Pepperstone vs IC Markets: raw-spread accounts compared

Pepperstone vs IC Markets: the short answer

For most raw-spread traders, Pepperstone is the better pick. On our data the two brokers cost exactly the same on a MetaTrader EUR/USD trade, so the decision comes down to who regulates your account and how easy it is to start. Pepperstone holds more top-tier licences, has no minimum deposit and ranks #1 in our broker rankings. IC Markets is the choice if you want a larger instrument list (2,850+) or social and copy-trading tools such as IC Social and ZuluTrade.

Quick verdict

Pepperstone scores 92/100 and IC Markets scores 88/100 under our methodology. The gap comes mostly from regulation (33/35 against 30/35) and access (8/10 against 7/10). On costs IC Markets actually scores a point higher (24/25 against 23/25), but the published averages we hold are identical: 0.1 pips on EUR/USD plus $7 round-turn commission on MetaTrader. All figures below were verified November 2026.

Costs on the raw accounts

Pepperstone's Razor account averaged 0.1 pips on EUR/USD in August 2026, with $7 round-turn commission per lot on MT4 and MT5 and $6 on cTrader. Its Standard (spread-only) account averaged 1.1 pips. IC Markets' Raw account averages 0.1 pips on EUR/USD with $7 round-turn commission on MT4 and MT5.

IC Markets' official pages give conflicting figures for its standard-account spread, so we don't quote one. We also don't hold an IC Markets cTrader commission figure, so we can't compare the two brokers on cTrader pricing.

Worked example: one standard lot of EUR/USD

A standard lot is 100,000 units, so one pip on EUR/USD is worth $10 (100,000 × 0.0001). You can check this with our pip value calculator.

• Pepperstone Razor (MT4/MT5): 0.1 pips × $10 = $1 spread, plus $7 commission = $8 per round turn.
• Pepperstone Razor (cTrader): $1 spread plus $6 commission = $7 per round turn.
• IC Markets Raw (MT4/MT5): 0.1 pips × $10 = $1 spread, plus $7 commission = $8 per round turn.
• Pepperstone Standard: 1.1 pips × $10 = $11 per round turn, with no commission.

At 50 lots a month on MetaTrader, both raw accounts work out to about $400 (50 × $8). If you trade on cTrader with Pepperstone, the same volume costs about $350 (50 × $7). These are averages: the spread you actually pay changes with market conditions and time of day. Our guide to what a spread is explains why.

Regulation and safety

Pepperstone is licensed by ASIC (AFSL 414530), the FCA (684312), CySEC (388/20) and the DFSA (F004356), with an offshore entity regulated by the SCB in the Bahamas (SIA-F217). That's four top-tier regulators plus one offshore.

IC Markets is licensed by ASIC (AFSL 335692) and CySEC (362/18), and runs an offshore entity regulated by the FSA Seychelles (SD018). Our records note that IC Markets' global site (now ic.com) onboards clients through Raw Trading Ltd, regulated by the FSA Seychelles, with leverage up to 1:5000. That is far above top-tier limits, and offshore entities offer fewer protections. This is why IC Markets is rated "Mixed" for regulation.

Pepperstone has a similar, smaller caveat: some international sign-ups may be placed with its Bahamas entity, which has fewer protections than its ASIC, FCA or CySEC arms. With either broker, check which legal entity appears on your account agreement before you deposit.

Platforms

Both brokers support the platforms raw-spread traders care about most: MT4, MT5, cTrader and TradingView. Pepperstone adds its own Pepperstone platform. IC Markets adds IC Social and ZuluTrade for social and copy trading. Pepperstone scores a perfect 15/15 on platforms and IC Markets 14/15. For a broader comparison of these platforms, see trading platforms compared.

Instruments and minimum deposit

IC Markets lists 2,850+ instruments. Pepperstone does not publish an instrument count, so we can't compare range directly. Pepperstone has no minimum deposit, while IC Markets asks for $200. Neither broker accepts US residents.

Who should choose each

Choose Pepperstone if

• You want your account held under ASIC, FCA, CySEC or DFSA rules and want the broadest top-tier coverage of the two.
• You trade on cTrader and want the $6 round-turn commission.
• You want to start with a small balance: there is no minimum deposit.
• You might use the Standard account, which has a published 1.1-pip average.

Choose IC Markets if

• You want the larger published instrument list (2,850+).
• You use social or copy trading through IC Social or ZuluTrade.
• You are eligible for its ASIC or CySEC entity and are comfortable with a $200 minimum deposit.

Scalpers on either broker should read our scalping strategy guide, since at 0.1 pips the commission is most of your cost per trade.

Concerns to weigh

• IC Markets: the global site defaults to the offshore Seychelles entity, leverage there goes up to 1:5000, and official pages give conflicting standard-account spreads. Not available to US residents.
• 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 Pepperstone review and IC Markets review, or compare every broker we rate on our brokers page.

Sources

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

• Pepperstone: licensing and regulation
• Pepperstone: trading accounts
• Pepperstone: who we are
• Pepperstone Financial Services Guide (PDF)
• IC: regulation
• IC Markets EU: regulation
• IC: Raw Spread account
• IC: spreads

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.