- Regulator
- Capital Markets Authority (CMA)
- Local company
- Pepperstone Markets Kenya Limited
- Licence number
- 128
- M-Pesa
- Not confirmed
Broker review · Checked
Pepperstone review 2026: is Pepperstone legit in Kenya and South Africa?
Pepperstone is licensed in Kenya (CMA 128) with leverage capped at 1:400, has no minimum deposit and no inactivity fee, and offers MT4, MT5, cTrader and TradingView. Its South African status is unclear: the group's ODP application was withdrawn and we have not matched an FSP number.
- Founded2010
- 🇰🇪 CMALicence 128
- 🇿🇦 FSCAChecking
- Minimum deposit$0
- M-PesaNot confirmed
Is Pepperstone regulated? Licence by country
- Regulator
- Financial Sector Conduct Authority (FSCA)
- Local company
- Not yet verified
- Licence number
- —
A review site lists FSCA licence 46533 for Pepperstone but does not name the South African company. We are checking it on the FSCA register. Pepperstone Group Limited shows "Application withdrawn" on the FSCA list of OTC derivative providers, checked 25 Oct 2026.
Source: comparebroker.io, not yet checked on the register
A licence means someone supervises the broker. It does not make trading safe: most retail CFD accounts lose money.
About Pepperstone
Pepperstone is an Australian broker regulated by ASIC, the FCA, CySEC, BaFin and others. In Kenya it holds CMA licence 128 through Pepperstone Markets Kenya Limited, which caps forex and gold leverage at 1:400.
For South Africa, a review site lists licence 46533 without a company name, and Pepperstone Group Limited shows “Application withdrawn” on the FSCA list of OTC derivative providers.
Who Pepperstone suits, and who should look elsewhere
Good fit if you
- want low raw spreads and no inactivity fee
- use cTrader or TradingView
- are in Kenya and want a top-tier global group with a CMA licence
Look elsewhere if you
- are in South Africa and want a confirmed local licence
- need copy trading without extra fees
Pepperstone account types and minimum deposit
| Account | Minimum deposit | Pricing |
|---|---|---|
| Standard | $0 | Spreads from 1.0 pip, no commission |
| Razor | $0 | Spreads from 0.0 pips plus about $6–7 per lot round turn |
Leverage: Kenya (CMA): up to 1:400 on forex and gold, 1:200 on major indices.
Pepperstone fees: spreads, commission and other charges
| Inactivity fee | None |
| Deposits | No Pepperstone fee; card and e-wallet minimum about $10 |
| Withdrawals | Free on cards and e-wallets; $20 on international wires |
| Swap-free accounts | $100 per lot admin fee every 10 days after five days |
From FXStreet's Pepperstone review.
Work out the cost of a trade before you place it with our pip value and profit and loss calculators.
Pepperstone deposits and withdrawals in Kenya and South Africa
🇰🇪 Kenya
- Licensed company: Pepperstone Markets Kenya Limited, CMA licence 128.
- Kenyan Wall Street lists M-Pesa with no minimum and same-day withdrawals; we have not confirmed this elsewhere.
- Card withdrawals take 1–3 business days.
🇿🇦 South Africa
- Licence 46533 is listed by a review site without a company name; not confirmed.
- Pepperstone Group Limited shows “Application withdrawn” on the FSCA list of OTC derivative providers.
M-Pesa limits, rand EFT, cards, e-wallets and the payment scams to avoid: read our deposits and withdrawals guide.
Pepperstone trading platforms
- MetaTrader 4
- MetaTrader 5
- cTrader
- TradingView
- Pepperstone platform
Is your money safe with Pepperstone?
- CMA licence in Kenya; top-tier licences in the UK, EU and Australia.
- Segregated client money at tier-one banks.
- Negative balance protection for eligible retail clients, not guaranteed.
Pepperstone pros and cons
Pros
- CMA licence in Kenya
- No minimum deposit and no inactivity fee
- Raw spreads from 0.0
- Four major platforms
Cons
- South African licence not confirmed
- International wire withdrawal fee
- Swap-free accounts carry admin fees
Our real-money test of Pepperstone
Coming
We will open a Pepperstone account, deposit, place a trade and withdraw, then publish the screenshots, the time each step took and every fee we paid.
Pepperstone withdrawal time: reports from traders
How long do Pepperstone withdrawals really take?
Loading reports…
Median of reports from traders. Not checked by us; our own tests are marked separately.
Withdrawal stuck or refused at Pepperstone? Get a ready complaint letter and the right regulator contact with our complaint desk →
Pepperstone: questions people ask
Is Pepperstone regulated in Kenya?
Yes. In Kenya, Pepperstone operates through Pepperstone Markets Kenya Limited, which holds CMA licence 128. Check that this company is named on your client agreement, not an offshore company of the same brand.
Is Pepperstone regulated by the FSCA in South Africa?
Not confirmed. We have not yet matched Pepperstone to an FSCA licence number, so it gets no “Visit” button for South Africa until we do. A review site lists FSCA licence 46533 for Pepperstone but does not name the South African company. We are checking it on the FSCA register. Pepperstone Group Limited shows "Application withdrawn" on the FSCA list of OTC derivative providers, checked 25 Oct 2026.
What is the Pepperstone minimum deposit?
There is no minimum; card and e-wallet deposits start around $10.
Is Pepperstone regulated in Kenya?
Yes. Pepperstone Markets Kenya Limited holds CMA licence 128.
What leverage does Pepperstone offer in Kenya?
Up to 1:400 on forex and gold, according to FXStreet.
Sources for this review (checked 25 Oct 2026)
- CMA: licensed non-dealing online forex brokers
- FSCA: OTC derivative providers search
- FXStreet: Pepperstone review (2026)
- Kenyan Wall Street: forex brokers that accept M-Pesa
Fees, minimums and payment methods change and can differ by the company you sign with. Confirm them on the broker's site before you deposit. Spotted something out of date? Tell us.