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Head to head
IC Markets or Pepperstone? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Raw spreads and five platforms for traders who care about execution cost, not about owning the asset.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
Four decision axes, each derived from the recorded data.
Overall Pepperstone takes it, 4.4 against 4.2 out of 5. On commissions there is little between them — €5.00 against €5.00 for a reference EUR 5,000 order. Pepperstone scores 82 against 70 out of 100 on the group index. Your account's protection depends on its legal entity. Both cover 9 of 14 asset classes. On platform and app Pepperstone is ahead, 4.4 against 4.1 out of 5. Which one is right depends on which of these axes matters for your trading profile.
Up to four brokers at once — every row a decision point.
Data as of: 30 Aug 2026
| Criterion | ||
|---|---|---|
| Overall score | 4.2 | 4.4 — Better |
| Group index | 70 of 100 | 82 of 100 |
| Best for | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading | Active FX tradersScalping and day tradingMetaTrader and cTrader usersIndex CFD tradingUK spread betting |
| Regulation | ASICCySECFSCAFSASCBCMA | FCAASICBaFinCySECDFSASCBCMA |
| Top-tier licences | 1 | 3 — Better |
| Investor protection | €20,000 | £85,000 — Better |
| Listed group | No | No |
| Banking licence | No | No |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | Yes | Yes |
| Audited financials | Yes | Yes |
| Disclosed regulatory actions | 1 | None |
| Founded | 2007 | 2010 |
| Headquarters | Sydney, AU | Melbourne, AU |
| Fees | 4.7 — Better | 4.6 |
| Safety & regulation | 3.9 | 4.4 — Better |
| Trading platform | 4.5 | 4.6 — Better |
| Product range | 3.7 — Better | 3.6 |
| Mobile app | 3.6 | 4.2 — Better |
| Research | 3.6 | 4.2 — Better |
| Customer support | 4.5 | 4.5 |
| Deposit & withdrawal | 4.4 | 4.5 — Better |
| Account opening | 4.3 | 4.6 — Better |
| Education | 3.3 | 3.4 — Better |
| Reference order EUR 5,000 | €5.00 | €5.00 |
| Minimum deposit | €200 | US$10 — Better |
| Stocks (per order) | 0.1 % | 0.1 % |
| US stocks | US$0.02/share | US$0.02/share |
| ETFs | Not offered | US$0.02/share |
| Options | Not offered | Not offered |
| Futures | in the spread | Not offered |
| Crypto | in the spread | in the spread |
| Bonds (order) | in the spread | n/a |
| Funds (order) | n/a | n/a |
| EUR/USD spread | 0.8 pips | 0.8 pips |
| Index CFD spread | n/a | n/a |
| FX conversion | n/a | n/a |
| Inactivity fee | €10 · after 6 months | None — Better |
| Custody fee | None | None |
| Withdrawal fee | free — Better | £15 |
| Deposit fee | free | free |
| Overnight financing | n/a | 2.5 % |
| Other fees |
|
|
| Asset classes (of 14) | 9 | 9 |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | No | Yes |
| Options | No | No |
| Futures | Yes | No |
| Forex | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | Yes |
| Bonds | Yes | No |
| Funds | No | No |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | No |
| Spread betting | No | Yes |
| Social trading | Yes | Yes |
| Platforms | MetaTrader 4MetaTrader 5cTraderTradingViewIC Markets appFIX API | MetaTrader 4MetaTrader 5cTraderTradingViewPepperstone PlatformPepperstone appFIX API |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:30 · Pro 1:500 | 1:30 · Pro 1:500 |
| Account opening | Digital application, usually approved within one business day | Fully digital, typically approved in 4-8 hours |
| Account types | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free | RazorStandardSpread betting (UK only)Swap-freeActive Trader |
| Payment methods | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle Pay |
| Account currencies | EURUSDGBP | GBPUSDEURCHF |
| Deposit time | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer | Instant for cards and e-wallets, 1-3 business days by bank transfer |
| Withdrawal time | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire | 1-3 business days, international wires up to 5 |
| Free withdrawals | n/a | n/a |
| Languages | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic | EnglishGermanSpanishFrenchPortugueseChineseArabicThaiVietnamese |
| Channels | PhoneEmailLive chat | PhoneEmailLive chat |
| Availability | 24/7 | 24/5, with roughly 18 hours a day of weekend cover |
Editorial assessment based on the recorded data.
IC Markets
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Pros
Cons
Best for
Pepperstone
Raw spreads and five platforms for traders who care about execution cost, not about owning the asset.
Pros
Cons
Best for
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Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
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