Pepperstone vs IC Markets 2026 — Two of the World's Best ECN Brokers Compared

Pepperstone WINNER

9.1 / 10

Regulation ASIC + FCA

Min Spread 0.0 pips

Min Deposit $0

Welcome Bonus None

Platforms MT4 MT5 cTrader

IC Markets

9.0 / 10

Regulation ASIC + CySEC

Min Spread 0.0 pips

Min Deposit $200

Welcome Bonus None

Platforms MT4 MT5 cTrader

1. Regulation Comparison

Both Pepperstone and IC Markets hold ASIC licences — the benchmark standard for offshore CFD regulation. ASIC mandates segregated client funds, positive net tangible asset requirements and annual audited financial reporting. Both brokers are fully compliant with these requirements, making them equally safe at the primary regulatory level.

Pepperstone holds ASIC licence 414530, FCA authorisation in the UK (FRN 684312), and a DFSA licence covering the Dubai International Financial Centre, as well as an SCB (Bahamas) licence for international clients. For UK-based traders, Pepperstone's FCA licence is a significant advantage — FCA protection includes FSCS compensation of up to £85,000 in the event of a firm failure.

IC Markets holds ASIC licence 335692 and additionally holds CySEC licence 362/18 (Cyprus), which provides MiFID II protections for EU-based traders. IC Markets also holds an FSA (Seychelles) licence for global clients. For EU traders, IC Markets' CySEC licence is the relevant advantage. For the global majority — Australian, Asian, Middle Eastern and other international traders — both ASIC licences are equivalent.

2. Spreads and Commission Comparison

Both brokers offer raw ECN spreads starting from 0.0 pips on their premium account tiers. Pepperstone's Razor account charges approximately $3.50 per lot per side ($7 round-turn). IC Markets' Raw account charges approximately $3.50 per lot per side ($7 round-turn). The commission structure is virtually identical.

In independent spread testing during peak London session hours, Pepperstone edged slightly ahead on average EUR/USD raw spread (0.09 pips vs IC Markets' 0.10 pips) — a difference that is not meaningful for most traders. IC Markets marginally leads at certain off-peak hours. For practical purposes, these two brokers are tied on total trading cost at equivalent account types.

On standard (non-commission) accounts: Pepperstone averages approximately 1.0 pip EUR/USD, while IC Markets averages approximately 0.8 pips. Standard account traders may find IC Markets marginally cheaper. Active scalpers and algorithmic traders should use the ECN/Razor or Raw account at either broker and focus on the all-in cost (spread + commission), where the brokers are essentially tied.

3. Platform Comparison

Both Pepperstone and IC Markets support MetaTrader 4, MetaTrader 5 and cTrader — covering the full spectrum of retail trading platform needs. For the majority of traders, this means the platform offering is a complete tie.

IC Markets additionally offers TradingView integration, allowing traders to execute positions directly from TradingView charts — a major feature for chart-heavy traders who prefer TradingView's superior charting environment over the native MT4/MT5 charts. Pepperstone also offers TradingView integration via its own implementation. Pepperstone additionally provides its Smart Trader Tools suite for MT4, which includes a mini terminal, alarm manager, sentiment trader, correlation trader and other utility tools — valuable for MT4 power users.

For pure cTrader users, both brokers have excellent cTrader implementations with full algorithmic trading (cBots in C#), depth-of-market view and level II pricing. Neither broker holds a meaningful platform advantage for the majority of traders.

4. Instruments Comparison

Pepperstone offers over 1,200 instruments across forex, indices, commodities, shares, ETFs and crypto. This is a broad range that covers the needs of most retail CFD traders comprehensively.

IC Markets offers over 2,000 instruments — a significantly broader universe that includes a wider range of individual stock CFDs, ETFs and exotic FX pairs not available at Pepperstone. For traders targeting a wide instrument range — particularly those who want to trade less common equity CFDs or niche FX pairs — IC Markets is the clear leader. For the large majority of forex, index and commodity CFD traders, both brokers' offerings more than cover typical needs.

5. Minimum Deposit Comparison

Pepperstone has no stated minimum deposit, making it accessible to traders who want to start with any amount. In practice, the Razor ECN account functions best with at least $200 to provide meaningful margin headroom, but the technical minimum is $0. This gives Pepperstone a clear edge for traders starting with smaller capital.

IC Markets requires a minimum initial deposit of $200. This threshold applies to all account types including the Raw (ECN) account. For traders who have $200 or more to deposit, both brokers are equally accessible. For traders starting with less than $200, Pepperstone is the only viable choice between these two.

Full Head-to-Head Comparison Table

Who Should Choose Pepperstone?

• UK-based traders who need FCA regulatory protection and FSCS compensation coverage
• Traders starting with less than $200 in initial capital
• MT4 users who want the Smart Trader Tools ecosystem (mini terminal, alarm manager, sentiment trader)
• Traders who want a broader instrument range and strong regulatory credentials as a combined package

Who Should Choose IC Markets?

• Traders targeting exotic FX pairs or individual stock CFDs not available at Pepperstone
• Traders who want access to 2,000+ instruments across the full spectrum of asset classes
• EU-based clients who need CySEC/MiFID II protection
• High-volume traders who want maximum instrument diversity across a single ECN account

Frequently Asked Questions