IC Markets vs Pepperstone (2026): Which Broker Is Better?
IC Markets
Regulated by ASIC · CySEC · FSA Seychelles +2 more · Min. deposit $0
73% of retail FX and CFD accounts lose money.
Pepperstone
Regulated by ASIC · FCA · BaFin +5 more · Min. deposit $0
72.9% of retail FX and CFD accounts lose money.
Our verdict
IC Markets wins on pure trading costs and market breadth, with raw spreads roughly half those of Pepperstone across the majors and a broader CFD offering. Pepperstone wins on regulatory coverage and accessibility, with four top-tier licenses, no minimum deposit, and lower commissions on EUR and AUD accounts.
IC Markets and Pepperstone are the two benchmark names in low-cost, ECN-style forex trading, and this is the closest matchup we cover. Both were founded in Australia within three years of each other, offer raw spreads alongside a commission-free standard account, support MT4, MT5, cTrader and TradingView, and execute from Equinix data centres in tens of milliseconds. Neither accepts US residents. Choosing between them is a matter of margins and priorities, not quality.
IC Markets' case rests on pricing and breadth. Its published raw-spread averages are less than half of Pepperstone's across the major pairs, including 0.01-0.02 pips on EUR/USD against 0.10, and 0.04 on GBP/USD against 0.20. On a USD account, the MetaTrader commission is identical at both brokers, $3.50 per side, so those tighter spreads flow straight through to a lower all-in cost (average spread plus round-turn commission on a standard lot). A $6 round-turn cTrader rate, plus tiered volume rebates, further pushes the advantage for heavy traders. The product shelf is also larger, with more than 2,200 instruments, including over 2,100 share CFDs and the bond and futures CFDs that Pepperstone does not list.
Pepperstone's case rests on oversight, access, and flexibility. It operates seven regulated entities, four under top-tier regulators (FCA, ASIC, CySEC, and BaFin), as well as DFSA, CMA Kenya, and SCB Bahamas. IC Markets, by contrast, operates mainly under ASIC and CySEC, with offshore entities and no UK authorisation. IC Markets does not require a minimum deposit of $200 and does not charge inactivity fees across any of its entities. However, its EU entity implemented a $10 monthly fee in 2026, effective after six months of inactivity. In the same year, IC Markets' commission changes resulted in Pepperstone securing lower per-lot rates on EUR, AUD, GBP, and CAD base accounts. Pepperstone offers a wider selection of currency pairs than IC Markets, with about 90 compared with 60, and features a more extensive list of crypto CFDs. It also launched a proprietary platform alongside its existing four-platform lineup.
Regarding cost, the summary is conditional. Traders with USD accounts will generally find IC Markets cheaper overall for most major pairs. However, on Euro and Australian dollar accounts, the commission difference diminishes or even favors other options. IC Markets' narrower spreads can still offset its higher commission on the most actively traded pairs. High-volume traders should evaluate both brokers based on their specific pair combinations and base currencies. Both offer rebate schemes for large trades: IC Markets through its volume tiers and Pepperstone through its Active Trader program.
Our view is that cost-focused traders, scalpers, and high-volume or EA-driven accounts denominated in USD find IC Markets the most suitable platform. It is also ideal for anyone seeking the broadest selection of CFDs through a single login. Traders who prioritize top-tier regulation, zero-deposit entry, a wider range of forex pairs, or additional platform options will find Pepperstone better suited to their needs. Pepperstone's comprehensive package has earned our Best ECN Broker award across the site. IC Markets offers highly competitive pricing, outperforming others in that regard. Neither option is wrong; the difference lies in what matters most to you.
Scores compared
Category wins: IC Markets 1 · Pepperstone 8 · Tied 1 · across 10 categories scored for both
| Feature | IC Markets | Pepperstone |
|---|---|---|
Scores | ||
| Overall Rating | 4.2 | 4.5 |
| Safety & Regulation | 3.6 | 4.4 |
| Fees & Costs | 4.2 | 4.6 |
| Markets & Products | 3.9 | 4.2 |
| Platforms & Execution | 4.8 | 4.9 |
| Deposit & Withdrawal | 5.0 | 4.7 |
| Trading Tools | 4.6 | 4.7 |
| Education | 3.8 | 3.8 |
| Customer Service | 4.5 | 4.8 |
| Account Opening | 4.4 | 4.8 |
IC Markets vs Pepperstone: full comparison
| Feature | IC Markets | Pepperstone |
|---|---|---|
Company | ||
| Established | 2007 | 2010 |
| Headquarters | Level 4, 50 Carrington Street, Sydney, NSW 2000. | Level 16, Tower One, 727 Collins Street
Melbourne, VIC, Australia 3008 |
| Broker Type | ECN / No Dealing Desk, CFD and forex broker | STP, ECN, DMA |
| Regulation | ASICCySECFSA SeychellesSCBCMA Kenya | ASICFCABaFinCySECDFSACMA UAECMA KenyaSCB Best value for Regulation |
| Segregated Client Funds | Yes | Yes |
| Negative Balance Protection | Varies | Varies |
| Banking License | No | No |
| Publicly Traded | No | No |
| Languages | English, Spanish, French, German, Portuguese, Japanese, Italian, Greek, Mandarin, Chinese, Indonesian, Thai, Arabic, Vietnamese, Bahasa Indonesia | Arabic, Chinese, English, French, German, Hindi, Italian, Indonesian, Korean, Russian, Mandarin, Polish, Portuguese, Spanish, Thai, Urdu Best value for Languages |
| Customer Support | Email, Telephone, Live Chat | Email, Phone, Live Chat, WhatsApp |
| Customer Support Hours | 24/7 live chat, phone and email (Global and Kenya entities); 7-day support (EU entity) | 24 hours on weekdays, 18 hours at weekends; live chat, phone, email and WhatsApp |
Account Types | ||
| Demo Account | Yes | Yes |
| Swap-Free Account | Varies | Varies |
| Joint Account | No | Yes |
| Corporate Account | Yes | Yes |
| Managed Account | Yes | Yes |
| PAMM / MAM Trading | Yes | Yes |
| Social / Copy Trading | Yes | Yes |
Account Conditions | ||
| Minimum Deposit | $0 | $0 |
| Maximum Leverage | 1:30 (ASIC and CySEC retail); up to 1:5000 (FSA Seychelles, MetaTrader, FX majors/minors, first 25 lots; tiers down to 1:500 above 100 lots; 1:500 cap during Higher Margin Requirement periods); 1:1000 (cTrader and TradingView) | 1:30 (FCA, ASIC, CySEC, BaFin, DFSA retail), 1:200 (SCB Bahamas entity), 1:400 (CMA Kenya entity) |
| Payment Methods | Bank Transfer, Credit/ Debit Card, Paypal, Neteller, Skrill, UnionPay, Bpay, Broker to Broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Vietnamese Internet Banking, Cryptocurrency Best value for Payment Methods | Bank Transfer, Credit/ Debit Card, Cryptocurrency, Apple Pay, Google Pay, PayPal, Skrill, Neteller, BPAY, PayID, UnionPay, AliPay |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD |
| Bonuses | No | No |
| Contests | No | No |
Trading Conditions | ||
| Markets & Products | Forex, CFDs | Forex, CFDs |
| Currency Pairs | 61 Currency pairs, including major, minor, and exotic pairs. | 90+ FX pairs |
| Minimum Lot Size | 0.01 | 0.01 |
| Maximum Lot Size | 200 | 100 |
| Decimal Pricing | 5 decimals | 5 decimals |
| Order Types | Market, limit, stop, trailing stop, plus platform-specific types. | Market, limit and stop loss orders. Day orders cancel at 22:00 GMT; good till cancelled orders stand until cancelled or accepted. Limit and stop loss orders are not guaranteed to fill at the level set. |
| Execution Type | ECN / No Dealing Desk | ECN / STP, no dealing desk |
| Margin Call Level | 100% | 90% (MT4/MT5); 80% default on cTrader and TradingView (customisable: 150%, 100%, 80%) |
| Stop Out Level | 50% | 50% (retail, all entities); 20% (Pepperstone Pro)differs by entity or account type |
| Hedging | Yes | Yes |
| Scalping | Yes | Yes |
Fees | ||
| Spread Type | Variable | Variable |
| Spreads From | 0.0 pips (Raw accounts, 0.1 average on EUR/USD),
0.8 pips (Standard account, raw spread plus 0.8 pip markup) | 0.0 pips (Razor Account, 0.1 average on EUR/USD),
1.0 pips (Standard Account, 1.1 average on EUR/USD) |
| Commission | Standard - $0 (cost is a 0.8 pip markup on the raw spread),
Raw Spread MT4/MT5 - $7.00 round turn ($3.50 per side, per lot; EUR 6.50 / GBP 5.50 round turn on those base currencies),
Raw Spread cTrader/TradingView - $3.00 per side per USD 100,000 traded, not per lot (about $7.83 round turn on 1 lot EUR/USD at 1.30),
Raw Pro - $3.00 round turn ($1.50 per side), $5,000 minimum deposit, early access,
Raw Pro+ - $2.00 round turn ($1.00 per side), $100,000 minimum deposit, early access | Standard - $0 (1 pip markup on margin FX),
Razor MT4/MT5 - $7.00 round turn ($3.50 per side per standard lot; AUD 7.00 or GBP 4.50 on those base currencies),
Razor cTrader - $6.00 round turn ($3.00 per side per 100,000 base units, fixed),
Razor TradingView - $7.00 round turn (fixed per 100,000 base units),
Razor Pepperstone platform - $7.00 round turn ($3.50 per side per standard lot),
Share and ETF CFDs - 0.07% to 0.20% per side (both account types) |
| Overnight / Swap Fees | Yes | Yes |
| Deposit Fee | No | No |
| Withdrawal Fee | Yes | Varies |
| Currency Conversion Fee | Yes | Yes |
| Account Maintenance Fee | No | No |
| Inactivity Fee | Yes | No Best value for Inactivity Fee |
| Custody Fee | No | No |
Platforms & Tools | ||
| Trading Platforms | IC Mobile App, WebTrader, TradingView, MT4, MT5, cTrader | Web, Mobile, TradingView, MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader |
| Mobile App | Yes | Yes |
| API Access | Varies | Yes Best value for API Access |
| VPS Hosting | Varies | Varies |
| Automated Trading | Yes | Yes |
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Pros and cons
IC Markets
Pros
- Very low FX spreads on majors
- Tier-1 regulation (ASIC, CySEC)
- Strong platform lineup (MT4, MT5, cTrader, TradingView)
- 2,100+ share CFDs on MT5
Cons
- Most non-EU and non-Australian clients are onboarded through Seychelles or Bahamas entities
- Overnight financing can be pricey
Pepperstone
Pros
- Four Tier 1 licenses: ASIC, FCA, CySEC and BaFin
- Fast, fully online account opening
- $10 minimum deposit on most methods
- Free deposits and fast withdrawals
- Ten account base currencies
- Five platforms including MT4, MT5, cTrader and TradingView
- Low Razor costs from $7 per lot all-in on EUR/USD
- No inactivity fee
- Fast execution with no dealer intervention
- Supports scalping, hedging and automated trading
- Strong algorithmic tools and API access
- Built-in copy trading
- Support 24 hours on weekdays and 18 hours at weekends
Cons
- Product range limited to CFDs
- Limited research depth
- TradingView only available on the Razor account
- Demo accounts expire
Which is better for…
Safety and regulation
Pepperstone
Both brokers keep client funds separate and offer negative balance protection to retail clients. However, Pepperstone holds seven licenses, including four from top-tier regulators (FCA, ASIC, CySEC, and BaFin). In contrast, IC Markets holds licenses from ASIC, CySEC, and FSA.
Range of markets
IC Markets
Pepperstone offers more than 2,200 instruments but does not offer bond or futures CFDs. It also offers a broader range of currency pairs, about 90 compared with IC Markets’ 60, and a more extensive selection of crypto CFDs.
Raw spreads
IC Markets
In mid-2026, published raw spread averages show that IC Markets' rates are less than half of Pepperstone's for major pairs, with spreads of 0.01 to 0.02 pips on EUR/USD compared with Pepperstone’s 0.10 pips. For comparable USD accounts, IC Markets is the more cost-effective broker.
Commissions on EUR and AUD accounts
Pepperstone
In 2026, IC Markets raised MetaTrader commissions for several base currencies. As a result, Pepperstone now offers lower per-lot costs for EUR, AUD, GBP, and CAD accounts.
Beginners
Pepperstone
Pepperstone requires no minimum deposit of $200, does not charge inactivity fees across all entities, and provides an easy-to-use proprietary app along with professional platforms, enhancing accessibility.
Scalping and high-volume trading
IC Markets
IC Markets offers tighter raw spreads, average execution around 35ms, and no requotes, a $6 round-turn rate on cTrader, and tiered volume rebates, giving it a cost advantage where expenses rise most quickly. Pepperstone is similarly flexible but slightly more expensive per trade for USD accounts.
Platform choice
It depends
Both platforms support MT4, MT5, cTrader, and TradingView, and Pepperstone also offers a proprietary platform. We rank Pepperstone highest for MT4 and MT5, while IC Markets leads on cTrader. Your choice depends on your preferred platform.
Frequently asked questions
For USD accounts, the answer is usually yes. Raw spreads are typically much tighter at IC Markets, and because the MetaTrader commission is fixed at $7 per round trip, overall costs are more favorable there. On accounts denominated in EUR, AUD, GBP, and CAD, Pepperstone's lower 2026 commission rates can reduce or even eliminate the cost advantage, depending on the trading pairs.
Both segregate client funds and offer retail negative balance protection. Pepperstone has a broader top-tier footprint, with FCA, ASIC, CySEC, and BaFin licenses, as well as DFSA, CMA, and SCB entities. IC Markets is regulated by ASIC and CySEC, with offshore entities including the Seychelles FSA.
Yes. Both IC Markets and Pepperstone connect live accounts to TradingView, MT4, MT5, and cTrader. Pepperstone also operates its own proprietary platform, which IC Markets does not offer.
IC Markets is chosen primarily for cost reasons. Both brokers offer similar execution quality, with Equinix-hosted servers and average quote speeds in the tens of milliseconds. However, IC Markets offers tighter raw spreads and volume rebates, which lower trading costs at scale for USD accounts.
Pepperstone. There is no minimum deposit or inactivity fee, and its proprietary app offers a more accessible entry point. IC Markets requires a $200 deposit to open an account, and its EU entity now charges $10 per month after six months of inactivity.
No. Both are forex and CFD specialists. IC Markets has the larger share CFD list, but neither broker provides underlying share ownership.
Related comparisons
CFDs are complex instruments that carry a high risk of rapid losses due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford the risk of losing your money.