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.
CMC Markets vs Pepperstone: CMC Markets was founded in 1989 and is publicly traded, while Pepperstone, founded in 2010, is privately held. Neither broker is a bank. In terms of regulation, CMC Markets holds six Tier-1 licenses and one Tier-2 license, whereas Pepperstone holds three Tier-1 licenses and two Tier-2 licenses—covering multiple top financial regulators.
Trust and safety: ForexBrokers.com rates CMC Markets at 99/99 and Pepperstone at 94/99. Both scores fall in the 90–99 “highly trusted” range, but CMC Markets edges ahead thanks to its longer track record, stock market listing, and broader set of Tier-1 approvals. This makes both brokers strong choices for regulated online trading, with CMC Markets offering a slight trust advantage.
| 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 and Pepperstone both earn 5/5 stars for commissions and fees, but they land at different spots in our rankings: CMC Markets is ranked #4 of 63 brokers (and won our 2025 Commissions and Fees award), while Pepperstone is ranked #6 of 63. In plain terms, CMC Markets tends to deliver lower all-in costs across more scenarios, especially with its FX Active pricing, while Pepperstone’s best pricing shows up on its Razor account and improves further for high‑volume traders who qualify for rebates.
CMC Markets keeps pricing tight for all account types. Typical EUR/USD spreads were 0.61 pips (August 2023). Its FX Active commission plan charges $2.50 per side with minimum spreads from 0.0, giving an all-in cost of about 0.5 pips on EUR/USD and five other pairs (based on August 2023 data). The Price Plus Scheme adds volume-based discounts via Trading Points (e.g., 2 points per standard lot); hitting 1,250 lots in a month unlocks Tier 4 with a 20% spread discount. CMC’s average spreads have historically tracked close to its minimums, helping explain its top award and high rank for pricing.
Pepperstone’s pricing sweet spot is the Razor account on MT4/MT5, cTrader, or TradingView. As of July 2024, the Razor average spread on EUR/USD was 0.10 pips; after adding the commission equivalent of 0.70 pips, the all-in cost is about 0.80 pips—near the industry average. The Standard account is commission-free but pricier at about 1.1 pips on EUR/USD. Pepperstone’s Active Trader program can rebate a portion of costs for high‑volume clients: in the U.K./EU, Professional clients trading at least £20M per month can see ~15% per-lot rebates (up to 25% above £200M), while in Australia, Professionals starting from 100 lots (over three months) get about a 10% reduction at Tier One, scaling to 30% above 3,001 lots monthly.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.3 | 1.1 |
| All-in Cost EUR/USD - Active | 0.65 | 0.8 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
CMC Markets vs Pepperstone: when it comes to the range of investments, CMC Markets offers far more choice. CMC Markets lists 12,029 tradable instruments and 141 forex pairs, while Pepperstone offers 1,726 instruments and 65 forex pairs. Both brokers let you trade forex as CFDs or spot, support copy trading, and provide access to crypto via CFDs (neither lets you buy actual cryptocurrency). A key difference is stock ownership: CMC Markets lets you buy and hold exchange-traded shares on U.S. and international exchanges (think Apple on NASDAQ or Vodafone in London), whereas Pepperstone does not offer exchange-traded stocks.
For breadth, CMC Markets takes the lead with a 5-star Range of Investments rating and a #9 ranking out of 63 brokers on ForexBrokers.com. Pepperstone earns 4 stars and ranks #23, making it a solid option if you mainly want core CFD and forex markets, while CMC Markets is the better pick if you want the widest selection of markets and instruments.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12029 | 1726 |
| Forex Pairs (Total) | 141 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
CMC Markets and Pepperstone both check the key boxes for platform access and trading tools. Each offers a free paper-trading demo account, an in-house proprietary platform alongside MetaTrader 4 (MT4) and MetaTrader 5 (MT5), Windows desktop downloads, and browser-based platforms. You can trade right from charts with either broker, and copy trading is available if you want to mirror other traders’ strategies.
For Trading Platforms and Tools, CMC Markets earns 5 stars and ranks #6 out of 63 brokers at ForexBrokers.com, while Pepperstone earns 4 stars and ranks #21. In short, both cover the essentials well; CMC Markets may appeal if you want a more polished in-house experience, whereas Pepperstone remains a solid choice—especially if you plan to spend most of your time on MT4 or MT5.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 73 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
CMC Markets and Pepperstone both deliver fully featured mobile trading apps for iPhone and Android. Each app supports price alerts, synced watchlists that mirror your web platform, and charting tools that let you draw trendlines with drawings auto-saved for later. Whether you trade forex or stocks, both apps cover the essentials for tracking markets and managing positions on the go.
When it comes to charting depth, Pepperstone offers 30 technical studies while CMC Markets provides 29. However, CMC Markets earns higher marks for overall mobile experience: it’s rated 5 out of 5 stars and ranked #5 out of 63 brokers by ForexBrokers.com, compared with Pepperstone’s 4 out of 5 stars and #19 ranking. If you value a top-rated user experience, CMC Markets stands out. If that extra indicator matters to your workflow, Pepperstone has a slight edge on study count.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 29 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | 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 (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
CMC Markets and Pepperstone both deliver plenty of forex and CFD education for beginners. Each broker offers at least ten beginner videos and also more advanced video lessons, so you can start with the basics and level up as you learn. A key difference is webinars: Pepperstone runs live educational webinars at least once a month, which can be helpful if you like real-time instruction and Q&A. CMC Markets does not host regular client webinars, but still supplies a deep catalog of on-demand learning materials.
In independent reviews, CMC Markets earns 5 stars for Education and ranks #10 out of 63 brokers, while Pepperstone earns 4.5 stars and ranks #15. If live, ongoing webinars matter most, Pepperstone is a solid pick. If you prefer a higher-rated, on-demand learning library with extensive beginner and advanced videos, CMC Markets has a slight edge.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Webinars | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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 #5, while Pepperstone finished with an overall rank of #17.
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 |
|
|
| Trust Score | 99 | 94 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
In the CMC Markets vs Pepperstone comparison, neither broker supports buying actual (delivered) cryptocurrency, but both offer cryptocurrency CFD trading for speculative exposure.
CMC Markets vs. Pepperstone: both brokers support ACH/SEPA, PayPal, and bank wire deposits and withdrawals, neither supports Skrill, and Visa/Mastercard availability is not specified.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | CMC Markets | Pepperstone | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
| Broker Screenshots | CMC Markets | Pepperstone | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | CMC Markets | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 94 | |
| 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 (FSA 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, FSRA, or CMA 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. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 account | 1.3 | 1.1 | |
| All-in Cost EUR/USD - Active | 0.65 | 0.8 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | CMC Markets | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | CMC Markets | Pepperstone | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes |
| Trading Tools | CMC Markets | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 73 | 15 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 29 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | CMC Markets | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | CMC Markets | Pepperstone | |
|---|---|---|---|
| Webinars | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | CMC Markets | Pepperstone | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | CMC Markets Review | Pepperstone Review |
| Overall | CMC Markets | Pepperstone | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
IG
FOREX.com
CMC Markets
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill