IC Markets vs Pepperstone Comparison – 2026

I began reviewing forex brokers for FXEmpire in 2022, following my 9-year career as a retail trader and market analyst. I also took an active role in helping develop our rating system, based on my experience with what traders need and value.

This comparison article sets Pepperstone against IC Markets – two very similar brokers that excel in most major categories. It is based on my hands-on tests of each company. All data in this article is verified and relevant as of June 2026.

With Pepperstone, I used a Standard account with the broker’s proprietary WebTrader platform. I also checked Pepperstone’s mobile app. For IC Markets, I also used a Standard account and tested the desktop and mobile versions of the robust cTrader platform.

I identified the key strengths and weaknesses of Pepperstone and IC Markets to work out who each broker is really for.

Top Reasons to Choose Pepperstone or IC Markets

Pepperstone is your go-to option if you are super into trading platforms with advanced visuals. There’s so much choice that you may find it hard to pick the best option from a lineup this strong. Pepperstone’s flagship station has a polished interface and high-definition charts. The same can be said of TradingView and cTrader. Lastly, MetaTrader 4 and MetaTrader 5 are also on offer.

IC Markets, on the other hand, gets my nod for the better overall fee structure. I’d say that it’s among the lowest in the industry. I captured the broker’s spreads on popular instruments during the London and New York sessions and found out that they beat the industry average across the board. The highlights of my testing were the 0.8-pip EURUSD spread and the 0.5-basis-point spread on the DAX 40 I recorded. And bear in mind that those came from a Standard account, while IC Markets’ Raw account features even more competitive spreads.

Pepperstone: Snapshot

Pepperstone in a few words: tight regulation and world-class platforms. I confirmed that the Aussie broker is supervised by multiple Tier-1 regulators and complies with the industry’s strictest safety mechanisms. It delivers on all fronts, especially in the trading platforms category, thanks to its wide and diverse lineup, including popular names such as cTrader, TradingView, MT4, and MT5.

Pepperstone: Who is it For?

If you consider yourself an active day trader or a sophisticated chart artist, then you cannot go wrong with Pepperstone. Its proprietary WebTrader breaks the mold of conventional trading stations with its high-definition charts. It also features a deep set of supporting tools and an information-rich interface that puts everything you need to know at your fingertips. Day traders will also benefit from the broker’s tight spreads and fast execution speeds.

What Makes Pepperstone Stand Out?

Pepperstone’s flagship WebTrader stands head and shoulders above competing trading stations with its fluid charting, an easy-to-navigate interface, and a wide range of tools. It is the kind of platform that appeals to beginners with its light, approachable layout, while at the same time, letting experienced traders squeeze the most out of each opportunity. Plus, it offers a broad range of markets, more than 1,380 instruments.

IC Markets: Snapshot

IC Markets is another Aussie broker that’s carved out a reputation as a feature-rich outfit with some of the lowest trading fees in the industry. But there is a lot more to the IC Markets trade name. The broker’s operations are closely monitored by multiple regulators, its execution speeds are faster than most, and the broker also provides a range of sophisticated trading tools and services.

IC Markets: Who is it For?

IC Markets is the go-to option for cost-conscious traders who value tight spreads and zero commissions above all else. There is one small caveat, though. In my tests, I saw elevated swaps. Even so, IC Markets’ razor-sharp spreads make it one of the most competitive brokers out there. And its sophisticated platforms and world-class market research help you make the most of every trading opportunity.

What Makes IC Markets Stand Out?

Low-cost trading is IC Markets’ defining feature. My hands-on testing proved that the broker’s spreads on popular instruments consistently beat the industry averages. For example, I captured a 0.8-pip EURUSD spread, a 0.5-basis-point DAX 40 spread, and a low WTI spread of just $0.02.

Trust

IC Markets vs Pepperstone Trust and Regulation Comparison

Pepperstone has been in the game for more than 15 years now. It’s a big operation, with more than 200 people working for it worldwide. Where it really stands out, though, is regulation. The broker is supervised by 8 different authorities, including ASIC in Australia, CySEC in Cyprus, the FCA in the UK, and BaFin in Germany. And with all of these names backing it up, Pepperstone is one partner you can definitely feel safe with. Moreover, all information regarding trading risks and client safety is easy to find and laid out in plain terms.

The same can be said of IC Markets, which has been around for a few years longer and is a little bit bigger, with more than 900 employees globally. The broker is licensed and regulated by 5 authorities: ASIC, CySEC, the FSA in Seychelles, the CMA in Kenya, and the SCB in the Bahamas. I also found that the broker has issued an indemnity insurance policy of up to $1 million, which protects its clients against the broker’s credit liabilities.

If you want to learn more about how forex brokers are regulated, we have a dedicated article on it here.

Fees

IC Markets vs Pepperstone Spreads, Fees and Commissions Comparison

On the graph below, I plotted Pepperstone’s and IC Markets’ standard trade costs (excluding swaps) across different assets and compared them with the industry average. I calculated the two brokers’ costs based on their spreads and commissions.

Pepperstone did not disappoint on fees, on either the Standard or Razor accounts. I measured its spreads on instruments from all major markets and learned that the broker stays ahead of the competition with its low forex, metals, stocks, indices, and crypto spreads. The highlights of my testing were the 0.9-basis-point DAX 40 and $15 BTCUSD spreads I captured.

For high-volume traders, the Razor account may suit even better. It features raw spreads from 0.0 pips and a $6 round-trip commission on forex and shares. This commission applies only to Pepperstone’s cTrader platform. If you’re trading on MT4/MT5, TradingView, or Pepperstone WebTrader, it runs a bit higher.

Pepperstone is also breaking ground with its low swap charges, perfectly calibrated for overnight trading. The $21 swap long on gold was especially impressive, roughly a third of the $65.65 industry average.

Taking all of this into account, I found Pepperstone an equally good option for day and swing traders. However, the broker’s high crude oil cost makes it less appealing for energy traders.

IC Markets shines on fees too, with even tighter spreads on its Standard account. My hands-on tests showed that the broker’s spreads beat the industry average across the board – from a 0.8-pip EURUSD spread, through an impressive $0.02 WTI spread, all the way to a $12 BTCUSD spread. This makes IC Markets one of the best options for day trading in the industry.

The broker’s swaps are a different story, though. I recorded an $11.57 swap long on EURUSD, which exceeds the industry benchmark. There was also a $52.16 swap long on gold, which is aligned with the industry average. This makes IC Markets a suitable option for overnight trading only in certain cases.

Platforms and Tools

IC Markets vs Pepperstone Trading Platforms Comparison

Pepperstone takes first place in the Platforms category thanks to its wide and diverse offering. Alongside its advanced WebTrader, also available as an app, the broker incorporates MT4, MT5, cTrader, and TradingView. I found it generally difficult to pick one platform for my testing because they are all versatile and highly customizable.

The broker’s flagship trading station packs more than a hundred analytical tools and chart configurations that complement its advanced visuals. The platform is every chart artist’s delight, featuring easily scalable and fluid charting capabilities. Those let you zoom in on even the smallest price fluctuations without losing sight of the big picture. The platform is further enhanced with advanced market analytics, such as trading signals.

I also clocked Pepperstone’s average order execution speed at around 30ms, which is considerably faster than the 60ms benchmark and suitable for those high-pace trading enthusiasts. Speaking of which, I was also interested to learn that Pepperstone complements its offering with free VPS hosting and FIX APIs integration.

IC Markets offers MT4, MT5, cTrader, and TradingView. And while it doesn’t have its own web-trading platform, the broker has developed the proprietary IC Social for social and copy trading, while also integrating ZuluTrade. Another leg up of IC Markets is its free VPS hosting, which allows you to accelerate IC Markets’ already fast execution speeds (reported below 60ms on average) to under 10ms.

Of IC Markets’ huge array of trading solutions, I consider cTrader the most practical of the lineup. Along with its advanced charting, the platform supports one-click trading, DoM trading, copy trading, and trade automation. Experienced algo traders can use it to code their own trading strategies. Additionally, cTrader can be sped up with IC Markets’ VPS and used to access actionable trading signals from Autochartist and Trading Central.

Tradable Instruments

IC Markets vs Pepperstone Instruments Selection Comparison

Pepperstone offers access to 1,380+ tradable instruments across currency pairs, commodities, stocks, indices, ETFs, and cryptocurrencies. Notably, there are also 24-hour stocks. The broker strikes a fine balance between low-risk securities and higher-yield, higher-risk assets to accommodate different trading styles.

Pepperstone’s forex offering, consisting of 90+ major, minor, and exotic pairs, is the most impressive in this lineup. It comfortably exceeds the industry average of 70 and provides you with access to rare markets. On the downside, Pepperstone offers no alternatives to CFDs. There are no futures, options, or maturities.

IC Markets takes the edge in the tradable instruments category with its 2,200+ assets. Those include currency pairs, commodities, stocks, indices, cryptocurrencies, and bonds. The bulk of the offering comprises 2,100+ share CFDs of major US, EU, and UK companies.

IC Markets’ instruments in other asset classes mostly track the respective industry averages. The only area where the offering lags behind is low-risk securities. The broker provides only 9 bonds and no ETFs or government treasuries. This limits the ceiling for conservative traders looking to hedge their overall market exposure.

If you’re interested in exploring more options, be sure to check out our articles on the best crypto trading brokers and the best brokers for share CFDs.

Customer Support

IC Markets vs Pepperstone Customer Support Comparison

There are no surprises here: Pepperstone provides fast and reliable customer support. I learned that you can reach the broker 24/7 via live chat, email, and phone. The available languages include English, Chinese, Spanish, Arabic, and others. Agents are fast to respond and generally knowledgeable. I asked them a series of questions and found no significant gaps in their knowledge.

I did not run into any major issues with IC Markets’ customer support, either. It’s also available 24/7 via live chat, email, and over the phone. IC Markets provides support in English, Spanish, Arabic, and other languages. From my hands-on testing, I found that IC Markets’ agents respond within minutes and have a strong overall understanding of the broker’s offering. IC Markets also has a dedicated FAQ section on the website for more general queries.

Research

IC Markets vs Pepperstone Research Tools Comparison

Pepperstone cooks up its market research exclusively in-house. The broker delivers a steady flow of news breakdowns, broad market reviews, and probing technical analyses. The content explores broad market trends, as well as emerging trading opportunities. I found it most useful for news traders and anyone who wants to understand what drives the market, and why, at any given moment. The lack of third-party content, however, is the only gap in the offering.

IC Markets blends its own in-house content with material from Trading Central and Autochartist – two of the most popular and sophisticated analysis providers in the industry. The offering as a whole covers the full spectrum: financial news breakdowns, broad market reviews, tools to scan traders’ behavior, and actionable trading signals. That’s why I found it equally suitable for both day and news traders.

Deposits & Withdrawals

IC Markets vs Pepperstone Deposit and Withdrawal Methods Comparison

Pepperstone makes it very easy to deposit and withdraw, and the best thing is that you are not going to get charged for it by the broker. Your bank, however, may be a different story. At any rate, Pepperstone lets you choose your preferred payment method, including bank wire, credit and debit cards, a selection of e-wallets, and cryptocurrencies.

IC Markets accepts payments via bank wire, bank cards, local bank transfers, and several e-wallets. I also confirmed that IC Markets has no handling fees for either deposits or withdrawals. However, keep in mind that your payment processor may charge a banking fee. Most payment requests are processed within a couple of days on IC Markets’ end.

Account Types and Terms

IC Markets vs Pepperstone Account Types Comparison

Pepperstone offers two retail accounts – Standard and Raw. One features floating spreads from 1.0 pips with zero commissions, while the other supports raw spreads from 0.0 pips and a $6-7 round-turn commission per traded lot (100,000 units), depending on the platform. Neither has a minimum deposit requirement, so you can get started with as little or as much as you want.

IC Markets’ two retail account types are also labeled Standard and Raw. Both require an initial investment of at least $200, which is still manageable. The Standard account offers $0 commissions with floating spreads from 0.8 pips. Alternatively, you can opt for the Raw account with spreads from 0.0 pips and a $7 round-turn commission on MT4 and MT5 or $6 on cTrader and TradingView.

Education

IC Markets vs Pepperstone Educational Content Comparison

Pepperstone offers decent educational resources – articles, guides, and video tutorials. The materials cover a wide spectrum of trading topics, mostly related to technical analysis, but also fundamental analysis and risk management. The highlight of the offering is the webinar series that walks through various trading strategies.

Education is another area where IC Markets excels. The broker provides a steady stream of educational articles, videos, webinars, and e-books. The broker even runs its own podcast series. You can use the content to learn the ropes of technical analysis (how to read price action), fundamental analysis (how to understand market behavior), and how to apply tight risk management, among other things.

Our Methodology

Since 2011, FX Empire has developed a detailed methodology for evaluating CFD brokers, involving over 250 variables across nine crucial categories. Our team of experts, with deep industry knowledge, conducts live testing and research by interacting with the brokers directly. We check regulations, open accounts, test spreads, account costs, platform functionality, instrument variety, customer support reliability, and the quality of research and educational content. This granular analysis helps us identify each broker’s strengths and weaknesses, keeping our comparisons current with market trends and ensuring our guides meet traders’ needs.

We strive to evaluate each broker objectively, considering how their offerings align with the diverse trading goals and preferences of our readers. Our focus is on providing a balanced overview of each broker’s strengths and weaknesses. This method ensures that our readers receive clear, insightful comparisons to aid in making well-informed trading decisions.

We employ a comprehensive rating system across nine key categories:

• Trust
• Fees
• Platforms and Tools
• Tradable Instruments
• Customer Support
• Research
• Deposits and Withdrawals
• Account Types and Terms
• Education

In each category, we conduct an in-depth analysis for both brokers, outlining features, advantages, and disadvantages and determining their suitability for different trader profiles. By blending insights from our extensive reviews with first-hand experiences and observations, we ensure each comparison is balanced, informative, and tailored to the trader’s unique needs. You can read more about our review process here.

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