Regulated by ASIC · CySEC · FSA · Min. deposit $100
Regulated by ASIC · FCA · BaFIN · Min. deposit $0
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. 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.
Category wins: IC Markets 2 · Pepperstone 3
| Feature | IC Markets | Pepperstone |
|---|---|---|
Scores | ||
| Overall Rating | 4.4 | 4.6 |
| Safety & Regulation | ||
| Feature | IC Markets | Pepperstone |
|---|---|---|
Company | ||
| Headquarters | Level 4, 50 Carrington Street, Sydney, NSW 2000. | Level 16, Tower One, 727 Collins Street
Melbourne, VIC, Australia 3008 |
| Broker Type | ECN | STP, ECN, DMA |
| Regulation | ||
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
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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your money.
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.
4.7 |
| Fees & Costs | 4.5 | 4.8 |
|---|
| Platforms & Execution | 4.3 | 4.5 |
|---|
| Education | 4.0 | 3.9 |
|---|
ASIC · FCA · BaFIN · CySEC · DFSA · CMA · SCB Best value for Regulation |
| Segregated Client Funds | Yes | Yes |
|---|
| Negative Balance Protection | Yes | Yes |
|---|
| 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 |
|---|
Account Types | ||
| Demo Account | Yes | Yes |
|---|---|---|
| Swap-Free Account | Yes | Yes |
| Joint Account | Yes | Yes |
| Managed Account | Yes | Yes |
| PAMM / MAM Trading | Yes | Yes |
| Social / Copy Trading | Yes | Yes |
Account Conditions | ||
| Minimum Deposit | $100 | $0 Best value for Minimum Deposit |
|---|---|---|
| Maximum Leverage | 1:1000 | 1:1000 |
| 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, POLI, BPAY, Pix, Spei, Zotapay |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF, Cryptocurrency Best value for Account Currencies | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD |
| Bonuses | No | No |
| Contests | No | No |
Trading Conditions | ||
| Markets & Products | Forex, CFDs | Forex, CFDs |
|---|---|---|
| Minimum Lot Size | 0.01 | 0.01 |
| Maximum Lot Size | 200 | 100 |
| Decimal Pricing | 5 decimals | 5 decimals |
| Hedging | Yes | Yes |
| Scalping | Yes | Yes |
Fees | ||
| Spread Type | Variable | Variable |
|---|---|---|
| Spreads From | 0.1 pips (Standard Account),
0.0 pips (Raw Accounts) | 0.0 pips |
| Commission | Standard Account - $0,
Raw Spread Account - $7 (per standard lot),
Raw Spread Account (cTrader) - $3 (per standard lot),
Raw Pro Account - $3 (per standard lot)
Raw Pro+ - $2 (per standard lot) | $7 ($3.50 per side) per standard lot |
Platforms & Tools | ||
| Trading Platforms | Web, Mobile, MT4, MT5 | Web, Mobile, TradingView, MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader Best value for Trading Platforms |
|---|---|---|
| API Access | Yes | Yes |
| VPS Hosting | Yes | Yes |
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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.