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 strong marks for commissions and fees, but CMC Markets has the edge overall. CMC Markets is rated 5 out of 5 stars and ranks #4 out of 36 brokers for Commissions and Fees at ForexBrokers.com. Its pricing is helped by consistently low spreads across account types, with typical EUR/USD spreads around 0.61 pips, plus its FX Active plan, which can bring all-in EUR/USD trading costs down to about 0.5 pips. CMC Markets also offers an active trader program that can lower trading costs further for high-volume clients.
Pepperstone is also rated 5 out of 5 stars, but it ranks #6 out of 36 for Commissions and Fees. Its best pricing is found on the Razor account, which uses commission-based pricing and can deliver an all-in EUR/USD cost of about 0.80 pips, based on July 2024 data. Pepperstone’s Standard account is simpler and commission-free, but its average EUR/USD spread of 1.1 pips makes it the pricier choice. For active traders, Pepperstone’s rebate program can help reduce costs, especially for professionals trading larger monthly volumes.
In short, both brokers are low-cost choices, but CMC Markets is the better pick for overall commissions and fees, mainly because of its tighter average spreads and lower all-in pricing on key forex pairs. Pepperstone remains a strong option, especially for traders who prefer the Razor account or may benefit from its active trader rebates.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $10 |
| Average spread (EUR/USD) - Spread-only account | 1.3 | 1.1 |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.8 |
| Non-wire bank transfer (Deposit/Withdraw) | 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 offers a wider choice of investments than Pepperstone, making it a stronger pick for traders who want more markets in one place. CMC Markets provides 21,710 tradeable symbols and 303 forex pairs, compared with Pepperstone’s 1,726 symbols and 65 forex pairs. Both brokers let you trade forex as either a CFD or spot contract, and both offer cryptocurrency CFDs, but neither allows you to buy actual delivered crypto.
CMC Markets also stands out for share investing, since it offers exchange traded securities on both U.S. and international exchanges, such as Apple and Vodafone shares. Pepperstone does not offer these types of share purchases, but it does support copy trading, which CMC Markets does not. Overall, CMC Markets is rated 5 stars for Range of Investments and ranks #9 out of 36 brokers, while Pepperstone is rated 4 stars and ranks #23, showing that CMC Markets has the broader product selection.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 21710 | 1726 |
| Forex Pairs (Total) | 303 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | 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 give traders plenty of platform choices, including a free demo account, a proprietary trading platform, web-based access, Windows desktop software, and support for MetaTrader 4 and MetaTrader 5. Each broker also lets you trade directly from a chart, which can make order entry quicker and easier for active traders. In short, both are well set up for beginners who want to practice and for more experienced traders who want flexible ways to access the markets.
The main difference is that Pepperstone offers copy trading, while CMC Markets does not. CMC Markets also stands out for its platform experience, earning 5 out of 5 stars for Trading Platforms and Tools and ranking #6 out of 36 brokers at ForexBrokers.com, compared with Pepperstone’s 4 stars and #21 ranking. If platform quality is your top concern, CMC Markets has the edge, while Pepperstone may appeal more if copy trading is important to you.
| 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 | No | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 65 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
CMC Markets and Pepperstone both offer mobile trading apps for iPhone and Android, along with stock and forex price alerts. Each broker also lets users sync watchlists between the mobile app and online account, so updates carry over easily. For charting, both apps include 30 technical studies, plus the ability to draw trendlines and have those drawings saved automatically.
Where they differ is in overall mobile app quality. CMC Markets is rated 5 out of 5 stars for Mobile Trading Apps and ranks #5 out of 36 brokers at ForexBrokers.com, while Pepperstone is rated 4 out of 5 stars and ranks #19. For traders who want the stronger mobile experience, CMC Markets has the edge, though Pepperstone still covers the main features most users need.
| 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 | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, CMC Markets and Pepperstone both give traders a strong set of tools. Each broker offers daily market commentary, forex news from major sources like Bloomberg, Reuters, and Dow Jones, Autochartist tools, sentiment data that shows long and short positioning, and an economic calendar with global news events. Neither broker includes Trading Central, TipRanks, or Acuity Trading research, so their research offering is closely matched on the basics most traders look for.
The main difference is in the ratings and rankings. CMC Markets earns a perfect 5-star Research score and ranks #6 out of 36 brokers for Research at ForexBrokers.com, while Pepperstone scores 4.5 stars and ranks #13. That gives CMC Markets the edge for market research overall, even though Pepperstone still provides a very competitive research package for everyday traders.
| 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 give beginners plenty of learning material, including forex and CFD education with at least 10 dedicated resources, plus monthly online webinars and a large set of beginner and advanced videos. This means new traders can find guides, video lessons, and live sessions at either broker to help them understand trading basics and build confidence step by step.
That said, CMC Markets comes out ahead for education overall. It is rated 5 stars for Education and ranks #10 out of 36 brokers on ForexBrokers.com, while Pepperstone is rated 4.5 stars and ranks #15. For beginners who want a slightly stronger education library and a better-ranked learning experience, CMC Markets has the edge, though Pepperstone still offers a solid range of helpful resources.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Webinars | Yes | 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
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Pepperstone
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| Trust Score | 99 | 94 |
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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 | 94 | |
| 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 | 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) | 21710 | 1726 | |
| Forex Pairs (Total) | 303 | 65 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | 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) - Spread-only account | 1.3 | 1.1 | |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.8 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | CMC Markets | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $10 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| Trading Platforms | CMC Markets | Pepperstone | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | 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) | 65 | 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 | 30 | 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 | Yes | 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 | 94 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
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