IC Markets vs Pepperstone (2026): Which Broker Is Better?

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. 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.