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 out of 5 stars for commissions and fees, but they are designed for different types of traders. CMC Markets ranks #3 out of 36 brokers in this category, while Pepperstone ranks #5 out of 36. On CMC’s standard account, pricing is less attractive, with an average EUR/USD spread of 1.3 pips versus an advertised minimum of 0.8 pips. Its FX Active pricing brings costs down, with an all-in EUR/USD cost of about 1.15 pips after commission, while Pepperstone’s Razor account comes in lower at about 0.80 pips all-in.
Pepperstone’s Standard account is commission-free, but its spreads are higher than the Razor account, with an average EUR/USD spread of 1.1 pips. That makes it the pricier choice for most active forex traders. CMC Markets also offers active trader rebates through its FX Active setup and CMC Alpha program, which can help reduce costs for high-volume clients in certain regions. Pepperstone offers a similar Active Trader program, with rebates that scale up as monthly trading volume rises, especially for professional traders in the UK, EU, and Australia.
For extra costs, CMC Markets stands out for having a zero minimum deposit, no fee for international bank wires, and an inactivity fee that only applies after 12 months with no activity. Pepperstone also keeps its pricing simple, with no commission on Standard and commission-based pricing on Razor. Overall, CMC Markets is stronger for pricing consistency and account options, while Pepperstone is often the better pick for lower all-in trading costs on its Razor account.
| 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 | 1.15 | 0.8 |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
CMC Markets offers a much wider range of investments than Pepperstone, making it a stronger choice for traders who want more variety. CMC Markets provides forex trading as both CFDs and spot contracts, along with 21,710 tradeable symbols and 303 forex pairs. It also lets clients buy exchange-traded securities on U.S. and international exchanges, so you can purchase real shares such as Apple or Vodafone. By comparison, Pepperstone also offers forex as CFDs or spot contracts, but it has 2,631 tradeable symbols and 65 forex pairs, and it does not offer real exchange-traded securities on U.S. or international markets.
There are a few areas where Pepperstone stands out, including copy trading and the ability to buy actual cryptocurrency, which CMC Markets does not offer. Both brokers support cryptocurrency CFDs. 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. If your main goal is access to the broadest selection of markets, CMC Markets is the better fit.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 21710 | 2631 |
| 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 | Yes |
| 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 | 90 |
| 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.
CMC Markets and Pepperstone both give traders daily market commentary, forex news from major sources such as Bloomberg, Reuters, and Dow Jones, a sentiment tool that shows long and short positioning, and an economic calendar with upcoming global events. In other words, both brokers cover the key research basics well and make it easier for traders to stay on top of market-moving news.
The main difference is that CMC Markets adds Autochartist research tools, while Pepperstone does not. That extra feature likely helps explain why CMC Markets scores higher for research, with a 5-star rating and a #6 ranking out of 36 brokers from ForexBrokers.com, compared with Pepperstone’s 4.5-star rating and #13 ranking.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| 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 21,710 tradeable instruments and 303 forex pairs, the largest currency lineup in the industry.
| Feature |
CMC Markets
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Pepperstone
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 94 |
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CMC Markets and Pepperstone both let traders access cryptocurrency CFDs, but only Pepperstone offers the option to buy actual, delivered cryptocurrency rather than just derivatives.
CMC Markets vs Pepperstone: both online brokers support ACH/SEPA transfers, PayPal, and bank wire deposits/withdrawals, but only Pepperstone offers Skrill; Visa/Mastercard availability for both brokers 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 | 2631 | |
| 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 | Yes | |
| 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 | 1.15 | 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 | Yes | |
| 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 | 90 | |
| 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 | No | |
| 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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