Pepperstone vs IC Markets (2026)

Pepperstone vs IC Markets: the verdict

Choose Pepperstone for the broader platform stack, the lower AUD commission of A$7.00 round-turn and the A$0 minimum deposit; choose IC Markets for the tighter raw EUR/USD spread, measured at 0.01 pips over May to June 2026, and a wider share CFD range. Both hold ASIC licences and both scored highly with us this year, Pepperstone at 98 and IC Markets at 90.

Both brokers sit near the top of our 2026 rankings, and both run genuine no-dealing-desk pricing, so the choice comes down to a few measurable differences rather than trust. This comparison uses AUD-denominated costs throughout, because that is what an Australian account actually pays, and it corrects a common error about which broker charges the lower commission. Every spread and speed below comes from our own capture over May to June 2026.

Regulation and trust

Regulation is the one area where these two brokers are hardest to separate. Pepperstone Group Limited holds ASIC AFSL 414530, granted in 2010 and held continuously since, and operates from Melbourne. IC Markets trades as International Capital Markets Pty Ltd under AFSL 335692, issued in 2007, and remains Sydney-based and Australian-owned. Each is a member of AFCA and each segregates retail client money at an Approved Australian Bank, so the statutory protections are identical: the 30:1 leverage cap on major pairs, mandatory negative balance protection, a 50% margin close-out and access to the ASIC register if you want to confirm either licence yourself.

On our trust score the two are close, with Pepperstone at 9 out of 10 and IC Markets at 8, reflecting Pepperstone’s wider tier-1 regulator stack rather than any weakness in IC Markets’ Australian standing. Ignore any claim of up to $100,000 in client-fund protection attached to either broker; that figure is not an Australian protection, and the cover that applies here is the ASIC framework above. Any 500:1 leverage figure you see belongs to a wholesale-client account that forfeits those retail protections, never the standard retail offer.

Fees and spreads (what we measured)

Here is the correction that most comparisons get wrong. On an AUD account Pepperstone’s Razor commission is A$3.50 per side, or A$7.00 round-turn, while IC Markets’ Raw Spread account charges A$4.50 per side, or A$9.00 round-turn. Pepperstone is therefore the cheaper of the two on commission, by A$2.00 a lot. Many competitor articles and AI overviews state the opposite, because IC Markets often advertises a US$3.50 per-side rate that looks lower on the page; converted to the Australian dollars your account is billed in, that rate is A$4.50 per side. We draw the AUD figures from our own cost dataset, not the headline US rate.

Raw spread runs the other way. IC Markets captured 0.01 pips on EUR/USD and 0.15 pips across our eight-pair basket over May to June 2026; Pepperstone captured 0.10 pips on EUR/USD and 0.46 pips across the same basket. On the spread itself, IC Markets is the tighter of the two.

Put the two halves together and the picture is simple: Pepperstone is cheaper on commission, IC Markets is tighter on spread, and on an AUD account Pepperstone usually wins the all-in on the majors once both parts of the cost are counted. The margin is narrow, so scalpers who trade EUR/USD almost exclusively may still prefer IC Markets’ rawer spread, while most other traders come out ahead on Pepperstone.

Platforms

Platform choice is Pepperstone’s clearest advantage. It runs MT4, MT5, cTrader, native TradingView on the Razor account and its own proprietary web and mobile platform, the broadest stack in our coverage. IC Markets offers MT4, MT5 and cTrader, a strong line-up for algorithmic and depth-of-market trading but without native TradingView execution or a proprietary platform of its own. Traders who chart on TradingView or want a lighter in-house app will notice the gap; those who live inside MetaTrader or cTrader will find the two brokers broadly comparable.

Markets and execution

Execution is close, and both brokers deliver genuine no-dealing-desk, raw ECN-style pricing. Our measured fills put Pepperstone at around 28ms and IC Markets at around 32ms, a difference small enough that most retail traders will not feel it. Both also offer a swap-free (Islamic) account, so neither rules out traders who need one.

On product range the two diverge. Pepperstone leans into forex, indices, commodities and a solid set of share CFDs, while IC Markets carries a wider share CFD selection alongside the same core forex and index markets. Neither publishes a bond range worth quoting, so if fixed income matters to you, confirm the current list with the broker directly rather than relying on a headline count.

Which should you choose

Pick Pepperstone if you want the widest platform choice, the lower AUD commission and the flexibility of a A$0 opening balance. It is our top-ranked broker for 2026 at a score of 98, and for most active Australian forex traders the combination of A$7.00 round-turn pricing and five platforms is the stronger all-round package. Read the full Pepperstone review for the account-by-account detail.

Choose IC Markets if raw spread is your single most important cost and you value an Australian-owned ECN with a local track record dating to 2007. Its 0.01 pip EUR/USD capture is the tightest of the pair, and its wider share CFD range suits traders who mix equities with forex. Our IC Markets review covers the Raw Spread account in full, and the lowest spread forex brokers guide shows where each sits against the wider field. If you are also weighing a low-cost flat-commission broker, see Pepperstone vs Fusion Markets.