IC Markets vs Pepperstone 2026

TL;DR: Pick IC Markets if you want the widest instrument list of the two and a broker built purely around raw-spread execution. Pick Pepperstone if you want the stronger regulation footprint — including an FCA licence IC Markets doesn’t have — a proper proprietary platform alongside MetaTrader and cTrader, and no minimum deposit. In this IC Markets vs Pepperstone matchup pricing is effectively tied: $7 round turn on MetaTrader and $6 on cTrader at both brokers. The real split is range and execution focus for IC Markets versus licences, platform polish, and onboarding for Pepperstone.

How We Compared IC Markets vs Pepperstone

I compared IC Markets vs Pepperstone on what changes your results: all-in cost (spread plus commission), which regulator you contract with, platforms in practice — especially cTrader versus MT4/MT5 — instrument range, funding, and leverage by entity.

Every price, licence, and account figure was checked against the brokers’ own sites first, and cross-checked against independent sources where their pages differed by entity. That matters here: both brokers run several companies under one brand, and the Australian, European, and offshore versions of the “same” broker do not offer the same leverage, protection, or — in IC Markets’ case — even the same minimum deposit. Where a figure differs by entity, I say so instead of picking the most flattering number. Where I could not pin a figure down — IC Markets’ offshore maximum leverage is the main example — I flag it as unconfirmed.

One honesty note: neither broker provided a funded test account, so spreads are published from/average figures, not a live capture from my terminal. Treat “from 0.0 pips” as a floor seen in liquid hours, not a promise at news time.

At a Glance: IC Markets vs Pepperstone

Feature	IC Markets	Pepperstone
Regulators / entities	ASIC, CySEC, FSA Seychelles, SCB Bahamas, CMA Kenya — no FCA licence	ASIC, FCA, CySEC, BaFin, DFSA, SCB Bahamas, CMA Kenya
Account types	Standard (spread-only), Raw Spread on MT4/MT5, Raw Spread on cTrader/TradingView; swap-free option	Standard (spread-only), Razor (raw + commission); swap-free option; Pro classification for eligible clients
EUR/USD raw spread	From 0.0 pips, published average around 0.1 pips on Raw Spread	From 0.0 pips, published average around 0.1 pips on Razor
Commission per lot	MT4/MT5 Raw: $3.50/side ($7 round turn). cTrader Raw: $3.00 per $100k/side (~$6 round turn)	Razor MT4/MT5, TradingView, own platform: from $3.50/side ($7 round turn). Razor cTrader: $3.00/side ($6 round turn)
Standard account EUR/USD	From 0.8 pips, no commission (ASIC site)	From ~1.0 pips, averages ~1.0–1.1 pips, no commission
Minimum deposit	$200 on ASIC-facing accounts; global entity lists no minimum on some pages — confirm for your entity	No minimum ($0 to open); minimum funding $10 or local equivalent
Platforms	MT4, MT5, cTrader, TradingView (via the cTrader Raw account)	MT4, MT5, cTrader, TradingView (Razor only for CFD accounts), plus Pepperstone’s own web platform and mobile app
Leverage by entity	1:30 retail under ASIC and CySEC; materially higher offshore — published maxima vary, see leverage section	1:30 retail under ASIC, FCA, CySEC and BaFin; 1:200 retail under SCB Bahamas; 1:400 under CMA Kenya; up to 1:500 professional
Instruments	2,250+ on the ASIC entity (forex, indices, commodities, stocks, bonds, crypto CFDs, futures); global entity lists more	1,350+ CFDs (93 forex, 26 indices, 1,162 share CFDs, plus commodities, ETFs and crypto CFDs)
Funding	Cards, bank wire, PayPal, Skrill, Neteller and local methods by entity; no broker deposit fee on most methods	Cards, bank transfer, PayPal, Skrill, Neteller, Apple Pay / Google Pay and local methods by entity; no deposit fee on most methods, no inactivity fee
Founded / HQ	2007, Sydney	2010, Melbourne

IC Markets: Full Review

Our full IC Markets review covers the day-to-day in more depth.

Account Types and Costs

IC Markets sells one idea, executed well: raw pricing. The Standard account is the simple version — no commission, spreads from 0.8 pips on EUR/USD per the Australian site. Fine, and unremarkable; nobody should choose IC Markets for Standard.

The Raw Spread account is the product. On MT4/MT5: spreads from 0.0 pips, published EUR/USD average around 0.1 pips, $3.50 per lot per side — $7 round turn. On cTrader: same raw pricing at $3.00 per $100,000 per side, roughly $6 round turn, and the cTrader account is also your route to TradingView with IC Markets. That $1 gap matters at scale: at 500 lots a month it is $500. All-in on a one-lot EUR/USD trade in liquid hours, expect about $1 of spread plus the commission — as cheap as retail forex gets from a properly regulated group, and why scalpers and EA traders default to this broker.

Regulation and Safety

The group holds ASIC regulation in Australia (AFSL 335692), a CySEC licence in Cyprus (362/18), and offshore licences including the Seychelles FSA (SD018), the Securities Commission of The Bahamas, and Kenya’s CMA. Client money is segregated, and negative balance protection applies under the ASIC and CySEC entities as those regimes require.

Two things to understand before you sign up. First, there is no FCA licence. If you are UK-based and want FSCS protection, Pepperstone can give it to you — IC Markets cannot. Second, most international sign-ups are onboarded to an offshore entity, not to ASIC or CySEC: same pricing and platforms, but not the same compensation scheme or leverage cap. Check which company name is on your client agreement; that, not the logo, is your regulator.

Platforms: Where IC Markets Is Strongest for Algo Traders

MT4, MT5, cTrader, and TradingView — all four, with no proprietary platform. The wiring differs from Pepperstone: TradingView access runs through the cTrader Raw account, and the infrastructure pitch — Equinix-hosted servers, no restrictions on scalping, hedging, or EAs — is aimed squarely at automated and high-frequency traders. If you run EAs, this broker was built for you.

For cTrader specifically, see our guide to the best cTrader brokers — IC Markets’ $6 round turn is the benchmark there.

Instruments and Funding

Range is IC Markets’ second clear win. The ASIC entity lists 2,250+ instruments — 60+ forex pairs plus indices, commodities, bonds, futures, crypto CFDs, and a large stock CFD list on MT5 — and the global entity lists more. Trade beyond majors and gold and you will hit Pepperstone’s ceiling first.

Funding covers cards, bank wire, PayPal, Skrill, Neteller, and regional methods by entity, with no broker-side deposit fee on most methods. Swap-free accounts are available on Standard and Raw, with administration charges on some instruments instead of swaps — check the schedule before assuming swap-free means cost-free.

IC Markets Pros and Cons

Pros: Joint-cheapest cTrader pricing at about $6 round turn; raw EUR/USD averaging around 0.1 pips; 2,250+ instruments; all four major platforms; no scalping, hedging, or EA restrictions; operating since 2007.

Cons: No FCA licence; most global clients land on an offshore entity; minimum deposit inconsistent by entity ($200 ASIC-facing versus no minimum listed globally); no proprietary platform; research and education are an afterthought — an execution broker, not an ideas shop.

Not for you if…

• You are UK-based and want FCA regulation and FSCS cover — Pepperstone has it, IC Markets does not.
• You are in the US or Canada — the global entity’s restricted list excludes both, plus New Zealand.
• You want research, trade ideas, and hand-holding — you get fast execution and very little else.

Pepperstone: Full Review

Our full Pepperstone review covers account opening and platforms in detail; our Pepperstone pros and cons page is the short version.

Account Types and Costs

Pepperstone keeps it to two pricing structures. Standard is spread-only: no commission on forex, EUR/USD from around 1.0 pips, averaging around 1.0–1.1 pips in published comparisons. Razor is the raw account to open: spreads from 0.0 pips, published EUR/USD average around 0.1 pips — identical to IC Markets on paper — plus commission from $3.50 per lot per side on MT4, MT5, TradingView, and Pepperstone’s own platform, dropping to $3.00 per side ($6 round turn) on cTrader, exactly matching IC Markets. Active Trader rebates can trim commissions further at volume; IC Markets handles volume discounts only case by case.

All-in, a one-lot EUR/USD Razor trade in liquid hours costs roughly the same $7–8 as IC Markets Raw on MetaTrader. Anyone telling you one broker is dramatically cheaper on MetaTrader is selling you something. And there is no barrier to trying it: Pepperstone’s own account page states a $0 minimum deposit, with $10 or local equivalent as the minimum funding amount — against IC Markets’ $200 ASIC-facing minimum, Pepperstone is the easier account to open and test with real money.

Regulation and Safety

This is Pepperstone’s strongest card, and it is not close. The group is regulated by ASIC in Australia (AFSL 414530), the FCA in the UK (FRN 684312), CySEC in Cyprus (388/20), BaFin in Germany, the DFSA in Dubai, the CMA in Kenya (licence 128), and the SCB in the Bahamas (SIA-F217) for international clients.

That FCA licence is the differentiator in this IC Markets vs Pepperstone comparison. Eligible UK clients get FSCS protection up to £85,000; CySEC clients get Investor Compensation Fund cover up to €20,000; ASIC clients get segregated funds and 1:30 retail leverage but no compensation scheme, because Australia does not run one. As with IC Markets, your protection depends on your entity — a Bahamas account carries SCB oversight and up to 1:200 retail leverage, not FCA rules.

Platforms: The Proprietary Platform Is the Difference

On third-party platforms it is level: MT4, MT5, cTrader, and TradingView at both brokers, with TradingView restricted to Razor on Pepperstone’s CFD accounts. The split is Pepperstone’s own platform and app — clean, fast, built for discretionary traders who find MetaTrader as dated as it actually is — with no IC Markets equivalent. The trade-off: it does not run EAs, so algo traders still live on MT4, MT5, and cTrader Automate, same as at IC Markets.

Instruments and Funding

Pepperstone lists 1,350+ CFD markets — 93 forex pairs, 26 index CFDs, 1,162 share CFDs, 40 commodity CFDs, 95 ETF CFDs, and 31 crypto CFDs in its published breakdown. That forex count beats IC Markets’, but the total list is roughly 900 shorter, mostly in shares and exotics. For majors, gold, and indices it is plenty; for stock CFD traders it is the smaller menu.

Funding is broad: cards, bank transfer, PayPal, Skrill, Neteller, Apple Pay and Google Pay, and local rails such as PayID in Australia and M-Pesa in Kenya, varying by entity. Pepperstone charges no deposit fee on most methods and no inactivity fee, both confirmed on its own account page. Swap-free accounts are available, with an admin fee after an initial swap-free period — read your entity’s terms.

Pepperstone Pros and Cons

Pros: FCA, ASIC, CySEC, and BaFin regulation in one group; no minimum deposit; Razor pricing matches IC Markets on MetaTrader and cTrader; good proprietary platform and app; formal Active Trader rebates; clear entity disclosure.

Cons: Smaller instrument list than IC Markets; TradingView is Razor-only; DFSA entity serves professional clients, so most UAE retail traders are routed to the Bahamas entity; research is decent but not a reason on its own to choose the broker.

Not for you if…

• You need the deepest stock and exotic list — IC Markets’ 2,250+ beats 1,350+.
• You are in the US — Pepperstone does not onboard US clients.
• You want TradingView with spread-only pricing — at Pepperstone, TradingView means Razor and commission.

Head-to-Head: Spreads, Commissions, and the Real Cost of a Trade

Strip away the marketing and this IC Markets vs Pepperstone contest on cost is a draw with one small exception.

On MetaTrader, both charge $3.50 per lot per side on raw accounts and both publish a EUR/USD raw average around 0.1 pips — an all-in cost of roughly $8 per standard lot in the London–New York overlap, about $1 of spread plus $7 of commission. On cTrader, both drop to $3.00 per side, $6 round turn. Older comparisons still list Pepperstone’s cTrader commission as pricier; on current published rates, it is level. Where IC Markets edges it is only the Standard account, from 0.8 pips versus around 1.0 at Pepperstone. Beyond that, any execution gap is a judgement call — test both on demo, then on a small live account, before committing size.

The Standard accounts are not where either broker shines: at roughly $8–11 of spread cost per EUR/USD lot, both are a convenience product for low-frequency traders. Trade more than a few times a week and the raw account pays for itself. For the wider field, our roundup of the lowest spread forex brokers in 2026 shows how both compare with the rest of the market.

One warning applies to both: “from 0.0 pips” is the best moment of the day, not your average fill. Around CPI, rate decisions, and rollover, spreads widen — sometimes sharply. A strategy that only works at 0.1 pips does not work.

Head-to-Head: Regulation and Leverage by Entity

Both brokers are Australian-founded, ASIC-regulated groups. The similarity ends at the licence list: Pepperstone holds seven licences including FCA and BaFin; IC Markets holds five, anchored by ASIC and CySEC, with no UK licence. Australian traders get the same thing at both — ASIC entity, segregated money, negative balance protection, 1:30 on majors. EU traders get a CySEC entity at 1:30 with €20,000 ICF cover at both. UK traders get a local licence only at Pepperstone.

Leverage is where entity choice stops being paperwork:

• ASIC (both), CySEC (both), FCA and BaFin (Pepperstone): 1:30 maximum on major forex pairs for retail clients, lower on minors, gold, indices, and shares.
• Pepperstone SCB (Bahamas): up to 1:200 retail on major pairs. Pepperstone CMA (Kenya): up to 1:400. Pepperstone professional clients: up to 1:500, confirmed on Pepperstone’s own account page — professional status has eligibility tests and costs you some retail protections.
• IC Markets offshore (FSA Seychelles / SCB Bahamas): materially higher than 1:30, but the published maximum is inconsistent across IC Markets’ regional pages and platforms — figures from 1:500 up to 1:5,000 appear in current listings. Treat any single offshore maximum as unconfirmed until you see it in your own client area, and note the higher ceiling comes with an offshore compensation regime, not ASIC’s or CySEC’s.

My position is boring and firm: 1:30 is enough for any retail strategy that is not designed to blow up. Offshore ceilings are a reason to be careful about which entity you accept, not a benefit to shop for.

Head-to-Head: cTrader vs MT4/MT5 vs TradingView

Since both brokers offer the same four third-party platforms, the platform question is really: which implementation fits how you trade?

cTrader is the best manual execution interface at both brokers — depth of market, detachable charts, cleaner order tickets, and cTrader Automate for C# bots. It is also the cheapest way to trade at both, at $6 round turn. With no existing MetaTrader infrastructure, start here.

MT4/MT5 is the default for a reason: every indicator, EA, and signal service ever written exists for it, and both brokers support it with no strategy restrictions. MT5 is the pick at IC Markets for the stock CFD list. You pay $7 round turn on raw accounts for that ecosystem.

TradingView is the best charting, full stop, and both brokers let you execute from it — Pepperstone on Razor accounts, IC Markets through its cTrader Raw account. Pepperstone’s integration is more straightforward to set up. The tiebreaker overall remains Pepperstone’s own platform and app, which neither MetaTrader nor cTrader matches for phone-first discretionary trading; IC Markets counters with depth — more instruments on the same platforms — rather than software of its own.

How to Choose

Answer four questions honestly and the choice makes itself:

1. Where do you live? UK — Pepperstone, for FCA/FSCS cover; IC Markets has no equivalent. Australia or EU — either local entity is fine. Offshore-only — verify your IC Markets entity and leverage in the client area before funding; Pepperstone’s Bahamas and Kenya licences are more clearly documented.
2. What do you trade? Majors, gold, major indices — pricing is tied, pick on platform and regulation. Wide share CFDs and exotics — IC Markets, on range.
3. How do you trade? EAs/scalping on MetaTrader — dead heat, test execution on both. Manual cTrader — dead heat at $6 round turn; pick on regulation. Phone-first discretionary — Pepperstone, for its app.
4. Starting capital? Under $200 — Pepperstone: no minimum deposit, fund $10 to test live execution. Above that, the question disappears.

Still undecided? Open both demos — free, on every platform at both brokers. A week trading your own strategy on each tells you more about fills and platform feel than any comparison, including this one.

FAQ

Which is cheaper, IC Markets or Pepperstone?
Effectively tied on current published pricing. Both charge $7 round turn per lot on MetaTrader raw accounts and $6 on cTrader, and both publish a EUR/USD raw average around 0.1 pips. IC Markets’ Standard starts slightly tighter (from 0.8 versus around 1.0 pips). High-volume Pepperstone traders can cut commissions via the Active Trader programme.

Is IC Markets or Pepperstone better regulated?
Pepperstone. Both hold ASIC and CySEC licences, but Pepperstone additionally holds FCA (UK) and BaFin (Germany) licences. Your protection still depends on your contracting entity — an offshore account at either broker carries no FCA, ASIC, or CySEC compensation scheme.

Which broker is better for cTrader?
On price, neither — both charge about $6 round turn on cTrader. IC Markets offers the larger instrument list on it; Pepperstone counters with TradingView access and its own platform alongside cTrader. cTrader Automate users are well served at both.

What is the minimum deposit at IC Markets and Pepperstone?
Pepperstone: no minimum — $0 to open, $10 minimum funding amount. IC Markets is entity-dependent: $200 on ASIC-facing accounts, while the global entity currently lists no minimum on some pages. Confirm the figure for your entity before transferring funds.

Can US or Canadian traders use IC Markets or Pepperstone?
No for the US at both brokers. IC Markets’ global entity also excludes Canadian and New Zealand residents. North American traders need a locally regulated broker instead.

Which broker has more instruments?
IC Markets: 2,250+ on its ASIC entity, more globally, versus Pepperstone’s 1,350+ CFDs. Pepperstone lists more forex pairs (93 versus 60+), but IC Markets’ share, bond, and futures range is much deeper.

Final Verdict

For most traders in this IC Markets vs Pepperstone comparison, I would open Pepperstone first. Not because it is cheaper — pricing is tied — but because it matches IC Markets on MetaTrader and cTrader, plus an FCA licence, plus a proprietary platform worth using, plus an account you can fund with $10 to test live fills first.

Open IC Markets instead if your trading lives on raw execution at volume, you want the deepest instrument list, or you run a lot of share CFDs across cTrader and MetaTrader. It remains the execution specialist’s broker — narrower, less polished, very good at the one job it set out to do in 2007.

If I were funding one account today for active EUR/USD and gold trading on cTrader, I would fund Pepperstone Razor for the regulation and keep an IC Markets Raw account as a second venue. With pricing this close, splitting across both is execution diversification, not indecision.

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Risk disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Consider whether you understand how CFDs and margin forex work and whether you can afford that risk. Leverage limits, investor protection, and available features vary by the entity that contracts with you and by your country of residence — always confirm your specific entity’s terms before depositing.

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