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IC Markets vs Pepperstone: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

Both IC Markets and Pepperstone are great brokers in Australia for scalping and automated trading. However, IC Markets is the better choice if you are looking for a lower EUR/USD cost (US$8.00 per lot against US$9.00) and more tradable symbols (2,250 against 1,350). Pepperstone is better because it asks for no minimum deposit, against US$200.00 at IC Markets, and offers a proprietary trading platform. IC Markets reports execution in 40 ms against 50 ms at Pepperstone, while Pepperstone allows API access and offers faster withdrawals (2 days against 5 days). IC Markets and Pepperstone are both regulated in Australia by ASIC. Both brokers offer a demo account and CFDs on commodities, crypto, forex, indices and stocks.

IC Markets

CFDCFD IC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX IC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Regulated in your country IC Markets is allowed by ASIC to onboard clients residing in Australia.
IC Markets review ›
84CFD/FXOverall score IC Markets scores 84/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Pepperstone

CFDCFD Pepperstone offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX Pepperstone offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Regulated in your country Pepperstone is allowed by ASIC to onboard clients residing in Australia.
Pepperstone review ›
83CFD/FXOverall score Pepperstone scores 83/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Best for

What we compare A comparison of the kinds of traders IC Markets and Pepperstone are best suited to, based on what each one actually offers in Australia.
1 / 12

Pepperstone is better than IC Markets for high-volume traders. Professional traders, scalpers and swing traders can choose either Pepperstone or IC Markets.

Best for
Overall score IC Markets 84 Pepperstone 83 -1
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise IC Markets and the ones that supervise Pepperstone.
2 / 12

IC Markets and Pepperstone are both regulated in Australia, by ASIC.

Regulation
Section score IC Markets 100 Pepperstone 100
Tier-1 regulators
ESMA (European Union) i
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that IC Markets and Pepperstone have in place to protect your money in Australia.
3 / 12

IC Markets and Pepperstone both offer segregated client funds and two-factor authentication.

Safety
Section score IC Markets 65 Pepperstone 65
Company info
Is it publicly traded i
Is it a bank i
Year founded i 2007 2010
Parent company i International Capital Markets Pty Ltd Pepperstone Group Limited
CEO i Andrew Budzinski Tamas Szabo
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i Eurobank N/A
Brand power
Number of customers worldwide i 909,000
Annual revenue i US$13,000,000
Monthly website search traffic i 2.2M monthly visits 1.3M monthly visits

Costs

What we compare A comparison of what it costs to trade with IC Markets and with Pepperstone in Australia, both on each trade and on holding the account.
4 / 12

Pepperstone is better than IC Markets for costs, because Pepperstone does not charge inactivity fees, unlike IC Markets, and offers volume discounts, which IC Markets does not. Neither IC Markets nor Pepperstone charges account maintenance fees or deposit fees.

Costs
Section score IC Markets 64 -10 Pepperstone 74 Best
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i US$7 US$7
EUR/USD average standard spread i
0.8 pips
1 pips
EUR/USD average raw spread i
0.1 pips
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i US$8 US$9
S&P 500 fees (CFD) i 0.492 points 0.5 points
Gold fees (CFD) i 0.08 points 0.21 points
Bitcoin fees (CFD) i US$12.01 US$15
US stocks fees (CFD) i US$0.02 US$0.02
Fees on stocks
Stock fee type i Commission, Percentage Commission, Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with IC Markets and with Pepperstone in Australia, and of how many instruments each one gives access to.
5 / 12

There is little between IC Markets and Pepperstone on available markets. Both IC Markets and Pepperstone offer CFDs on commodities, crypto, ETFs, forex, indices and stocks. IC Markets has a slight edge, as it gives access to 2,250 tradable symbols (against Pepperstone's 1,350).

Available markets
Section score IC Markets 75 Pepperstone 75
Total tradable symbols i 2,250 1,350
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, ETF, Forex, Indices, Stocks Commodities, Crypto, ETF, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that IC Markets and Pepperstone make available to their clients in Australia.
6 / 12

Pepperstone is better than IC Markets for platforms, given that Pepperstone offers a proprietary platform and social trading, which IC Markets does not. IC Markets and Pepperstone both offer cTrader and MetaTrader 5.

Platform
Section score IC Markets 89 -8 Pepperstone 97 Best
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of IC Markets and Pepperstone in Australia, and of what each one lets you do from your phone.
7 / 12

IC Markets and Pepperstone are equally good for mobile trading, as both offer a proprietary mobile app and the cTrader app.

Mobile
Section score IC Markets 86 Pepperstone 86
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that IC Markets and Pepperstone allow on their platforms in Australia.
8 / 12

There is little between IC Markets and Pepperstone on trading features, as both offer negative balance protection and trailing stops. IC Markets goes a step further, as it executes orders faster, within 40 ms (against Pepperstone's 50 ms), and reports no requotes (against Pepperstone's 0.08%).

Trading features
Section score IC Markets 87 Pepperstone 87
Trade execution
Broker type i Hybrid Hybrid
Average execution time i 40 ms 50 ms
Slippage occurrence i
Requotes occurrence i 0% 0.08%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1 30:1
Minor/Exotic FX pairs leverage i 20:1 20:1
Major indices leverage i 20:1 20:1
Minor indices leverage i 10:1 10:1
Gold leverage i 20:1 20:1
Commodities leverage i 10:1 10:1
Equities leverage i 5:1 5:1
Cryptocurrency leverage i 2:1 2:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i US$0 US$1
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at IC Markets and at Pepperstone in Australia, and of who each one is meant for.
9 / 12

Pepperstone is better than IC Markets for account types, as Pepperstone offers a managed account and a copy trading account, which IC Markets does not. Both IC Markets and Pepperstone offer a demo account and a professional traders account.

Account types
Section score IC Markets 74 -3 Pepperstone 77 Best
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with IC Markets and with Pepperstone in Australia.
10 / 12

IC Markets and Pepperstone are equally good for account opening, as IC Markets offers 10 account base currencies (against Pepperstone's 6). On the other hand, Pepperstone does not require a minimum deposit (against IC Markets' US$200), and credits deposits faster, within the same day (against IC Markets' 5 days). IC Markets and Pepperstone both offer credit cards and debit cards.

Account opening
Section score IC Markets 85 Pepperstone 85
Minimum deposit i US$200 US$0
Minimum withdrawal i US$0 US$0
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill PayPal, Neteller, Skrill
Local payment methods i
Account base currencies i AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF USD, EUR, GBP, AUD, SGD, HKD
Deposit waiting time i up to 5 business days Instant
Withdrawal waiting time i up to 5 business days up to 2 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of IC Markets and Pepperstone in Australia, in how it can be reached and how fast it answers.
11 / 12

IC Markets is better than Pepperstone for customer care, since IC Markets offers customer support in 17 languages (against Pepperstone's 10), and has a website in 17 languages (against Pepperstone's 9). IC Markets and Pepperstone both offer a dedicated account manager and phone support.

Customer care
Section score IC Markets 92 Best Pepperstone 78 -14
Number of languages supported i 17 10
Website languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese Arabic, English, Italian, Korean, Polish, Russian, Spanish, Vietnamese, Chinese
Website available in English i
Customer support languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese Arabic, English, Italian, Korean, Polish, Russian, Spanish, Thai, Vietnamese, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that IC Markets and Pepperstone provide to their clients in Australia.
12 / 12

IC Markets is better than Pepperstone for learning, given that IC Markets offers professional reports and a glossary, which Pepperstone does not. IC Markets and Pepperstone both offer education for advanced traders and webinars.

Learning
Section score IC Markets 100 Best Pepperstone 84 -16
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
IC Markets
Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Pepperstone
Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Our verdict

IC Markets vs Pepperstone: which one should you choose?

IC Markets

CFD/FX Choose IC Markets if you want a CFD and forex broker with fast execution and a wide choice of markets.

Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Pepperstone

CFD/FX Choose Pepperstone if you want an online CFD broker with no minimum deposit and a proprietary trading platform.

Open Account CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

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