What makes a forex broker reliable during major news events?
Verdict
- Pepperstone is our pick for trading forex through big releases from Australia: it publishes fills from 50 milliseconds with a 99.32% fill rate and no dealer intervention, and it resets a retail account to zero if a spike pushes it negative.
- On a news day a dependable broker does four things: fills your order without a dealer stepping in, shows the real (wider) spread instead of hiding it, keeps your money in segregated accounts, and stops your loss at your balance.
- Pepperstone's weak spot is stop protection: it offers no guaranteed stop-loss, so a stop can fill past your level in a jump. Capital.com (ASIC, AFSL 513393) sells guaranteed stops.
- The 99.32% figure is Pepperstone's own claim for trades between January and March 2026, not an independent audit.
A US jobs report, an RBA rate call or a CPI surprise is where a broker's marketing meets the market. The question is not how tight EUR/USD looks on a quiet afternoon, but what happens to your order in the seconds after the number prints. Below: the tests we apply, and how Pepperstone's Australian offer scores on each.
Pepperstone passes the tests that count on release days
Pepperstone Group Limited (ACN 147 055 703) holds Australian financial services licence 414530 from ASIC and runs its Australian business from Collins Street, Melbourne. Three published commitments matter when volatility hits. Execution: orders filled from 50 milliseconds, a 99.32% fill rate and no dealer intervention, measured on trades from 1 January to 31 March 2026. Protection: retail clients get negative balance protection, and retail money is held apart from company money at top-tier banks. Pricing: the Razor account passes on raw spreads plus a fixed commission, so when liquidity thins you see it in the quote rather than in a surprise fill. The trade-off is that no guaranteed stop is available, which we cover below.
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Six questions that separate a dependable broker from a fair-weather one
- Does a dealer ever touch my order? Pepperstone states no dealer intervention on its fills.
- Is execution data published, with dates? Pepperstone's covers the first quarter of 2026; a figure with no period attached tells you little.
- What is the fill rate, not just the speed? A fast rejection is still a rejection, and 99.32% means a small share of orders are not filled.
- Can my account go below zero? Not for Pepperstone retail clients in Australia.
- Is the stop price guaranteed? Not at Pepperstone; Capital.com offers a guaranteed stop-loss.
- Is anyone answering the phone? Pepperstone lists support 24 hours on weekdays on its accounts page and '24/7' on its contact page, on 1300 033 375.
Pepperstone and Capital.com side by side
Both brokers hold Australian licences, and both protect retail clients from a negative balance. The difference on a news day is what each publishes about fills and what each offers on stops.
| Pepperstone | Capital.com | |
|---|---|---|
| Australian licence | AFSL 414530 (Pepperstone Group Limited) | AFSL 513393 (Capital Com Australia Pty Ltd) |
| Published execution figures | From 50 ms; 99.32% fill rate (Q1 2026) | None found in our research |
| Retail negative balance protection | Yes | Yes |
| Guaranteed stop-loss | Not offered | Offered |
| Retail leverage on major FX | 1:30 | 1:30 |
| Minimum deposit | $10 | $20 |
What no broker can promise when the number drops
Even a well-run broker cannot fill you at a price that never traded. In the moment a release lands, liquidity providers pull or reprice their quotes, spreads open up and an ordinary stop becomes a market order filled at the next available price. Pepperstone's Australian PDS lists no guaranteed stop, so that slippage risk sits with you. The practical defences are on your side of the screen: trade smaller into the release, keep leverage well below the 1:30 retail ceiling on majors, avoid parking a stop just beyond the obvious spike zone, or wait a minute or two for quotes to settle before entering.
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Sources
Figures as published by each broker.
Does Pepperstone requote orders during news?
Pepperstone describes its fills as having no dealer intervention and publishes a 99.32% fill rate for the first quarter of 2026. A fill rate below 100% means some orders do not complete, so a news-time fill is never certain.
Is a broker with fixed spreads safer for news trading?
Not necessarily. A quote that looks fixed is only useful if the broker actually fills it. Variable raw spreads, like Pepperstone's Razor pricing, show you what the market is really paying at that moment.
Should I hold open trades through a major release?
Only with a position size you could afford to see gap past your stop. With no guaranteed stop at Pepperstone, a smaller position is your main defence.
CFDs and margin FX are complex, leveraged products, and news-driven moves can wipe out a position within seconds. Read the broker's PDS and TMD first. This page is general information, not investment advice.