Pepperstone refunds the commission on up to 20 trades placed on a Razor account, capped at USD 600 total, after a referred client funds the account with at least USD 1,000.
Researched and rated by the BrokerBonuses editorial team · Last verified 2026-10-01 · How we rate
Risk warning: Trading carries a high risk of losing money, especially with leveraged products such as CFDs. A bonus does not reduce that risk. Only deposit what you can afford to lose.
Value rating breakdown
Availability
Checking availability…All countries except those restricted
The catch
Nothing is withdrawable as a bonus: this is a commission waiver, not a cash balance. Pepperstone refunds the per-trade Razor commission, capped at the LOWER of 20 trades or USD 600 total refunded commission. The USD 600 ceiling is realistically unattainable for the target minimum-deposit (USD 1,000) client: reaching it within the 20-trade cap requires ~USD 30 of commission per trade (~4.3 standard lots, ~430:1 notional exposure per position).
How to claim
- Receive an invitation or be referred by an existing Pepperstone client
- Open a Razor account with Pepperstone (the offer applies to Razor accounts only)
- Enter the referrer's email under the account preferences 'How did you hear of us' section, or sign up through the invitation link
- Fund the account with at least USD 1,000 within 90 days of opening
- Commission-free trades are credited within about 30 days of meeting the deposit requirement; each eligible trade's commission is refunded within roughly 30 minutes of execution
- Use the trades within 30 days of activation, because unused free trades are forfeited after that
Full review
The 20 Commission-Free Trades offer waives Pepperstone's per-trade commission on Razor accounts. Eligible clients get the commission refunded on up to 20 trades, or up to USD 600 in total refunded commission, whichever limit is reached first.
Refunds are applied automatically, usually within about 30 minutes of each trade closing. The terms cover all instruments available on a Razor account. The catch is that this is not free money and nothing here can be withdrawn as a bonus.
It only covers commission, so spreads, swaps and financing, third-party and exchange fees, and taxes are still charged. The entry conditions for referred retail clients come from Pepperstone's separate Retail Refer-a-Friend terms: open a Razor account and deposit at least USD 1,000 within 90 days.
The 20-free-trade terms themselves state no minimum deposit. The free trades then expire 30 days after activation, and any unused trades are forfeited. The USD 600 figure also differs between documents: the 20-free-trade terms state a USD 600 cap accumulated across all free trades, while the older Retail Refer-a-Friend terms (June 2021) describe USD 600 as a per-trade maximum.
The offer is invitation and referral based rather than open to the public, so a client typically needs an invite link or to name a referring client at sign-up. The terms limit it to Pro clients of Pepperstone Group Limited, Pepperstone Limited, Pepperstone GmbH and Pepperstone EU Limited, and to Pro or Retail clients of Pepperstone Markets Limited (Bahamas) and Pepperstone Markets Kenya Limited.
Introducing brokers, partners and their referrals with markups, and Active Trader clients are excluded, as are residents of jurisdictions where the offer would breach local law. The professional-client version separately excludes China, Latin America, and Thailand.
Pros
- +Real value on commission costs, up to USD 600 refunded
- +No promo code needed, credits apply automatically after the deposit condition is met
- +No minimum-lot turnover required to keep the credits
Cons
- −Only commission is covered; spreads, swaps, fees and taxes still apply
- −Free trades expire 30 days after activation
- −Requires a USD 1,000 deposit and a referral or invitation to qualify
- −Conflicting USD 600 cap wording between the 20-free-trade terms (accumulated total) and the Retail Refer-a-Friend terms (per trade)
- −Headline USD 600 is effectively unreachable for the USD 1,000 minimum-deposit client: hitting it within the 20-trade cap needs ~4.3 standard lots per trade (~430:1 notional exposure), so most clients capture only a small fraction
$600 with Pepperstone
Now you know the terms. Claim it on the broker's own site.
Sources & verification
We research every bonus from the broker's official pages and re-check it on a 60-day schedule.
Confirmed against official sources: Account type, Bonus amount, Withdrawal terms, Minimum deposit, Turnover requirement, Hold requirement, Time limit, Eligible countries, Restricted countries.
Broker regulation: Financial Conduct Authority (license 684312), Australian Securities and Investments Commission (license 414530), Cyprus Securities and Exchange Commission (license 388/20), Dubai Financial Services Authority (license F004356), Bundesanstalt für Finanzdienstleistungsaufsicht, Securities Commission of The Bahamas (license SIA-F217), Capital Markets Authority.
- Bonus terms and conditions: pepperstone.com ↗
- Pepperstone official site: pepperstone.com ↗
Last verified 2026-10-01. Next review within 60 days.