Pepperstone vs IC Markets compared: which is best?

Are you trying to choose between IC Markets and Pepperstone? Both are Australian-born forex and CFD brokers known for raw spreads and fast execution, but they differ on regulation, product range and where your account will actually sit.

In this side-by-side comparison, we analyse Pepperstone vs IC Markets on the features that matter most: regulation, fees, platforms, instruments, account types and support. Below, you’ll find a quick verdict, a comparison table, worked cost examples and the pros and cons of each broker.

Note: IC Markets rebranded to IC in 2026 and its main website moved from icmarkets.com to ic.com in July 2026. The legal entities, account types and trading conditions stayed the same, so we still use the IC Markets name throughout this comparison.

Pepperstone vs IC Markets: quick take

1. Pepperstone is our recommendation overall. It has more entities under top-tier regulation, including the FCA in the UK and BaFin in Germany, and a wide choice of platforms. You can check our in-depth Pepperstone review here.
2. IC Markets (now IC) is ideal for traders who prioritise raw spreads, a wider CFD range and fast execution, especially with short-term or algorithmic strategies.

All in all, we recommend Pepperstone over IC Markets because it is regulated by more top-tier financial authorities: the Financial Conduct Authority (FCA) in the UK, BaFin in Germany, the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Dubai Financial Services Authority (DFSA).

IC Markets holds two top-tier licences, ASIC and CySEC, but no FCA authorisation. Its EU entity stopped passporting into the UK in December 2023, and UK traders are onboarded through IC Trading, the group’s Mauritius brand supervised by the Financial Services Commission (FSC). Most other international clients sign up with Raw Trading Ltd in the Seychelles, where investor protection is weaker than under a top-tier regulator.

Pepperstone is also listed in the broker section of the r/Forex subreddit wiki, one of the largest forex communities online, alongside Interactive Brokers.

Pepperstone vs IC Markets in a nutshell

1. Overview

About Pepperstone

Pepperstone was founded in Melbourne in 2010 and has grown into one of the world’s largest forex and CFD brokers, with more than 900,000 traders, nine licensed entities and more than AUD 947 billion traded each month.

Its top-tier licences are with ASIC (Australia), the FCA (UK), BaFin (Germany), CySEC (Cyprus) and the DFSA (Dubai). It also runs international entities in the Bahamas, supervised by the Securities Commission of The Bahamas (SCB), and in Kenya, supervised by the Capital Markets Authority (CMA). Retail clients under the top-tier licences are capped at 30:1 leverage on major currency pairs, while professional clients can reach 500:1.

UK residents can also open tax-free spread betting accounts, and Islamic (swap-free) accounts are available for halal trading.

About IC Markets

Founded in 2007, IC Markets became one of the leading brokers for algorithmic traders. IC says that around 60% of the trades on its platforms are algorithmic. In 2026 the group shortened its name to IC and moved its main website to ic.com, but the entities, accounts and pricing behind it did not change.

It is regulated by ASIC in Australia (International Capital Markets Pty Ltd, AFSL 335692) and CySEC in Cyprus (IC Markets (EU) Ltd, licence 362/18). Outside those markets it operates through Raw Trading Ltd in the Seychelles (Financial Services Authority, licence SD018), which trades as IC and IC Markets Global and takes most international sign-ups, plus entities in the Bahamas (SCB) and Kenya (CMA). Retail leverage in the EU and Australia is capped at 30:1 on major pairs, while the Seychelles entity advertises up to 1:5000.

What changed in 2026

• IC Markets became IC: the rebrand was announced at the end of 2025 alongside a Haas F1 sponsorship, and icmarkets.com started redirecting to ic.com in July 2026. Be careful with lookalike domains using the shorter name, and check the legal entity and licence number in the footer before you deposit.
• IC added Raw Pro accounts: two new MetaTrader accounts, Raw Pro and Raw Pro+, cut the commission for larger traders. They are in early access on the international site.
• IC Funded went live: the group’s proprietary trading arm launched in May 2026. It is a separate business selling trading challenges, not a brokerage account, so the ASIC and CySEC protections described below do not apply to it.
• Pepperstone moved into spot crypto: since February 2026, Australian clients can buy and sell a short list of coins and stablecoins on a dedicated exchange with a flat 0.1% fee, outside the CFD account.
• Pepperstone launched perpetual CFDs: CFDs with no expiry date and a weekly funding rate, first on a synthetic SpaceX contract and, from July 2026, on gold, silver, the Nasdaq, the S&P 500, WTI and Brent, subject to what each entity is allowed to offer.

2. Products and market access

IC Markets wins on breadth, with more than 2,850 instruments against more than 1,350 at Pepperstone, and it adds bond and futures CFDs. Pepperstone has ETF CFDs and perpetual CFDs that IC Markets lacks. Neither broker gives you real shares or ETFs: everything is a CFD, so you never own the underlying asset and you pay overnight financing to hold a position.

3. Trading platforms

Pepperstone offers its own web platform and mobile app, MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and TradingView. TradingView is available on the Razor account.

IC Markets offers MT4, MT5 (its recommended platform), cTrader, TradingView, a WebTrader and the IC mobile app, plus copy and signal services such as IC Social, ZuluTrade and Signal Start. It advertises average execution speeds of under 40 milliseconds.

Both allow scalping and expert advisors (automated trading programs) with no restrictions, which is why they are the usual choice for algorithmic traders.

4. Interest on uninvested cash

Neither broker pays interest on uninvested cash. Both work the other way round: if you hold a leveraged position overnight, you pay or receive a swap (overnight financing). At Pepperstone, index and share CFDs are financed at a 2.5% charge plus or minus the applicable reference rate, and forex swaps are based on tom-next rates. Keep this in mind if you plan to hold positions for weeks or months.

5. Account types

Pepperstone has two main accounts: Standard, with no commission and the cost built into the spread, and Razor, with raw spreads from 0.0 pips plus a commission. Both are available in AUD, USD, EUR, GBP, SGD and HKD. Spread betting (UK), Islamic and professional accounts are also available.

IC Markets offers a Standard account (no commission, spreads from 0.8 pips), Raw Spread accounts on MetaTrader and cTrader, swap-free accounts and professional accounts. On the international site it now also lists Raw Pro (from a $5,000 deposit) and Raw Pro+ (from $100,000), with lower commissions.

6. Account opening

Both brokers have a fully digital account opening process. You will need a valid ID and proof of address, and clients of the EU, UK and Australian entities must also complete an appropriateness test on their trading experience. Neither broker has a minimum deposit on its main accounts, although Pepperstone sets a minimum top-up of $10 or the local equivalent.

7. Pricing

Trading 10 lots of EUR/USD a month

On a raw MetaTrader account, both brokers charge $7 per round trip (one lot opened and closed), so 10 lots a month cost $70 in commission at either broker, plus the raw spread. On IC Markets’ Raw Pro account, the same 10 lots would cost $30 in commission, but it requires a $5,000 deposit.

Raw or Standard account?

On EUR/USD, one pip on a standard lot is worth $10. On IC Markets’ Standard account, a spread of 0.8 pips therefore costs $8 per round trip, more than the $7 commission on the Raw Spread account plus a raw spread close to zero. The same logic applies at Pepperstone: the commission-free Standard account is simpler, but it is rarely cheaper for active traders.

8. Safety and regulation

The key question is which entity you will sign up with. At IC Markets, the entity behind IC Markets Global (Raw Trading Ltd) is not regulated in Europe, so European traders should make sure they open their account with IC Markets (EU) Ltd. In the UK, IC Markets (EU) Ltd was removed from the FCA register in December 2023, and the FCA has published a warning that IC Markets Global is not authorised in the UK. British traders are onboarded through the Mauritius entity instead, which means no Financial Services Compensation Scheme (FSCS) cover and no access to the Financial Ombudsman Service.

Pepperstone’s offshore entities in the Bahamas and Kenya don’t offer investor compensation either, but more of its clients can use an entity under top-tier supervision. Retail clients of the EU, UK and Australian entities of both brokers also benefit from negative balance protection.

9. Customer support

Pepperstone lists 24/7 phone support on its global contact page, plus email and a contact form, and it is consistently recognised for the quality of its support.

IC Markets offers support “24hrs a day Monday to Sunday” by live chat, email and phone.

10. Pepperstone pros and cons

11. IC Markets pros and cons

Video summary

IC Markets vs Pepperstone: our verdict

Choose Pepperstone if you want your account under a top-tier regulator wherever you live, especially in the UK or the EU, a choice of platforms that includes TradingView and its own app, or tax-free spread betting in the UK.

Choose IC Markets if you trade high volumes with automated strategies, want the widest CFD range, including bonds and futures, and you are signing up with the ASIC or CySEC entity.

On raw MetaTrader accounts the commission is identical, so for most traders the decision comes down to regulation and product range rather than price. Always verify which legal entity your account will sit under and whether it offers the protection you consider essential.

Want to know more? Explore our in-depth broker reviews, comparison table and BrokerMatch tool, or these related comparisons:

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