Pepperstone vs IC Markets

Pepperstone runs the wider net of top-tier licenses: the UK FCA (684312), Australia's ASIC (414530), Cyprus's CySEC (388/20), Dubai's DFSA (F004356), plus Bahamas and Kenya entities and a German BaFin presence. IC Markets is regulated by ASIC (335692) and CySEC (362/18), but most clients outside Australia and the EU are onboarded to Raw Trading Ltd under the Seychelles FSA (SD018) — lighter oversight than Pepperstone's non-Seychelles equivalents. Both groups segregate client funds with tier-1 banks and neither has a history of insolvency or major regulatory sanctions as of 2026. FCA clients at Pepperstone get FSCS cover up to £85,000; CySEC clients at either broker get Investor Compensation Fund cover up to €20,000. Neither broker guarantees negative balance protection for every entity — check yours before funding.

On core pricing the two are near-identical: both charge $3.50 per lot per side on their raw/ECN MT4 and MT5 accounts (Razor at Pepperstone, Raw Spread at IC Markets), with spreads advertised from 0.0 pips on EUR/USD. IC Markets edges ahead on cTrader, charging $3.00 per lot per side there versus Pepperstone's flat $3.50 across platforms. Pepperstone's commission-free Standard account runs spreads from about 1.0 pip; IC Markets' equivalent Standard account is tighter from around 0.8 pips. Neither broker charges deposit or inactivity fees, and both offer free withdrawals except for intermediary bank charges on wires.

Pepperstone has no minimum deposit on either account type, though payment processors may impose a small floor (often around $10). IC Markets requires $200 across its Standard, Raw Spread, and cTrader accounts. For traders wanting to start with a small amount of capital, Pepperstone is the clearly lower barrier to entry; IC Markets' $200 floor is still modest by industry standards but is a real difference for beginners funding their first live account.

Both brokers give traders MT4, MT5, cTrader, and TradingView execution, plus web and mobile apps, with neither running a heavyweight proprietary desktop platform. Where they diverge is breadth of tradable markets: IC Markets lists roughly 3,583 instruments against Pepperstone's approximately 1,350, driven mainly by a much larger share CFD and index selection. Scalpers and EA traders on either broker get comparable low-latency ECN execution; traders who want to diversify well beyond forex majors and popular indices will find more choice at IC Markets.

IC Markets posts an unusually strong Trustpilot record — around 4.8/5 from more than 55,000 reviews as of 2026 — with support available nearly around the clock during the trading week (Mon–Sat, matching forex hours). Pepperstone also earns strong independent reviews and offers 24/5 live chat, phone, and email support with some regional weekend coverage, in a wider range of languages including Arabic, Vietnamese, and Thai. Both brokers field occasional complaints about withdrawal delays tied to verification, but neither shows a pattern of unresolved disputes.

IC Markets has traded since 2007 and reports 200,000+ active clients; Pepperstone launched in 2010 and reports a considerably larger 900,000+ active traders, reflecting its broader retail marketing reach. Both have collected industry awards through 2025–2026 — Pepperstone for overall value and MT4 execution, IC Markets for lowest spreads and MetaTrader performance — and both are considered established, well-capitalized brokers rather than newer, unproven entrants.