IC Markets vs Pepperstone

Quick Answer

Best for	Winner	Why

A “winner” here means the better published figure on that one line. It is not a recommendation: the right broker depends on where you live and how you trade.

Comparison Table

	IC Markets	Pepperstone
Operating since	ASIC licence since 2009	2010 (founded in Melbourne)
Company for international clients	Raw Trading Ltd, licensed by the FSA in Seychelles (SD018)	Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217)
Regulators in the group	ASIC, CySEC, FSA Seychelles, SCB Bahamas, CMA Kenya	FCA, ASIC, CySEC, BaFin, DFSA, CMA Kenya, SCB Bahamas
Minimum deposit	None at the global company; $200 at the Australian company	No minimum (top-ups from $10)
Commission-free spreads	Standard from 0.8 pips	Standard from 1.0 pips
Raw-spread account	Raw Spread from 0.0 pips (EUR/USD average 0.1) plus $3.50 per side	Razor from 0.0 pips plus $3.50 per side
Maximum leverage	1:5000 on forex at the global company (tiered by position size); 1:30 in Australia and the EU	1:200 for retail clients of the Bahamas company (Pro clients up to 1:1000 on forex and gold); 1:30 on major pairs for UK and EU retail clients
Platforms	MT4, MT5, cTrader, TradingView	MT4, MT5, cTrader, TradingView, Pepperstone platform
Copy trading	IC Social, cTrader Copy, ZuluTrade and Signal Start	CopyTrading by Pepperstone on MT4 and MT5, and cTrader Copy (no Pepperstone fee; providers may charge a performance fee)
Inactivity fee	Not listed	None
Withdrawal fee	None from IC Markets	None, except $20 on international bank wires
Swap-free	Swap-free accounts with a flat holding fee	No swap-free account described on its global site
Bonus	100% first-deposit bonus up to $1,000, then 50% (global company)	None (refer a friend: up to $1,000 each)

Figures come from each broker’s official site, checked on 11 October 2026 (Pepperstone on 19 October 2026). Spreads move through the day, and conditions vary by country and by the company that holds your account.

Regulation and Safety

IC Markets’ group holds ASIC and CySEC licences plus offshore licences in Seychelles, the Bahamas and Kenya. International clients are served by its Seychelles company, where IC says client money is insured up to US$1,000,000. CySEC fined its EU company €250,000 in 2024, which the company has taken to judicial review.

Pepperstone was founded in Melbourne in 2010. Its group holds licences from the FCA in the UK (684312), ASIC in Australia (AFSL 414530), CySEC in Cyprus (388/20), BaFin in Germany (151148), the DFSA in Dubai (F004356) and Kenya’s CMA (128). Most international clients join Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217), which keeps retail client money in segregated accounts with tier-1 banks and gives retail clients negative balance protection. India’s RBI lists Pepperstone on its alert list.

Both groups hold top-tier licences, but those protect only the clients of the licensed companies. What matters is which company your country places you with, so check your client agreement before you deposit.

Trading Costs

On commission-free accounts, IC Markets lists: Standard from 0.8 pips. Pepperstone lists: Standard from 1.0 pips. “From” figures are minimums, so expect wider live spreads, especially around news.

Both offer a raw-spread account. IC Markets: Raw Spread from 0.0 pips (EUR/USD average 0.1) plus $3.50 per side. Pepperstone: Razor from 0.0 pips plus $3.50 per side. For frequent traders, a raw account usually costs less per trade than a spread-only one.

IC Markets lists no inactivity fee. Pepperstone lists no inactivity fee. Withdrawal fees: IC Markets: none from IC Markets; Pepperstone: none, except $20 on international bank wires.

Platforms and Copy Trading

IC Markets offers MT4, MT5, cTrader and TradingView. Pepperstone offers MT4, MT5, cTrader, TradingView and Pepperstone platform.

IC Markets’s copy trading: IC Social, cTrader Copy, ZuluTrade and Signal Start. Pepperstone’s copy trading: CopyTrading by Pepperstone on MT4 and MT5, and cTrader Copy (no Pepperstone fee; providers may charge a performance fee). Copying another trader doesn’t remove risk: you can lose money as fast as trading yourself.

Leverage

IC Markets’s maximum leverage: 1:5000 on forex at the global company (tiered by position size); 1:30 in Australia and the EU. Pepperstone’s: 1:200 for retail clients of the Bahamas company (Pro clients up to 1:1000 on forex and gold); 1:30 on major pairs for UK and EU retail clients.

A higher maximum is not an advantage in itself. Leverage multiplies losses as fast as gains, so beginners should use far less than either broker allows.

Which One Should You Choose?

Go with IC Markets if:

• You trade often and want raw spreads
• You want cTrader or TradingView
• You want a group with ASIC and CySEC licences

Go with Pepperstone if:

• You want FCA, ASIC or CySEC regulation in the group
• You want raw spreads with cTrader or TradingView
• You don’t want a minimum deposit or an inactivity fee

Whichever you choose, test a small withdrawal early, verify your account before you need your money, and risk only what you can afford to lose.

FAQ

Which has the lower minimum deposit, IC Markets or Pepperstone? They are level: IC Markets: none at the global company; $200 at the Australian company; Pepperstone: no minimum (top-ups from $10).

How are IC Markets and Pepperstone regulated? IC Markets’s international clients deal with Raw Trading Ltd, licensed by the FSA in Seychelles (SD018). Pepperstone’s deal with Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217). Group regulators: IC Markets: ASIC, CySEC, FSA Seychelles, SCB Bahamas, CMA Kenya; Pepperstone: FCA, ASIC, CySEC, BaFin, DFSA, CMA Kenya, SCB Bahamas.

Which is cheaper to trade with? It depends on the account. Commission-free: IC Markets: Standard from 0.8 pips; Pepperstone: Standard from 1.0 pips. Raw accounts: IC Markets: Raw Spread from 0.0 pips (EUR/USD average 0.1) plus $3.50 per side; Pepperstone: Razor from 0.0 pips plus $3.50 per side.

Does either charge an inactivity fee? IC Markets: not listed. Pepperstone: none.

Do both offer copy trading? IC Markets: IC Social, cTrader Copy, ZuluTrade and Signal Start. Pepperstone: CopyTrading by Pepperstone on MT4 and MT5, and cTrader Copy (no Pepperstone fee; providers may charge a performance fee).

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