Loading …
Head to head
Pepperstone or IC Markets? 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.
Raw spreads and five platforms for traders who care about execution cost, not about owning the asset.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
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. The two pricing models cannot be converted like for like; the fee rows in the table carry the detail. 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 | 4.4 — Better | 4.2 |
| Group index | 82 of 100 | 70 of 100 |
| Best for | Active FX tradersScalping and day tradingMetaTrader and cTrader usersIndex CFD tradingUK spread betting | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading |
| Regulation | FCAASICBaFinCySECDFSASCBCMA | ASICCySECFSCAFSASCBCMA |
| Top-tier licences | 3 — Better | 1 |
| Investor protection | £85,000 — Better | €20,000 |
| 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 | None | 1 |
| Founded | 2010 | 2007 |
| Headquarters | Melbourne, AU | Sydney, AU |
| Fees | 4.6 | 4.7 — Better |
| Safety & regulation | 4.4 — Better | 3.9 |
| Trading platform | 4.6 — Better | 4.5 |
| Product range | 3.6 | 3.7 — Better |
| Mobile app | 4.2 — Better | 3.6 |
| Research | 4.2 — Better | 3.6 |
| Customer support | 4.5 | 4.5 |
| Deposit & withdrawal | 4.5 — Better | 4.4 |
| Account opening | 4.6 — Better | 4.3 |
| Education | 3.4 — Better | 3.3 |
| Reference order EUR 5,000 | 0.1 % (CFD) | 0.1 % (CFD) |
| Minimum deposit | US$10 — Better | €200 |
| Stocks (per order) | 0.1 % (CFD) | 0.1 % (CFD) |
| US stocks | US$0.02/share (CFD) | US$0.02/share (CFD) |
| ETFs | US$0.02/share (CFD) | Not offered |
| Options | Not offered | Not offered |
| Futures | Not offered | in the spread |
| Crypto | in the spread | in the spread |
| Bonds (order) | n/a | in the spread |
| 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 | None — Better | €10 · after 6 months |
| Custody fee | None | None |
| Withdrawal fee | £15 | free — Better |
| Deposit fee | free | free |
| Overnight financing | 2.5 % | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 9 | 9 |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Options | No | No |
| Futures | No | Yes |
| Forex | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | Yes |
| Bonds | No | Yes |
| Funds | No | No |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | No |
| Spread betting | Yes | No |
| Social trading | Yes | Yes |
| Platforms | MetaTrader 4MetaTrader 5cTraderTradingViewPepperstone PlatformPepperstone appFIX API | MetaTrader 4MetaTrader 5cTraderTradingViewIC Markets appFIX API |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:30 · Pro 1:500 | 1:30 · Pro 1:500 |
| Account opening | Fully digital, typically approved in 4-8 hours | Digital application, usually approved within one business day |
| Account types | RazorStandardSpread betting (UK only)Swap-freeActive Trader | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free |
| Payment methods | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle Pay | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto |
| Account currencies | GBPUSDEURCHF | EURUSDGBP |
| Deposit time | Instant for cards and e-wallets, 1-3 business days by bank transfer | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer |
| Withdrawal time | 1-3 business days, international wires up to 5 | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire |
| Free withdrawals | n/a | n/a |
| Languages | EnglishGermanSpanishFrenchPortugueseChineseArabicThaiVietnamese | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic |
| Channels | PhoneEmailLive chat | PhoneEmailLive chat |
| Availability | 24/5, with roughly 18 hours a day of weekend cover | 24/7 |
Editorial assessment based on the recorded data.
Pepperstone
Raw spreads and five platforms for traders who care about execution cost, not about owning the asset.
Pros
Cons
Best for
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
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
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.
Alternatives people weigh up alongside these two.
