While it is true that Pepperstone accounts might share some similarities, they have some differences as well. So let’s take a look. 

We will now take a look at some of the most important trading features such as spreads, leverage, commission fees, and trading instruments.

The Pepperstone Razor account is the account to use if you want the narrowest spreads imaginable. With changeable spreads starting from as low as 0.0 pips and going up to 0.3 pips on popular currency pairings such as EUR/USD, Pepperstone can match or even surpass the pricing given by real ECN brokers.

How can they provide such tight spreads? Instead of expanding spreads to compensate for costs, Pepperstone charges Razor account users a fixed, modest fee per lot traded. The brokerage works on a genuine 'no dealing desk' basis, which means there are no markups for traders. 

The simplicity of the Pepperstone Standard account pricing scheme may be worth the larger variable spread with 0.6 pips for major currency spreads, as opposed to the Razor account's 0.0 pip minimum, for those new to trading. 

Because the Standard account incorporates the broker's commission fees in calculating the spread, traders who choose this account type may immediately and easily assess the cost of a trade. Razor account traders, on the other hand, will need to compute the cost of a transaction using both a set commission rate and the spread. The Razor account may be a better option for you if you trade regularly and in large volumes. 

All Pepperstone trading accounts provide the same leverage, however, the exact ratio varies based on regulatory limitations in each location. Pepperstone’s leverage for FX traders typically follows the limit authorized by local regulators:

• Australia (ASIC): main pairs: 30:1; minor pairs: 20:1.
• Cyprus (CySEC): main pairs: 30:1; minor pairs: 20:1.
• Germany and Austria (BaFIN): major pairs: 30:1; minor pairs: 20:1.
• 30:1 for major pairings; 20:1 for lesser pairs in the United Kingdom (FCA).
• 30:1 for major pairings; 20:1 for lesser pairs in the United Arab Emirates (DFSA).
• For major pairings, Kenya (CMA) has a 400:1 ratio.
• For major pairings, the Bahamas (SCB) has a 500:1 ratio.

Commission fees are one of the biggest differences between the Pepperstone Standard account and the Razor account. Despite both accounts having a $0 Pepperstone minimum deposit, commission fees are different

For the Pepperstone Standard account, the commission (round-turn per 100k traded) is 0$. This is really attractive for beginner traders, so they won't have to pay additional charges while making their first trades. On the other hand, the Pepperstone Razor account has commission fees of 7$ (round-turn per 100k traded). But commission fees might change when changing trading platforms. For example, when trading on cTrader or TradingView, the commission goes down to 6$.

These two types of accounts share the same trading instruments. The list includes Forex, CFDs on indices and shares, commodities, and currency index CFDs.

You may trade Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Litecoin, and Polkadot, among other cryptocurrencies. When it comes to commodities, the fact that users can have gold holdings against several currencies (USD, EUR, AUD, GBP, CHF) is a really good thing. You can trade 600+ US equities as share CFDs at Pepperstone, including large-cap businesses such as Boeing, Facebook, Apple, ExxonMobil, and Alibaba.

When it comes to choosing the perfect account type for you, you should think of your needs and experience. 

The Pepperstone Standard account is really suitable for new traders, because of the leverage levels and no commissions charged by the broker. But if you are an experienced trader who wants to trade higher volumes, the Pepperstone Razor account will be a better fit. When trading high volume, tight spreads are essential. Additionally, the Pepperstone Razor account is available with cTrader, which might make a difference for Pro traders.