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 online brokers CMC Markets and Pepperstone, several key differences stand out. Established in 1989, CMC Markets is a seasoned player with a high level of trust, evident in its impressive ForexBrokers.com Trust Score of 99 out of 99. The company is publicly traded, which can often suggest higher levels of transparency and accountability. Holding five Tier-1 licenses, CMC Markets is considered highly trusted in the industry and complements this with one Tier-2 license.
Pepperstone, founded in 2010, has swiftly gained trust in the financial market with a respectable ForexBrokers.com Trust Score of 95. Unlike CMC Markets, Pepperstone is not publicly traded. However, it holds three Tier-1 licenses, marking it as a trusted option for users. Additionally, Pepperstone carries two Tier-2 licenses, further enhancing its reputation. Both CMC Markets and Pepperstone are not banks, focusing solely on providing their clients with reliable online trading platforms.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Year Founded | 1989 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 5 | 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 | 0.61 | 1.00 |
| All-in Cost EUR/USD - Active | 0.51 | 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 comparing CMC Markets to Pepperstone in terms of the available range of investments, CMC Markets emerges as a more versatile platform. CMC Markets offers its clients access to 11,925 tradeable symbols, significantly more than Pepperstone's 1,726. This extensive selection includes 156 forex pairs, surpassing Pepperstone's 65. CMC Markets also stands out by offering exchange-traded securities on both U.S. and international exchanges, enabling clients to buy shares like Apple from NASDAQ and Vodafone from the London Stock Exchange. In contrast, Pepperstone does not offer these options, focusing primarily on CFD trading.
Both CMC Markets and Pepperstone offer forex trading as CFDs, copy trading, and cryptocurrency derivatives rather than actual cryptocurrencies. However, CMC Markets garners a higher range of investments rating, scoring 5 stars compared to Pepperstone's 4 stars. This broader offering is also reflected in their rankings by ForexBrokers.com, with CMC Markets ranked 9th and Pepperstone ranked 26th out of 63 brokers for their range of investments. For those looking for a platform with a wide array of investment opportunities, CMC Markets presents a more comprehensive choice.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 11925 | 1726 |
| Forex Pairs (Total) | 156 | 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 the trading platforms and tools of CMC Markets and Pepperstone, both brokers present a comprehensive suite of offerings. They each provide simulated trading through free virtual demo accounts, enabling traders to practice without risk. Each broker has developed its own proprietary platform and also offers popular options like MetaTrader 4 and MetaTrader 5, available across desktop and web-based platforms. Both brokers support the ability to trade directly from stock charts and feature copy trading capabilities. Where Pepperstone differentiates itself is by offering DupliTrade, while CMC Markets does not.
On the charting front, CMC Markets excels with 40 drawing tools compared to Pepperstone's 30. CMC Markets also offers more fields for watch lists, with 11 columns, surpassing Pepperstone’s 7. These enhanced options likely contribute to CMC Markets’ stronger rating of 5 stars for trading platforms and tools against Pepperstone's 4 stars. In rankings by ForexBrokers.com, CMC Markets is positioned significantly higher at 4th place out of 63 brokers, while Pepperstone takes the 22nd spot. Overall, CMC Markets showcases a slight edge in the breadth and features of its trading platforms, making it a favored choice by many traders.
| 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) | 79 | 15 |
| Charting - Drawing Tools (Total) | 40 | 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 |
|
|
| Trust Score | 99 | 95 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | CMC Markets | Pepperstone | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
| Broker Screenshots | CMC Markets | Pepperstone | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| 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 | 5 | 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) | No | No | |
| 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) | No | 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) | No | No |
| Investments | CMC Markets | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 11925 | 1726 | |
| Forex Pairs (Total) | 156 | 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 | 0.61 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.51 | 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) | 79 | 15 | |
| Charting - Drawing Tools (Total) | 40 | 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill