account is suitable for beginners and mid-level traders who like a simple account and prefer having their commissions integrated with spreads.

3. Razor Spread Account

The Razor Account at Pepperstone is suitable for more experienced traders because its pricing structure is more complex, involving commissions per trade alongside low spread.

The advantage of the Razor Account is that spread constitutes a lower barrier to your profitability so your trades become profitable quicker.

Razor Accounts are popular with scalpers and traders who want to run Expert Advisors & is available on cTrader, TradingView, MT4, and MT5 trading platforms. .

Account Management - 6/10

Negative Balance Protection

Pepperstone Kenya offers Negative Balance Protection so that you don't lose more than you deposited.

Even if your Pepperstone account balance goes into negative due to volatility Pepperstone will refund the negative balance and make your account balance zero again.

Pepperstone Base Currency

Pepperstone Nigeria does not provide Naira Accounts so EUR, USD & GBP will be the available account currencies you can choose from.

If you deposit in a currency that is different from your account base currency, Pepperstone currency conversion fees as high as 1% will be applied.

Maximum Number of Trading Accounts Allowed

You can open up to 10 MT4 Accounts at Pepperstone Nigeria.

You can also open an unlimited number of MT5, cTrader & TradingView Accounts at Pepperstone Kenya.

Changing Leverage on Pepperstone Accounts

You cn edit & change the leverage on your Pepperstone trading account as many times as you wish; there is no limit.

Note that Pepperstone does not offer dynamic leverage. All the leverage limits at Pepperstone are fixed

Margin Call & Stop Out

Pepperstone Margin Call will come when your Margin Level falls to 90% and you will be Stopped Out of all your trades when your Margin Level falls to 50%.

Pepperstone Account Opening Steps

Go to Pepperstone’s website and click on Join Now, then select if you want to sign up with your Apple Account, Google Account, or Facebook Account

Create a profile by filling in your personal details after which a demo account will be automatically created for you

You will get a prompt telling you your demo account is ready & you will be given the option of upgrading to a lice account, proceed to click on the upgrade button

After clicking on upgrade, select your preferred trading platform, account type, leverage & account currency; then opt to integrate copy trading into the platform by toggling the copy trading switch.

You will be redirected to your client area where you can add trading accounts and upload your government ID & proof of residence.

Deposit & WIthdrawals - 10/10

What is Pepperstone Minimum Deposit in Naira?

Pepperstone minimum deposit in Nigeria is $0 so you can deposit any amount you like.

Funding Methods

1. Nigerian Online Banking

You can fund your Pepperstone account by transferring funds from your mobile banking app, into an account that Pepperstone will generate for you.

2. Bank Cards

Pepperstone accepts deposits through Visa/master cards issued by Nigerian banks.

3. PayPal & eWallets

You can also fund your Pepperstone account through PayPal and popular eWallets such as Neteller or Skrill.

4. Tether Coin

For Crypto funding, Pepperstone accepts deposits through Tether coin (USDT).

5. Apple Pay & GPay

Pepperstone now accepts funding through Apple Pay & GPay methods.

How Much is Pepperstone Minimum Withdrawal?

If there are open trades on the account, the maximum amount that can be withdrawn is 90% of your free margin.

Pepperstone Fees - 7/10

1. Spread

The Standard account has a variable spread starting from 1 pip. No commission is charged when trading on the Standard account as it is integrated in your spread.

The Razor account has a raw spread starting from 0.0 pips. Commissions on the Razor account is charged based on the platform that’s being used to trade.

2. Commission

On the MT4/5 and TradingView platforms, there's a commission charge of $3.50 or £2.25 per lot per size.

On cTrader, a commission of $3 per lot per size. On the Pepperstone trading platform, there's a commission charge of $7 round-trip.

3. Rollover Fees

Pepperstone charges a swap/rollover fees on overnight CFD trades. There are no swap-free instruments at Pepperstone Kenya so you have to pay to rollover trades on all instruments, into the next day.

4. Inactivity Fee

Pepperstone does not charge an inactivity fee on dormant accounts.

Trading accounts that have not had any trading activity over the last 3 months will be archived so that they don't take up resources on Pepperstone servers

Is Pepperstone A Market Maker?

Yes, Pepperstone acts as a market maker meaning they can be the counterparty to your trade and this could cause a conflict of interest sometimes. Please read their legal documents for more information on market making at Pepperstone.

Trading Platforms - 10/10

1. Pepperstone Trading Mobile App

The Pepperstone thas a new mobile app for trading on the go.The app is available for Android and iOS devices

2. Pepperstone cTrader Mobile App

cTrader users also get the mobile version of cTrader customized for Pepperstone. its also available for android & iOS

3. TradingView Charting Platform

Pepperstone traders who open the Razor Account can go to the TradingView website and connect their accounts to TradingView charts.

TradingView charts are more feature-packed, have better tools, & are easier to use than MetaTrader charts.

How To Connect IC Markets To TradingView

Log in to TradingView

Visit the TradingView website, click on sign in and you get the option to sign in with your Google Account, Apple Account, LinkedIn Account, X Account, or email. elect any sign in method to proceed.

Choose an instrument to trade

To select an instrument to trade on TradingView, click on Markets and then select any instrument of choice.

Navigate To Super Charts

After choosing an instrument to trade, opt to view the instrument on Super Charts by clicking on the "see on super charts" button.

Open Trading Panel

To see a list of brokers on TradingView, click on Trading Panel.

Proceed to expand the trading panel by clicking on the expand icon by the bottom far right hand side.

Choose Your Broker

After the trading panel opens, you will see a list of all the forex brokers on TradingView.

Select Pepperstone from the list of brokers and connect with your IC Markets account details.

4. Pepperstone MetaTrader

Pepperstone provides MT4 alongside free plugins that make MT4 feel more modern & up to date.

Pepperstone also provides the MT5 platform which is ideal for trading Stock CFDs.

Trading Tools - 9/10

1. Free MetaTrader Upgrade EAs

Pepperstone provides Smart Trader Tools which are basically downloadable MT4/5 Expert Advisors (EAs) that complement your MetaTrader and make it work better.

Pepperstone Smart Trader Tools includes EAs such as Alarm Manager, Correlation Matrix, Excel RTD, Mini Terminal, Sentiment Trader, Market Terminal etc.

2. CTrader Automate

CTrader Automate is basically a Pepperstone API that enables you extract data from Pepperstone, & feed the data to your cBot.

3. Autochartist