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.
When comparing Pepperstone and IC Markets, both established online brokers, it's important to consider their regulatory status and Trust Scores. Pepperstone, founded in 2010, holds three Tier-1 and two Tier-2 licenses. These licenses contribute to its impressive Trust Score of 95 out of 99, categorizing it as highly trusted according to ForexBrokers.com. This strong regulatory foundation reflects Pepperstone's commitment to providing a secure trading environment, even though it is neither a publicly traded company nor a bank.
Meanwhile, IC Markets was founded in 2007 and also operates as a private entity without banking status. It holds two Tier-1 licenses but lacks Tier-2 licenses, resulting in a ForexBrokers.com Trust Score of 84. This score still places IC Markets in the trusted category, though it signifies a slightly higher risk than Pepperstone. Both brokers offer reliable services, but Pepperstone's higher Trust Score and greater number of licenses make it the more preferred choice in terms of regulatory standing.
| 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 are popular choices for traders seeking competitive commissions and fees in forex trading. Pepperstone, rated 4.5 out of 5 stars, ranks #10 among 63 brokers for its pricing structures, which vary significantly between its account offerings. The Razor account is favored by high-volume traders due to its competitive commission-based pricing when used with the Active Trader program. It lists an average spread of 0.10 pips on EUR/USD, resulting in an all-in cost of 0.80 pips after factoring in a commission equivalent. In contrast, the Standard account is commission-free but comes with an average spread of 1.1 pips, making it a pricier choice compared to the Razor account.
IC Markets shines in the commissions and fees department, earning a 5-star rating and a #5 ranking. Known for its appealing low-cost trading, IC Markets offers three account types: the Standard account and the Raw Spread accounts for cTrader and MetaTrader platforms. The Raw Spread accounts are commission-based with a slight cost differentiation between platforms. The cTrader Raw Spread account has a commission of $3.0 per side, making the all-in cost 0.62 pips, while the MetaTrader counterpart charges $3.5 per side, adding up to 0.72 pips. Meanwhile, the Standard account is commission-free with an average 0.62 pips spread, providing attractive pricing for traders.
Both brokers offer incentives for active traders. Pepperstone's Active Trader program provides rebates based on trading volume, with significant discounts available to high-rolling traders. IC Markets also extends discounts to active traders exceeding 100 standard lots per month, further enhancing its appeal as a cost-effective option. Overall, IC Markets leads in the category of commissions and fees, setting a high standard in the industry.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.00 | 0.62 |
| All-in Cost EUR/USD - Active | 0.70 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and IC Markets both offer forex trading as either CFDs or spot contracts, providing traders with ample opportunities in the forex market. Pepperstone provides access to 1,726 tradeable symbols and 65 forex pairs, while IC Markets offers a larger pool with 3,583 tradeable symbols and 61 forex pairs. Neither platform allows trading of physical exchange-traded securities on U.S. exchanges, but IC Markets stands out by offering these securities on international exchanges, unlike Pepperstone. Both brokers support copy trading and cryptocurrency derivatives, though neither supports the purchase of actual cryptocurrencies.
When it comes to the range of investments, IC Markets holds a slight advantage with a user rating of 4.5 stars compared to Pepperstone's 4 stars. Additionally, IC Markets is ranked 25th, just edging past Pepperstone, which is ranked 26th out of 63 brokers in ForexBrokers.com's Range of Investments category. This makes IC Markets a compelling choice for investors looking for a broader selection of tradeable symbols and access to international exchange-traded securities.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 3583 |
| Forex Pairs (Total) | 65 | 61 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | Yes |
| 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.
Pepperstone and IC Markets each offer a range of features for traders, including the essential simulated trading or demo accounts, making it easy for beginners to practice before committing real funds. Both brokers provide popular platforms like MetaTrader 4 and MetaTrader 5 for adaptable trading experiences across various devices; however, Pepperstone edges out with its proprietary platform developed in-house, offering a potentially more customized trading experience. Moreover, while both brokers support copy trading, Pepperstone provides DupliTrade, while IC Markets favors ZuluTrade, giving traders distinct options for automated trading strategies.
Charting and visualization tools are crucial for informed decisions, and here Pepperstone offers a greater array with 30 drawing tools compared to IC Markets' 15, allowing for more detailed technical analysis. Both platforms enable direct trading from charts and equip users with comprehensive watch lists featuring 7 columns. Both brokers are equally rated at 4 stars for their trading platforms and tools. Nevertheless, ForexBrokers.com ranks IC Markets slightly higher, in 16th place, compared to Pepperstone's 22nd, potentially reflecting a slight edge in user preference or additional features.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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 | Yes | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 15 | 30 |
| Charting - Drawing Tools (Total) | 30 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and IC Markets both offer strong mobile trading apps compatible with iPhone and Android devices. Users of both brokers can enjoy stock and forex price alerts, the ability to draw trendlines on charts, view multiple time frames, and create watchlists with real-time quotes. Additionally, each app provides 30 technical studies for charting and saves your chart drawings automatically. However, Pepperstone stands out with its watchlist symbol syncing feature, ensuring seamless integration between the mobile app and online account, a convenience that IC Markets does not currently offer.
In terms of user ratings, both Pepperstone and IC Markets earn 4 out of 5 stars for their mobile trading apps. In the broader landscape of brokers, Pepperstone edges slightly ahead, ranked at #21 by ForexBrokers.com for mobile trading, while IC Markets follows closely at #22. For those prioritizing watchlist syncing between devices, Pepperstone may offer a slight advantage, but both brokers provide comprehensive and reliable mobile trading experiences suitable for many users.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 30 | 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.
Pepperstone and IC Markets both offer a solid suite of market research features for online trading enthusiasts. Both platforms provide daily market commentary and access to top-tier forex news from sources like Bloomberg and Reuters. Additionally, each broker offers technical analysis tools from Autochartist and sentiment-based tools that track trading positions across currency pairs. However, when it comes to tools from Trading Central, IC Markets has an edge as it offers these resources while Pepperstone does not. Conversely, neither broker offers market research from TipRanks or tools from Acuity Trading, such as Signal Centre, yet they both include an economic calendar that highlights key global news events.
In terms of overall research ratings and rankings, Pepperstone slightly outshines IC Markets. Pepperstone is rated 4.5 stars and ranks 12th out of 63 brokers for research by ForexBrokers.com. Meanwhile, IC Markets holds a 4-star rating and comes in at 23rd place in the same research category. The choices between these two brokers may ultimately hinge on specific requirements like Trading Central tools, with IC Markets being the preferred option for those requiring such features.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| 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, both Pepperstone and IC Markets provide a solid selection of materials to help new traders. They each offer more than ten educational pieces focusing on forex or CFDs, including articles, videos, and archived webinars. Monthly webinars are available to clients, ensuring regular learning opportunities, and both brokers maintain searchable archives for convenient access to past sessions. Whether you are a beginner or an advanced trader, both platforms have a broad range of videos tailored to your skill level, covering essential trading topics.
Moreover, both Pepperstone and IC Markets support learning through comprehensive investor dictionaries with over 50 terms. In terms of overall quality, Pepperstone scores slightly higher with a 4.5-star education rating compared to IC Markets’ 4-star rating. Interestingly, ForexBrokers.com ranks IC Markets just one spot higher than Pepperstone, at positions #16 and #17, respectively, among 63 brokers in the education category. Both brokers significantly contribute to a beginner’s understanding, making them viable options for those starting in online trading.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | 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 Pepperstone is better than IC Markets. Pepperstone finished with an overall rank of #16, while IC Markets finished with an overall rank of #20.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 84 |
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Both Pepperstone and IC Markets do not offer the ability to buy actual delivered cryptocurrency but provide the option to trade cryptocurrency derivatives.
Pepperstone and IC Markets both offer convenient payment options such as Visa/Mastercard, PayPal, Skrill, and bank wires for depositing and withdrawing funds; however, unlike IC Markets, Pepperstone additionally provides ACH or SEPA transfers for flexible transactions.
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 | 95 | 84 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | IC Markets Review |
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| Regulation | Pepperstone | IC Markets | |
|---|---|---|---|
| Trust Score | 95 | 84 | |
| 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 (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| 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 | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Pepperstone | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1726 | 3583 | |
| Forex Pairs (Total) | 65 | 61 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| 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 | Pepperstone | IC Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.00 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Pepperstone | IC Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | Yes | Yes | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Pepperstone | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 15 | 30 | |
| Charting - Drawing Tools (Total) | 30 | 15 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 30 | 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 | Pepperstone | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Pepperstone | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | 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 | Pepperstone | IC Markets | |
|---|---|---|---|
| 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 | Pepperstone Review | IC Markets Review |
| Overall | Pepperstone | IC Markets | |
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| Trust Score | 95 | 84 | |
| Winner | check_circle | ||
| Review | Pepperstone Review | IC Markets Review |
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