Last Updated on February 19, 2024 by Patrick Mahinge
Are you looking for a reliable forex broker to help you with your trading? If so, then you may want to consider Pepperstone. In this Pepperstone review, we’ll take a close look at all of the important aspects of this broker to help you determine whether or not it is the right fit for you.
We’ll cover everything from its trading platform and spreads to its customer service and account types. So, whether you’re a beginner trader or someone who’s been in the market for a while, read on to see if Pepperstone is right for you.
What’s Pepperstone Markets Kenya?
Pepperstone is an online forex trading broker that has been in business since 2010. The company is headquartered in Melbourne, Australia and regulated by the Australian Securities and Investments Commission (ASIC).
Pepperstone was founded in 2010 by a group of traders who were frustrated with the quality of trading tools and services available at the time. They believed that retail traders deserved access to the same level of technology and tools that had been traditionally reserved for hedge funds and institutional investors.
So they set out to create a better brokerage, one that would put the trader first and offer innovative technology, competitive spreads, and world-class customer service. The company has since grown into one of the largest forex brokers in the world, with over 200,000 clients in more than multiple countries.
From those early days, Pepperstone has always been committed to providing the best possible trading experience for its clients. This means delivering quality products and services, offering competitive spreads and prices, and providing 24/5 support. The company has grown rapidly over the years, but this commitment to excellence remains at the core of everything Pepperstone does.
In 2021, Pepperstone obtained a trading license from the Capital Markets Authority of Kenya. Pepperstone Markets Kenya LTD was thus born.
There are many advantages of trading with Pepperstone in Kenya, but some of the key benefits include:
- Award-winning customer service – 24/7 live support, plus fast and efficient email support.
- The widest range of tradable currency pairs and CFDs – over 120 different instruments to choose from.
- Low spreads and commissions – tight spreads from just 0.6 pips on EUR/USD, and low commissions starting at just $3.5 per trade.
- Advanced trading platforms – including the powerful cTrader, MetaTrader 4 platform, as well as the new MetaTrader 5 platform.
Open a free demo account now and experience first hand how amazing it feels like working with Pepperstone!
Related: Best Forex Brokers in Kenya
How to Open an Account With Pepperstone Kenya LTD
Opening an account with Pepperstone is a quick and easy process, which can be completed in just a few minutes. The first step is to visit the Pepperstone website and click on the ‘Open Account’ button.
You will then need to provide some personal information, including your name, email address and phone number. You will also need to choose a username and password for your account.
Once you have filled in all of the required information, you will need to verify your identity by providing a copy of your ID, passport or driver’s license. This is a mandatory requirement for all Pepperstone accounts.
Once your identity has been verified, you will be able to start trading! To fund your account, you can choose to use a range of different payment methods, including credit or debit cards, bank transfers and e-wallets. Pepperstone also accepts Mpesa, which makes it even easier for Kenyan traders to fund their accounts.
Pepperstone Markets Account Types
Pepperstone offers 2 types of accounts: the Razor Account and the Standard Account. The main difference between the two is the charges. The Razor account charges both a commission and spread, while the Standard account only charges spread.
The Standard account is the most popular and is suited to traders who want a good all-round trading experience. It has low spreads, no commissions and allows you to trade a variety of products including forex, commodities, indices and stocks. The account is easy to use and you can open it with as little as $200.
Both accounts offer access to all of Pepperstone’s platforms and features, so you can choose whichever account type best suits your needs.
Pepperstone Spreads, Fees & Commissions
The Spreads are an important consideration when choosing a forex broker. A lower spread means that you can trade with a tighter spread and get better prices on your trades.
Pepperstone offers some of the most competitive spreads and commissions in the industry. For example, their spread on the EUR/USD is as low as 0.6 pips per lot. They are a true ECN broker, which means that your orders are routed directly to the market without any interference from Pepperstone. This allows them to offer spreads as low as 0.0 pips on major currency pairs. This makes Pepperstone a great choice for traders who want to get the most out of their trading experience.
Here is a list of some of the more common fees and commissions you may encounter when trading with Pepperstone:
- Spreads: Pepperstone offers some of the tightest spreads in the industry. For example, their EUR/USD spreads are as low as 0.1 pips. This is considerably tighter than what most of the competition can offer. This means that you’ll save money on every trade you make, and your profits will be amplified as a result. Overall, Pepperstone is an excellent choice for any trader who is looking for low-cost trading options.
- Swap or rollover fees: These are incurred when you hold a position overnight. They are calculated as the interest differential between currencies multiplied by the notional value of your trade. For example, if you have a long EUR/USD position and the interest rate for EUR is higher than USD, you will be charged a swap fee.
- Commission: This is a flat fee that is charged for each trade you make. It is calculated as a percentage of the total transaction value. Pepperstone only charges commissions on their Razor Accounts.
Pepperstone Minimum Deposit in Kenya
When you are looking for a reliable and reputable Forex broker, it is important that you consider the minimum deposit requirements. A minimum deposit is the amount of money that you must deposit into your account in order to start trading.
At Pepperstone, the minimum recommended deposit is $200. This means that you should deposit at least $200 into your account before you can start trading.
The best way to fund your Pepperstone trading account is by using Mpesa. Mpesa is a mobile payments system that allows you to deposit and withdraw money from your Pepperstone account using your phone. To use Mpesa, you must first open an Mpesa account. You can then deposit money into your Pepperstone account by transferring funds from your Mpesa account to your Pepperstone account.
To withdraw money from your Pepperstone account, you can transfer funds back to your Mpesa account. This will allow you to withdraw money from your account using your phone.
Pepperstone Trading Platforms
If you’re looking for a forex broker that offers a variety of trading platforms, Pepperstone Kenya is a great choice. They offer MT4, MT5, CTrader, and Trading View, each with its own unique features.
- MetaTrader 4 (MT4) is a globally popular Forex trading platform. It offers a wide range of features that allow traders to execute and monitor their trades efficiently and effectively. MT4 is available as a desktop application, web-based application, and mobile application. It is easy to use and has a wide range of features, including charting, analysis tools, and automated trading.
- MetaTrader 5 is an updated version of MetaTrader 4. It is also a popular trading platform used by Forex and CFD traders. It offers a wide range of features, including technical analysis, charting, backtesting, and automated trading. MetaTrader 5 is available as a desktop application and also as a mobile app for iOS and Android devices. It can be used to trade on any device with an internet connection, making it convenient for traders who want to stay connected while they trade. The MetaTrader 5 platform is user-friendly and easy to learn, making it suitable for beginners as well as experienced traders. There are many tutorials and online resources available to help you get started using the platform.
- cTrader is a sophisticated trading platform that offers traders the ability to trade Forex, CFDs, and Futures markets with seamless order execution and charting. It has been designed for active traders who demand lightning fast trade execution, deep liquidity, and advanced charting features. If you’re looking for a reliable cTrader forex broker that offers competitive spreads and excellent customer service, then Pepperstone should be your first choice.
- Trading View: Pepperstone also comes with Trading View, which is an online platform for financial market analysis. It allows users to share and view real-time charts and quotes, as well as publish their own analysis. TradingView is free to use for basic features, but some features (including advanced charting and indicators) require a paid subscription.