Is Pepperstone better for MT4, MT5, or TradingView users?
Verdict
- Pepperstone suits all three, but in Australia it is strongest for MT5 users: MT5 runs on both Standard and Razor accounts, while MT4 and TradingView are offered on Razor only.
- In a USD account, Razor commission is USD 3.50 per side on MT5 and TradingView; MT4 takes the equivalent (USD 7 per lot) in one charge when the position opens.
- TradingView and MT5 both carry Pepperstone's perpetual CFDs; MT4 does not.
- MT4 still makes sense for traders whose expert advisors only run on it.
The answer depends less on Pepperstone than on how you trade. We go through each platform as Pepperstone runs it for Australian clients, then match it to the kind of trader it serves best.
Our verdict, platform by platform
Starting from scratch, choose MT5 at Pepperstone: it is the only one of the three you can use on either account, it takes expert advisors, and it opens the perpetual CFD range. TradingView users get a good deal too, provided they take a Razor account. MT4 is fully supported but has become the narrowest of the three.
| MT4 | MT5 | TradingView | |
|---|---|---|---|
| Account types | Razor only | Standard and Razor | Razor only |
| Razor FX commission (USD account) | USD 7 per lot, charged on opening | USD 3.50 per side | USD 3.50 per side |
| Smart Trader Tools add-ons | Available | Available | Not applicable (MetaTrader add-ons) |
| Expert advisors | Yes (MQL4) | Yes (MQL5) | Not a MetaTrader platform |
| Perpetual CFDs | Not listed | Listed | Listed |
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If you run expert advisors on MT4
MetaTrader 4 still hosts many older expert advisors and indicators, and Pepperstone keeps it on the Razor account together with its Smart Trader Tools. Two catches for Australians: there is no MT4 on the Standard account, and perpetual CFDs are not offered on it. If your EAs can be rewritten for MQL5, moving to MT5 at the same broker removes both limits without changing your pricing.
If you trade on MT5
MT5 is Pepperstone's most complete MetaTrader offer in Australia. On Standard you pay no commission and a published EUR/USD average of 1.1 pips; on Razor you pay 0.1 pips on average plus AUD 3.50 per side in an AUD account, or AUD 4.50 per side on gold. Eligible and Pro clients can also run their EAs on a free VPS, which keeps a strategy online when your own computer is off.
If you live on TradingView charts
Pepperstone connects TradingView to the Razor account, so you can place orders from the same charts where you draw levels and set alerts. Pricing is Razor pricing: 0.1 pips on average on EUR/USD plus USD 3.50 per side, about $8 for a standard-lot round trip at $10 a pip. Perpetual CFDs are tradable there too. The one trade-off: if you want spread-only pricing with no commission, TradingView is not available on Pepperstone's Standard account in Australia.
Where Capital.com fits
Capital.com, our second choice in Australia, offers MT4, MT5 and a TradingView integration through Capital Com Australia Pty Ltd (AFSL 513393). Our data shows no cTrader at Capital.com and no published EUR/USD average, which is why it sits behind Pepperstone for cost-focused platform users. In its favour, its help centre describes guaranteed stop-loss orders, which Pepperstone does not offer.
Sources
Platform and fee terms from the brokers' own pages.
Which Pepperstone platform has the lowest commission?
cTrader: USD 3.00 per side on FX, or USD 6 per round trip, against USD 3.50 per side on MT5 and TradingView.
Does the Standard account work with TradingView in Australia?
No. Pepperstone lists TradingView for Razor only; Standard runs on its web platform and app, MT5 and cTrader.
Which platform should a new trader start on?
Pepperstone's own web platform or app needs no setup and works on both accounts. Move to MT5 or TradingView once you know which tools you actually use.
Trading CFDs with leverage can wipe out your deposit fast, because losses grow as quickly as gains. CFDs are complex instruments and are not suitable for everyone. Nothing here is investment advice, and broker terms change, so confirm them on the broker's own site.