what leverage does pepperstone offer
Verdict
- Pepperstone offers Australian retail clients up to 1:30 on major FX, 1:20 on minor FX, major indices and gold, 1:5 on shares and ETFs and 1:2 on crypto, under ASIC rules.
- Wholesale (pro) clients can use up to 1:500 on major and minor FX and gold, 1:400 on major indices and 1:10 on BTC/USD and ETH/USD.
- Outside Australia, limits depend on the entity: 1:30 on major FX in the UK, and up to 1:200 on FX at Pepperstone's Bahamas entity.
- Pepperstone is our top pick in Australia; its leverage table is set by instrument and client type, with no separate limits for Razor and Standard.
Pepperstone's maximum leverage depends on two things: which Pepperstone company holds your account, and whether you are a retail or pro client. For Australians the answer comes from the ASIC leverage table on Pepperstone's Australian costs page.
Pepperstone's leverage in Australia
Pepperstone's figures aren't fully consistent across its own pages: the accounts page summarises pro leverage as 500:1, and its crypto page shows a pro-only dynamic tier of 400:1 on the first USD 50,000. The table above is the costs-page version.
| Instrument | Retail | Pro (wholesale) |
|---|---|---|
| Major FX | 1:30 | 1:500 |
| Minor FX | 1:20 | 1:500 |
| FX NDFs | 1:10 | 1:10 |
| Major indices | 1:20 | 1:400 |
| Minor indices | 1:10 | 1:100 |
| Gold | 1:20 | 1:500 |
| Other metals | 1:10 | 1:10 |
| Energy | 1:10 | 1:20 |
| Soft commodities | 1:10 | 1:50 |
| BTC/USD, ETH/USD | 1:2 | 1:10 |
| Shares and ETFs | 1:5 | 1:20 |
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What that leverage means in margin
- A$30,000 of EUR/USD at 1:30 needs A$1,000 of margin; at the pro limit of 1:500 it needs A$60.
- A$20,000 of AUS200 exposure at the retail 1:20 needs A$1,000.
- A$2,000 of Bitcoin exposure at 1:2 needs A$1,000; crypto is where retail leverage is tightest.
- Higher leverage means a smaller move wipes out your margin, so the same price move costs a larger share of the account.
Pepperstone's leverage elsewhere
Australians are served by the ASIC entity; the Bahamas entity's terms say its products aren't intended for residents of Australia.
| Entity | Regulator | Major FX (retail) |
|---|---|---|
| Pepperstone Group Limited | ASIC (Australia) | 1:30 |
| Pepperstone Limited | FCA (UK) | 1:30 |
| Pepperstone GmbH / Pepperstone EU | BaFin / CySEC | 1:30 |
| Pepperstone Markets Limited | SCB (Bahamas) | 1:200 |
How to get higher leverage, and what you give up
You need wholesale-client status: either a sophisticated-investor test (20+ leveraged FX/CFD trades per quarter for four quarters in the past two years at A$50,000+ notional each, or a year in a professional trading role, plus a quiz), or a wealth test of A$2.5 million in net assets or A$250,000 gross income a year for two years, certified by an accountant. In exchange, full negative-balance protection is replaced by a one-time protection of up to USD 100,000.
Sources
What is Pepperstone's maximum leverage for Australians?
1:30 on major FX for retail clients; up to 1:500 for wholesale (pro) clients.
Does leverage differ between Razor and Standard?
Pepperstone's leverage table lists limits by instrument and client type only; it shows no separate figures for Razor and Standard.
Can I use 1:500 leverage as an Australian retail trader?
No. ASIC rules cap retail major-FX leverage at 1:30; 1:500 requires wholesale-client status.
CFDs and margin FX are complex, leveraged products with a high risk of losing money rapidly. Read Pepperstone's PDS and TMD and decide whether you can afford that risk. This page is general information, not investment advice.