Pepperstone is a forex and CFD broker established in 2010, with clients in over 170 countries. It does not accept clients from every country, though, as regulatory requirements and business decisions limit where it can operate. In this article, we list Pepperstone’s restricted countries, also known as its banned countries, and explain where Pepperstone is available through its regulated entities. We also look at a few alternatives for traders who cannot open a Pepperstone account.
Pepperstone decides eligibility when you register, based on where you live. You can check whether Pepperstone accepts clients from your country on its website.
74.1% of retail CFD accounts lose money
Pepperstone Restricted Countries List
According to Pepperstone, it does not accept clients who are permanent residents or nationals of the countries and territories below. The list can change at any time.
United States, Afghanistan, American Samoa, Canada, Congo-Kinshasa, Congo-Brazzaville, Central African Republic, Cote d’Ivoire, Crimea, North Korea, Eritrea, Guinea-Bissau, Iran, Iraq, Japan, Kazakhstan, Lebanon, Liberia, Libya, Mali, Myanmar, New Zealand (retail clients only), South Korea, Somalia, South Sudan, Sudan, Syria, U.S. Outlying Islands, U.S. Virgin Islands, Yemen and Zimbabwe.
A country not appearing on this list does not mean Pepperstone will accept you, or that Pepperstone is regulated in your country.
Where Pepperstone Is Available: Supported Regions and Entities
Pepperstone is one of the most heavily regulated brokers in the industry and operates through several regulated companies. The one you are registered with depends on where you live. Your entity decides which regulator oversees your account, which products you can trade and what investor protection applies.
| Pepperstone entity | Regulator | Licence | Generally for clients in |
|---|---|---|---|
| Pepperstone Group Limited | 
| AFSL 414530 | Australia |
| Pepperstone Limited | 
| FRN 684312 | The UK |
| Pepperstone EU Limited | 
| 388/20 | The European Economic Area (professional clients only in Spain) |
| Pepperstone GmbH | 
| 151148 | Germany |
| Pepperstone Markets Kenya Limited | 
| 128 | Kenya |
| Pepperstone Financial Services (DIFC) Limited | 
| F004356 | Decided by Pepperstone based on where you live |
| Pepperstone Markets Limited | 
| SIA-F217 | Decided by Pepperstone based on where you live |
Make sure you are onboarded with the right entity for where you live. Check which entity is named in your account documents before you deposit.
What Pepperstone Has to Offer
Pepperstone offers over 1,350 CFDs on forex, indices, commodities, cryptocurrencies, currency indices, ETFs and shares. Trading is available on MetaTrader 4, MetaTrader 5, cTrader, TradingView and the Pepperstone trading platform.
Pepperstone offers two main account types. The Standard Account has spreads from 1.0 pips on major forex pairs with no commission, while the Razor Account provides raw spreads from 0.0 pips on major forex pairs and charges a commission that depends on the platform.
For MetaTrader 4 and 5 users, the commission is $3.50, €2.60, £2.25, or CHF 3.30 per side per lot, depending on the account currency. On TradingView and Pepperstone’s own platform, the commission is $3.50 per side per lot, and cTrader users pay $3.00 per side per lot. For non USD accounts, commissions are converted at the current spot rate.
74.1% of retail CFD accounts lose money
Alternatives to Pepperstone
XM: Alternative With Traders From Over 190 Countries
XM is a well known forex and CFD broker with over 20 million clients in 190 countries. Established in 2009, it is regulated by multiple authorities, including CySEC in Cyprus, the DFSA in the UAE and the FSC in Belize.
XM offers over 1,400 instruments, including CFDs on forex, stocks, indices, precious metals and energies, and supports MetaTrader 4, MetaTrader 5 and the XM app.
The Standard account offers spreads from 1.6 pips on major forex pairs with no commission, and the Ultra Low account offers spreads from 0.8 pips on major forex pairs, also without a commission.
75.12% of retail investor accounts lose money when trading CFDs with this provider.
HFM: Alternative With Multiple Account Types
HFM is a global forex and CFD broker with over 4 million clients. It offers CFDs on forex, energies, indices, metals, bonds, stocks, cryptocurrencies, commodities and ETFs, and supports MetaTrader 4, MetaTrader 5 and the HFM app.
The Cent and Premium accounts have spreads from 1.4 pips on major forex pairs with no commission, and the Pro account from 0.6 pips. For raw pricing, the Zero account offers spreads from 0.0 pips on major forex pairs with a commission of $3 per side per lot on forex.
HFM is regulated by several authorities, including the DFSA in the UAE, the FSCA in South Africa, the CMA in Kenya and the FSA in Seychelles. It also supports copy trading and lets clients open accounts in several base currencies.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Exness: Alternative With Standard Spreads From 0.2 Pips
Exness is one of the largest retail forex brokers by trading volume, serving traders from over 130 countries. It is regulated by the FSCA in South Africa, the CMA in Kenya, the JSC in Jordan and the FSA in Seychelles, among other regulators.
Exness offers CFDs on forex, metals, cryptocurrencies, energies, indices and stocks, and supports MetaTrader 4, MetaTrader 5 and its own Exness Terminal and mobile app.
Spreads on the Standard account start from 0.2 pips on major forex pairs with no commission charged, and the Standard Cent account also charges no commission, with spreads from 0.3 pips on major forex pairs. Its Raw Spread and Zero accounts offer spreads from 0.0 pips on major forex pairs and charge a commission per lot instead.
Your capital is at risk. Leveraged products may not be suitable for everyone.
Conclusion
Regulatory requirements and business decisions are the reasons Pepperstone does not accept clients from some countries. Because the list changes over time, Pepperstone’s registration process is the most reliable way to check whether it accepts you, and it is worth confirming that Pepperstone is regulated in your country before you open an account.
If Pepperstone is not available to you, the alternatives above are worth comparing. Make sure the broker you choose suits your trading needs and is regulated for clients in your country.
Frequently Asked Questions
Pepperstone restricts some countries because of regulatory requirements, international sanctions and business decisions. Pepperstone is not regulated in every country, and it decides whether to accept you when you register, based on where you live.
No. According to Pepperstone, Canada, Japan and South Korea are all on its list of countries it does not accept clients from.
No. Pepperstone verifies your identity and address when you open an account, so a VPN does not change where you are registered. Giving false information about where you live breaches Pepperstone’s terms and can lead to your account being closed.
XM, HFM and Exness are solid alternatives with a similar offer, including forex and CFD trading on MetaTrader 4 and 5. XM charges no commission on its Standard and Ultra Low accounts, HFM offers Cent, Premium, Pro and Zero accounts, and Exness offers Standard account spreads from 0.2 pips on major forex pairs. Check that the broker you choose is regulated for clients in your country.
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