IG vs Pepperstone: established giant or low-cost specialist?

IG vs Pepperstone: the short answer

Pick Pepperstone if trading cost is your priority: it publishes a 0.1-pip average EUR/USD spread on its Razor account and charges $7 round-turn commission, and it has no minimum deposit. Pick IG if you want the longest track record and the widest regulatory coverage, if you live in the US (IG US is CFTC/NFA regulated, Pepperstone doesn't accept US residents), or if you want ProRealTime or L2 Dealer. The two are separated by a single point in our scores.

Quick verdict

Pepperstone scores 92/100 (rank #1) and IG scores 91/100 (rank #2) under our methodology. IG wins on regulation (35/35 against 33/35), access (9/10 against 8/10) and track record (14/15 against 13/15). Pepperstone wins clearly on costs (23/25 against 18/25). Both score 15/15 on platforms. All figures were verified November 2026.

Costs

This is where the two brokers differ most. Pepperstone runs two account types. Razor averaged 0.1 pips on EUR/USD in August 2026, plus $7 round-turn commission per lot on MT4/MT5 ($6 on cTrader). Standard is spread-only and averaged 1.1 pips.

IG has no raw-spread forex account for retail clients. Forex is spread-only, with EUR/USD quoted from 0.6 pips. IG has no current published average: the latest average EUR/USD spread it publishes dates from early 2021. That is why we scored its costs conservatively. A "from" figure is the best case, not what you'll typically pay, so treat any comparison against IG's 0.6 pips as the most favourable view of IG.

Worked example: one standard lot of EUR/USD

One pip on a 100,000-unit EUR/USD lot is worth $10 (100,000 × 0.0001).

• Pepperstone Razor (MT4/MT5): 0.1 pips × $10 = $1, plus $7 commission = $8 per round turn on average.
• Pepperstone Standard: 1.1 pips × $10 = $11 per round turn on average.
• IG: 0.6 pips × $10 = $6 per round turn at the minimum spread. Because this is a "from" figure, your real cost will be this or higher, and we have no verified current average to compare.

So IG's best case beats Pepperstone's averages, but the comparison isn't like for like. Pepperstone is the only one of the two that tells you what you paid on average, which matters if you trade often. Run your own numbers with our pip value calculator.

Regulation and safety

IG is one of the oldest and most heavily regulated retail brokers. It was founded in 1974 in London, is part of a FTSE 100-listed group, and holds licences from the FCA (195355, 114059, 944492), BaFin, ASIC, FINMA, MAS, DFSA, JFSA and FSCA, with IG US regulated by the CFTC and NFA. It scores a full 35/35 for regulation.

Pepperstone, founded in 2010 in Melbourne, is licensed by ASIC (AFSL 414530), the FCA (684312), CySEC (388/20) and the DFSA (F004356). It also has an offshore entity regulated by the SCB in the Bahamas (SIA-F217), and some international sign-ups may be placed there, with fewer protections than its top-tier arms. Check the entity named on your account agreement.

Retail leverage is capped at 30:1 with both brokers in the UK, EU and Australia. IG US offers 50:1. Pepperstone offers higher leverage via its offshore entity.

Platforms

Both score 15/15 on platforms, but the line-ups suit different traders. IG offers its own web and mobile platforms, TradingView, MT4, MT5, ProRealTime and L2 Dealer. Pepperstone offers MT4, MT5, cTrader, TradingView and its own Pepperstone platform. If you want cTrader, go Pepperstone. If you want ProRealTime or L2 Dealer, go IG. See trading platforms compared for the differences.

Deposits and access

Pepperstone has no minimum deposit. IG asks for $50 by card, or $250 for IG US. IG accepts US clients through IG US; Pepperstone does not accept US residents.

Who should choose each

Choose IG if

• You live in the US and want a well-regulated broker (IG US, CFTC/NFA).
• Regulatory breadth and a long track record matter more to you than the lowest cost.
• You want ProRealTime or L2 Dealer, or you trade occasionally enough that cost per trade matters less.

Choose Pepperstone if

• You trade forex often and want published, low average costs on a raw account.
• You use cTrader or want a commission-based account.
• You want to start with no minimum deposit.

Not sure which factors matter most for you? Our guide on how to choose a forex broker walks through them.

Concerns to weigh

• IG: no raw-spread forex account for retail clients, and its latest published EUR/USD average is from 2021, so current typical costs are not verified.
• Pepperstone: not available to US residents, global sign-ups may be placed with the offshore Bahamas entity, and it doesn't publish an instrument count.

Read the full IG review and Pepperstone review, or see every broker we rate on our brokers page.

Sources

Figures verified November 2026 from WizardTrader's broker records, which cite these provider pages:

• IG: about us
• IG: worldwide offering
• IG Group: our history
• IG: minimum deposit
• Pepperstone: licensing and regulation
• Pepperstone: trading accounts
• Pepperstone: who we are
• Pepperstone Financial Services Guide (PDF)

Trading involves substantial risk of loss and is not suitable for every investor. CFDs and leveraged forex can lose money rapidly, and you can lose more than you expect if you use high leverage. This page is general information, not financial advice, and nothing here promises a profit. Rankings are editorial and not paid. Read our risk disclaimer and advertiser disclosure.