Pepperstone U.K. back in business | Forex Factory

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Pepperstone U.K. back in business

  • #1
  • First Post: Aug 15, 2017 3:01am Aug 15, 2017 3:01am
Looks like Pepperstone UK are back in business, although I am surprised to find virtually no publicity about this the first I heard was receiving an e-mail on Friday 11th informing me that I "had to" open a new account with the UK if I wanted to continue trading with Pepperstone, otherwise my account would be closed. Don't misunderstand, I have been very happy with Pepperstone Australia, but why do Brokers always have to resort to ultimatums. We live in an electronic age, we can traverse the world in milliseconds I live in Europe and have accounts with Brokers in America so why does it matter where we and they are based?

Any one else having to open a new account with Pepperstone UK?
Cut your Losers short and let your Winners run.
  • #2
  • Aug 15, 2017 4:09am Aug 15, 2017 4:09am
Quoting dee50
Looks like Pepperstone UK are back in business, although I am surprised to find virtually no publicity about this the first I heard was receiving an e-mail on Friday 11th informing me that I "had to" open a new account with the UK if I wanted to continue trading with Pepperstone, otherwise my account would be closed. Don't misunderstand, I have been very happy with Pepperstone Australia, but why do Brokers always have to resort to ultimatums. We live in an electronic age, we can traverse the world in milliseconds I live in Europe and have accounts...

Yes, I'm pretty pissed that they force me to move from Pepperstone AUS to Pepperstone UK only because I live in EU, and so what? If FCA will decide in January to lower leverage they will lose many clients for sure...
  • #3
  • Aug 15, 2017 4:18am Aug 15, 2017 4:18am
Quoting dee50
Looks like Pepperstone UK are back in business, although I am surprised to find virtually no publicity about this the first I heard was receiving an e-mail on Friday 11th informing me that I "had to" open a new account with the UK if I wanted to continue trading with Pepperstone, otherwise my account would be closed. Don't misunderstand, I have been very happy with Pepperstone Australia, but why do Brokers always have to resort to ultimatums. We live in an electronic age, we can traverse the world in milliseconds I live in Europe and have accounts...
Yeah, got the email myself...its bs.
  • #4
  • Aug 15, 2017 4:41am Aug 15, 2017 4:41am
Quoting dee50
Looks like Pepperstone UK are back in business, although I am surprised to find virtually no publicity about this the first I heard was receiving an e-mail on Friday 11th informing me that I "had to" open a new account with the UK if I wanted to continue trading with Pepperstone, otherwise my account would be closed. Don't misunderstand, I have been very happy with Pepperstone Australia, but why do Brokers always have to resort to ultimatums. We live in an electronic age, we can traverse the world in milliseconds I live in Europe and have accounts...
ill open an account if they have spreads lower than 0.5 on EU 0.7 on AU, 0.8 on UJ, 0.9 on GU... and they offer a spread betting account, All through Mt4, and no commission. ive heard about them a lot
  • #5
  • Aug 15, 2017 5:08am Aug 15, 2017 5:08am
Thanks for responding everyone.
The question is, Do you want to continue trading with Pepperstone? I personally will, ok it is a pain having to open a new account but it is not a major one and as far as I am concerned "Better the devil you know!" that is until some thing happens to alter that view.
At the moment there is absolutely no information on trading terms for Pepperstone UK, there is not even a website, every thing links back to Australia so either every thing bar the location stays the same or, we could be in for a big shock, who knows, for now I am keeping an open mind and waiting to see although with the accounts being effectively closed on August 25th, there is not much time to move to another broker if that is what you decide to do!
Cut your Losers short and let your Winners run.
  • #6
  • Aug 15, 2017 5:13am Aug 15, 2017 5:13am
Quoting dee50
Don't misunderstand, I have been very happy with Pepperstone Australia, but why do Brokers always have to resort to ultimatums. We live in an electronic age, we can traverse the world in milliseconds I live in Europe and have accounts with Brokers in America so why does it matter where we and they are based?
Agreed, but it's not Pepperstone's fault, it's the fault of the FCA.
  • #7
  • Aug 15, 2017 7:00am Aug 15, 2017 7:00am
Quoting Don96
{quote} ill open an account if they have spreads lower than 0.5 on EU 0.7 on AU, 0.8 on UJ, 0.9 on GU... and they offer a spread betting account, All through Mt4, and no commission. ive heard about them a lot

Pepperstone it's not market maker! You have 0,1-0,2 pip spread on eurusd and commission 7 AUD or USD depending on account currency (6,1 with rebate). No spread betting for sure.
  • #8
  • Aug 15, 2017 7:03am Aug 15, 2017 7:03am
Quoting dee50
Thanks for responding everyone. The question is, Do you want to continue trading with Pepperstone? I personally will, ok it is a pain having to open a new account but it is not a major one and as far as I am concerned "Better the devil you know!" that is until some thing happens to alter that view. At the moment there is absolutely no information on trading terms for Pepperstone UK, there is not even a website, every thing links back to Australia so either every thing bar the location stays the same or, we could be in for a big shock, who knows,...

There are exactly the same terms for Pepperstone UK and there will no additional website. Of course it's better to be under FCA jurisdiction than ASIC, but I hope they will not kill the market by lowering leverage to 1:50. Now I will move account for sure.
  • #9
  • Aug 15, 2017 7:05am Aug 15, 2017 7:05am
I got the email as well. I decided to close my account with them. I hate ultimatums. Actually, they have been communicating during this whole time like they just don't care about their EU customers. If you want to stay with us, here are the conditions. If not, you can go, or we will close your account. At no point, they attempted to explain why we have to move to UK and close the account. I prefer IC.
Don't give up on your dreams. Keep sleeping.
  • #10
  • Aug 15, 2017 7:07am Aug 15, 2017 7:07am
Quoting TheMaxx
{quote}Agreed, but it's not Pepperstone's fault, it's the fault of the FCA.

Do you have additional information about this? Why I can't chose broker regulator on my own as citizen of Poland. It make sense for UK citizen, but not for EU citizens.
  • #11
  • Aug 15, 2017 7:09am Aug 15, 2017 7:09am
I would claim this is just an administrative move based on bureaucratic controls. I talked to their support and in the end nothing changes in technical terms. You will even get connected to the same MT4 servers like before.
  • #12
  • Aug 15, 2017 7:24am Aug 15, 2017 7:24am
I'm trading with Pepperstone for almost 2 years now I think. I got the email on Friday morning, I created a new UK account in the afternoon. There were problems on the Edge 10 server yesterday and Friday, but seems okay now.

They were excellent so far, but if leverage gets reduced to 50:1, that's gonna be a dealbreaker for me as well. Otherwise I see no difference so far at the UK branch, probably it was an administrative move regarding the EEA citizens.
Price and volume reveals everything. The market moves on supply and demand.
  • #13
  • Aug 15, 2017 11:41am Aug 15, 2017 11:41am
i cant believe my eyes... super low spreads on every pair and stable 2-4pips spread on a lot of pairs without commission.
its time to use pepperstone again.
  • #14
  • Aug 16, 2017 8:54am Aug 16, 2017 8:54am
Quoting mambomango
i cant believe my eyes... super low spreads on every pair and stable 2-4pips spread on a lot of pairs without commission. its time to use pepperstone again.
I thought the same way until I realize that they just jack up the slippage (way more than competitors' commission+spread ).

As you can see from the picture, the slippage is 17 points!! And this is by no mean a special case.

NB. The ping from my server to theirs is 1~2 ms.
Attached Image
IG seems like a reputable company, but it is not.
  • #15
  • Aug 16, 2017 10:57am Aug 16, 2017 10:57am
Quoting mathTrader8
{quote} I thought the same way until I realize that they just jack up the slippage (way more than competitors' commission+spread ). As you can see from the picture, the slippage is 17 points!! And this is by no mean a special case. NB. The ping from my server to theirs is 1~2 ms. {image}
it seems the order execution time is slow but you close trades with more loss and also more profit.
  • #16
  • Aug 16, 2017 12:37pm Aug 16, 2017 12:37pm
What would happen if you are forced to close all your positions by given time and they are in loss? If you are not recover them by that time then position will be closed with loss instead floating drawdown, which is not the same.
Perhaps broker should reimburse that loss because was caused by their decision. What rules and broker regulations say about this?
On the collision course with 90/90/90 rule
  • #17
  • Aug 16, 2017 5:37pm Aug 16, 2017 5:37pm
Got the same mail as rest of you.
Made the switch to Pepperstones uk, it was fast and easy. - I have a Active traders account with them, and my custom spreads are still valid.
MY SITTING, NEVER MY THINKING!
  • #18
  • Edited 5:39pm Aug 17, 2017 7:52am | Edited 5:39pm
Quoting mambomango
{quote} it seems the order execution time is slow but you close trades with more loss and also more profit.
No, only "more loss" occurs.

They are using "Virtual Spread" plug-in.

Please allow me to elaborate:

Traders get markup Ask price when they enter with buy order and get "markdown" Bid price when they exit; as for short-direction, vise versa.
IG seems like a reputable company, but it is not.
  • #19
  • Aug 18, 2017 6:06am Aug 18, 2017 6:06am
Quoting insomniawawa
{quote} Do you have additional information about this? Why I can't chose broker regulator on my own as citizen of Poland. It make sense for UK citizen, but not for EU citizens.
Unfortunately for you, Poland is part of Europe. So for Brokers to offer services to Polish Citizens they either need a licence in Poland, or a licence in another EU country and have that passported to Poland:
https://www.fca.org.uk/firms/passporting
  • #20
  • Aug 22, 2017 4:37pm Aug 22, 2017 4:37pm
Where you all generally happy with Pepperestone Australia. Just want to learn from you friends. You can as well try IC Markets. I learned it's also great
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
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