Pepperstone Broker Review For Kenya In 2024

Pepperstone Basics

🏛️ Based in	Sydney, Australia
⚖️ Regulation	CySEC, FCA, ASIC, CMA
💰 Minimum Deposit	$0 (No minimum deposit)
💳 Deposit Options	VISA, MasterCard, Bank Wire
💳 Withdrawal Options	VISA, MasterCard, Bank Wire
📌Open an account	Start Trading with Pepperstone

Why We Choose Pepperstone

Pepperstone was first set up in 2010. They are an international forex broker with offices in places like Limassol, Düsseldorf, London, Melbourne, Dubai , Nassau and Nairobi. As a regulated forex company, Pepperstone offers a great online trading experience and a secure trading environment. They have been nominated for many forex awards over the years and earned the trust of over 300,000 traders. They also process an average of US$12.55bn of trades every day, and are one of the biggest forex brokers in the world.

When it comes to their trading conditions, Pepperstone has a strong offering compared to many of their competitors in Kenya. They give you access to over 1000+ trading instruments including forex, shares, indices, metals, and commodities. They offer a great range of trading accounts. You can choose from 2 main account types – both of which come with tight spreads, high leverage, and fast trade execution. You can also choose from three great trading platforms – MetaTrader4, MetaTrader5, and cTrader.

In addition to its great online trading environment, Pepperstone also provides excellent trading support. They offer a nice range of trading tools including calculators, charting tools, and VPS services. They also give you access to educational materials including articles, eBooks, and forex webinars. And for those with questions, Pepperstone also provides good customer service and multilingual customer support.

Key Benefits

Pepperstone  Regulation and Safety

Pepperstone is the trading name for multiple business entities. While this business model might seem a bit complicated at first, it ensures that all their traders worldwide benefit from a high level of regulatory oversight and client fund protection.

As a group, Pepperstone holds licences from some of the strictest regulatory authorities in the world. For example, it is regulated by the Australian Securities and Investment Commission (ASIC), the UK Financial Conduct Authority (FCA), and the Cyprus Securities and Exchange Commission (CYSEC). Here is the full list of their licences and registrations:

• ASIC – Pepperstone Pty Ltd has licence number 414530 from the regulator in Australia.
• FCA – Pepperstone Ltd has licence number 684312 from the regulator in the UK.
• SCB – Pepperstone Markets Limited has licence number SIA-F217 from the Bahamas.
• CySEC – Pepperstone EU Limited has licence number 388/20 from the regulator in Cyprus.
• DFSA – Pepperstone is regulated under licence number F004356 in Dubai.
• CMA – Pepperstone Markets Kenya Limited has the licence number 128 in Kenya.
• BaFin – Pepperstone GmbH has a licence under registration number 151148 in Germany.

Pepperstone Regulation in Kenya 

Forex traders in Kenya can trade under Pepperstone Markets Kenya Limited. This company is based in Kenya and has a licence from the CMA (Capital Markets Authority). This company has a great level of client fund protection and account security. It also offers great trading conditions and a safe trading environment.

Fund Safety

Pepperstone offers a high level of client fund protection. The company holds its client funds in accounts with tier one banking providers. This ensures that your money is always being stored with a reliable financial services provider. It also keeps client funds in segregated accounts, separate from its own funds. This ensures that Pepperstone can never use your money for their own business purposes.

Pepperstone Account Types

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Razor	From 0 pips	$0	1:400	$3.50
Standard	From 1.0 pips	$0	1:400	$0

Pepperstone Registration – How To Create An Account

As part of our Pepperstone reviews, we checked their registration process and account requirements. If you live in Kenya, then you are eligible to open an online trading account under their CMA-regulated business entity. The Pepperstone registration process is quite simple and you can complete the first step in a matter of minutes.

The first thing you need to do is to register online via the Pepperstone website. This is so that they can gather some basic personal data and create your online trading account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details. The next step is to complete a short quiz about online trading. This is so that Pepperstone can understand how much you know about forex trading and whether their services are suitable for you. At this stage, all you need to do is answer a few questions to show Pepperstone that you know how to trade. If you pass the test, you will be fully registered and ready to open an account. 

Pepperstone Registration – How To Verify An Account

As part of the registration process, Pepperstone also needs to check your identity. For this reason, they ask you to complete their KYC process and submit certain verification documents.  You will need to send them a primary form proof of ID. This could be a copy of your passport or driving licence. You will also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document. Once you have finished the KYC process, and Pepperstone has verified your identity, they will then approve and verify your account. At this stage, you can deposit money and start using your account to trade forex. 

Demo Account

Pepperstone offers an unlimited demo account. Their demo account mimics a live trading environment and allows you to practise your forex trading in real-time.  

Demo Account MT4

Pepperstone has a MT4 demo account that you can use to test the platform’s features,  improve your online trading skills, and try out new Forex trading strategies.

Demo Account MT5

Pepperstone has a MT5 demo account that you can use to explore the platform’s features, practice your online trading skills, and test more advanced trading strategies. 

Standard Accounts

The Standard account is more suitable for new forex traders in Kenya. It has excellent trading conditions. For example, it comes with an average spread of 1.5 pips and there are no commissions. It includes all of their online learning resources and trading tools. The Pepperstone minimum deposit for this account is all the way down at $0.

Razor Accounts

The Razor account is more suitable for Scalpers and algorithmic traders. It comes institutional grade spreads – including an average spread of 0.0-0.3 pips on certain instruments. It is important to know that it also comes with commission. The minimum deposit for this account is $0.

Real Accounts 

The Standard account and the Razor account are both real accounts. They have a minimum 0.01 lots trading size and a maximum 100 lots trading size. There is a maximum leverage of 1:400. The base currencies are GBP, USD, EUR, CHF. You can use scalping and hedging trading strategies. You can also use EAs.

Live Accounts

The Standard account and the Razor account are both live trading accounts. They come with great trading conditions. The accounts have institutional-level spreads and low trading accounts. It is worth noting that they also have rollover swaps on overnight positions with specific rates for each trading platform. 

Micro Accounts

Pepperstone does not offer a micro trading account. However, its live trading accounts both have low minimum deposits and small minimum trading sizes. 

Cent Accounts

Pepperstone does not have a cent trading account. However, its real trading accounts both have low minimum deposits and small minimum trading sizes. 

Corporate Accounts

Yes. However, it does not provide much information about how to open one. To find out more about the ID requirements for Directors and Shareholders, as well as the company documents required to open the account, traders need to contact the Pepperstone customer support team directly.

Professional Accounts

Pepperstone does not have a dedicated professional account, however, it does offer different trading conditions for professional traders. However, professional clients must meet certain criteria to qualify.

If you want to apply based on your trading experience, then you need to have regularly traded over the last year, placing at least 40 leveraged trades with a minimum notional value of $50,000. Alternatively, you can provide proof of at least 2 years of employment in a regulated financial institution, in a position that requires knowledge of derivatives trading and you should have worked in this role for at least 2 years.

If you want to apply based on your wealth or income, then you need to provide proof that you own net assets of at least $1 million. These can include financial portfolios, secondary properties and other tangible assets.

Managed Account

As part of their Partners program, Pepperstone offers MAM accounts to qualified fund managers with relevant licences or industry experience.

PAMM Account

As part of their Partners program, Pepperstone offers PAMM accounts to qualified fund managers with relevant licences or industry experience.

Base Currencies

Accounts can be in any of the following base currencies: AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD, but not NGN. While most people will want to have their trading accounts denominated in USD, some traders in Kenya may choose to have multiple accounts with different base currencies to avoid conversion fees when trading.

Pepperstone Payment Methods

As part of our Pepperstone review, we checked their payment options. The Pepperstone has a fairly limited choice of payment methods. However, it does accept most conventional payment methods. Let’s take a look in more detail.

Pepperstone Deposits

Deposit Methods

Pepperstone lists Mpesa, Visa, Mastercard, and bank transfers as its main options for depositing funds. However, if you decide to open a live trading account, then more funding methods may be available to you in your client area. For example, some clients may also be able to fund their accounts using e-wallets or other methods such as PayPal.

Pepperstone Minimum Deposit In Kenya

The minimum deposit at Pepperstone is $0. When trading with leverage, brokers will always require a margin to cover the money borrowed from the broker to hold your trading position. With less than $200 in your account, it makes it difficult to hold a substantial trading position without getting stopped out and losing the money held in your trading account as a result.

Standard Account Minimum Deposit

The  recommended minimum deposit at Pepperstone is $0, for both of their trading account types.. However, clients are welcome to deposit less than this.

Minimum Deposit ZAR

The  recommended minimum deposit at Pepperstone is $0, or R0 as an equivalent, for both of their trading account types. However, clients are welcome to deposit less than this. ZAR is not available as a base currency. 

Minimum Deposit USD

The  recommended minimum deposit at Pepperstone is $0, for both of their trading account types. However, clients are welcome to deposit less than this.USD is available as a base currency. 

Deposit Fees

Pepperstone does not charge funding and withdrawal fees, however, your bank may charge an intermediary fee. It is always best to check with your financial institution about any intermediary bank charges that may be incurred when transacting with Pepperstone.

Bitcoin Deposit

Pepperstone does not currently accept cryptocurrency deposits.

Pepperstone Withdrawals

Withdrawal Conditions

There are certain withdrawal conditions that you need to be aware of. Pepperstone is a regulated forex broker and, as such, is very strict when it comes to following Anti-Money Laundering rules and regulations. This means that non-profit withdrawals can only be returned to the original deposit source. Also, regardless of which deposit method, profits can only be withdrawn via a bank transfer to a bank account in your name. Withdrawal limits may apply.

Withdrawal Methods

Pepperstone withdrawal methods are fairly standard. They list Visa, Mastercard, and bank transfers as their primary withdrawal methods. However, if you decide to open a live trading account, and use an alternative method for your deposits, then more withdrawal options may be available to you in your client area. For example, some clients may also be able to withdraw money from their trading accounts using e-wallets. Withdrawal times may vary.

Withdrawal Problems

There have been very few reports of withdrawal problems online. Pepperstone is a reliable forex broker and can be trusted to keep your funds in segregated accounts, take the necessary security precautions to protect your money, and to promptly deal with any withdrawal requests. Any withdrawal problems should be reported directly to their customer service team, who will deal with the issue quickly. 

Minimum / Maximum Withdrawals

There is no minimum or maximum withdrawal amount at Pepperstone. 

How Long Does It Take

Pepperstone is fairly quick at managing withdrawal requests. Withdrawal forms received before 08:00 (GMT) will be processed the same day. If these are received after 08:00 (GMT), they will be processed the following day.Depending on where the money is being sent, it may take slightly longer for you to receive your funds, For example, withdrawals made by Bank Wire Transfer usually take 3-5 working days to reach your account.

Withdrawal Fees

Pepperstone does not charge funding and withdrawal fees, however, your bank may charge an intermediary fee. It is always best to check with your financial institution about any intermediary bank charges that may be incurred when transacting with Pepperstone.

Pepperstone Bonuses

Pepperstone trading is great. They offer excellent account types and competitive online trading conditions. However, there may be  room for improvement when it comes to bonuses and reward plans. 

Deposit Bonus

They are not currently offering a no deposit bonus. 

Referral Bonus

They are not currently offering a referral bonus

Welcome Bonus

They are not currently offering a welcome deposit bonus. 

No Deposit Bonus

They are not currently offering a no deposit bonus.

Pepperstone Trading Assets

Pepperstone markets in Kenya are great. They have a wide range of trading assets. They offer over 1000 trading instruments including currency pairs, metals, shares, commodities, and major indices.

Pepperstone Trading Instruments

• Forex: Pepperstone gives you 60+ currency pairs to choose from including major, minor, and exotic currency pairs. You can trade EUR/USD and GBP/USD.
• Shares: Pepperstone offers trading on 900+ share CFDs. You can choose from a wide range of shares across the American, European, and Asian markets.
• Commodities: They give you 20+ commodities to choose from including popular instruments such as gold, silver, platinum, petroleum, natural gas, and coffee.
• Indices: They give you access to 20+ indices. You can trade all of the most popular instruments across the American, European, and Asian markets.
• Pepperstone crypto trading: They offer trading on 9 cryptocurrency CFDs. You can trade Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, and Polkadot.

Trading Platforms 

Pepperstone has Metatrader 4, Metatrader 5, and cTrader. All three of the trading platforms are available on desktop, tablets, and/or mobile. This gives you the freedom to choose trade on any of the top online trading platforms. It also gives you the freedom to trade whenever and wherever you want.

MetaTrader4 – MetaTrader4 (MT4) is one of the most popular trading platforms for new forex traders. It has a user-friendly design. You can use its platform to trade forex, shares,  indices, and more. The Pepperstone MT4 platform also comes with advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. 

MetaTrader5 – MetaTrader5 (MT5) is also another great choice for beginner traders in Kenya. It has a simple design and an easy-to-use interface. As with MetaTrader4, you can use it to trade all your favourite trading instruments. The MT5 platform also has trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. 

cTrader – cTrader is a popular and powerful trading platform. As with MT4 and MT5, you can get access to a wide range of CFD trading instruments including forex, metals, and stocks. The Pepperstone cTrader platform also comes with 6 order types, 55 technical indicators, an economic calendar, and market sentiment tools. 

Trading View-Trading View is also integrated into Pepperstone’s platform offerings. This advanced charting and analysis tool allows you to trade directly from live charts. Trading View provides customizable charts with over 100 technical indicators. It also supports automation through Pine Script bots and has a huge community of traders sharing ideas and strategies. With Trading View integration, Pepperstone gives you another powerful platform option for executing trades based on advanced analytics and social trading features.

WebTrader Platform

Pepperstone offers access to a WebTrader platform, no download or installation required.

Trading App

They do not have its own proprietary app but you can still trade from mobile. 

Pepperstone Leverage

Pepperstone has slightly lower leverage than some of the other forex brokers offering online trading services in Kenya. That said, the available leverage is still more than enough for forex traders to benefit from added opportunities. There are different leverage options. The leverage available depends on the instrument you choose. The leverage available on forex pairs, commodities, indices, and metals is 1:400. Meanwhile, the leverage available on stocks in 1:20 and the leverage available on ETFs in 20:1. To get new leverage, all traders need to do is go to their account and request a change to their leverage settings.

Pepperstone Spreads

The minimum and average spreads are low across all account types. As an example of what you can expect, their spreads for EUR/USD and GBP/USD start from 0.10 on the Razor account and 0.7 on the Standard account. 

Pepperstone Fees

Pepperstone Commission – Pepperstone has low commission rates. For example, the commission per 0.01 lots  on their MT4 and MT5 Razor accounts are USD 0.04 (USD 0.08 round turn). Meanwhile, the commission on their cTrader account is $7 USD per round turn. 

Non-Trading Fees – Unlike many other forex brokers, Pepperstone does not charge any administration or inactivity fees. This means that you can stop trading for a few months, or even years, without worrying about incurring any extra fees.  In addition, Pepperstone does not charge any deposit or withdrawal fees, it only asks you to cover the costs of any international bank wires.

Currency Conversion Fees – Pepperstone charges a currency conversion fee for transfers in currencies other than their accepted base currencies. Currency conversions are charged at the current spot rate, minus a conversion fee of up to 1 per cent. If you have USD bank accounts and USD trading accounts,  then this should not be a problem. However, if you want to open an account in a separate currency, or if you only have bank accounts in NGN, then it is something to keep in mind.

Pepperstone Trading Hours

Pepperstone’s trading hours are in line with forex trading hours. You can open trades whenever the forex market is open. 

Trading Tools

Pepperstone gives you access to its Smart Traders Tools package. It comes with a selection of expert advisors that help you enhance your trading strategy. They also help you manage your risk and improve your overall trading experience. It also offers a wide range of trading tools for more advanced traders including API trading and VPS services.

Forex Education And Research

Pepperstone has a great online education service. They offer access to many online articles and forex trading guides. These will help you to improve your knowledge of the forex market and to start creating more in-depth trading plans. Pepperstone also offers access to a large number of online webinars. These webinars cover many key topics such as market analysis and risk management techniques. They are also available on-demand. 

Extra Trading Services

Pepperstone has partnered with social trading platforms to bring you access to more trading tools and services.. Their main partner is MetaTrader signals. They give you access to trading signals from successful traders in real-time. This type of social trading also helps you diversify your trading strategy and reduce your portfolio risk.

Forex Awards

Pepperstone is an award-winning company and one of the best options for regulated forex brokers in Kenya. Here is a list of some of their most recent awards:

• FxScouts Forex Awards 2023
• Fastest Execution Broker 2023
• DayTrading Broker Of The Year Awards 2023
• UK Investment Trends 2021
• Global Forex Awards 2021
• Professional Trader Awards 2019

Customer Support

The Pepperstone customer support team offers great customer service. You can reach them via live chat, email, or phone. You can also contact them online by filling in the relevant website form. 

Our Verdict

Pepperstone is a regulated forex broker with excellent trading conditions. Its high quality education and trading resources make it a great choice for new forex traders. Its advanced trading technology and copy trading services means that it is a great option for experienced traders as well. Pepperstone is also a reliable forex broker with convenient payment methods, secure trading accounts, and excellent client fund protection.

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