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 vs IC Markets on commissions and fees: IC Markets comes out ahead on typical pricing, earning 5/5 stars and a #5 of 63 ranking for Commissions & Fees at ForexBrokers.com. Pepperstone is competitive—especially for high-volume traders—but lands slightly behind, with 4.5/5 stars and a #11 of 63 ranking.
Pepperstone’s Razor account uses a commission-plus-spread model across TradingView, MT4/MT5, and cTrader. As of July 2024, the average EUR/USD spread was 0.10 pips; adding a commission-equivalent of 0.70 pips brings the all-in cost to about 0.80 pips, near the industry average. The Standard account is spread-only with a 1.1-pip average on EUR/USD, making it pricier than Razor’s all-in cost. Active Trader rebates can meaningfully trim costs: in the U.K./EU, Professional clients trading at least £20 million per month can receive a 15% spread rebate per lot, scaling up to 25% beyond £200 million. In Australia, Professional clients start at 10% per lot after 100 lots (over three months), with up to a 30% reduction above 3,001 lots per month.
IC Markets offers a spread-only Standard account and two commission accounts: Raw Spread (MT4/MT5) and cTrader Raw Spread. Commissions are $3.0 per side ($6 RT) on cTrader and $3.5 per side ($7 RT) on MetaTrader. IC Markets listed an average EUR/USD spread of 0.02 pips (August 2022); the all-in cost is about 0.62 pips on cTrader Raw and 0.72 pips on MT4/MT5 Raw. The commission-free Standard account averaged 0.62 pips. Discounts are available for traders exceeding 100 standard lots per month. In short, IC Markets’ lower all-in spreads generally beat Pepperstone’s, while Pepperstone’s Active Trader program can narrow the gap for high-volume pros.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Standard account | 1.00 | 0.62 |
| All-in Cost EUR/USD - Active | 0.70 | 0.62 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Pepperstone and IC Markets both support forex trading as CFDs and as spot, plus each offers copy trading. IC Markets lists more total instruments (3,583 vs 1,726), which can appeal if you want lots of market choices. Pepperstone edges ahead on currency choice with 65 forex pairs compared to IC Markets’ 61. For crypto, neither broker sells actual coins, but both provide cryptocurrency CFDs.
Stock market access differs. Neither broker lets you buy U.S.-listed shares outright, but IC Markets does offer exchange-traded shares on some international exchanges, while Pepperstone does not. In independent reviews focused on range of investments, IC Markets scores 4.5/5 stars and ranks 26th out of 63 brokers, while Pepperstone scores 4/5 stars and ranks 27th. If you want the widest overall selection, IC Markets is stronger; if you prioritize slightly more forex pairs, Pepperstone may suit you.
| Feature |
Pepperstone
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1726 | 3583 |
| Forex Pairs (Total) | 65 | 61 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | Yes |
| Copy Trading | Yes | 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.
Pepperstone and IC Markets both check the core boxes for trading platforms and tools. Each broker offers a free demo (paper) account, Windows desktop and web-based platforms, copy trading, and the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). You can place trades directly from charts with either broker. One key difference: Pepperstone also offers a proprietary platform built in-house, while IC Markets relies on third-party platforms only.
In independent ratings for Trading Platforms and Tools, both brokers earned 4 out of 5 stars. However, IC Markets ranks higher overall in this category, placing 16th out of 63 brokers, compared with Pepperstone at 22nd. If you want a broker with an in-house platform option, Pepperstone stands out. If a slightly higher category ranking matters more, IC Markets has the edge.
| 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) | 15 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Pepperstone and IC Markets both deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts and offers 30 technical studies for charting, plus the ability to draw trendlines and auto-save your annotations. In day-to-day use, that means you can track markets, analyze charts, and get notified about moves on the go. Both apps earn 4 out of 5 stars for mobile trading.
The key difference is watchlist syncing. Pepperstone lets you sync watchlists between the mobile app and your online account, while IC Markets does not. If seamless watchlists matter, Pepperstone has the edge—and it also sits one spot higher in ForexBrokers.com’s Mobile Trading Apps rankings (#21 vs. #22). Otherwise, their charting tools and alerts are on par.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | 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 (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Pepperstone and IC Markets both offer forex and CFD education with extensive libraries that meet the 10+ piece threshold. Each broker provides at least 10 beginner-friendly videos and at least 10 videos for advanced topics, plus live educational webinars at least once per month. Beginners can start with clear video lessons and continue learning through regular webinars as skills grow.
For quality scores, Pepperstone earns 4.5 out of 5 stars for Education, while IC Markets is rated 4 out of 5. In ForexBrokers.com’s Education rankings out of 63 brokers, IC Markets is placed #16 and Pepperstone is #17. If you prefer the higher star rating, Pepperstone stands out; if you care more about the category ranking, IC Markets edges ahead. Either way, newcomers get plenty of helpful learning content and ongoing webinar support.
| 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 #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
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IC Markets
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|---|---|---|
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| Trust Score | 95 | 84 |
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Pepperstone vs IC Markets: neither online broker offers buying actual (delivered) cryptocurrency, but both support crypto trading via cryptocurrency CFDs.
Pepperstone vs IC Markets: for deposits and withdrawals, both support bank wire transfers and PayPal, Pepperstone also offers ACH/SEPA but not Skrill, while IC Markets lacks ACH/SEPA yet supports Skrill; Visa/Mastercard availability isn’t specified for either broker based on the provided details.
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 |
| Broker Screenshots | Pepperstone | IC Markets | |
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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) | |||
| 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 SCA 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) | 1726 | 3583 | |
| Forex Pairs (Total) | 65 | 61 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | Yes | |
| Copy Trading | Yes | 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 | Pepperstone | IC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.00 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.70 | 0.62 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Pepperstone | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | 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) | 15 | 30 | |
| 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 Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| 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 | Pepperstone | IC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| 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 | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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