Pepperstone vs IC Markets
The ultimate comparison of two elite ECN brokers. Both offer raw spreads from 0.0 pips - but which one edges ahead for serious traders?
The Honest Truth: Both Are Excellent
This is one of the closest broker comparisons we've done. Both Pepperstone and IC Markets are genuine ECN brokers with institutional-grade execution. The differences are marginal - you'll trade well with either.
Pepperstone Advantages:
- $0 minimum deposit (vs $200)
- Faster average execution (30ms)
- More server locations globally
- Stronger regulation (BaFin, FCA)
- Better educational resources
IC Markets Advantages:
- More instruments (2,250+ vs 1,200+)
- More liquidity providers (25+)
- Highest monthly volume ($1T+)
- Slightly tighter average spreads
- Longer track record (since 2007)
Feature Comparison
Comparison Table
Compare features, pricing, or specifications
| Feature | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| Founded | 2010 | 2007 | IC Markets |
| Minimum Deposit | $0 | $200 | Pepperstone |
| Raw Spreads From | 0.0 pips | 0.0 pips | Tie |
| Commission (per lot) | $3.50 | $3.50 | Tie |
| Instruments | 1,200+ | 2,250+ | IC Markets |
| Monthly Volume | $12.5B+ | $1T+ | IC Markets |
| TradingView Integration | Yes | Yes | Tie |
| Our Rating | 4.5/5 | 4.6/5 | IC Markets (marginally) |
Execution & Infrastructure
For scalpers and algorithmic traders, execution quality is everything. Here's how these brokers compare on the technical metrics that matter.
Comparison Table
Compare features, pricing, or specifications
| Metric | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| Execution Type | ECN/STP | True ECN | Tie |
| Avg. Execution Speed | 30ms | 40ms | Pepperstone |
| Liquidity Providers | 20+ | 25+ | IC Markets |
| Server Locations | NY4, LD5, TY3 | NY4, LD5 | Pepperstone |
| Free VPS | Yes (conditions) | Yes (conditions) | Tie |
| Slippage Control | Excellent | Excellent | Tie |
Spreads & Costs Analysis
Pepperstone Razor Account
+ $3.50 commission per lot
IC Markets Raw Spread
+ $3.50 commission per lot
Trading Platforms
Both brokers offer identical platform options:
MetaTrader 4/5
Industry standard for forex. Full EA support, custom indicators, and mobile trading. Both brokers offer identical MT4/MT5 functionality.
cTrader
Advanced ECN platform with Level II pricing, superior charting, and cAlgo for algorithmic trading. Preferred by many professional scalpers.
TradingView
Direct integration allows trading from TradingView charts. Combines TradingView's superior charting with ECN execution from either broker.
Regulation Comparison
Pepperstone
6 Regulatory Licenses
- 🇦🇺 ASIC (Australia) - #414530
- 🇬🇧 FCA (UK) - #684312
- 🇩🇪 BaFin (Germany) - #151148
- 🇨🇾 CySEC (Cyprus) - #388/20
- 🇦🇪 DFSA (UAE) - #F004356
- 🇧🇸 SCB (Bahamas) - #SIA-F217
IC Markets
3 Regulatory Licenses
- 🇦🇺 ASIC (Australia) - #335692
- 🇨🇾 CySEC (Cyprus) - #362/18
- 🇸🇨 FSA (Seychelles) - #SD018
Note: IC Markets lacks FCA (UK) and BaFin (Germany) licenses. UK and German traders should verify which entity serves them.
Frequently Asked Questions
Frequently Asked Questions
Which is better for scalping, Pepperstone or IC Markets?
Both are excellent for scalping with 0.0 pip raw spreads and fast execution. Pepperstone has slightly faster average execution (30ms vs 40ms), while IC Markets has more liquidity providers (25+ vs 20+). For most scalpers, the difference is negligible - both are top-tier choices.
What are the commission rates at Pepperstone and IC Markets?
Both charge $3.50 per lot per side ($7 round turn) on their raw spread accounts. Standard accounts at both brokers have no commission but wider spreads. The commission structure is identical, making spread comparison the key differentiator.
Which broker has better regulation?
Pepperstone has stronger regulatory coverage with ASIC, FCA, CySEC, BaFin (Germany), and DFSA licenses. IC Markets has ASIC and CySEC plus an offshore FSA (Seychelles) license. For European and UK traders especially, Pepperstone's BaFin and FCA licenses offer more protection.
Can I use TradingView with both brokers?
Yes, both Pepperstone and IC Markets offer direct TradingView integration, allowing you to trade directly from TradingView charts. This is in addition to MT4, MT5, and cTrader platforms available at both brokers.
Which is better for Expert Advisors (EAs)?
Both excel for EA trading with MT4/MT5 support, free VPS hosting (with qualifying volume), and fast execution. IC Markets has slightly more liquidity providers which can help during news events. Pepperstone has more server locations. Either works well for automated strategies.
What is the minimum deposit difference?
Pepperstone has no minimum deposit requirement, while IC Markets requires $200. This makes Pepperstone more accessible for traders starting with smaller capital or testing the platform.
Which broker has more instruments?
IC Markets offers 2,250+ instruments compared to Pepperstone's 1,200+. IC Markets has broader CFD coverage including more stocks and indices. For forex-focused traders, both offer comprehensive major, minor, and exotic pairs.
Are spreads really 0.0 pips?
Yes, both regularly show 0.0 pip spreads on EUR/USD during liquid sessions. However, remember you also pay commission ($3.50/lot). The effective cost on a standard lot at 0.0 spread is $7 round turn. During news or low liquidity, spreads widen at both brokers.
Final Verdict
Our Rating: IC Markets 4.6/5 | Pepperstone 4.5/5
IC Markets edges ahead marginally with tighter spreads and deeper liquidity. Pepperstone counters with better regulation and no minimum deposit. For most traders, either choice is excellent.
Choose Pepperstone If:
- You're starting with small capital (no minimum)
- You're in the UK or Germany (better regulation)
- Execution speed is your top priority
- You want more educational resources
- Regulatory protection matters most
Choose IC Markets If:
- Tightest possible spreads matter most
- You trade high volume (liquidity depth)
- You want more instruments (2,250+)
- You run multiple EAs simultaneously
- You can meet the $200 minimum
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