What you get on Pepperstone's MT5
Pepperstone offers MetaTrader 5 across its full range of accounts, and both the Standard and Razor accounts support live and demo trading. You can access the platform on Windows desktop, iOS, and Android, as well as via a browser-based WebTrader that requires no installation. Pepperstone reports 50-millisecond execution times, a 99.00% fill rate, and no dealer intervention.
MT5 stands out for its extensive capabilities. Pepperstone has designed this platform primarily for multi-asset trading, including forex, indices, commodities, metals, and share CFDs on companies from the US, UK, Germany, and Australia, with more than 1,200 instruments. MT5's wide range of assets, along with advanced charting and analytical tools, makes it Pepperstone's preferred platform for traders seeking access to more markets and comprehensive analysis in a single terminal.
Pepperstone MT5 spreads and commission
Pepperstone forex pricing on MT5 is tied to the account, not the platform. On the Razor account, spreads start at 0.0 pips on major currency pairs, with a $3.50 commission per side per standard lot, charged in the account's base currency and prorated for smaller trade sizes.
On the Standard account, no commission applies to forex. Instead, the cost appears as a spread markup of about 1 pip on majors. The two MetaTrader platforms are priced the same here, so a trader moving from MT4 to MT5 pays the same to trade a currency pair.
Share CFDs are where Pepperstone's cost model diverges sharply from its forex pricing, and this often catches people off guard. Equities carry no spread markup. Instead, Pepperstone charges a commission of 0.07% to 0.20% per side, depending on the exchange, with US shares and ETFs priced at a flat $0.02 per share per side.
A per-trade minimum also applies, typically around £14, €14, A$10, or HKD 90 per round trade. As a result, a small share position pays the minimum rather than the percentage. A £500 share CFD trade at 0.10% would cost 50p per side. However, the minimum fee often applies, making small equity trades relatively expensive. Anyone trading shares in modest size should keep the minimum fee in mind when sizing positions. The complete cost picture across all Pepperstone platforms is available in our Pepperstone fee breakdown.
Share CFDs on Pepperstone MT5
Share CFDs are central to MT5's appeal at Pepperstone, and the broker structures its equity offering around the platform. It offers CFDs on companies listed in the US, UK, Germany, and Australia, with the US selection running to several hundred names and covering the large-cap stocks most traders seek. Pricing comes directly from the underlying exchange with no spread markup, and the cost appears as a commission instead.
Pepperstone offers 24-hour trading five days a week on a selection of US share CFDs, allowing positions to be opened and managed outside standard NYSE and Nasdaq hours, which matters for anyone trading around earnings releases. Since these are CFDs rather than shares, you can go short as easily as long, and you never own the underlying stock, so dividend adjustments are credited or debited to your account instead.
The downside is that Pepperstone's equity selection is narrower than a dedicated multi-asset broker’s, so investors seeking a broad global equity universe may find it limited. However, for a forex trader adding occasional equity exposure, it is more than adequate.
How to download and set up Pepperstone MT5
Setting up Pepperstone MT5 takes a few minutes, and the steps are the same for live and demo accounts. Two steps come before any download.
- Open an account and choose MT5: Register with Pepperstone and select MetaTrader 5 as your platform during signup. All account types support MT5, including Standard, Razor, and, where available, spread betting.
- Collect your MT5 credentials: Pepperstone provides a separate MT5 account number, password, and server name. You can find these credentials under “Trading Accounts” in the Secure Client Area, and Pepperstone also emails them to you. They are not the same as the login you use for the client area, and keeping them separate avoids most first-day frustration.
From there, the download depends on your device.
Pepperstone MT5 download for PC (Windows)
To download Pepperstone MT5 for PC, follow these three steps.
- Log in to the Pepperstone Secure Client Area and open the "Platforms" page.
- Download the MetaTrader 5 installer for Windows, then run it.
- Launch the terminal. It arrives with Pepperstone's servers preconfigured and ready for the login described in the login section.
The MT5 desktop platform is the full-featured version and the right choice for anyone running expert advisors or doing serious charting.
How to Download the Pepperstone MT5 app for mobile
You install the MetaTrader 5 app from the app stores rather than directly from Pepperstone.
- Install the MetaTrader 5 app from the App Store (iOS) or Google Play (Android).
- Search for "Pepperstone" in the app's broker list, then select the server listed in your welcome email.
- Log in using your MT5 account number and password.
The app provides live quotes, full charting, and order management, and it is a practical way to monitor positions away from the desk, though expert advisors run only on the desktop and VPS versions.
Pepperstone MT5 WebTrader
The browser-based WebTrader requires no download. It runs MT5 in any modern browser, uses the same MT5 account number, password, and server, and suits traders on shared or locked-down machines where installing software is not an option. It supports charting and trading comfortably, with the same limitations as the mobile version, because automation runs only on desktop.
How to log in to Pepperstone MT5
The Pepperstone MT5 login requires three pieces of information, and all three must match for you to log in successfully.
- Enter your MT5 account number and MT5 password, which are separate from your client-area email login credentials.
- Select the exact server listed for your account in the Secure Client Area. Live and demo accounts run on separate servers, so the wrong server will reject a perfectly valid password.
- Confirm the connection status in the bottom-right corner of the terminal. A live data feed means you are in.
If the login fails, manually enter the server name rather than selecting it from the list, because an incorrect server name produces the same "authorization failed" message as an invalid password. Another common mistake among new users is using the investor password, which allows only read-only access. If you can log in but can't place a trade, this is likely the reason.
EAs and automation on Pepperstone MT5
MT5 automated trading uses MQL5, and Pepperstone imposes no restrictions. Expert advisors, scalping, and hedging are permitted. You can install custom indicators and robots by dropping the files into the platform’s data folder, then restarting the terminal.
The key caveat for anyone coming from MT4 is that MQL4 code doesn’t run on MT5. You can’t transfer an existing library of MT4 expert advisors; you must rewrite it. However, MT5 offers a better development environment. Its strategy tester is multi-threaded and can backtest multiple currencies simultaneously, making it far faster than MT4's. This speed is crucial when optimizing a strategy over years of tick data.
Pepperstone layers its Smart Trader Tools suite on top, adding 28 apps and indicators, including Trade Terminal, Correlation Matrix, and Session Map. It also offers a free VPS so strategies continue running when the desktop is off. The VPS is free for traders with at least $1,000,000 in trading volume over 60 days, and Pro status is required under the Bahamas entity. MT5 also includes a built-in subscription marketplace for third-party signals and tools, accessible through the platform’s left-hand menu.
Based on our assessment, a trader building automation from scratch should start with MT5 because its tooling is superior and its programming language has a future.
Pepperstone MT5 demo account
Pepperstone offers a free MT5 demo account in both Standard and Razor configurations, allowing you to practice on MT5 with live-grade pricing. The only limitation is that the demo account expires. An MT5 demo account expires 60 days after creation, regardless of how actively you use it. Once expired, you can’t reactivate it, so you must create a new demo account in the Secure Client Area.
Traders with a funded live account can request a non-expiring demo that stays active as long as you use it at least once every 90 days. Without a live account, day 60 is a firm deadline. Data from an expired demo cannot be recovered, so any backtest history worth keeping should be exported before then. The demo expiration rules for all five Pepperstone platforms are outlined in our Pepperstone demo account guide.
Pepperstone MT5 vs MT4
At Pepperstone, MT4 and MT5 cost the same for forex trading, so the decision rests entirely on your needs. MT5 is the more capable platform across every technical measure. It offers 21 timeframes (compared with MT4’s 9), adds stop-limit orders to the stop and limit types MT4 supports, includes a built-in economic calendar and depth-of-market display, and runs a multi-threaded strategy tester that backtests much faster. It is also the platform Pepperstone builds its share CFD range around, so a trader seeking equity exposure alongside forex will find MT5 the more natural home.
The main reason to stay on MT4 is that it still matters to traders who rely on it. Because MT4’s MQL4 code isn't compatible with MT5, traders must rewrite any existing library of MT4 expert advisors and custom indicators in MQL5 to transition. For a trader with years of automated trading experience, that cost outweighs every advantage listed above. For all other users, especially newcomers or those seeking equity exposure, MT5 is the better platform and the one we would choose. Our full Pepperstone MT4 breakdown covers the alternative.
Bottom Line
Pepperstone's MT5 is the stronger of the two MetaTraders, offering currency-pair pricing identical to MT4's, a clearly superior development environment, and the platform Pepperstone builds its share CFD range around. The costs warrant a closer look than the headline suggests, as equity commissions include per-trade minimums that can make small share trades costly. Choose MT5 if you seek broader market access, improved analysis, or a modern language for future automation. Stick with MT4 only if your expert advisors are already coded in MQL4 and rewriting them isn't worth the trouble.