Pepperstone Group Limited
Australian Securities and Investments Commission (ASIC) · Reference AFSL 414530 5
Licence start date 4 February 2013.
Authorised Verified on register, 4 Oct 2026
Pepperstone
Pepperstone is an Australian-headquartered forex and CFD provider. Pepperstone Group Limited holds an Australian licence, and the group serves clients through Pepperstone Limited in the UK (FCA), Pepperstone EU Limited in Cyprus (CySEC), Pepperstone GmbH in Germany (BaFin), Pepperstone International Markets Limited in Seychelles and Pepperstone Markets Limited in The Bahamas, which offers leverage of up to 1:1000 to professional clients.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Verified licences
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Australian Securities and Investments Commission (ASIC) | AFSL 414530 | Pepperstone Group Limited | Authorised Checked 4 Oct 2026 | Register entry for Pepperstone Group Limited (opens in a new tab) 5 |
| Financial Conduct Authority (FCA) | 684312 | Pepperstone Limited | Authorised Checked 4 Oct 2026 | Register entry for Pepperstone Limited (opens in a new tab) 2 |
| Cyprus Securities and Exchange Commission (CySEC) | 388/20 | Pepperstone EU Limited | Authorised Checked 4 Oct 2026 | Register entry for Pepperstone EU Limited (opens in a new tab) 3 |
| Federal Financial Supervisory Authority (BaFin) (BaFin) | BaFin-ID 10151148 | Pepperstone GmbH | Authorised Checked 4 Oct 2026 | Register entry for Pepperstone GmbH (opens in a new tab) 4 |
| Financial Services Authority Seychelles (FSA) | No reference | Pepperstone International Markets Limited | Authorised Checked 4 Oct 2026 | Register entry for Pepperstone International Markets Limited (opens in a new tab) 6 |
| Securities Commission of The Bahamas (SCB) | SIA-F217 | Pepperstone Markets Limited | Authorised Checked 4 Oct 2026 | Register entry for Pepperstone Markets Limited (opens in a new tab) 7 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
Pepperstone publishes a complete, current set of legal documents for its UK and Bahamas businesses, including negative balance protection for retail clients, segregated client money, FSCS cover for UK clients and clear costs with no inactivity or withdrawal fees. We matched its Australian, UK, Cyprus, German and Seychelles companies on their regulators’ registers; the Bahamas licence could not be checked. Companies House identifies the individuals who control the UK company. The regulatory record is light: a 2023 ASIC report on self-reported leverage breaches that were compensated, a 2020 Brazilian stop order, and inclusion on India’s alert list. The Bahamas company offers leverage up to 1:1000 to professional clients, whose money may be moved out of segregation with their consent.
Key positives
- Client-facing entities appear on the regulator’s register 1234567
We matched Pepperstone Group Limited in ASIC’s data, Pepperstone Limited on the FCA’s list, Pepperstone EU on CySEC’s register, Pepperstone GmbH on BaFin’s database, Pepperstone International Markets on the Seychelles FSA’s list and Pepperstone Markets Limited on the Bahamas regulator’s list of registered firms.
- Regulatory claims on the website are accurate 12378
The licences we checked match Pepperstone’s statements, including the Bahamas registration, which the regulator’s list confirms without showing the licence number.
- Clients can tell which regulated entity serves them 18910
Each regional site and set of terms names the contracting Pepperstone company with its company number and licence.
- Ultimate ownership can be identified 11
Companies House names the individuals with significant control of Pepperstone Limited: Tamas Robert Szabo and Fiona Nancy Lock Rimmer.
- Authorisations are current and unrestricted 234567
All registers we checked show the companies as currently authorised, with no suspension or restriction.
Key concerns
- Brazil’s CVM orders Pepperstone Group to stop offering forex to Brazilian residents 14
Reduced the enforcement dimension by 2.5 points (moderate severity, 6.4 years before the review, counted at a quarter of its weight).
- Pepperstone compensated Australian clients after self-reporting CFD leverage limit breaches 15
Reduced the enforcement dimension by 2 points (low severity, 2.9 years before the review).
- Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 16
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Client money segregation is disclosed 910
Partly met UK and retail Bahamas client money is segregated, but the Bahamas terms allow professional clients’ money to be moved out of segregation and used for hedging if they consent.
- Permissions cover the services offered 3467
Partly met CySEC and BaFin list dealing-on-own-account permissions covering CFDs for the EU companies, the FSA lists the Seychelles company as a securities dealer, and the Bahamas regulator lists dealing as principal and trading CFDs for Pepperstone Markets. We did not confirm the UK and Australian permissions on a register.
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score Whether the firm’s licences exist, are current and cover what it offers.
- Met
Client-facing entities appear on the regulator’s register 1234567
We matched Pepperstone Group Limited in ASIC’s data, Pepperstone Limited on the FCA’s list, Pepperstone EU on CySEC’s register, Pepperstone GmbH on BaFin’s database, Pepperstone International Markets on the Seychelles FSA’s list and Pepperstone Markets Limited on the Bahamas regulator’s list of registered firms.
- Met
- Partly met
Permissions cover the services offered 3467
CySEC and BaFin list dealing-on-own-account permissions covering CFDs for the EU companies, the FSA lists the Seychelles company as a securities dealer, and the Bahamas regulator lists dealing as principal and trading CFDs for Pepperstone Markets. We did not confirm the UK and Australian permissions on a register.
- Met
- Met
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score Whether you can find out who owns and runs the firm.
- Met
- Met
Ultimate ownership can be identified 11
Companies House names the individuals with significant control of Pepperstone Limited: Tamas Robert Szabo and Fiona Nancy Lock Rimmer.
- Partly met
- Met
Directors or senior managers are identified 11
Companies House lists the UK company’s directors.
- Met
Financial statements are available 12
The UK company publishes MIFIDPRU regulatory disclosures for the year ended 30 June 2025.
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score What protects client money if something goes wrong.
- Partly met
- Met
- Partly met
- Partly met
- Partly met
Withdrawal terms are disclosed 13
Pepperstone states it charges no funding or withdrawal fees. We did not find processing times in the documents reviewed.
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 6.5 points.
- Met
Warning lists and enforcement records have been searched 1415161718
We searched CySEC, FCA, ASIC and CVM records and the Indian and Malaysian alert lists, and ran web searches for actions by Pepperstone’s other regulators. The searches are cited with their dates. The Japan FSA’s list of warned unregistered firms (September 2026) includes Pepperstone Financial Pty Ltd (2012).
- Enforcement action
Pepperstone compensated Australian clients after self-reporting CFD leverage limit breaches 15
9 Nov 2023. Reduced the enforcement dimension by 2 points (low severity, 2.9 years before the review).
- Regulator warning
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 16
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Enforcement action
Brazil’s CVM orders Pepperstone Group to stop offering forex to Brazilian residents 14
13 May 2020. Reduced the enforcement dimension by 2.5 points (moderate severity, 6.4 years before the review, counted at a quarter of its weight).
- Regulator warning
Warned by Japan’s Financial Services Agency in 2012 for derivatives business without registration 18
14 Jun 2012. Not counted: more than 10 years old at the review date.
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score How the firm handles complaints, and what independent records show.
- Met
A complaints procedure is published 19
The UK complaints notice explains the process, gives a compliance email and commits to a written response within eight weeks.
- Partly met
- Not determined
Independent complaint outcomes show no adverse pattern 21
The ombudsman published only four decisions on Pepperstone Limited in three years (one upheld), too few to show a pattern either way.
- Not determined
Complaint data is disclosed 22
We found no complaint statistics published by Pepperstone, and it is below the thresholds for the FCA’s and ombudsman’s firm-level tables. AFCA publishes complaint figures for the financial firms that are its members, but its data site refused our requests, so we could not check the Australian company.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Met
Costs are disclosed before account opening 13
The costs and charges document explains spreads, commissions, overnight funding and other charges with examples, and confirms there is no inactivity fee.
- Met
An order execution policy is published 23
A summary order execution policy and a summary conflicts of interest policy are published.
- Met
- Met
- Met
Risk warnings are clear and current 8
The UK site shows that 72.9% of retail accounts lose money trading spread bets and CFDs with Pepperstone.
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Partly met
Marketing claims are accurate and attributable 1
Performance claims such as a 99.59% fill rate are footnoted, but we did not verify them, and the regulatory claims could only partly be checked.
- Partly met
- Met
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- Not determined
Company identity
- Not determined
Regulatory claims
- Not determined
Office visit
- Not determined
Account opening
- Not determined
Platform usability
- Not determined
Costs and disclosures
- Not determined
Customer support
- Not determined
Deposits and withdrawals
- Not determined
Trading functions
- Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Pepperstone Limited
Financial Conduct Authority (FCA) · Reference 684312 2
Listed as Authorised in the FCA's investment firms register, first authorised 5 August 2015.
Authorised Verified on register, 4 Oct 2026
Pepperstone EU Limited
Cyprus Securities and Exchange Commission (CySEC) · Reference 388/20 3
Reception and transmission, execution of orders and dealing on own account in financial instruments 1, 4, 5 and 9 (9 being CFDs).
Licence granted 3 August 2020.
Authorised Verified on register, 4 Oct 2026
Pepperstone GmbH
Federal Financial Supervisory Authority (BaFin) (BaFin) · Reference BaFin-ID 10151148 4
Investment firm: contract broking, investment broking and proprietary trading since 26 June 2021 (first authorised 4 August 2020).
Authorised Verified on register, 4 Oct 2026
Pepperstone International Markets Limited
Financial Services Authority Seychelles (FSA) 6
Securities dealer
Authorised Verified on register, 4 Oct 2026
Pepperstone Markets Limited
Securities Commission of The Bahamas (SCB) · Reference SIA-F217 7
Dealing in capital market instruments as agent or principal, arranging deals, managing capital market instruments, trading CFDs
Listed by the SCB as at 31 August 2026; the licence number is Pepperstone’s own (the list shows none).
Authorised Verified on register, 4 Oct 2026
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Regulator warning Active
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 16
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes Pepperstone (pepperstone.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
Enforcement action Settled
Pepperstone compensated Australian clients after self-reporting CFD leverage limit breaches 15
On 9 November 2023 ASIC reported that Pepperstone Group Limited was one of seven CFD issuers that self-reported issuing CFDs to retail clients with leverage above the limits in ASIC’s CFD product intervention order, and that undertook remediation programs to compensate affected clients under ASIC’s review. ASIC did not impose a penalty.
Enforcement action Concluded
Brazil’s CVM orders Pepperstone Group to stop offering forex to Brazilian residents 14
On 13 May 2020 the CVM said Pepperstone Group Limited had been recruiting clients resident in Brazil for forex trading through social media and a Portuguese-language website without authorisation. By Ato Declaratório 17.848 it ordered the immediate suspension of any public offering of forex investments, with a daily fine of R$1,000 for non-compliance. The CVM describes a stop order as a precautionary measure rather than a penalty.
Regulator warning Active
Warned by Japan’s Financial Services Agency in 2012 for derivatives business without registration 18
On 14 June 2012 Japan’s Financial Services Agency warned Pepperstone Financial Pty Ltd (Pepperstone), of Melbourne, for offering over-the-counter derivatives trading over the internet without registration in Japan.
Company response
Firms can respond to their profile and to any finding. No response has been published for Pepperstone. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 6 Oct 2026 | Trust score 87 out of 100 Strong | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 Pepperstone international website (opens in a new tab)
States that Pepperstone Markets Limited, company registration 177174 B, is licensed by the Securities Commission of The Bahamas (SIA-F217). Offers leverage of up to 1:1000 to professional clients and claims a 99.59% fill rate with no dealer intervention, with a footnote. Shows a 79.6% retail loss figure.
- 2 Financial Services Register: investment firms list (CSV), data as at 3 October 2026 (opens in a new tab)
Shows Pepperstone Limited (FRN 684312) with status Authorised, first authorised 5 August 2015.
- 3 Register of Cyprus investment firms: Pepperstone EU Limited (opens in a new tab)
Lists licence 388/20 granted on 3 August 2020, company registration number 398429, address 3 Myronos Street, Limassol, approved domain pepperstone.com, and authorisation to deal on own account and execute orders in financial instruments 1, 4, 5 and 9.
- 4 Company database: Pepperstone GmbH (opens in a new tab)
Lists Pepperstone GmbH, Düsseldorf, as an investment firm (BaFin-ID 10151148) authorised for contract broking, investment broking and proprietary trading.
- 5 Australian Financial Services Licensee dataset (October 2026) (opens in a new tab)
Lists AFSL 414530 held by Pepperstone Group Limited (ABN 12147055703), Docklands, Victoria, from 4 February 2013.
- 6 Regulated entities, capital markets: securities dealers (opens in a new tab)
Lists Pepperstone International Markets Limited among licensed securities dealers, trade name Pepperstone, at Global Village, Mont Fleuri, Mahe.
- 7 Securities Commission of The Bahamas: SIA registered firms as at 31 August 2026 (opens in a new tab)
Lists Pepperstone Markets Limited at Pineapple House, Old Fort Bay, Western Road, Nassau, registered for dealing in capital market instruments as agent or principal, arranging deals, managing capital market instruments and trading CFDs. The list does not show licence numbers.
- 8 Pepperstone UK website footer (opens in a new tab)
States that Pepperstone Limited is registered in England and Wales under company number 08965105, authorised by the FCA (684312), with registered office at 4th Floor, 27 Old Jewry, London. Shows the warning that 72.9% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
- 9 Pepperstone Limited Terms and Conditions (version 10, February 2026) (opens in a new tab)
Client money is paid into a segregated client money account with a credit institution under the FCA Client Money Rules; eligible clients are covered by the FSCS up to GBP 85,000. Margin stop-out activates at a margin percentage of 50%. Retail clients are not liable for a negative equity balance, which Pepperstone resets to zero within one business day. Pepperstone gives notice of changes to the terms and to interest rates.
- 10 Pepperstone Markets Limited Terms and Conditions (December 2025) (opens in a new tab)
Retail clients’ funds are held in a client money trust account and retail clients have negative balance protection. Professional clients’ funds may be transferred out of the segregated account and used for hedging if they consent. No compensation scheme is named.
- 11 Companies House: Pepperstone Limited (08965105) (opens in a new tab)
Active company, registered office 4th Floor, 27 Old Jewry, London EC2R 8DQ. Active directors: Martin Robert Couper and Tamas Robert Szabo. Persons with significant control: Tamas Robert Szabo (more than 25% but not more than 50% of shares, with control over the trustees of a trust) and Fiona Nancy Lock Rimmer (more than 25% but not more than 50% of voting rights, with the right to appoint or remove directors).
- 12 Pepperstone Limited MIFIDPRU public disclosures (year ended 30 June 2025) (opens in a new tab)
Regulatory disclosures on risk, governance and own funds. States that the company is part of the Pepperstone Group, headquartered in Australia, and that for the year ended 30 June 2025 client money was held across several tier 1 UK credit institutions, which are not named.
- 13 Pepperstone Limited Costs and Charges (version 9, September 2026) (opens in a new tab)
Explains spreads and commissions by account type, overnight funding and swaps, administration fees and dividend adjustments, with examples. Pepperstone does not charge an inactivity fee or funding and withdrawal fees, though banks may charge.
- 14 CVM alerta sobre realização de ofertas irregulares no mercado Forex (opens in a new tab)
Market alert of 13 May 2020: by Ato Declaratório 17.848 the CVM declared that Pepperstone Group Limited is not authorised to recruit clients resident in Brazil, which it had been doing through social media and pepperstone.com/por, and ordered it to stop offering forex investments, with a daily fine of R$1,000 for non-compliance. The CVM notes that a stop order is a precautionary measure, not a penalty.
- 15 23-298MR ASIC oversees more than $17.4 million in compensation to retail investors by OTC derivative issuers (opens in a new tab)
ASIC reports that seven CFD issuers, including Pepperstone Group Limited, self-reported issuing CFDs to retail clients above the leverage limits in ASIC’s CFD product intervention order and paid or agreed to pay a combined AUD 4.3 million to affected clients; four issuers, not named, paid additional compensation after ASIC’s review.
- 16 Alert List (updated as on 19 November 2025) (opens in a new tab)
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 48 is Pepperstone, https://pepperstone.com.
- 17 Searches of CySEC, FCA, ASIC, BaFin and CVM records, and the Indian and Malaysian alert lists, for Pepperstone companies (opens in a new tab)
On 4 October 2026 we checked CySEC’s 1,173 board decisions, searched the FCA’s and ASIC’s websites and Brazil’s CVM alerts, checked the Indian and Malaysian alert lists, and ran web searches for actions by BaFin, the Seychelles FSA and the Securities Commission of The Bahamas. The findings on this profile are what we found; Pepperstone is not on the Malaysian list.
- 18 Names of unregistered overseas firms warned by the Financial Services Agency (updated 25 September 2026) (opens in a new tab)
Lists Pepperstone Financial Pty Ltd (Pepperstone), Melbourne, warned on 14 June 2012 for offering over-the-counter derivatives trading over the internet without registration in Japan.
- 19 Pepperstone Limited Complaints Notice (updated May 2023) (opens in a new tab)
Complaints are raised with support and then the compliance team (compliance.uk@pepperstone.com), with a written response within eight weeks, and can be referred to the Financial Ombudsman Service. The notice gives a postal address at 70 Gracechurch Street, London, which differs from the current registered office.
- 20 Pepperstone Markets Limited Complaints Notice (opens in a new tab)
Unresolved complaints can be referred to the Securities Commission of The Bahamas, the regulator; no ombudsman or independent dispute body is named.
- 21 Ombudsman decisions: Pepperstone Limited, October 2023 to October 2026 (opens in a new tab)
The ombudsman published 4 final decisions about Pepperstone Limited between 4 October 2023 and 4 October 2026, upholding 1.
- 22 FCA firm-level complaints data 2025 H2 and Financial Ombudsman business complaints data (July 2025 to March 2026) (opens in a new tab)
Neither dataset includes Pepperstone; both publish firm-level figures only above minimum complaint volumes.
- 23 Pepperstone UK legal documents (opens in a new tab)
Publishes the UK terms and conditions, spread betting terms, summary order execution policy, risk disclosure statement, costs and charges, summary conflicts of interest policy, complaints notice, MIFIDPRU disclosures, key information documents and tiered margin tables.
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