Written by ForexBrokers.com
In this head to head comparison of CMC Markets vs Pepperstone, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing CMC Markets and Pepperstone, CMC Markets stands out with a higher trust score of 99 out of 99 according to ForexBrokers.com, making it highly trusted in the online trading space. Founded in 1989, CMC Markets has established a solid reputation, further reinforced by its status as a publicly traded company, which adds a layer of transparency. It holds 6 Tier-1 licenses, which are highly trusted, along with 1 Tier-2 license, showcasing its commitment to maintaining a secure trading environment.
Pepperstone, established in 2010, also garners a strong trust score of 95, marking it as a trusted broker. Although not publicly traded, Pepperstone still commands respect with its 3 highly trusted Tier-1 licenses and 2 trusted Tier-2 licenses. Both brokers are not banks, which means they focus purely on providing excellent brokerage services. Overall, both CMC Markets and Pepperstone are well-regarded in the industry, each offering a reliable platform for online trading, though CMC Markets excels with a slight edge in trust and regulatory strength.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Year Founded | 1989 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 6 | 3 |
| Tier-2 Licenses | 1 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
CMC Markets shines as the leader in commissions and fees, securing the top spot in our 2025 Annual Awards. With an impressive 5-star rating, CMC Markets offers highly competitive spreads starting at 0.61 pips on the EUR/USD, according to August 2023 data. Their Price Plus Scheme allows traders to benefit from a tiered discount system based on Trading Points. Furthermore, their FX Active pricing structure, available in regions such as Southeast Asia and Australia, combines a $2.50 commission per side with minimal spreads. This results in attractive all-in costs, particularly appealing for traders focusing on the EUR/USD pair.
Pepperstone, boasting a 4.5-star rating and ranked #10 out of 63 brokers, offers a compelling Razor account for high-volume traders. This account utilizes a commission-based pricing model on platforms like MetaTrader and cTrader, with average spreads of 0.10 pips for the EUR/USD, reaching an all-in cost of 0.80 pips with commissions factored in. Although their Standard account appears less attractive due to its 1.1 pips spread for the EUR/USD, each account option aligns with different trading needs. The Active Trader program further enhances the Razor account’s appeal by offering spread rebates, contingent on trading volume and tier level, providing significant savings for prolific traders.
In comparison, while CMC Markets confidently leads in both ratings and rankings thanks to its low spreads and innovative pricing options, Pepperstone remains a strong contender. Its Razor account offers competitive pricing and substantial rebates for active traders. Whether prioritizing award-winning pricing or favoring a structured rebate program, traders have distinct choices with each broker depending on their trading volume and platform preferences.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.3 | 1.00 |
| All-in Cost EUR/USD - Active | 0.65 | 0.70 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the range of investments offered by online brokers, CMC Markets and Pepperstone each present distinct advantages. CMC Markets boasts an impressive array of 12,029 tradeable symbols, including 141 forex pairs, providing an expansive selection for traders seeking diverse opportunities. On the other hand, Pepperstone offers 1,726 tradeable symbols with 65 forex pairs, a more limited, yet still substantial offering encompassing essential market choices. Both brokers allow forex trading as CFDs and provide cryptocurrency derivatives, though neither facilitates the purchase of actual cryptocurrencies. An additional perk for CMC Markets customers is access to exchange-traded securities on both U.S. and international exchanges, an option unavailable through Pepperstone. Both platforms support copy trading features, catering to traders who wish to replicate strategies. However, CMC Markets stands out with a five-star rating and a #9 ranking in the Range of Investments category from ForexBrokers.com, compared to Pepperstone's four-star rating and #26 ranking.
The choice between CMC Markets and Pepperstone may hinge on specific investment preferences and needs. Those who prioritize an extensive selection of tradeable symbols, including access to U.S. and international stocks, may lean towards CMC Markets. Its higher ranking and broader offerings underline its capacity to cater to a more diverse clientele. Conversely, Pepperstone serves as a solid option for forex and CFD traders focusing primarily on these areas. While both brokers offer valuable features like copy trading and cryptocurrency derivatives, CMC Markets' wider range of investments may appeal to investors looking for greater versatility in their trading strategies. Ultimately, the decision may depend on the level of variety and specific market access each trader desires.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12029 | 1726 |
| Forex Pairs (Total) | 141 | 65 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing CMC Markets and Pepperstone as online trading broker options, both platforms offer a range of trading tools and capabilities that cater to different levels of traders. Both brokers provide simulated trading through free virtual accounts, enabling new and experienced traders to practice without risk. They each support proprietary platforms, ensuring a unique user experience created in-house, alongside popular platforms like MetaTrader 4 and MetaTrader 5. Both offer desktop and web-based platforms, as well as the ability to trade directly from stock charts. For traders interested in social trading, both brokers support copy trading, while Pepperstone further extends its offering with access to DupliTrade.
In terms of technical tools, CMC Markets provides 36 drawing tools compared to Pepperstone's 30, along with more watch list fields—11 compared to Pepperstone's 7. These comprehensive offerings contribute to CMC Markets’ higher user satisfaction ratings. CMC Markets is rated 5 stars in the Trading Platforms and Tools category, ranking 4th among 63 brokers. In contrast, Pepperstone has a slightly lower rating of 4 stars, placing it 22nd in the same category. While both brokers offer competitive trading environments, CMC Markets appears to edge out Pepperstone in terms of platform features and user preference.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 73 | 15 |
| Charting - Drawing Tools (Total) | 36 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When choosing a mobile trading app, both CMC Markets and Pepperstone offer excellent features for on-the-go investors. Both brokers provide apps available on iPhone and Android devices, equipped with functionalities like stock or forex price alerts and watchlist syncing, ensuring your trades are never out of step whether you’re on mobile or online. They also allow users to draw trendlines and view charts across various time frames, making it simple to stay up-to-date with market trends. Additionally, both platforms let you save drawings automatically, and give you the option to create a watchlist with real-time quotes.
Where CMC Markets edges out is in its user ratings and industry ranking. With a perfect 5-star rating for its mobile app, CMC Markets has secured the 5th position among 63 brokers, making it a favorite choice. In comparison, Pepperstone has a slightly lower, but still respectable, 4-star rating and ranks 21st. While Pepperstone offers 30 technical studies compared to CMC Markets' 29, the overall higher rating and ranking of CMC Markets could make it more appealing for those seeking a top-tier mobile trading experience.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 29 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of CMC Markets and Pepperstone, both online brokers excel in providing daily market commentary and access to forex news from credible sources like Bloomberg and Reuters. They each offer technical analysis tools from Autochartist and display sentiment-based trading tools for a comprehensive view of market movements. Moreover, both brokers equip traders with economic calendars to keep track of significant global news events, making them reliable options for informed trading.
Despite similarities, CMC Markets edges out with a slightly higher research rating of 5 stars compared to Pepperstone's 4.5 stars. This distinction is reflected in their rankings on ForexBrokers.com, where CMC Markets holds the 6th position out of 63 brokers, while Pepperstone ranks 12th. Although neither broker provides research tools from Trading Central, TipRanks, or Acuity Trading, CMC Markets' higher rating indicates a marginally superior overall research experience.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners looking to delve into forex or CFDs, both CMC Markets and Pepperstone stand out with a variety of offerings. CMC Markets provides a well-rounded collection of educational materials, including over ten beginner-focused videos and an extensive investor dictionary. While they do not offer live webinars for their clients, they compensate with a rich archive of recorded sessions. Similarly, Pepperstone offers more than ten educational pieces, beginner-oriented videos, and has a comprehensive dictionary. Notably, Pepperstone distinguishes itself by hosting online educational webinars monthly, providing newcomers with regular live learning opportunities. Both brokers offer advanced trading content, adding depth to their educational suites.
CMC Markets excels in educational rankings, boasting a full 5-star rating and securing the 10th spot among 63 brokers on ForexBrokers.com. This recognition speaks volumes about their commitment to educating their clients. Pepperstone is not far behind, with a respectable 4.5-star rating and a rank of 17th in the same category. Although both brokers provide extensive educational tools, CMC Markets slightly edges out with a higher rating and rank. For beginners eager to learn, both platforms present solid options; however, the choice may hinge on the preference for live webinar access, which Pepperstone consistently offers.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that CMC Markets is better than Pepperstone. CMC Markets finished with an overall rank of #4, while Pepperstone finished with an overall rank of #16.
CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 95 |
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Both CMC Markets and Pepperstone do not offer the option to buy actual, delivered cryptocurrency, but they both provide the ability to trade cryptocurrency derivatives.
Both CMC Markets and Pepperstone provide numerous options for depositing or withdrawing funds, including ACH or SEPA transfers, PayPal, Visa, Mastercard, and bank wires, but only Pepperstone offers Skrill as an additional payment method.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | CMC Markets | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
| Broker Screenshots | CMC Markets | Pepperstone | |
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| Regulation | CMC Markets | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1989 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 6 | 3 | |
| Tier-2 Licenses | 1 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | CMC Markets | Pepperstone | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | CMC Markets | Pepperstone | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | CMC Markets | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12029 | 1726 | |
| Forex Pairs (Total) | 141 | 65 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | CMC Markets | Pepperstone | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.3 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.65 | 0.70 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | CMC Markets | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | CMC Markets | Pepperstone | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | CMC Markets | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 73 | 15 | |
| Charting - Drawing Tools (Total) | 36 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | CMC Markets | Pepperstone | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 29 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | CMC Markets | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | CMC Markets | Pepperstone | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | CMC Markets | Pepperstone | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | CMC Markets Review | Pepperstone Review |
| Overall | CMC Markets | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
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