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

Written by Bruce Hartley
Broker Analyst
Last reviewed
IC Markets logo

IC Markets

4.2/5

Regulated by ASIC · CySEC · FSA Seychelles +2 more · Min. deposit $0

73% of retail FX and CFD accounts lose money.

Pepperstone logo

Pepperstone

4.5/5

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

IC Markets vs Pepperstone comparison
FeatureIC MarketsPepperstone
Scores
Overall Rating
4.2
4.5
Best value for Overall Rating
Safety & Regulation
3.6
4.4
Best value for Safety & Regulation
Fees & Costs
4.2
4.6
Best value for Fees & Costs
Markets & Products
3.9
4.2
Best value for Markets & Products
Platforms & Execution
4.8
4.9
Best value for Platforms & Execution
Deposit & Withdrawal
5.0
Best value for Deposit & Withdrawal
4.7
Trading Tools
4.6
4.7
Best value for Trading Tools
Education
3.8
3.8
Customer Service
4.5
4.8
Best value for Customer Service
Account Opening
4.4
4.8
Best value for Account Opening

IC Markets vs Pepperstone: full comparison

IC Markets vs Pepperstone comparison
FeatureIC MarketsPepperstone
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

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.

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