IC Markets vs Pepperstone: Which Broker Is Better in 2026?
Pepperstone rates higher overall in our reviews (IC Markets 4.3/5 vs Pepperstone 4.5/5). IC Markets is a Sydney-founded ECN/STP broker renowned for ultra-tight raw spreads and deep liquidity across MT4, MT5, and cTrader. Pepperstone is an ASIC/FCA-regulated Australian broker offering institutional-grade raw spreads, broad platform choice, and deep liquidity for retail forex and CFD traders. Every figure below comes from our full review of each broker; spreads, deposits and leverage vary by entity and country, so confirm the terms for your account before funding.
| IC Markets | Pepperstone | |
|---|---|---|
| FXMARE rating | 4.3/5 | 4.5/5 |
| Regulators | ASIC (Australia), CySEC (Cyprus / EU), FSA (Seychelles), SCB (Bahamas) | ASIC (Australia), FCA (UK), CySEC (Cyprus), BaFin (Germany), DFSA (UAE/DIFC), SCA (UAE), CMA (Kenya), SCB (Bahamas) |
| Founded / HQ | 2007, Sydney, Australia | 2010, Melbourne, Australia |
| Spreads from | 0.0 pips (raw/ECN) | 0.1 pips (raw/ECN) |
| EUR/USD spread | 0.9 pips (standard) · 0.1 pips + commission (raw) | 1.1 pips (standard) · 0.1 pips + commission (raw) |
| Commission | $7 (Raw MT4/MT5); ~$6 (cTrader Raw) | $7 (MT4/MT5 Razor); $6 (cTrader Razor) |
| Minimum deposit | $0 (global/Seychelles entity); $200 suggested for institutional-grade pricing | $10 (indicative; $200 for Islamic account) |
| Maximum leverage | 1:30 (ASIC AU / CySEC EU, major FX); up to 1:500 (FSA Seychelles); up to 1:500 (SCB Bahamas) | 1:30 (ASIC/FCA/CySEC/BaFin retail); up to 1:500 (SCB Bahamas) |
| Platforms | MT4, MT5, cTrader, TradingView | MT4, MT5, cTrader, TradingView, Pepperstone mobile app |
| Swap-free account | Conditional | Conditional |
| Best for | Low-cost raw-spread scalping and algorithmic trading | low-cost raw-spread scalping and active forex trading |
Category by category
- Fees: IC Markets 4.5 vs Pepperstone 4.5 — level
- Platforms: IC Markets 4.5 vs Pepperstone 5.0 — Pepperstone leads
- Support: IC Markets 3.5 vs Pepperstone 4.0 — Pepperstone leads
- Trust: IC Markets 4.5 vs Pepperstone 4.5 — level
IC Markets: pros and cons
- + Institutional-grade ECN/STP execution with some of the lowest raw spreads in the industry (typically around 0.1 pips on raw)
- + Four strong regulated entities including ASIC (Tier-1) and CySEC (Tier-1 EU)
- + Broad platform choice: MT4, MT5, cTrader, and TradingView all offered
- + Very wide instrument range — 2,250+ assets covering stocks, forex, crypto, and more
- + No deposit fee, 14 funding methods, fast processing on most methods
- − ASIC and CySEC retail leverage capped at 1:30 (major FX) — offshore entities required for high leverage, reducing protections
- − Swap-free holding fees can be expensive on exotic or energy pairs (no grace on energy from Day 1)
- − Ongoing Australian class action (filed 2024) alleging misleading conduct in CFD supply to retail clients — reputational risk
- − Proprietary research tools limited — relies on third-party platforms; no in-house social/copy trading network
IC Markets is one of the most credible raw-spread brokers globally, with ASIC and CySEC regulation providing solid tier-1 oversight for Australian and EU clients respectively. Its raw spread accounts consistently rank among the tightest in the industry, making it a top choice for active scalpers and algo traders. The offshore Seychelles and Bahamas entities extend access to higher leverage but at the cost of weaker investor protections, and a pending Australian class action warrants monitoring.
Read the full IC Markets reviewPepperstone: pros and cons
- + Tier-1 regulated across 8 jurisdictions — ASIC, FCA, CySEC, BaFin, DFSA, CMA, SCB, SCA
- + Highly competitive Razor account spreads (avg 0.1 pip EUR/USD) with $7 round-turn commission, among the lowest all-in costs in the industry
- + Exceptionally broad platform choice: MT4, MT5, cTrader, and TradingView all supported
- + 900,000+ clients and AU$947B+ monthly volume signals deep liquidity and fast execution (sub-35ms reported)
- + Very low practical minimum deposit (nominally $10) and no deposit/withdrawal fees
- − No proprietary desktop trading platform; relies on third-party platforms entirely
- − US, Canada, New Zealand, and Japan residents cannot open accounts
- − Islamic swap-free accounts impose a $100/lot admin fee after 5 days — expensive for position traders
- − November 2023 ASIC finding for breaching leverage limits (compensated 1,500+ clients) is a regulatory blemish
Pepperstone is one of the most cost-efficient and well-regulated retail forex brokers globally, with Tier-1 licences spanning Australia, UK, EU, UAE, and beyond. Its Razor account delivers genuinely competitive all-in trading costs (~0.8 pips EUR/USD), and the combination of MT4, MT5, cTrader, and TradingView makes it rare among brokers for platform breadth. The 2023 ASIC leverage breach and a 2014 insider trading scandal involving employees are notable negatives, but neither undermined the broker's core operation. It is best suited to experienced traders who prioritise low cost and platform flexibility over a proprietary ecosystem or high leverage.
Read the full Pepperstone reviewFrequently asked questions
Is IC Markets or Pepperstone better?
On FXMARE's overall rating Pepperstone scores higher (IC Markets 4.3/5, Pepperstone 4.5/5). The better choice still depends on what you trade: IC Markets is best for low-cost raw-spread scalping and algorithmic trading, while Pepperstone is best for low-cost raw-spread scalping and active forex trading.
Which is cheaper, IC Markets or Pepperstone?
IC Markets's spreads start from 0.0 pips (raw/ECN) with commission of $7 (Raw MT4/MT5); ~$6 (cTrader Raw); Pepperstone's start from 0.1 pips (raw/ECN) with commission of $7 (MT4/MT5 Razor); $6 (cTrader Razor). On EUR/USD our data records 0.9 pips (standard) · 0.1 pips + commission (raw) at IC Markets and 1.1 pips (standard) · 0.1 pips + commission (raw) at Pepperstone. Costs vary by account type and entity, so compare the account you would actually open.
Do IC Markets and Pepperstone offer swap-free (Islamic) accounts?
IC Markets: Available on request for clients who demonstrate religious beliefs preventing interest. Holding fees replace swaps and are charged every calendar day including weekends. Most instruments have a 5-day grace period (no fee if position closed before Day 5). Exceptions: energy CFDs (XTIUSD, XBRUSD, XNGUSD) have no grace period — fees apply from Day 1. JPY pairs (USDJPY, GBPJPY) have a 2-day grace period. Rates vary by instrument (e.g. EURUSD ~$9/lot/day, USDTRY ~$101/lot/day) and are subject to change. Covers 90+ instruments including forex, indices, metals, energy, and crypto. Pepperstone: Available on request to residents of eligible Muslim-majority countries (list includes Bahrain, Egypt, Indonesia, Kuwait, Malaysia, Oman, Pakistan, Qatar, Turkey, UAE, and others). Positions in FX and precious metals held beyond 5 days incur an admin fee of $100 USD per standard lot. Based on Standard account terms with 1.0–1.2 pip spreads and no swap charges.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. Ratings are FXMARE editorial opinion and are never sold.