IC Markets vs Pepperstone

If you are reading this article, you’re likely having trouble deciding whether Pepperstone or IG Markets is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.

In this Pepperstone vs IG Markets review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:

Headquarters
AustraliaAustralia
Regulators
ASIC, CySEC, FSAASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established
20102010
Execution Type(s)
ECN/STPNo Dealing Desk, NDD
Minimum Deposit
$200$200
Trading Platform(s)
MetaTrader 4, MetaTrader 5, cTraderMetaTrader 4, MetaTrader 5, cTrader, Trading View
Average Trading Cost EUR/USD
0.0 pips ($0.00)1.1 pips
Average Trading Cost GBP/USD
0.0 pips ($0.00)1.6 pips
Average Trading Cost WTI Crude Oil
$0.03$0.03
Average Trading Cost Gold
$0.05$0.20
Retail Loss Rate
N/A78.60%
Minimum Raw Spreads
N/A0.0 pips
Minimum Standard Spreads
N/A1.0 pips
Minimum Commission for Forex
N/A6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5)
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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Features and Platforms

MT4
MT5
cTrader
Proprietary Platform
Automated Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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Traders at Pepperstone receive the best MT4/MT5 upgrade available among all brokers, closely followed by what IC Markets offers. Both Australian brokerage powerhouses also offer cTrader as an alternative. MAM/PAMM accounts enable retail account management, and social trading is available via market-leading third-party providers at Pepperstone and IC Markets. Both brokers offer a nearly identical product and services portfolio, including maximum leverage of 1:500 and quality research. IC Markets maintains a better in-depth educational section and is a prime destination for automated trading solutions, while Pepperstone has a volume-based rebate program.

Available Markets

Currency Pairs
Cryptocurrencies
N/A
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks (non-CFDs)
N/A
Bonds
N/A
ETFs
Futures
Synthetics
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The similarities between Pepperstone and IC Markets extend into available markets. The former features 61 currency pairs and nine cryptocurrency pairs versus 61 and 10 at the latter. Pepperstone lists 23 commodity instruments, and IC Markets notes 22 commodities and four futures contracts. IC Markets pulls ahead with equities, where traders get 730+ equity CFDs and 25 index CFDs. Pepperstone only has 64 equity CFDs and 14 index CFDs. IC Markets also features eleven bond CFDs versus zero at Pepperstone. Both grant an equal asset selection to Forex, cryptocurrency, and commodity traders, and IC Markets pushed ahead with equities.

Typical Spreads and Fees

Average Trading Cost EUR/USD
0.0 pips ($0.00)1.1 pips
Average Trading Cost GBP/USD
0.0 pips ($0.00)1.6 pips
Average Trading Cost WTI Crude Oil
$0.03$0.03
Average Trading Cost Gold
$0.05$0.20
Average Trading Cost Bitcoin
$12.47$16.50
Minimum Raw Spreads
N/A0.0 pips
Minimum Standard Spreads
N/A1.0 pips
Minimum Commission for Forex
N/A6.00 per round lot (cTrader) / $7.00 per round lot (MT4/MT5)
Deposit Fee
N/A
Withdrawal Fee
N/A
Inactivity Fee
N/A$0
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With a minimum mark-up of 1.0 pips, which equals $10 per 1.0 standard lot, the commission-free pricing environment at Pepperstone and IC Markets remains equally elevated. Both brokers offer traders a commission-based alternative with access to raw spreads of 0.0 pips for a commission of $7.00 per round lot. Pepperstone has an Active Trader Program, where high-frequency traders can lower the cost to $5.95. Pepperstone and IC Markets levy swap rates on leveraged overnight positions and forward corporate action to clients. Third-party payment processor charges apply at both, where most traders get an identical cost structure.

Security and Trust

Country of the Regulator
Australia, The Bahamas, Cyprus, SeychellesUnited Arab Emirates, Australia, The Bahamas, Cyprus, Germany, Kenya, United Kingdom
Name of the Regulator
ASIC, CySEC, FSAASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Regulatory License Number
335692, SD018, SIA-F214, 362/18414530, F217, 388/20, F004356, 91279, 128, 684312
Regulatory Tier
1, 4, 4, 1N/A
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Since Pepperstone and IC Markets remain the two most competitive Australian brokers, their primary regulator is the Australian Securities and Investments Commission (ASIC). The former operates units regulated by the UK Financial Conduct Authority (FCA), the Securities Commission of the Bahamas (SCB), and the Dubai Financial Services Authority (DSFA). The latter maintains licenses from the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA). Client deposits remain segregated, and negative balance applies as mandated by regulators. Both brokers rank among the most secure and trustworthy ones globally, with a high degree of transparency.

IC Markets vs Pepperstone – Verdict

Pepperstone and IC Markets offer traders many similarities. It starts with the trading platform choice, where the former delivers the best MT4/MT5 upgrade package and the latter the second-best among all international brokers. Both offer the MAM/PAMM service that supports retail account management, and cTrader is available as a competitive alternative. The maximum leverage is 1:500, and both support social trading via leading third-party providers. Quality in-house research exists at both brokers, and the pricing environment remains identical. Pepperstone does feature a volume-based rebate program, while IC Markets grants new traders with superior educational products. Forex, cryptocurrency, and commodity traders have a similar choice of assets at Pepperstone and IC Markets. The latter takes a notable lead in the equity market, making it an overall better choice for diversified traders. Depending on the needs of traders, both brokers present an excellent solution with IC Markets ahead.

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FAQs

What are the minimum deposits for Pepperstone and IC Markets?

The minimum deposit at both Pepperstone and IC Markets is $200, somewhat higher than the industry average but within a reasonable range. The competitive trading environment at both brokers warrants the minimum deposit requirement.

Are IC Markets and Pepperstone good for beginner traders?

Yes, both brokers offer beginner traders a high-quality education portal, market research, and social and copy trading support. Pepperstone also features Capitalise AI, allowing traders to automate trading strategies in a code-free environment.

How long does it take to withdraw from Pepperstone and IC Markets?

Withdrawal processing times depend on the payment processor once the broker executes the request. Pepperstone and IC Markets process withdrawal requests on the same day if received before the cut-off time, otherwise on the following business day. Most online payment processors have instant or near-instant processing times once the broker sends the funds.

Are IC Markets or Pepperstone dealing desk brokers?

IC Markets is a market maker/ECN hybrid, while Pepperstone is an ECN/NDD broker. Since both feature a commission-free trading account, IC Markets and Pepperstone deploy an electronic dealing desk where they act as the direct counterparty to client trading positions.

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