IC Markets vs Pepperstone

IC Markets and Pepperstone are both Australian-founded forex and CFD brokers with near-identical raw-spread pricing, so the choice usually comes down to which entity serves your country and which platform you use. Pepperstone holds more licences, including in the UK and Germany, and offers spread betting to UK clients. IC Markets asks for a $200 minimum deposit and publishes a large CFD range through its EU entity.

The Short Version

• Raw pricing: both charge $3.50 per lot per side on MetaTrader raw accounts, with spreads from 0.0 pips.
• No-commission accounts: IC Markets Standard starts from 0.8 pips. Pepperstone Standard builds all costs into the spread.
• Platforms: both support MT4, MT5, cTrader and TradingView.
• Loss rates: the EU entities warn that 73.46% (IC Markets) and 74.1% (Pepperstone) of retail CFD accounts lose money.
• US clients: neither broker's sites are intended for US residents.

Costs

IC Markets' account overview lists three accounts. Raw Spread on MetaTrader charges $3.50 per lot per side ($7 round turn) with spreads from 0.0 pips. Raw Spread on cTrader charges $3.00 per $100,000 traded. Standard has no commission, with spreads from 0.8 pips. Each lists a $200 minimum deposit.

Pepperstone's trading accounts page offers two. Razor pairs raw spreads from 0.0 pips with a commission from $3.50 per lot per side on forex and gold. Standard has no commission on forex, with costs built into the spread, while share CFDs carry a commission. Pepperstone lists no minimum deposit.

On a one-lot EUR/USD round trip, both raw accounts charge $7 in commission plus the spread at the time. Overnight financing applies at both.

What You Can Trade

Both brokers offer forex, indices, commodities, share CFDs and crypto CFDs. IC Markets' EU site lists more than 2,850 CFDs, including bonds and futures. Pepperstone's global accounts page lists more than 1,350 instruments, including 93 forex pairs and 1,162 share CFDs. Pepperstone's UK entity also offers spread betting. Browse more forex venues on /markets/forex.

Rules and Conditions

IC Markets runs MT4 and MT5 on Raw Spread and Standard, and cTrader and TradingView on cTrader Raw Spread. Its Australian retail accounts are capped at 1:30.

Pepperstone offers MT4, MT5, cTrader and its own web and mobile app on both accounts, with TradingView on Razor. Its accounts page lists 30:1 for retail clients and up to 500:1 for professional clients. In the UK, the FCA's CFD rules limit retail clients to between 30:1 and 2:1 depending on the asset.

Campaigns and Offers

We have no live campaigns for either broker in our calendar as of 11 October 2026. UK rules ban CFD firms from offering retail clients cash or other benefits to encourage trading, so any offer you see is likely to come from an offshore entity. Check the issuing entity before you accept one, using our guide on how to check a trading campaign before you join. Current deals elsewhere are on /bonuses.

Who Can Use It

IC Markets runs four entities, per its regulation page. International Capital Markets Pty Ltd holds ASIC licence 335692 and accepts Australian residents only. IC Markets (EU) Ltd holds CySEC licence 362/18. Raw Trading Ltd, trading as IC Markets Global, is licensed by the Seychelles FSA as SD018. IC Markets Ltd is licensed in The Bahamas as SIA-F214. Its Australian site says its services are not intended for the United States.

Pepperstone says it is licensed in seven jurisdictions: the FCA, ASIC, DFSA, CySEC, Kenya's CMA, The Bahamas' SCB and Germany's BaFin. Pepperstone Limited is FCA-authorised (684312), Pepperstone Group Limited holds AFSL 414530, Pepperstone EU Limited holds CySEC licence 388/20, and Pepperstone Markets Limited serves global clients under SCB licence SIA-F217. The UK site is not intended for residents of Belgium or the US, and the EU site excludes Belgium, Spain and the US.

The published loss-rate warnings differ by entity. IC Markets EU: 73.46%. Pepperstone UK: 73.6% for spread bets and CFDs. Pepperstone EU: 74.1%. Pepperstone's Bahamas entity: 80%. The Australian entities of both brokers carry a general risk warning without a percentage.

Track Record and Safety

IC Markets was founded in Sydney in 2007 and is moving to a shorter brand, IC, with its main site shifting to ic.com. The UK's FCA has listed IC Markets Global on its warning list since 1 October 2024, last updated 10 August 2026, saying the firm may be offering services in the UK without permission. That warning covers the offshore entity, not IC Markets EU or Australia.

Pepperstone was founded in Melbourne in 2010 and reports more than 900,000 traders across nine licensed entities, per its UK site. Before opening any account, search the regulator's register for the exact entity named in your client agreement, since clone sites copy the names of real brokers.

Which to Choose

• Choose IC Markets if you trade on cTrader and want commission charged per $100,000, or want its wider EU CFD range.
• Choose Pepperstone if you live in the UK or Germany, want spread betting, or want no minimum deposit.
• Choose either for raw-spread MetaTrader trading at $3.50 per side, but open the account with the entity regulated where you live. Compare more on /brokers and /rankings/brokers.

Questions People Ask

Are IC Markets and Pepperstone regulated?

Yes, through several entities, and your protection depends on which one opens your account. The FCA notes that clients of firms it has not authorised have no access to the Financial Ombudsman Service or the FSCS.

Which is cheaper?

On raw MetaTrader accounts, the commission is the same, $3.50 per lot per side. The difference is the live spread on the pair you trade, so compare both at the same time of day.

Can US residents open an account?

No. Both brokers state that their sites are not intended for US residents.

What does the loss-rate warning mean?

It is the share of that entity's retail CFD accounts that lost money, a figure UK and EU rules require brokers to publish. It describes past client results, not a forecast for any one trader.

This comparison is information, not financial advice. Trading carries risk, and fees and terms change: check each venue's own pages before you trade.