Pepperstone vs IC Markets: Honest 2026 Comparison
The desk’s regulated broker pick
Vantage
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Quick answer
Affiliate disclosure: this article contains partner links. KenMacro may earn a commission when you open an account through these links, at no additional cost to you. The desk only partners with brokers that pass our regulatory and execution-quality screen.
Pepperstone and IC Markets are two of the most-compared retail brokers globally. Pepperstone wins on regulator-stack breadth (seven regulators) and DupliTrade copy trading. IC Markets wins on raw-spread execution depth and lower minimum deposit accessibility for cTrader users. Vantage Markets is the cleaner partner alternative that adds Lloyd’s of London insurance.
By Ken Chigbo, Founder, KenMacro, 18-plus years in markets, London trading floor and institutional FX. The framework runs daily inside the MACRO MASTERY desk.
Quick verdict
- For regulator-stack breadth, Pepperstone wins. Seven regulators vs IC Markets’ three.
- For raw-spread execution depth, IC Markets wins. One of the largest reported retail forex volumes globally.
- For cTrader, both deliver. Each runs cTrader native.
- For copy trading, Pepperstone wins. DupliTrade and Myfxbook AutoTrade native.
- For Trustpilot rating, IC Markets edges. 4.8 / 5 vs Pepperstone’s 4.5 / 5.
- For Lloyd’s of London insurance, neither delivers. Vantage is the partner alternative that adds this layer.
Open Vantage Markets, the partner alternative with Lloyd’s insurance →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
At a glance
Already decided IC Markets is the right fit? ASIC and CySEC regulated, raw-spread cTrader and MT4 / MT5 execution, among the tightest EUR / USD all-in costs in the institutional retail tier.
Affiliate link. CFDs carry significant risk of loss.
| Variable | Pepperstone | IC Markets |
|---|---|---|
| Founded | 2010 | 2007 |
| Regulation | FCA, ASIC, CySEC, BaFin, DFSA, SCB, CMA | ASIC, CySEC, FSA Seychelles |
| Min deposit / fee | $0 technical, $200 recommended | $200 |
| EUR/USD spread | 0.0 to 0.1 pips raw (Razor), 1.0 to 1.2 pips (Standard) | 0.0 to 0.1 pips raw (Raw Spread) |
| Commission | $7 round-turn (Razor) | $7 round-turn (Raw Spread) |
| Max leverage | 1:30 FCA / ASIC retail, up to 1:500 SCB offshore | 1:30 ASIC retail, up to 1:500 FSA offshore |
| Platforms | MT4, MT5, cTrader, TradingView | MT4, MT5, cTrader |
| Payment / payouts | Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. | Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods. |
| Trustpilot 2026 | 4.5 / 5 | 4.8 / 5 |
| Key strength | Seven-regulator stack and cTrader plus DupliTrade | Tight raw spreads and cTrader native |
Regulation and trust
Pepperstone runs the seven-regulator stack covering FCA UK, ASIC, CySEC, BaFin, DFSA, SCB, and CMA. IC Markets runs ASIC, CySEC, and FSA Seychelles oversight. Pepperstone’s regulator footprint is materially deeper. Neither broker carries Lloyd’s of London supplementary insurance, which is the institutional-grade safety layer that Vantage Markets adds to the same dual FCA plus ASIC Tier-1 stack.
Pepperstone, the regulator footprint runs FCA UK licence 684312, ASIC Australia licence 414530, CySEC Cyprus licence 388/20, BaFin Germany licence 151148, DFSA Dubai licence F004356, SCB Bahamas SIA-F217, and CMA Kenya licence 128.
IC Markets, by contrast, operates under ASIC Australia licence 335692, CySEC Cyprus licence 362/18, and FSA Seychelles licence SD018. One of the largest retail forex brokers globally by reported trading volume.
Spreads and commission
Pepperstone Razor posts 0.0 to 0.1 pips on EUR/USD plus 7 dollars round-turn, working out to roughly 0.7 to 0.8 pips all-in. IC Markets Raw Spread posts the same range plus 7 dollars round-turn, working out to the same all-in cost. Spread and commission are effectively tied. IC Markets’ institutional-volume execution holds marginally tighter during NFP and FOMC due to deeper reported volume.
On the headline raw account tier, Pepperstone posts 0.0 to 0.1 pips raw (razor), 1.0 to 1.2 pips (standard) on EUR/USD with $7 round-turn (razor). IC Markets posts 0.0 to 0.1 pips raw (raw spread) with $7 round-turn (raw spread). Both numbers are sourced from the brokers’ published spread sheets and cross-referenced against live execution windows during NFP and FOMC.
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Platforms
Both brokers carry MT4, MT5, and cTrader. Pepperstone adds TradingView native. IC Markets does not run TradingView native. For traders specifically wanting TradingView native alongside cTrader, Pepperstone is the cleaner choice. For traders running cTrader only, both deliver equivalent execution.
Pepperstone’s platform stack covers mt4, mt5, ctrader, tradingview, while IC Markets runs mt4, mt5, ctrader. Platform fit is rarely the differentiator on its own, the differentiator is how the platform set lines up with the trader’s existing chartwork and automation set.
Payments and withdrawals
Both brokers process withdrawals same-day on most methods with zero broker-side fees on common methods. Withdrawal infrastructure is broadly equivalent. Both segregate client funds at Tier-1 banks under ASIC and CySEC oversight.
Pepperstone: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods.
IC Markets: Bank wire, cards, PayPal, Skrill, Neteller. Free on most methods.
Who should pick Pepperstone
Pick Pepperstone if you are
Pick Pepperstone if you specifically need the seven-regulator stack, you are running DupliTrade or Myfxbook AutoTrade copy trading, you want both cTrader and TradingView native, or you need the EU MiFID coverage via CySEC plus BaFin German entity.
Who should pick IC Markets
Pick IC Markets if you are
Pick IC Markets if you specifically want the deepest institutional-volume execution depth, you are running cTrader-only, or you prefer the higher Trustpilot rating on customer-service feedback.
ASIC regulated. Strong mid-tier broker with competitive raw-spread accounts and full MT4 and MT5 support.
The desk’s verdict
Desk verdict
Both Pepperstone and IC Markets are credible Tier-1 retail brokers. Neither carries Lloyd’s of London supplementary insurance, which is the institutional-grade safety layer that defines the top tier of broker safety. Vantage Markets is the partner-stack alternative that adds Lloyd’s insurance up to 1 million dollars per client on top of the dual FCA plus ASIC Tier-1 stack, plus the bundled MACRO MASTERY desk overlay through the KenMacro IB relationship.
Open Vantage Markets, the partner alternative with Lloyd’s insurance →
Capital at risk. CFD and margin trading carry significant risk of loss. Past performance does not guarantee future results.
The MACRO MASTERY angle
Broker selection is one piece of the framework. Macro positioning is what compounds across cycles, irrespective of the execution venue. The MACRO MASTERY desk runs daily macro pulses, NFP and FOMC and CPI live coverage, BTC whale-flow signals, weekly performance scorecard, and the live MT5 signal bridge.
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Related from the desk
Frequently asked questions
Which is better, Pepperstone or IC Markets?
Pepperstone for the seven-regulator stack and copy trading via DupliTrade. IC Markets for raw-spread execution depth and the higher Trustpilot rating. Both are credible Tier-1 retail brokers.
Are Pepperstone spreads tighter than IC Markets?
Headline raw spreads are matched (0.0 to 0.1 pips on each broker’s raw account). Commission is matched at 7 dollars round-turn. IC Markets execution holds marginally tighter during volatile windows due to deeper reported volume.
Does either offer Lloyd’s of London insurance?
No. Neither Pepperstone nor IC Markets carries Lloyd’s of London supplementary client-fund insurance. Vantage Markets is one of the few major retail brokers that does, with cover up to 1 million dollars per client.
Which has stronger regulation?
Pepperstone on breadth (seven regulators vs IC Markets’ three). Both carry ASIC plus CySEC. For depth of regulator footprint, Pepperstone wins. For Lloyd’s of London supplementary insurance, neither delivers, Vantage is the partner alternative that does.
Which is the partner-stack alternative?
Vantage Markets, with FCA plus ASIC plus FSCA plus VFSC regulation, Lloyd’s of London insurance up to 1 million dollars per client, and the bundled MACRO MASTERY desk overlay through the KenMacro IB relationship.
Which has better copy trading?
Pepperstone, materially. Native DupliTrade and Myfxbook AutoTrade. IC Markets relies on MT4 / MT5 expert advisors and the cTrader Copy environment.
Related reading
- Best forex brokers 2026, the institutional verdict
- How to choose a forex broker, the desk’s framework
- Vantage vs Blueberry vs Star Trader, three-way verdict
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. CFD and margin trading carry significant risk of loss. Verify current Pepperstone and IC Markets terms against each official documentation before opening an account.
Sources cross-referenced for this Pepperstone vs IC Markets comparison: https://pepperstone.com/en/about-us/regulation/, https://register.fca.org.uk/, https://uk.trustpilot.com/review/pepperstone.com, https://www.icmarkets.com/global/en/about-us/regulation, https://connectonline.asic.gov.au/RegistrySearch/, https://uk.trustpilot.com/review/icmarkets.com, Trustpilot aggregations 2026.
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