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 |
Comparing commissions and fees, CMC Markets takes the lead with a 5-star rating and the #1 ranking (out of 63) in our 2025 Awards, while Pepperstone earns 4.5 stars and ranks #11. Both brokers support low-cost trading, but CMC Markets more consistently delivers lower all-in pricing across account types.
CMC Markets posts a typical EUR/USD spread of 0.61 pips (August 2023). Its FX Active pricing charges $2.50 per side with minimum spreads of 0.0, producing a 0.5-pip all-in cost on EUR/USD (and several other pairs) based on August 2023 data. Average spreads have tended to sit close to the quoted minimums. Active traders can also cut costs with the Price Plus Scheme: you earn Trading Points (2 points per standard lot), with a Tier 4 20% spread discount kicking in at 1,250 standard lots in a month. FX Active is available on MT4 and Next Generation in regions including the U.K., Australia, New Zealand, Canada, and Southeast Asia.
Pepperstone’s value is strongest on the Razor account, which is commission-based across TradingView, MT4/MT5, and cTrader. In July 2024, Razor showed a 0.10-pip average spread on EUR/USD; after adding the commission equivalent of 0.70 pips, the all-in cost was 0.80 pips. The Standard account is commission-free but pricier, with a 1.1-pip average on EUR/USD (July 2024). High-volume traders may benefit from Pepperstone’s Active Trader rebates: in the U.K. and EU, Professional clients starting at £20 million per month can receive a 15% per-lot rebate (up to 25% above £200 million), and in Australia, Professional clients can see 10% to 30% spread reductions depending on lots traded. Overall, CMC Markets typically undercuts Pepperstone on all-in costs, while Pepperstone can become more competitive for professionals who qualify for the highest rebate tiers.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.3 | 1.00 |
| All-in Cost EUR/USD - Active | 0.65 | 0.70 |
| 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 and Pepperstone both let you trade forex either as CFDs or spot, and each offers copy trading. They also support cryptocurrency CFDs, though neither broker lets you buy actual crypto. Where they differ is scale: CMC Markets lists 12,029 tradeable symbols and 141 forex pairs, while Pepperstone offers 1,726 symbols and 65 pairs. That means CMC Markets gives you far more markets to explore.
CMC Markets also provides access to exchange-traded shares on U.S. and international exchanges, so you can buy stocks like Apple or Vodafone outright; Pepperstone does not offer direct share dealing. Reflecting this breadth, CMC Markets earns 5 stars for Range of Investments and is ranked #9 out of 63 brokers by ForexBrokers.com. Pepperstone scores 4 stars and ranks #27. If you want the widest selection plus share dealing, CMC Markets is the better fit; if you’re focused on CFDs, forex, and copy trading with fewer markets, Pepperstone may suit your needs.
| 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 choice and ease of use. Each broker provides a free demo account for practice, a proprietary (in‑house) platform, downloadable Windows software, and a web-based platform. Both support copy trading and let you place orders directly from price charts. If you prefer third‑party software, both brokers also offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Where they differ is in third‑party evaluations of their platform lineups. In ForexBrokers.com’s Trading Platforms and Tools category, CMC Markets earns 5 stars and ranks #4 out of 63 brokers, while Pepperstone receives 4 stars and ranks #22. In short, for the most polished, wide-reaching platform experience, CMC Markets holds an edge, but Pepperstone remains a capable option if you want MetaTrader and copy-trading access with both web and desktop choices.
| 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 offer iPhone and Android apps, with handy price alerts and watchlists that sync between your phone and your online account. Charting tools are well covered on both: you can draw trendlines and your drawings save automatically. For technical studies, Pepperstone includes 30 indicators while CMC Markets offers 29—a near tie that should suit most traders.
Ratings and rankings show a clearer split. CMC Markets earns 5 stars for Mobile Trading Apps and sits at #5 out of 63 brokers on ForexBrokers.com. Pepperstone earns 4 stars and ranks #21. If you want the higher-rated mobile experience, CMC Markets has the edge; if you care about having one more built-in indicator, Pepperstone is a solid pick.
| 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.
For beginner traders comparing CMC Markets and Pepperstone, both brokers provide plenty of structured learning with at least 10 beginner-focused trading videos, plus 10+ advanced videos for when you’re ready to go deeper. One key difference is live learning: Pepperstone runs ongoing online educational webinars (at least monthly), while CMC Markets does not. If you value real-time Q&A and interactive sessions, Pepperstone’s webinar schedule is a clear plus.
In overall education quality, CMC Markets earns 5 stars and ranks #10 out of 63 brokers on ForexBrokers.com, while Pepperstone scores 4.5 stars and ranks #17. That suggests CMC Markets has a slight edge for on-demand learning materials, whereas Pepperstone stands out for live webinars. Either way, both are strong choices for beginners seeking clear forex and CFD education.
| 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 #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
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Pepperstone
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 95 |
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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.
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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, FSRA, or SCA 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 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.65 | 0.70 | |
| 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 | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
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