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Pepperstone and IC Markets are two of the lowest cost forex brokers in the world, and both started in Australia. They offer almost identical raw spread pricing and the same core platforms, so the choice usually comes down to regulation, extra features and where you live.
The short answer: Pepperstone is the better choice for most traders, because it holds more top tier licenses, including the FCA and BaFin, and adds TradingView and more research. IC Markets is just as cheap and is a strong pick for scalpers and automated traders, but most international clients join its Seychelles company, which offers lighter protection.
Pepperstone vs IC Markets at a glance
| Pepperstone | IC Markets | |
|---|---|---|
| Our rating | 4.6 out of 5 | 4.4 out of 5 |
| Founded | 2010, Melbourne | 2007, Sydney (rebranded as IC in July 2026) |
| Regulation | ASIC, FCA, CySEC, BaFin, DFSA, CMA, SCB (Bahamas) | ASIC, CySEC, FSA (Seychelles) |
| Minimum deposit | No fixed minimum in most regions | No fixed minimum ($200 suggested) |
| Raw account cost (EUR/USD) | About 0.1 pips plus $7 per round-turn lot ($6 on cTrader) | About 0.1 pips plus $7 per round-turn lot |
| Standard account (EUR/USD) | About 1.1 pips, no commission | From about 0.8 pips, no commission |
| Platforms | MT4, MT5, cTrader, TradingView, Pepperstone web and app | MT4, MT5, cTrader, TradingView |
| Forex pairs | 65 | 61 |
| Total instruments | About 2,600 | Over 2,100 share CFDs plus forex, indices and commodities |
| Inactivity fee | None | None |
| Deposit and withdrawal fees | None from Pepperstone on most methods | Usually none from IC |
| US clients | Not accepted | Not accepted |
Trading costs: a near tie
On raw spread accounts the two are almost identical. Both average about 0.1 pips on EUR/USD plus $7 per round-turn lot, an all-in cost of roughly 0.8 pips. Pepperstone is slightly cheaper on cTrader, at $6 per round-turn lot. IC Markets has the edge on standard spread only accounts, from about 0.8 pips against Pepperstone’s average of about 1.1 pips.
Neither broker charges an inactivity fee, and both normally process deposits and withdrawals without a fee of their own, though your bank may charge for international wires.
Regulation and safety: Pepperstone wins
Pepperstone is licensed by ASIC in Australia, the FCA in the UK, CySEC in Cyprus, BaFin in Germany, the DFSA in Dubai, the CMA in Kenya and the SCB in the Bahamas. That gives clients in many regions a strongly regulated company to join.
IC Markets has strong licenses in Australia (ASIC) and the EU (CySEC), but most international clients are placed with Raw Trading Ltd, regulated by the Financial Services Authority of the Seychelles. That brings much higher leverage and lighter oversight. If you are outside Australia and the EU, check which company your account is with.
Platforms and tools
Both support MetaTrader 4, MetaTrader 5, cTrader and TradingView, which covers almost every retail trader’s needs. Pepperstone adds its own web platform and app. IC Markets is known for deep liquidity and fast execution, which matters most for scalpers and expert advisors.
IC Markets’ research includes Trading Central, an economic calendar and FX Blue tools, but its education is thin, with no webinars and limited beginner material. Pepperstone offers more for traders who are still learning.
Copy trading
Pepperstone offers several copy trading options depending on your region: CopyTrading by Pepperstone (powered by Pelican), cTrader Copy, MetaTrader Signals and Signal Start. IC Markets relies mainly on ZuluTrade and the MetaTrader Signals market. See our guide to the best copy trading brokers for more options.
Which should you choose?
Choose Pepperstone if:
- You want the strongest regulation available in your region, such as the FCA or BaFin
- You trade on cTrader and want the lowest commission
- You value research and learning material
Choose IC Markets if:
- You are in Australia or the EU and can join its ASIC or CySEC company
- You scalp or run expert advisors and want fast execution on raw spreads
- You prefer a slightly cheaper standard spread only account
Read our full Pepperstone review and IC Markets review, or see our list of the best forex brokers.
Pepperstone vs IC Markets: frequently asked questions
Is Pepperstone better than IC Markets?
For most traders, yes, mainly because of its stronger regulation outside Australia and the EU. On costs and platforms the two are very close.
Which is cheaper, Pepperstone or IC Markets?
They are almost the same on raw accounts, both about 0.1 pips plus $7 per round-turn lot on EUR/USD. Pepperstone is cheaper on cTrader at $6. IC Markets is cheaper on standard accounts.
Is IC Markets regulated?
Yes. Its Australian company is regulated by ASIC and its EU company by CySEC. Most international clients join Raw Trading Ltd, regulated by the Financial Services Authority of the Seychelles.
Is Pepperstone regulated?
Yes. Pepperstone is regulated by ASIC, the FCA, CySEC, BaFin, the DFSA, the CMA and the SCB.
Which is better for scalping?
Both are good choices. IC Markets is especially popular with scalpers and automated traders because of its raw pricing and fast execution.
Do Pepperstone and IC Markets accept US clients?
No. Neither broker accepts US residents. See our guide to the best forex brokers in the USA for registered alternatives.
Facts checked in October 2026 against each broker’s website and independent reviews, as listed in our full reviews. Fees and terms change, so confirm the current figures on the broker’s site before you open an account.