IC Markets vs Pepperstone 2026: Raw Spreads, Regulation and Platforms
Updated
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IC Markets and Pepperstone both offer raw spread accounts, cTrader, TradingView and no minimum deposit. For clients outside Europe and Australia, Pepperstone's Bahamas entity offers negative balance protection to retail clients, while IC Markets' Seychelles entity does not, which is the main reason Pepperstone scores higher on regulation in our reviews.
IC Markets vs Pepperstone: scores by criterion
| Criterion | IC Markets | Pepperstone |
|---|---|---|
| Regulation and client protection (30%) | 3 / 5 | 5 / 5 ✓ |
| Trading costs (20%) | 4 / 5 | 4 / 5 |
| Deposits and withdrawals (15%) | 4 / 5 ✓ | 3 / 5 |
| Execution and platforms (15%) | 5 / 5 | 5 / 5 |
| Accounts and products (10%) | 5 / 5 | 5 / 5 |
| Transparency and support (10%) | 4 / 5 | 4 / 5 |
Scores follow our review methodology; each comes from the full IC Markets review and Pepperstone review.
Key differences
| IC Markets | Pepperstone | |
|---|---|---|
| Regulators | FSA (Seychelles), CySEC (Cyprus), ASIC (Australia) | SCB (Bahamas), FCA (United Kingdom), CySEC (Cyprus), DFSA (Dubai, UAE), ASIC (Australia) |
| Entity for most global clients | Raw Trading Ltd, FSA (Seychelles) | Pepperstone Markets Limited, SCB (Bahamas) |
| Negative balance protection (global entity) | No | Yes |
| Max leverage on majors | 5000:1 (by entity) | 200:1 (by entity) |
| Minimum deposit | $0 | $0 |
| Account types | Raw Spread, cTrader Raw Spread, Standard | Razor, Standard |
| Raw spread + commission account | Yes | Yes |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Pepperstone platform |
| Not available in | Brazil, Canada, Cuba, Iran, Israel, Malaysia, New Zealand, North Korea, Syria, United States | United States |
Is IC Markets or Pepperstone safer?
Both have entities under major regulators: IC Markets under CySEC and ASIC; Pepperstone under the FCA, CySEC, DFSA, ASIC and BaFin. For clients outside those regions, IC Markets uses Raw Trading Ltd in Seychelles, which does not offer negative balance protection, and Pepperstone uses Pepperstone Markets Limited in the Bahamas, which states that retail clients are not liable for a negative balance: negative balance protection.
IC Markets vs Pepperstone: which costs less?
Commissions are similar: $3.50 per lot per side on MetaTrader raw spread accounts and $6 round turn on cTrader at both. IC Markets publishes an average EUR/USD spread of 0.1 pips on its Raw Spread account. IC Markets charges no fees on deposits or withdrawals; Pepperstone charges $20 for international bank transfer withdrawals.
IC Markets vs Pepperstone: which suits which trader?
- Negative balance protection outside Europe and Australia: Pepperstone.
- Very high leverage: IC Markets, up to 1:5000 on its global entity; higher leverage also raises the risk of large losses.
- Withdrawals by bank transfer: IC Markets, without a broker fee.
- Both: cTrader, TradingView, MetaTrader 4 and 5, and no minimum deposit.
Comparisons and rankings
Frequently asked questions
Is IC Markets better than Pepperstone?
In our reviews Pepperstone scores 4.4 and IC Markets 4.0 out of 5. Pepperstone scores higher on regulation; IC Markets scores higher on deposits and withdrawals.
Which is cheaper, IC Markets or Pepperstone?
Both charge $3.50 per lot per side on MetaTrader raw spread accounts and $6 round turn on cTrader. IC Markets publishes a 0.1 pip average EUR/USD spread; Pepperstone advertises raw spreads from 0.0 pips.
Which has higher leverage, IC Markets or Pepperstone?
For global clients, IC Markets advertises up to 1:5000 on major pairs and Pepperstone up to 1:200 for retail clients.