Pepperstone vs IC Markets: Honest 2026 Comparison
Partner links (Blueberry, Star Trader and E8 Markets) may earn KenMacro a commission, at no extra cost to you. Links to other brokers earn KenMacro nothing.
Quick answer
Partner links (Blueberry, Star Trader and E8 Markets) may earn KenMacro a commission, at no extra cost to you. Links to other brokers earn KenMacro nothing.
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.
- For Lloyd’s of London insurance, neither delivers. Vantage is the partner alternative that adds this layer.
At a glance
| 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 | ||
| 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.
Get the framework the desk runs every morning. Free. No card. The same institutional structure the MACRO MASTERY desk uses on every read.
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.
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.
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.
Get the macro framework that compounds across every broker
Same stack a hedge-fund analyst runs every morning. Free Discord onboarding.
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?
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.
Get the macro framework the desk actually trades
The same regime-first framework behind every call on this site. Free. No spam, unsubscribe anytime.
Continue reading
From the desk
Part of the Broker Finder hub, the desk’s living guide, kept current as markets move.
Not sure which broker fits you?
Answer a few quick questions and the desk will point you to the cleanest option for your country, platform and trading style. No cost, no pressure.
Only used to follow up on your request. No spam.