PepperstoneOften asked this question. Part of the difficulty in answering this question is that,ECNandSTPIt is a marketing term extracted from the listed market system, and different providers in the industry have given it different meanings.

TrueECNorSTPA broker is a broker who introduces a broker or uses someone else's system to operate under a white label scheme.

We are the issuer of the products we provide, and we have control over the systems we use because we tend to have customers establish direct relationships with us.

Nevertheless, we can also be considered as“ECN”Brokerage, as we do not operate any proprietary trading accounts. By contrast, we obtain pricing from external liquidity providers (pricing is not provided by us or anyone related to us) through electronic communication networks, and this pricing is passed on to you and our other customers without the intervention of trading desks.

Hedging each transaction increases the likelihood of problems occurring in the second branch of the transaction, thereby also affecting the first branch. Therefore, we will not hedge every position with external liquidity providers, as we hope to provide you with better products by bringing you price certainty and speed. Please rest assured that we attach great importance to risk management practices and closely monitor our risks to ensure that we do not suffer from excessive risks.

We believe that "market makers" refer to people who operate trading desks and create their own prices, which may be based on their proprietary trading positions or risk exposures. We currently do not operate in this way, so although we areAFSWe have a market making authorization on the license (like all other licensed product issuers in Australia), but we do not consider ourselves a market maker.

For more information about this, please contactsupport@pepperstone.com。

PepperstoneProvide two types of accounts to meet the needs of traders

Razor account

OurRazorThe account includes the original spread, which means we will directly pass on the spread received from the liquidity provider to our customers.

And MetaTrader Different, when you are cTrader When trading, the commission rate is determined by the currency of your transaction rather than the deposit currency of your account.cTrader RazorThe commission rate for your account is seven units of the first quoted currency in the currency you trade - For example,NZDCADFirst hand transactions will require payment7Commission in New Zealand dollars.

Standard Account

Our standard account is commission free, including our original spread+ 1Point increase (e.g0Dot difference addition1spot= 1spot [Buy and sell prices in each direction0.5Point).