Pepperstone vs IC Markets 2026
Pepperstone and IC Markets are two established forex and CFD brokers offering Standard and commission-based trading accounts, MetaTrader, cTrader and access to global markets. They appeal to similar traders, but their account pricing, platform integrations, funding conditions and regulatory arrangements are not identical.
The main decision is not simply which broker advertises the lowest spread. IC Markets Global has a $0 minimum on its regular Standard and Raw Spread accounts and a MetaTrader Raw Spread account with a published $7 round-turn commission per standard lot. Pepperstone also lists a $0 account minimum, but many funding methods require at least $10. Its Razor commission depends on the trading platform, and its own published August 2026 EUR/USD figures give a useful reference for minimum and average spreads.
We have personal experience with IC Markets and previously used Pepperstone during 2018–2021. That history informs our editorial perspective, but the 2026 figures below come from current published material, not a simultaneous live execution test. This comparison focuses on IC Markets Global (Raw Trading Ltd) and the Pepperstone international offering (Pepperstone Markets Limited) where specific terms are stated. Other legal entities can have different prices, products and protections.
Pepperstone
IC Markets
Pepperstone vs IC Markets: At a Glance
| Feature |  Pepperstone (international) |  IC Markets Global |
|---|---|---|
| Main account types | Standard; Razor | Standard; Raw Spread (MetaTrader); Raw Spread (cTrader/TradingView) |
| Standard EUR/USD spread from | 1.0 pip in August 2026 sample | 0.8 pips on account overview |
| Commission-based EUR/USD spread from | 0.0 pips (Razor) | 0.0 pips (Raw Spread) |
| Published EUR/USD average on commission-based account | 0.1 pips (August 2026 sample) | 0.1 pips (IC Markets’ published Raw Spread figure; period not matched) |
| MetaTrader commission-based forex pricing | Depends on account currency/platform; see fee section | $3.50 per standard lot per side in USD |
| Minimum account-opening deposit | $0 listed; many payment methods require $10 or more | $0 on regular accounts |
| MetaTrader 4 / MetaTrader 5 | Yes / Yes | Yes / Yes |
| cTrader | Yes | Yes |
| TradingView | Razor, subject to availability | Eligible cTrader Raw Spread connection |
| Proprietary web/mobile platform | Pepperstone platform and app | IC mobile and supported web trading options |
| Demo account | Yes | Yes |
| Other account tiers | Standard and Razor; eligible Pro client classification is separate | Raw Pro and Raw Pro+ displayed as early access |
Figures describe the stated public offerings, not guaranteed execution. The two published 0.1-pip averages are not from a matched test, and Pepperstone’s August 2026 spread sample is dated. Verify the terms presented for your legal entity before opening an account.
Our Verdict: Which Broker Should You Choose?
IC Markets is our preference for traders who want straightforward MetaTrader Raw pricing, cTrader access and flexibility in how they fund a regular trading account. Its account comparison provides a clear $3.50-per-side USD commission for the MetaTrader Raw Spread account, while its cTrader/TradingView route has a separately quoted commission basis.
Pepperstone deserves a close look if you value platform choice, particularly its proprietary web/mobile platform and Razor TradingView integration. Its Standard and Razor structure is simple, and Pepperstone publishes dated minimum and average spreads that make it easier to understand the difference between the headline minimum and the price observed over its sampling period.
Neither is universally cheaper. A trader using cTrader might face a different commission schedule from someone using MT4, even within the same broker. Your residence and contracting company also matter more to safety than a group-wide list of regulators.
Who should consider Pepperstone?
Pepperstone may be a better fit for someone who wants to switch between MetaTrader, cTrader and the broker’s own trading interface, or who specifically wants TradingView with an eligible Razor account. It also provides a useful collection of educational materials, research and automation tools. Confirm the platform and account combination before applying.
Read our Pepperstone Review 2026.
Who should consider IC Markets?
IC Markets may suit active forex traders who want a familiar MetaTrader Raw commission structure, a dedicated cTrader Raw option, or an account with no published initial deposit minimum. Traders using EAs and custom platforms will still need to check execution and software compatibility for their own strategies.
Read our IC Markets Review 2026.
Regulation and Safety
Both brands have multiple companies operating in different jurisdictions. A regulator’s licence for one group company does not automatically protect the clients of another. The most useful question is which legal entity will actually appear in your client agreement.
| Detail | Pepperstone international example | IC Markets Global example |
|---|---|---|
| Contracting company | Pepperstone Markets Limited | Raw Trading Ltd |
| Regulator | Securities Commission of The Bahamas (SCB) | Seychelles Financial Services Authority (FSA) |
| Published licence reference | SIA-F217 | SD018 |
| Registered jurisdiction | The Bahamas | Seychelles |
| Client-money terms | Segregated/trust arrangements described, with conditions and professional-client exceptions | Client segregated accounts described in company disclosures |
| Negative-balance protection | Retail protections described in the applicable Bahamas terms; professional terms differ | Check the exact account agreement and classification |
| Investor compensation | Do not assume UK/EU compensation for a Bahamas account | Do not assume UK/EU compensation for a Seychelles account |
Pepperstone also operates through entities associated with the UK’s FCA, Australia’s ASIC, the EU’s CySEC and other regulators. For example, the Manus research identified Pepperstone Limited (FCA FRN 684312) and Pepperstone EU Limited (CySEC 388/20) from their respective registers. These licences matter if you are actually a customer of those companies, not simply because they share the Pepperstone name.
Similarly, this IC Markets Global comparison refers to Raw Trading Ltd’s Seychelles offering. Other IC-branded entities can have different regulatory rules and retail leverage limits.
Segregation of client funds reduces certain risks but does not guarantee full recovery in every insolvency or banking scenario. Negative-balance protection, compensation eligibility and professional-client exclusions are specific to the governing agreement.
Safety verdict: There is no defensible universal winner for all international clients. Verify the exact entity, licence, client-money provisions and compensation eligibility on the contract offered to you.
Trading Costs: Spreads and Commissions
Trading costs depend on the instrument, the account, the trading platform and the time you place or hold a trade. A 0.0-pip advertised minimum is not the same as zero total cost.
Standard account spreads
Both brokers use spread-based forex pricing on their Standard accounts. Separate forex commission is generally not charged, although share CFDs and other products can have different fee rules.
| EUR/USD spread reference | Pepperstone Standard | IC Markets Standard |
|---|---|---|
| Published minimum / starting spread | 1.0 pip | 0.8 pips |
| Published average used in this comparison | 1.1 pips, August 2026 | No same-period comparable average confirmed |
| Separate Standard forex commission | No | No |
IC Markets has the lower published starting figure, by 0.2 pips. That is not a demonstrated 0.2-pip saving on actual trades. Pepperstone’s average comes from a defined August 2026 sample, while IC Markets’ figure here is a starting price without a matched sampling period.
Raw Spread vs Razor
| Forex pricing item | Pepperstone Razor | IC Markets Raw Spread (MetaTrader) |
|---|---|---|
| Published minimum EUR/USD spread | 0.0 pips | 0.0 pips |
| Published average EUR/USD spread | 0.1 pips in August 2026 sample | 0.1 pips on IC’s account page; date/method not matched |
| USD MetaTrader commission | Account currency and platform schedule govern; obtain the exact quote | $3.50 per standard lot per side |
| USD round-turn example | $7 where the applicable rate is $3.50 per side | $7 per standard lot |
| Other platform commissions | Pepperstone publishes separate cTrader and TradingView schedules | cTrader commission shown as $3 per USD 100,000; confirm side/round-turn basis for your account |
Pepperstone’s public costs page quotes $3.50 per standard FX lot per side on the Pepperstone platform. Its cTrader and TradingView schedules use different round-turn figures and a “per unit” description. Its MetaTrader pricing depends on account currency and lot size, so we should not imply one $3.50 rate applies to every Pepperstone Razor setup.
IC Markets quotes $3.50 per lot per side for its regular USD MetaTrader Raw Spread account. It also quotes a different commission basis for cTrader and TradingView. New IC Raw Pro and Raw Pro+ accounts show lower headline commissions, but the site presents them with early-access options and substantially higher deposit requirements; they should not be used to claim that the ordinary Raw Spread account costs less.
A worked EUR/USD cost example
For a one-standard-lot EUR/USD round trip, assume the pip value is approximately $10, the executed spread is 0.1 pips, and each account charges a $7 round-turn commission under the applicable USD schedule:
- Spread component: 0.1 × $10 = $1.
- Commission component: $7.
- Illustrative all-in trading cost: $8, before slippage, overnight financing and conversion.
The example gives the same total for both brokers under identical assumptions. It is a calculation, not evidence that the brokers charged matching live costs. In practice, a 0.2-pip difference in executed spread would add roughly $2 per lot and could matter more than a small commission difference.
Overnight financing and other fees
Both brokers apply financing or swap adjustments where relevant to positions held overnight. Depending on the instrument, share CFD commissions, data or exchange charges, payment-provider charges and currency conversions may also affect total cost.
Pepperstone says it does not charge an inactivity fee, although inactive small-balance accounts may be archived under its rules. Check IC Markets’ current applicable non-trading fees rather than assuming the brokers have identical schedules.
Trading-cost verdict: IC Markets has the lower published Standard starting EUR/USD spread. On standard USD MetaTrader Raw/Razor pricing, the headline commissions can be similar, but Pepperstone’s actual rate depends on platform and account currency. Compare all-in costs for the same instrument, size, trading hour and holding period.
Account Types and Minimum Deposits
| Account or requirement | Pepperstone | IC Markets Global |
|---|---|---|
| Standard account | Standard: spread-based FX pricing | Standard: spread-based FX pricing |
| Commission-based account | Razor: raw spread plus FX/spot-gold commission | Raw Spread MetaTrader; cTrader/TradingView Raw option |
| Published account-opening minimum | $0 / no obligation to fund | $0 for regular Standard and Raw Spread |
| Funding-method minimum | Often $10; methods and crypto figures vary | Check the chosen payment method |
| Higher-tier offering | Eligible professional classification and active-trader programs, subject to rules | Raw Pro from $5,000 and Raw Pro+ from $100,000 shown as early access |
| Demo account | Yes | Yes |
| Swap-free availability | Regional/eligibility conditions; administrative charges can apply | Available on supported accounts subject to terms |
Pepperstone’s no-minimum account entry should not be confused with a $0 card transaction. Its international funding page lists minimum transactions for several methods, while bank transfer can have no set minimum. Manus also identified conflicting Pepperstone figures for crypto funding minimums, so we deliberately do not publish one universal crypto threshold.
IC Markets’ normal Standard and Raw Spread accounts show $0 as the minimum deposit. That does not mean that $0 is enough to place a trade: margin, position size and risk-management needs determine the practical funding amount.
Account verdict: Both can be opened without a stated initial account minimum on the referenced international pages. IC Markets has a clearer regular-account entry table; Pepperstone’s actual first transfer depends more visibly on the chosen funding method.
Trading Platforms and Tools
| Platform or tool | Pepperstone | IC Markets Global |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | Yes |
| TradingView | Razor integration, where eligible | cTrader Raw integration, where eligible |
| Proprietary trading web/mobile | Pepperstone platform and app | IC-branded mobile tools and supported web terminals |
| MetaTrader Expert Advisors | Yes on supported MT accounts | Yes on supported MT accounts |
| cTrader automation | Supported where available; some regional restrictions | Available with compatible cTrader configurations |
| Copy/social trading | Selected Pepperstone, cTrader and MetaTrader tools | Selected integrations; check entity/platform |
Both brokers serve traders who prefer third-party software. The main difference is that Pepperstone explicitly offers its own web/mobile trading platform alongside MetaTrader, cTrader and TradingView. IC Markets’ account structure makes the MetaTrader-versus-cTrader choice particularly clear, with TradingView linked to the eligible cTrader option.
A detail that matters: Pepperstone’s published account matrix places TradingView under Razor rather than Standard. Anyone who wants to use TradingView should verify the eligible account before applying. IC Markets likewise should not be described as offering TradingView on every Standard MetaTrader account.
The fact that two brokers support MetaTrader does not prove identical symbols, trading hours, available EAs, server performance or order execution. Test the tools required for your trading strategy on the actual intended account.
Platform verdict: Pepperstone has the more distinct proprietary platform offering. IC Markets is appealing for traders who want clearly separated MetaTrader and cTrader Raw account configurations. For MT4/MT5 users, neither wins on availability alone.
Tradable Markets
Pepperstone and IC Markets both provide CFD exposure across major asset classes. With CFDs, you generally trade price differences rather than owning the underlying share, exchange-traded fund or cryptocurrency.
| Instrument category | Pepperstone | IC Markets Global |
|---|---|---|
| Forex pairs | Yes | Yes |
| Stock indices | Yes | Yes |
| Gold, silver and other commodities | Yes | Yes |
| Share CFDs | Yes | Yes |
| Cryptocurrency CFDs | Yes, where permitted | Yes, where permitted |
| ETF CFDs | Yes, on supported accounts | Confirm current entity/platform symbol list |
| Futures-related CFDs | Selected products | Selected products |
| Perpetual CFDs | Current offering, entity/product restrictions | Do not assume equivalent Pepperstone-style contracts |
| Extended-hours US share CFDs | Selected names, generally 24/5 | Check the exact IC symbol schedule |
Pepperstone’s international account page promotes 1,350+ CFD markets, although that is a changing catalogue rather than a guaranteed list on every account. The broker has also introduced perpetual CFDs and selected extended-hours share CFDs. These newer products have different financing, trading-hour and risk characteristics from standard CFDs.
IC Markets offers a broad forex and multi-asset CFD catalogue, but a headline count does not tell you whether the exact instrument you want is available on MT4, MT5 or cTrader.
Markets verdict: Check your intended symbols and contract specifications. Pepperstone has some distinctive newer product types, but neither broker can be declared better simply from the advertised total market count.
Deposits and Withdrawals
Both brokers use secure client areas for deposits and withdrawal requests. The payment methods that appear depend on country, account currency, legal entity and previous funding activity.
| Funding detail | Pepperstone | IC Markets Global |
|---|---|---|
| Debit and credit cards | Yes, where supported | Yes, where supported |
| Bank transfers | Yes | Yes |
| E-wallets | PayPal, Skrill, Neteller and selected methods | Selected methods, including supported e-wallets |
| Mobile wallets / local rails | Apple Pay, Google Pay and regional methods are listed | Method and country dependent |
| Crypto payment methods | Listed on some international funding pages | Check available client-area routes |
| Withdrawal requests | Secure client area | Secure client area |
| Timing | Pepperstone processing estimate plus provider settlement | IC processing estimate plus provider settlement |
Pepperstone’s international withdrawal page lists a $20 fee for international bank wires, but the Manus fact-check found different published conditions on the broker’s EU and Africa pages. The $20 figure must not be presented as a universal Pepperstone withdrawal fee. Other payment routes can be free of Pepperstone fees yet still incur third-party charges.
IC Markets’ help materials likewise distinguish withdrawal methods according to the original funding source and describe processing timelines separately from the time required for funds to arrive.
Funding verdict: Neither has a universal advantage. If withdrawals matter to your choice, compare the actual bank and wallet routes offered in your client area, any minimum or intermediary charges and the steps required to verify the account.
Account Opening
Both brokers provide online applications. The exact form, documents and suitability questions depend on your residence and the applicable entity.
| Step | Pepperstone | IC Markets |
|---|---|---|
| 1. Registration | Create an application through the broker website | Create an application through the broker website |
| 2. Account selection | Choose Standard or Razor and an eligible platform | Choose Standard or a Raw Spread setup and platform |
| 3. Verification | Provide identity, address and suitability information as required | Provide identity and address documents as required |
| 4. Deposit funds | Select an available client-area payment method | Select an available client-area payment method |
| 5. Start trading | Connect a supported platform after approval | Connect a supported platform after approval |
Pepperstone’s current public onboarding flow explicitly includes suitability questions and application review. IC Markets also applies identity and anti-money-laundering checks. Account acceptance is never guaranteed, and some countries are excluded from particular legal entities.
A demo account is useful for comparing layouts and order-entry tools before depositing money. It is not a reliable substitute for testing real spreads, liquidity or execution under live market conditions.
Customer Support
Both brokers provide contact options for help with account access, verification, deposits, withdrawals and trading platforms.
| Support channel | Pepperstone | IC Markets Global |
|---|---|---|
| Live chat | Advertised | Yes |
| [email protected] (international) | Available through official support channels | |
| Telephone | Published international and regional lines | Check current regional contact details |
| Help Centre | Yes | Yes |
| Weekend availability | International pages give different schedules | Check current global service schedule |
Pepperstone’s international trading-account page describes support as 24 hours on weekdays and 18 hours on weekends, while other contact pages use broader 24/7 labels. Manus found those statements inconsistent, so we would not promise a single support schedule for every channel and region.
IC Markets advertises online assistance and a Help Centre, but channel availability alone is not proof that one broker resolves issues faster. We have not conducted matched 2026 support tests of both brokers.
Support verdict: Both provide the standard channels. Confirm local contact hours for the entity you would use rather than selecting a broker from a 24/7 marketing label.
Research, Education and Extra Features
Pepperstone provides market commentary, educational guides, platform tutorials and tools for automated or copy trading. Its proprietary platform is another meaningful distinction for traders who do not want to work entirely through third-party software. Pepperstone’s newer perpetual CFDs and selected 24/5 share CFDs also add product variety where available.
IC Markets focuses heavily on established trading software, Expert Advisors, indicators, platform resources and market information. Its dedicated cTrader account and trading-platform flexibility are useful for traders who already have a preferred technical setup.
We would not choose a broker just because it publishes more research articles or advertises faster execution. A better test is whether the tools you actually need are supported on your account and whether the information is accurate, current and easy to use.
Copy trading, VPS hosting and trading automation may involve eligibility requirements or additional costs. Past performance of strategies or providers does not establish future results.
Final Thoughts
Pepperstone and IC Markets are closely matched in their core forex and CFD offering. Both have Standard and commission-based accounts, MetaTrader, cTrader and global market coverage. The differences are in the account/platform combinations, published pricing details, funding arrangements and legal entities.
We lean toward IC Markets for traders who prefer a clearly stated MetaTrader Raw Spread commission and the option of a separate cTrader Raw setup. Its $0 minimum on regular accounts and accessible platform choice make it worth comparing first if you already know the software you want to use.
We would consider Pepperstone particularly strongly for its Razor account, eligible TradingView setup and proprietary web/mobile platform. Its dated August 2026 average spreads also give readers more context than a minimum-spread claim on its own.
We have used IC Markets and previously traded with Pepperstone between 2018 and 2021. That experience does not replace a direct 2026 cost or execution test. Before deciding, compare the exact legal entities available to you, the total price of the instruments you trade and the deposit or withdrawal method you expect to use.
Forex and CFDs are leveraged products and can cause rapid losses. Neither account type, broker rating nor regulatory licence removes market risk.
Frequently Asked Questions
Is Pepperstone better than IC Markets?
Neither is better for every trader. IC Markets stands out for its clear Raw Spread MetaTrader pricing and dedicated cTrader configuration. Pepperstone offers Standard and Razor accounts, an in-house platform and eligible TradingView access. Your costs, platform and contracting entity should decide the choice.
Which has lower spreads, Pepperstone or IC Markets?
IC Markets Global advertises Standard spreads from 0.8 pips, while Pepperstone’s August 2026 EUR/USD Standard sample starts at 1.0 pip and averages 1.1 pips. Both advertise commission-based spreads from 0.0 pips. The samples are not matched live measurements, so they do not prove which broker is cheaper at a specific trade time.
How do Pepperstone Razor and IC Markets Raw Spread commissions compare?
IC Markets’ regular USD MetaTrader Raw Spread schedule lists $3.50 per standard lot per side. Pepperstone’s Razor commissions depend on platform and account currency; its proprietary platform lists $3.50 per standard FX lot per side, while cTrader and TradingView use different quoted schedules. Compare the rate for your actual platform.
Does Pepperstone or IC Markets have a lower minimum deposit?
Both international account pages list no minimum opening deposit for their regular accounts. Pepperstone’s individual funding methods often have minimum transaction amounts, commonly $10, while IC Markets’ payment-method limits should also be checked before transferring money.
Which broker is better for TradingView?
Pepperstone lists TradingView for eligible Razor accounts. IC Markets lists TradingView with its eligible cTrader Raw Spread setup. The better choice depends on your account, integration, symbol availability and trading costs.
Are Pepperstone and IC Markets regulated?
Yes, but by different companies and regulators depending on where you open the account. Pepperstone’s international site identifies Pepperstone Markets Limited and the Bahamas SCB; IC Markets Global identifies Raw Trading Ltd and the Seychelles FSA. Other group licences do not automatically apply to your account.
Do Pepperstone and IC Markets offer cryptocurrency CFDs?
Both list cryptocurrency CFDs on supported accounts and jurisdictions. Crypto CFD trading does not mean buying or withdrawing the underlying cryptocurrency. Do not confuse a crypto funding method with a cryptocurrency trading instrument.
Which broker is better for deposits and withdrawals?
It depends on the payment method and country. Pepperstone’s international site lists cards, bank transfers, wallets and some crypto methods, and describes a $20 international bank wire charge on that route. IC Markets’ supported routes and withdrawal requirements likewise depend on the account and original funding method. Check the client area and current fee schedule before depositing.
Related comparisons
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. Consider whether you can afford to take that risk. This comparison is general information, not personal financial advice.