Pepperstone VS IC Markets 2024

Pepperstone and IC Markets both offer raw-spread and commission-free Forex accounts, MetaTrader, cTrader, TradingView, automated trading, and multi-asset CFDs. Their current differences are more specific. Pepperstone adds its own proprietary trading platform and currently lists more than 1,350 markets, while IC Markets Global lists more than 2,250 instruments, additional Raw Pro pricing tiers, and substantially higher maximum leverage on eligible MetaTrader accounts.

Regulation and Trust

How the Regulatory Setups Compare

Pepperstone operates through a multi-entity group regulated by authorities including ASIC in Australia, the FCA in the United Kingdom, CySEC in Cyprus, BaFin in Germany, the DFSA in Dubai, the Capital Markets Authority in Kenya, the Securities Commission of The Bahamas, and the UAE Securities and Commodities Authority. Pepperstone states that retail client funds are held in segregated accounts under the applicable entity.

IC Markets also operates through separate regulated businesses. IC Markets Global is the trading name of Raw Trading Ltd, regulated by the Seychelles Financial Services Authority under Securities Dealer license SD018. International Capital Markets Pty Ltd is regulated by ASIC under AFSL 335692, while IC Markets (EU) Ltd is regulated by CySEC under license 362/18.

What Changes Depending on Jurisdiction

The protections and trading conditions attached to either broker depend on the legal entity holding the account. For example, retail leverage is restricted under Pepperstone's FCA, ASIC, and European entities, while its Bahamas entity can provide higher limits. IC Markets EU limits retail leverage to 1:30, while IC Markets Global provides much higher leverage through Raw Trading Ltd. Client-money rules, negative balance protection, compensation arrangements, and available products also vary by entity.

Trading Platforms

Platform Choice and Trading Experience

Both brokers support MetaTrader 4, MetaTrader 5, cTrader, and TradingView. MetaTrader provides Expert Advisors and MQL automation, while cTrader supports C# based algorithmic trading and Level II market depth. TradingView adds browser-based charting, indicators, alerts, screeners, and Pine Script tools.

Pepperstone also provides its proprietary web platform and mobile app. IC Markets provides MetaTrader WebTrader and its own client app alongside its core third-party platform range. IC Markets also supports cTrader Copy, IC Social, Signal Start, and ZuluTrade.

Where the Platform Setups Differ

The main third-party platform selection is very similar because both brokers support the same four major environments. Pepperstone adds a full proprietary trading platform, while IC Markets provides more separate copy-trading integrations. Traders using MT4, MT5, cTrader, or TradingView will find less difference between the brokers than older comparisons suggest.

Markets Available

Market Range Compared

Pepperstone currently advertises more than 1,350 markets across Forex, shares, indices, commodities, cryptocurrencies, and ETFs. Its wider platform range includes up to 93 Forex CFDs, although MT4 has a smaller currency selection than Pepperstone's newer platforms.

IC Markets Global currently lists more than 2,250 tradable instruments. Its published range includes 61 Forex CFDs, more than 2,100 stock CFDs, 24 commodity CFDs, 25 index CFDs, 9 bond CFDs, 21 cryptocurrency CFDs, and 4 futures CFDs.

The Difference Is Mainly in Stock CFDs

IC Markets Global has the larger total instrument count, driven primarily by its stock CFD catalog. Pepperstone currently lists more Forex pairs on several of its platforms. Both cover the main Forex, commodity, index, share, and cryptocurrency markets, so the importance of the difference depends on which asset class the trader actually uses.

Spreads and Trading Costs

How the Two Pricing Models Work

Pepperstone's Razor account offers Forex spreads from 0.0 pips. For USD-denominated MetaTrader accounts, the commission is $3.50 per standard lot per side, or $7 round turn. Pepperstone's May 2026 spread data shows an average EUR/USD Razor spread of 0.1 pips. Its Standard account has no separate Forex commission, with EUR/USD starting from 1.0 pip and averaging 1.1 pips in the same dataset.

IC Markets Global's MetaTrader Raw Spread account also starts from 0.0 pips and charges $3.50 per standard lot per side. The broker publishes an average EUR/USD Raw spread of 0.1 pips. Its Standard account charges no separate Forex commission and starts from 0.8 pips. The cTrader and TradingView Raw accounts charge $3 per $100,000 traded.

Standard Raw Pricing Is Almost Identical

On the standard MetaTrader raw accounts, both brokers publish the same $3.50 per lot per side commission and the same 0.1-pip average EUR/USD raw spread. IC Markets has the lower published starting spread on its commission-free Standard account, while Pepperstone and IC Markets use different commission calculations on cTrader and TradingView.

Account Types

Account Structures Side by Side

Pepperstone's main CFD accounts are Standard and Razor. Standard includes the normal Forex trading charge in the spread, while Razor separates raw spreads from commission. Swap-free accounts and professional classification are also available under qualifying entities.

IC Markets Global currently lists Standard, MetaTrader Raw Spread, and cTrader or TradingView Raw Spread accounts. It has also introduced Raw Pro and Raw Pro+ MetaTrader accounts. Raw Pro charges $1.50 per standard lot per side and requires $5,000, while Raw Pro+ charges $1 per side and requires $100,000.

IC Markets Has More Pricing Tiers

Pepperstone keeps its account structure focused on Standard and Razor pricing. IC Markets adds lower-commission MetaTrader tiers for clients meeting higher balance requirements. The difference is therefore not access to raw pricing, which both brokers provide, but the additional commission tiers available at IC Markets.

Minimum Deposit

Entry Requirements Compared

Pepperstone currently lists a $10 minimum for many standard electronic funding methods, including cards and selected digital payment services. Bank transfers can have no stated minimum. These are funding-method requirements rather than a large mandatory opening balance.

IC Markets Global currently lists a $0 minimum deposit on its Standard, MetaTrader Raw Spread, and cTrader or TradingView Raw Spread accounts. Its higher Raw Pro and Raw Pro+ tiers use the separate balance requirements stated above.

Does the Difference Matter?

Both brokers allow traders to open their core accounts without committing substantial capital. IC Markets has a $0 published account minimum, while Pepperstone allows funding from $10 through many payment methods and no stated minimum through bank transfer. Actual trading still requires enough free margin to open and maintain a position.

Leverage

Maximum Leverage and Eligibility

Pepperstone currently advertises retail Forex leverage of up to 1:200 through eligible international entities. Professional clients can receive up to 1:1000 where the relevant Pepperstone entity permits it. Retail leverage under entities such as the FCA and ASIC is lower.

IC Markets Global currently lists dynamic leverage up to 1:5000 on its Standard, MetaTrader Raw Spread, Raw Pro, and Raw Pro+ accounts. Its cTrader and TradingView Raw account reaches up to 1:1000. IC Markets EU limits retail clients to 1:30.

IC Markets Has the Higher Global Maximum

IC Markets Global provides the higher published maximum leverage on eligible MetaTrader accounts. Its leverage is dynamic and can change with exposure and account conditions. Pepperstone's highest published retail ratio is lower, although both brokers apply substantially reduced limits under stricter regulatory entities.

Execution

What the Brokers Actually Publish

Pepperstone currently advertises execution from 50 milliseconds and publishes a fill rate above 99% for its defined recent dataset. Its platforms use pricing sourced from multiple institutional liquidity providers, and the broker states that there is no dealer intervention in the published execution statistics.

IC Markets Global publishes average execution speeds of under 40 milliseconds. Its MetaTrader servers are located in the Equinix NY4 data center in New York, while its cTrader server is located in the Equinix LD5 data center in London. The broker also publishes an average EUR/USD Raw spread of 0.1 pips and states that MetaTrader pricing is aggregated from up to 25 institutional sources.

What Cannot Be Fairly Compared?

IC Markets publishes the lower headline execution figure, but the two measurements are not produced from one controlled test using the same orders, platform, server location, account, and market conditions. The figures can be reported individually, but they do not prove that every IC Markets trade will execute faster than every Pepperstone trade.

Deposits and Withdrawals

Funding Methods, Fees and Processing

Pepperstone supports payment methods that can include cards, bank transfers, PayPal, Neteller, Skrill, Apple Pay, Google Pay, and regional services depending on jurisdiction. Many electronic deposits are processed immediately. Pepperstone generally charges no internal deposit or withdrawal fee, although international bank transfers can create bank or intermediary charges.

IC Markets Global supports cards, PayPal, Neteller, Skrill, UnionPay, wire transfer, cryptocurrency deposits, and several regional banking methods. Cards, PayPal, Neteller, Skrill, UnionPay, and several local methods are listed as instant for deposits, while wire transfers normally take 2 to 5 business days. IC Markets states that it does not charge additional internal deposit or withdrawal fees, although external banking charges can apply.

Which Funding Setup Is More Convenient?

Both brokers support cards, bank transfers, PayPal, Skrill, and Neteller in eligible regions. Pepperstone additionally supports payment services such as Apple Pay and Google Pay in selected entities, while IC Markets Global includes cryptocurrency funding and several regional banking systems. Availability depends on the trader's country and account entity.

Research and Trading Tools

Research and Analysis Compared

Pepperstone provides TradingView, Autochartist, Smart Trader Tools for MetaTrader, cTrader Automate, APIs, VPS services, market analysis, economic-calendar tools, webinars, and trading education. Its MetaTrader extensions include additional indicators, Expert Advisors, trade-management functions, alerts, and risk-management tools.

IC Markets Global provides Trading Central, IC Insights, MetaTrader Advanced Trading Tools, VPS services, Forex calculators, an economic calendar, webinars, podcasts, and educational material. Its platform ecosystem also supports cTrader Algo, IC Social, cTrader Copy, Signal Start, and ZuluTrade.

Where the Toolkits Go in Different Directions

Both brokers provide technical-analysis tools, VPS access, MetaTrader automation, cTrader automation, and TradingView. Pepperstone adds API access and its proprietary platform, while IC Markets lists more separate social and copy-trading services. These are concrete platform differences rather than evidence that one research package is universally better.

Customer Support

Availability and Contact Options

Pepperstone currently provides customer support 24 hours a day from Monday through Friday and 18 hours during weekends. Support is available through channels including phone, email, and messaging or live support.

IC Markets Global states that its customer service team is available 24 hours a day, seven days a week. Current contact options include telephone, email, and online assistance.

The Practical Support Difference

IC Markets Global has the longer published support schedule because its service is listed as 24/7. Pepperstone also provides weekend assistance, but for 18 hours rather than continuously throughout each weekend day.

Mobile Trading

Mobile Trading Experience

Pepperstone offers its proprietary mobile app alongside mobile versions of MetaTrader 4, MetaTrader 5, cTrader, and TradingView. The same account can therefore be managed through Pepperstone's own interface or through the selected third-party trading platform.

IC Markets supports mobile access through MetaTrader 4, MetaTrader 5, cTrader, and TradingView and also provides the IC mobile app for account functions. Its third-party platform range therefore closely matches Pepperstone's core mobile trading choices.

The Main Mobile Difference Is the Proprietary Trading Platform

Both brokers provide MT4, MT5, cTrader, and TradingView across mobile-compatible environments. Pepperstone additionally provides its own proprietary trading platform and app, while IC Markets remains more centered on its third-party trading terminals and client-area tools.

Conclusion

Where the Brokers Differ Most

Pepperstone and IC Markets are closely matched on standard raw MetaTrader pricing, with both publishing 0.1-pip average EUR/USD raw spreads and a $3.50 commission per standard lot per side. The larger differences are elsewhere: IC Markets Global lists more instruments, additional Raw Pro commission tiers, higher maximum MetaTrader leverage, and 24/7 support. Pepperstone provides its own proprietary trading platform in addition to MT4, MT5, cTrader, and TradingView.

Best Fit by Trading Style

Pepperstone provides a straightforward Standard and Razor account structure with five major platform choices, including its proprietary platform. IC Markets provides more account-pricing tiers, more listed instruments through its Global entity, higher maximum leverage on eligible MetaTrader accounts, and several separate copy-trading integrations.

Final Comparison

In the Pepperstone vs IC Markets comparison, there is little basis for claiming that one has categorically cheaper standard raw MetaTrader pricing because their published EUR/USD average spread and USD commission are the same. The decision is better made from the differences that can be measured directly: platform preference, account tier, available instruments, leverage requirements, funding methods, and support hours.