Written by ForexBrokers.com
In this head to head comparison of Pepperstone vs IC Markets, 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.
Pepperstone (founded 2010) and IC Markets (founded 2007) are online brokers that are not publicly traded and are not banks. According to ForexBrokers.com, Pepperstone has a Trust Score of 94/99, placing it in the highly trusted range (90–99). IC Markets scores 83/99, which falls in the trusted range (80–89).
On regulation, Pepperstone holds 3 Tier-1 licenses (highly trusted) and 2 Tier-2 licenses (trusted). IC Markets holds 2 Tier-1 licenses and no Tier-2 licenses. In simple terms, Pepperstone shows a wider mix of top-tier and mid-tier oversight, while IC Markets has strong top-tier coverage but fewer additional licenses. Always confirm which licensed entity your account will be opened under.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Year Founded | 2010 | 2007 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 3 |
Pepperstone and IC Markets both score highly for commissions and fees, with each broker rated 5 stars. In ForexBrokers.com’s Commissions and Fees category, Pepperstone ranks #5 out of 36 brokers, while IC Markets ranks slightly higher at #4 out of 36. For everyday traders, both are low-cost choices, but the pricing structure and best account type can make a difference.
Pepperstone’s Razor account is its best option for price-conscious traders, especially when paired with the Active Trader program. It uses commission-based pricing and listed an average EUR/USD spread of 0.10 pips as of July 2024; after commission, the all-in cost comes to about 0.80 pips. Its Standard account is commission-free but more expensive overall, with an average EUR/USD spread of 1.1 pips. Active traders may also qualify for spread rebates, with larger discounts available at higher trading volumes.
IC Markets also offers strong pricing, and its commission-based Raw Spread and cTrader Raw Spread accounts are especially competitive. IC Markets listed an average EUR/USD spread of 0.02 pips, with all-in costs around 0.62 pips on cTrader and 0.72 pips on MetaTrader after commission. Its commission-free Standard account is another low-cost choice, with an average spread of 0.62 pips. For traders who want tight spreads and low trading costs, IC Markets has a slight edge, though Pepperstone remains very close behind.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $10 | $200 |
| Average spread (EUR/USD) - Spread-only account | 1.1 | 0.8 |
| All-in Cost EUR/USD - Raw spread account | 0.8 | 0.72 |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and IC Markets both give traders access to forex as a CFD or spot contract, and both also support copy trading and cryptocurrency CFDs. Neither broker offers exchange-traded shares on U.S. or international stock exchanges, so you cannot buy real Apple or Vodafone shares through either platform. Pepperstone stands out if you want to buy actual cryptocurrency, since it allows delivered crypto purchases, while IC Markets does not.
When it comes to overall product choice, IC Markets has the larger list of tradeable symbols, with 7,435 compared with Pepperstone’s 2,631. Pepperstone offers a slightly wider selection of forex pairs, with 65 versus IC Markets’ 61. In ForexBrokers.com’s Range of Investments category, IC Markets is rated a bit higher at 4.5 stars and ranked #22 out of 36 brokers, while Pepperstone holds a 4-star rating and a #23 ranking.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 2631 | 7435 |
| Forex Pairs (Total) | 65 | 61 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | Yes | 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.
Pepperstone and IC Markets both give traders a wide range of platform choices, making each a solid pick for those who want flexibility. Each broker offers a free demo account, desktop and web-based trading platforms, copy trading, MetaTrader 4, and MetaTrader 5. Both also let users trade directly from charts, which can make placing orders quicker and easier for active traders. In terms of trading platforms and tools, both brokers are rated 4 out of 5 stars.
The main difference is that Pepperstone offers its own proprietary platform, while IC Markets does not. That may matter for traders who want a broker-built platform alongside popular third-party options. On ForexBrokers.com, IC Markets ranks higher in the Trading Platforms and Tools category at #17 out of 36 brokers, compared with Pepperstone at #21. Overall, both brokers are well matched, but IC Markets has a slight edge in ranking, while Pepperstone stands out for having an in-house platform.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| 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) | 90 | 32 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and IC Markets both make mobile trading easy with iPhone and Android apps, plus stock and forex price alerts. Each app also lets you draw trendlines on charts and automatically saves those drawings. Both brokers earn a 4-star rating for mobile trading apps, so in everyday use, they sit at a similar level for core features and convenience.
The main difference is in watchlist syncing and chart tools. Pepperstone lets your mobile watchlists sync with your online account, so any changes carry over between devices, while IC Markets does not offer this feature. IC Markets does edge ahead in charting with 32 technical studies compared with Pepperstone’s 30. Even so, Pepperstone is ranked higher for mobile trading apps overall by ForexBrokers.com, placing #19 out of 36 brokers, versus IC Markets at #22.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 32 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Pepperstone and IC Markets both give traders useful market research tools, including daily market commentary, news from major sources like Bloomberg and Reuters, sentiment data, and an economic calendar with important global events. Neither broker offers Autochartist or Acuity Trading tools, so their research suites are similar in many core areas.
The main difference is that IC Markets goes further with extra research support from Trading Central and TipRanks, while Pepperstone does not. Even so, Pepperstone scores higher for research overall, with a 4.5-star rating and a ForexBrokers.com ranking of #13 out of 36 brokers, compared with IC Markets’ 4-star rating and #21 ranking.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone and IC Markets both give beginners plenty of learning material, including more than 10 education pieces focused on forex or CFDs, monthly online webinars, and at least 10 beginner and 10 advanced videos. That means either broker can be a good starting point if you want to learn the basics and keep building your skills over time. In simple terms, they both cover the key areas a new trader would expect from a broker’s learning section.
Where Pepperstone edges ahead is in third-party ratings. Pepperstone is rated 4.5 out of 5 for Education and ranks #15 out of 36 brokers on ForexBrokers.com, while IC Markets is rated 4 out of 5 and ranks #16. The difference is small, but Pepperstone has a slight lead overall for educational support, making it the better pick for beginners who want the stronger learning package.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| 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 Pepperstone is better than IC Markets. Pepperstone finished with an overall rank of #17, while IC Markets finished with an overall rank of #21.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
Pepperstone
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IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 94 | 83 |
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Pepperstone and IC Markets both offer cryptocurrency CFDs, but only Pepperstone also allows traders to buy actual delivered cryptocurrency, whereas IC Markets does not provide direct crypto ownership.
Comparing online brokers Pepperstone vs IC Markets: Pepperstone supports ACH/SEPA (IC Markets does not), and both offer PayPal, Skrill, and bank wire transfers for deposits and withdrawals.
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 | Pepperstone | IC Markets | |
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| Trust Score | 94 | 83 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | IC Markets Review |
| Broker Screenshots | Pepperstone | IC Markets | |
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| Regulation | Pepperstone | IC Markets | |
|---|---|---|---|
| Trust Score | 94 | 83 | |
| Year Founded | 2010 | 2007 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 3 |
| Tier-1 Licenses (Highly Trusted) | Pepperstone | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Pepperstone | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Pepperstone | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 2631 | 7435 | |
| Forex Pairs (Total) | 65 | 61 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | Yes | 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 | Pepperstone | IC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.1 | 0.8 | |
| All-in Cost EUR/USD - Raw spread account | 0.8 | 0.72 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $10 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| Trading Platforms | Pepperstone | IC Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | Yes | Yes |
| Trading Tools | Pepperstone | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 90 | 32 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Pepperstone | IC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 32 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Pepperstone | IC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | IC Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Pepperstone | IC Markets | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | Pepperstone Review | IC Markets Review |
| Overall | Pepperstone | IC Markets | |
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| Trust Score | 94 | 83 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | IC Markets Review |
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