Pepperstone minimum deposit – Payment methods
The Pepperstone minimum deposit is the minimum amount you will have to deposit if you will be trading with this online broker. The minimum deposit requirement that brokers stipulate range from broker to broker. Some are ultra-low and some are comparatively high – as we see with Pepperstone. Even, after having knowledge of the minimum deposit, one should still know how to go about making the deposits themselves. We give a comprehensive guide below.
Facts about the Pepperstone minimum deposit:
- The overall minimum deposit is $/£/€ 200
- Pepperstone recommends investing more than $/£/€ 500
(Risk Warning: 79.3% of retail accounts lose money)
Introduction to the Pepperstone minimum deposit
Almost all brokers provide their traders with both the live and demo accounts. However, most do not have one uniform or single live/real account: they usually provide traders with different types. There are various reasons to support this but one of them is that it allows the broker to serve a variety of services to different traders – and as such, you go for the account that has those services.
Pepperstone provides you with two main live accounts – the Standard account and the Razor account.
The Pepperstone standard account is the one available to all traders worldwide. The Pepperstone Standard Account minimum deposit required is $/£/€ 200. That is, you convert this to your currency and deposit the equivalent. When it comes to trading on the Pepperstone standard account, the spreads are also the standard competitive spread which is available to all Pepperstone traders. It is worth noting that Islamic accounts are also available upon request with this account type if you do require one.
- Spreads from 1.0 – 1.3 pips
- No commissions
- Best for beginners
- Spread markup
The Pepperstone Razor account is well-known in the industry and is again available to traders all over the world. The minimum deposit on these accounts is also $200 with the equivalent in your chosen base currency also acceptable. Holders of Pepperstone Razor accounts can benefit from an even more competitive low spread although commissions are added to trades on this account which can be high depending on your trading patterns and plans.
Again here, Pepperstone Islamic accounts are available to anyone who requires them. All you have to do is contact the Pepperstone support team to approve your request.
- Spreads from 0.0 – 0.3 pips
- Commissions $ 7 per round turn 1 lot trade
- Best for scalpers and day traders
- No spread mark up
Premium clients on Pepperstone
For becoming the status “premium client” on Pepperstone you have to meet to following criteria:
- Forex – 15 million USD volume per month
- Commodities – 15 million USD volume per month
- CFDs – 15 million USD volume per month
The following advantages are for premium clients:
- Priority support
- Premium rebates
- Market insights
- Advanced trading tools
Pepperstone deposit bonus
Unfortunately, Pepperstone bonus amounts are not available to any traders under CySEC, ASIC, and FCA regulations due to the strict rules which these regulators impose to ensure best practices. It is actually becoming a trend for brokers to cut down on their bonus offerings to comply with regulations.
The base currency for your account
The base currency has become an issue to which you must pay good attention when handling deposits and withdrawals. Each trading account has a base currency, which means that the broker will hold your deposited money in that currency. At some brokers, you can also have more trading accounts with different base currencies. For example, at IG, it is possible to have both EUR and USD-based accounts.
Why does this matter? A currency conversion fee will be charged if you deposit in a different currency other than the base currency of the target trading account. It’s likely not a big deal but something you should be aware of. Some online brokers offer trading accounts only in the major currencies (i.e. USD, GBP, EUR, and sometimes JPY) and some support a lot more than that.
Some others support GBP and EUR but do not support minor currencies. If you would deposit in a major currency anyway, then the online broker won’t have to convert it. However, if you use a minor currency that is not supported, Pepperstone will convert your deposits and you will be charged a currency conversion fee.
A convenient way to save on the currency conversion fee if you wish to fund your brokerage account from a less common currency (or just a currency different from your existing bank account) can be to open a multi-currency digital bank account. Popular ones include Revolut and Transferwise. The account opening only takes a few minutes after which you can upload your existing currency into your new account, exchange it in-app at great rates, then deposit it into your brokerage account for free or cheap.
The Pepperstone base currency available to you depends on the regulation of the region you are trading within. This should be known from your registration process. If you are based within Europe or the UK, then the USD, GBP, EUR, or Swiss Franc will all be viable options open to you as a base currency. If you are elsewhere and operating under global regulations, these methods will also remain available.
The difference is that more base currency options will open to you if you are based on international market regulations rather than in Europe. This is because of the strict regulations from European regulators. These extra options include JPY, AUD, CAD, NZD, SGD, and Hong Kong Dollar based on your location. As you can see, when it comes to Pepperstone base currency, you have many choices to select from.
(Risk Warning: 79.3% of retail accounts lose money)
Pepperstone deposit methods:
The next thing to look at, if you are trading with Pepperstone or any top forex broker, is the deposit – and in fact, withdrawal – methods that are made available to you. It is in your best interest to make sure what is available from your broker fits your needs. Let’s take a look at the Pepperstone deposit methods you have at your disposal:
Pepperstone deposit by bank transfer is of course possible. This method is available worldwide regardless of your account location. The minimum deposit at a singular particular time with Pepperstone if you do wish to use a bank transfer is only $5. However, considering the fact that it will take a few days to arrive and the fees and commissions attached, it would be best to make it a larger deposit than the $5 minimum.
Credit and Debit Cards
Credit and debit card deposits are available with Pepperstone as they are with almost all other major brokers in the world. These deposits again are available worldwide. You can deposit through either Visa or Mastercard depending on your preference. The minimum deposit here at a time is $5 again, although a fee may be applied.
This fee which may be applied depends on the country from which you are trading, so you could be trading from a place with no fees or you may incur one. Either way, the fee which you do incur will be a small one, and not enough to discourage trading or deposit with credit/debit card.
As with many top brokers these days, Pepperstone E-Wallet deposit options are available to you as a trader. That said, these options are only open to you if you are based outside of Europe. Here again, we see regulators imposing strict rules. If that is the case, then you will have the choice between PayPal, Neteller, and Skrill to make your deposit based on area. Again, the minimum deposit for these methods is $5 per time.
You will also be pleased to note that if you do choose to deposit using an E-Wallet, there will be no fees at all taken from the Pepperstone deposit side.
These E-Wallets are available:
- Union Pay
A few other Methods
There are a variety of other deposit methods available to Pepperstone traders. Again, these will depend on where you are based. An example here is POLi, BPay, and Union Pay which are all available but only if you are located outside of Europe. Locally depending on your region and specifically within that region, you may find other Pepperstone deposit methods like Clickpat, Ecash, and ATM deposit available, but these will be highly dependent on your location and fees may vary.
At this time, it is not possible to fund your Pepperstone account with Bitcoin or any other crypto coin.
How long do the deposits take?
Usually, the issue of how long deposits and Withdrawals will take is beyond the broker. And as a result, the broker may not be able to always answer that. There are, however, average timeframes.
The average transfer times for the different methods are:
- Wire transfer: 2-3 days
- Credit/debit card and online wallets: instant or a few hours
Pepperstone deposit fees
Pepperstone does not charge a deposit fee. This is great because the broker won’t deduct anything from your deposits and you only have to calculate with the costs charged by the bank/third-party you send the money with.
How to deposit into your Pepperstone trading account
- Open your Pepperstone trading account
This is the first and initial step. To open an account, you have to provide your personal details, like your date of birth, and there is also usually a test about your financial knowledge. The last step of the account opening is the verification of your identity and residency. For this verification, you usually have to upload a copy of your ID card and a document that validates your proof of residence, for instance, a bank statement.
- Make the deposit
First, you have to sign in to your already-opened trading account and find the depositing section. After this, you select one of the deposit methods the broker supports, enter the deposit amount, and make the deposit. The deposit methods can be one or more of the following as we have outlined above:
✓ Bank transfer (sometimes called wire transfer):
✓ Credit or debit cards
✓ Online wallets like Paypal, Skrill, Neteller, etc
- Review your transaction
Depending on the method you chose, it might take a couple of days for your deposit to show up on your brokerage account. When it happens, the brokers usually send you an email to confirm the receipt of the deposit.
Conclusion on the Pepperstone minimum deposit – Low amount to start trading
Pepperstone is definitely one good forex broker to do business with. This is evident in the number of awards that the broker has garnered over the years. The above serves as a guide as to what is the minimum deposit you have to put up to trade with Pepperstone as well as the process of making the deposits.
(Risk Warning: 79.3% of retail accounts lose money)