In this head to head comparison of Pepperstone vs IC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let’s dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Regulation
Pepperstone (founded 2010) and IC Markets (founded 2007) are online brokers that are not publicly traded and are not banks. According to ForexBrokers.com, Pepperstone has a Trust Score of 94/99, placing it in the highly trusted range (90–99). IC Markets scores 83/99, which falls in the trusted range (80–89).
On regulation, Pepperstone holds 3 Tier-1 licenses (highly trusted) and 2 Tier-2 licenses (trusted). IC Markets holds 2 Tier-1 licenses and no Tier-2 licenses. In simple terms, Pepperstone shows a wider mix of top-tier and mid-tier oversight, while IC Markets has strong top-tier coverage but fewer additional licenses. Always confirm which licensed entity your account will be opened under.
| Feature | ||
|---|---|---|
| Year Founded info | 2010 | 2007 |
| Publicly Traded (Listed) info | No | No |
| Bank info | No | No |
| Tier-1 Licenses info | 3 | 2 |
| Tier-2 Licenses info | 2 | 0 |
| Tier-3 Licenses info | 0 | 0 |
| Tier-4 Licenses info | 2 | 3 |
Fees
Pepperstone and IC Markets both earn 5 out of 5 stars for commissions and fees. In ForexBrokers.com’s 2024 rankings, IC Markets places #5 of 63, while Pepperstone is close behind at #6. Both brokers offer low-cost, commission-based accounts alongside commission-free standard accounts, but based on listed averages, IC Markets generally comes in cheaper on EUR/USD.
Pepperstone’s Razor account (available on TradingView, MT4/MT5, and cTrader) uses a commission plus spread model. As of July 2024, the average EUR/USD spread was 0.10 pips; adding a 0.70-pip commission equivalent brings the all-in cost to about 0.80 pips. The Standard account is spread-only and averaged 1.1 pips on EUR/USD, making it pricier than Razor. High-volume traders can lower costs via the Active Trader program: in the U.K. and EU, Professional clients who trade at least £20 million per month can get a 15% per-lot spread rebate, improving to 25% above £200 million; in Australia, Professional clients start at a 10% discount from 100 lots (over three months), with up to a 30% reduction above 3,001 lots monthly.
IC Markets offers a commission-free Standard account and two commission-based Raw Spread accounts (cTrader or MT4/MT5). On the cTrader Raw account, commission is $3.00 per side per 100,000 units ($6 RT), roughly a 0.6-pip equivalent; on MT4/MT5 Raw it’s $3.50 per side ($7 RT), about 0.7 pips. IC Markets lists an average EUR/USD spread of 0.02 pips (August 2022); that puts the all-in cost near 0.62 pips on cTrader Raw and 0.72 pips on MT4/MT5 Raw—both lower than Pepperstone’s Razor at 0.80 pips. Its Standard account averages 0.62 pips and charges no commission, undercutting Pepperstone’s Standard at 1.1 pips. IC Markets also provides discounts for traders exceeding 100 lots per month and is noted for low minimum deposit requirements.
Range of investments
Pepperstone and IC Markets both support forex trading as CFDs or spot and include copy trading. Pepperstone lists 1,726 tradeable instruments with 65 forex pairs, while IC Markets offers 3,583 symbols and 61 forex pairs. Each lets you trade cryptocurrency via CFDs, but neither broker lets you buy actual crypto.
Neither broker provides exchange-traded U.S. shares, but IC Markets does offer exchange-traded international shares, whereas Pepperstone does not. For range of investments, IC Markets earns 4.5/5 stars and ranks #22 of 63 (ForexBrokers.com); Pepperstone scores 4/5 stars, ranking #23. Choose Pepperstone if you want a few more forex pairs; pick IC Markets if you prefer more total markets and access to international exchange-traded shares.
Trading platforms and tools
Pepperstone and IC Markets both check the key boxes for traders who want flexible, easy-to-use platforms and tools. Each broker offers a free demo account for practice, web-based and Windows desktop platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), copy trading, and the ability to place orders directly from charts. A notable difference is that Pepperstone also provides its own proprietary platform, while IC Markets sticks to third‑party options like MT4/MT5.
For Trading Platforms and Tools, both brokers earn 4 out of 5 stars from ForexBrokers.com. In the category rankings, IC Markets places #17 out of 63 brokers, while Pepperstone ranks #21. If you prefer having a broker-built platform alongside MetaTrader, Pepperstone may appeal; if you’re happy with established third‑party platforms and value a slightly higher category ranking, IC Markets has an edge.
Forex trading apps
Pepperstone and IC Markets both deliver capable mobile trading apps for iPhone and Android. Each app supports stock and forex price alerts, 30 technical studies for charting, the ability to draw trendlines, and auto-saving of your chart drawings. Both earned 4 out of 5 stars for Mobile Trading Apps from ForexBrokers.com, signaling a solid experience for on-the-go traders.
The key difference is watchlist syncing. Pepperstone syncs watchlists between the mobile app and your online account, so changes carry over automatically, while IC Markets does not. If cross-device convenience matters to you, Pepperstone has the edge. In ForexBrokers.com’s rankings out of 63 brokers, Pepperstone sits at #19 and IC Markets at #22, a small gap that mirrors their largely similar toolsets and performance.
Market research
Pepperstone and IC Markets offer strong market research for everyday traders. Both provide daily market commentary and forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones. Each includes Autochartist tools for trade ideas, a sentiment gauge showing long/short positioning, and an economic calendar for global events. Neither broker features TipRanks or Acuity Trading’s Signal Centre.
The standout difference is Trading Central: IC Markets includes Trading Central analytics, while Pepperstone does not. Even so, Pepperstone holds the higher research marks—4.5/5 stars and a #12 rank out of 63 brokers—versus IC Markets at 4/5 stars and #21. If you want Trading Central specifically, IC Markets has the edge; if overall research quality and ranking matter more, Pepperstone comes out ahead.
Beginners and education
Pepperstone and IC Markets both deliver beginner-friendly education for forex and CFDs. Each runs client webinars at least once a month and offers 10+ beginner videos that cover trading basics, platforms, and risk management. They also add 10+ advanced videos, so newcomers can progress to more complex topics without leaving the same learning hub.
When it comes to quality scores, Pepperstone has a slight edge: 4.5 out of 5 stars and ranked 15th out of 63 brokers for Education by ForexBrokers.com, while IC Markets holds 4 stars and ranks 16th. If you want the higher-rated learning path, Pepperstone may suit you better. If your priority is frequent webinars and a sizable video library, IC Markets is a solid alternative.
| Feature | ||
|---|---|---|
| Webinars info | Yes | Yes |
| Videos – Beginner Trading Videos info | Yes | Yes |
| Videos – Advanced Trading Videos info | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
Winner
After testing 63 of the best forex brokers, our research and account testing finds that Pepperstone is better than IC Markets. Pepperstone finished with an overall rank of #17, while IC Markets finished with an overall rank of #21.
Pepperstone offers a growing range of tradeable markets, good-quality research, and support for multiple social copy trading platforms.