About the broker
Pepperstone is a relatively well established forex broker that is based out of Australia. The brokerage is regulated by ASIC, renowned for its strict scrutiny and policy when it comes to issuing forex trading licenses. Pepperstone, in this aspect offers a credible forex brokerage both in terms of client security as well as offering good trading conditions.
In terms of trading choices, there are a lot of instruments to choose from, ranging from the regular majors and minors as well as a great choice of exotic currencies, from European exotics such as NOK, SEK, DKK to name a few to other exotic currencies such as MXN, ZAR, RUB besides a collection of indices and metals and some futures contracts.
Ideal Account Type: Pepperstone RAZOR
The Pepperstone RAZOR account is determined to offer the most ideal trading conditions for renko traders. The Raw spread ECN forex trading account can be funded for as little as $200 with a leverage of up to 1:400.
In terms of spreads, the Pepperstone RAZOR account offers one of the tighest and competitive spreads while commissions are priced in at $3.5 Australian per 100k traded.
The below summarizes the Pepperstone RAZOR account trading conditions best suited for renko traders.
|Min. Deposit||Spread||Platforms||Leverage||Min. Trade Size|
|$200||Variable (From 0.1 Pips)||MT4||Up to 1:400||0.01|
Spreads: The Pepperstone RAZOR account offers a fairly competitive spread ranging from 0.1 to 0.8 pips on majors. The spread thin out especially once the European session kicks in and the tight spread conditions last through the US trading session. The spreads tend to widen during the off peak hours such as early Asian trading session, but even then the spreads are very reasonable. During news releases, although the spreads do widen to a certain extent, we find it to be reasonable when compared to other brokers that we have seen.
Execution: When trading with the Pepperstone RAZOR account, trades are executed at market price and there are no restrictions to the stop and limit levels, meaning that traders are free to place their pending orders without any restrictions.
Trade Size: The minimum contract size to trade starts from a micro lot of 0.01 and can be scaled accordingly. Traders can select a leverage of up to 1:400 and the Pepperstone RAZOR account can be opened in AUD, USD, JPY, EUR, GBP, CHF, NZD, SGD, HKD for as little as $200 or its equivalent.
Instruments: Pepperstone RAZOR account offers a wide choice of trading instruments. These include:
- Yen Crosses
- Gold/Silver (priced in both USD and EUR)
- Exotic European currencies
- Oil, Platinum and Palladium
- Indices and Futures
Pepperstone RAZOR – Demo Trading
Traders who prefer to test drive the trading conditions and get a feel for the spreads can open a free Pepperstone demo trading account with no limitations. The demo trading account does not expire as long as it is being used regularly and can be used to mirror the near market conditions especially in terms of commissions and spreads. Click here to open your demo account for free!
Renko Trading with Pepperstone
For traders used to trading with Renko charts, you would know the importance of having the correct price history. Pepperstone, in this aspect offers a very good price history for almost all of the trading instruments. The chart below shows the Platinum futures chart, where we made use of a 25 point Renko chart which offers a fairly decent past price history.
Besides the above example, traders can also easily build Renko charts with good past price history on almost all of the instruments available with the exception of a few futures contracts such as the US Dollar Futures where price history is available only for the past few months.
To conclude, after testing out Renko trading with Pepperstone, we find the Pepperstone RAZOR account to be well suited for Renko traders. The tight spreads and no restrictions on placing pending orders makes it an ideal forex broker to trade Renko charts with.