Pepperstone offers two main account types: Standard and Razor. Both work across MT4, MT5, cTrader and TradingView — the choice between them is about how trading costs are structured, not which platforms you can access. Standard includes Pepperstone’s mark-up within the spread; Razor offers raw spreads with a separate per-lot commission. The commission rate on Razor varies by account currency and platform, so it is worth confirming before you deposit.
Specific conditions — spreads, commission rates, minimum deposits, leverage limits and available instruments — vary by region, regulatory entity and account currency. The figures in this article are drawn from publicly available Pepperstone AU documentation; they may not reflect the conditions shown in your country. Confirm current terms on your local Pepperstone website or during registration.
- Account type overview and comparison
- How Standard account costs work
- How Razor account costs work
- Trading cost comparison
- Other account types and features
- Which account should you choose?
- FAQ
Standard vs Razor: At a Glance
| Feature | Standard | Razor |
|---|---|---|
| How FX trading costs are charged | Pepperstone’s mark-up is included in the spread. No separate per-trade commission on FX, though spreads, swaps and overnight funding may apply | Raw spread plus a per-lot commission. Rates vary by account currency, platform and region |
| Displayed spread (EUR/USD) | From 0.1 pip (variable) | From 0.0 pip (variable) |
| FX commission (AU USD account, display) | None shown separately | From US$3.50 per lot per side |
| Platforms | MT4, MT5, cTrader, TradingView, Pepperstone platforms | MT4, MT5, cTrader, TradingView, Pepperstone platforms |
| Instruments (AU display) | 1,300+ (varies by platform and region) | 1,300+ (varies by platform and region) |
| Hedging | ✅ | ✅ |
| Islamic (swap-free) | ✅ (conditions vary) | ✅ (conditions vary) |
| Inactivity fee | None | None |
| Best for | Beginners and moderate-frequency traders who prefer a simpler cost structure | Scalpers, EA traders and high-frequency traders who want the tightest available raw spreads |
Pepperstone Standard Account
How Standard account costs work
The Standard account includes Pepperstone’s mark-up within the spread — there is no separate commission line item on FX trades. The AU website displays spreads from 0.1 pip on EUR/USD. Because the mark-up is embedded in the spread, the all-in cost per trade is visible directly from the bid/ask difference. Swaps and overnight funding charges still apply when positions are held beyond the daily rollover.
- Advantages: Simpler cost structure — no commission to track separately; works across all available platforms; no inactivity fee; both Standard and Razor accounts can be held simultaneously under one login
- Limitations: The spread is wider than Razor’s raw spread; for high-frequency traders and scalpers, the embedded mark-up accumulates faster than a commission-plus-tight-spread structure at high volumes
Best for: Traders who want a straightforward cost structure without tracking per-lot commissions; beginners learning to trade; swing traders and moderate-frequency traders where the spread difference relative to Razor is less significant per trade.
Pepperstone Razor Account
How Razor account costs work
The Razor account provides access to Pepperstone’s raw interbank spreads — EUR/USD from 0.0 pip as displayed on the AU website — plus a per-lot commission charged separately. The AU website displays a starting commission of US$3.50 per lot per side for USD accounts, which would amount to US$7.00 round turn on a standard lot. Actual commission rates depend on your account base currency, platform and region — confirm the rate applicable to your account in the client area before trading.
- Advantages: Tightest available raw spreads from Pepperstone’s liquidity pool; transparent cost structure (raw spread plus known commission); well-suited to scalping and high-frequency strategies where entry spread directly impacts profitability; eligible for Active Trader rebates at qualifying volume levels
- Limitations: Commission must be factored into every cost calculation; commission rates vary by account currency and platform — confirm before placing trades; at low to moderate trading frequency, total cost may not be lower than Standard depending on the spread differential
Best for: Scalpers, EA traders and high-frequency traders who need the tightest available entry spreads and are comfortable tracking a per-lot commission. Also suited to traders targeting Active Trader rebates at higher monthly volumes.
Trading Cost Comparison
Using EUR/USD as an example, estimated all-in cost per standard lot under typical market conditions, based on AU official data:
| Account | Typical spread | Commission (round turn, USD account, AU display) | Estimated total cost per lot |
|---|---|---|---|
| Standard | From ~0.1–1.2 pip (variable) | None shown separately | Spread × $10 per pip (variable) |
| Razor | From ~0.0 pip (variable) | From US$7.00 (US$3.50 per side, USD account, AU display) | Spread cost + commission (confirm rate in client area) |
Whether Razor saves money over Standard depends on your trading frequency and the spread differential at the time you trade. At low to moderate frequency, the commission on Razor may offset the tighter spread benefit. At high frequency and volume, Razor’s raw spreads typically provide a cost advantage. Calculate based on your actual average spread and trade frequency before choosing.
Other Account Features
| Feature | Details | How to access |
|---|---|---|
| Islamic (swap-free) account | Available on both Standard and Razor. Swap charges replaced by alternative fee structures — conditions, applicable instruments and any administrative fees vary by entity and region. Review current terms directly with Pepperstone before opening | Request through Pepperstone support after account opening |
| Professional account | Available in jurisdictions where eligible. May offer higher leverage than retail limits — AU site shows up to 500:1 on FX for eligible AU professional clients. Eligibility criteria and protections available vary by jurisdiction; professional clients may lose certain retail protections. Confirm conditions applicable to your country | Apply through Pepperstone — eligibility assessed per region |
| Active Trader Program | Volume-based commission rebate for Razor accounts with qualifying monthly trading volume. Rebate tiers and conditions may vary — confirm current programme terms in the client area | Available through client area at qualifying volume levels |
| MAM/PAMM accounts | Available for fund managers managing multiple client accounts | Contact Pepperstone institutional team |
Which Pepperstone Account Should You Choose?
| Your situation | Recommended account | Reason |
|---|---|---|
| New to Pepperstone or CFD trading | Standard | Simpler cost structure; no commission to track; can add Razor later without repeating KYC |
| EA trading on MT4/MT5 | Razor | Raw spreads directly reduce entry cost for automated strategies; full MT4/MT5 EA support on both account types |
| Scalping — need tightest entry spread | Razor | Raw spreads from 0.0 pip (display). Confirm the commission rate for your account currency before trading |
| Swing or position trading at moderate frequency | Standard | Lower frequency means the spread difference relative to Razor is less significant per trade; simpler tracking |
| High-volume trading targeting Active Trader rebates | Razor | Commission rebates available at qualifying monthly volume; confirm current rebate tiers in client area |
| Want both platforms and flexibility | Both (simultaneously) | Standard and Razor can be held at the same time under one login with instant fund transfers between them |
Key Points Before You Choose
- Not sure → Standard: Simpler cost structure; works on all platforms; add Razor later without KYC
- High frequency / scalping / EA → Razor: Raw spreads from 0.0 pip; confirm commission rate for your account currency and platform before trading
- Both account types can be held simultaneously: Instant fund transfers between them; no additional KYC required to add a second type
If you are undecided, start with Standard and use a demo account to test your strategy in Pepperstone’s environment first. Once you are ready for raw spread pricing, open a Razor account from the client dashboard — no additional KYC needed — and run both account types in parallel.
