Our IC Markets vs Pepperstone comparison found that IC Markets spreads were the best while Pepperstone had a superior trading experience. Compare fees in May 2020, forex trading platform features and minimum deposits.
View the forex broker comparison table below or the:
– Full review of Pepperstone
– Full review of IC Markets
By Justin Grossbard / Updated: Wednesday, May 27th, 2020
Both Pepperstone and IC Markets offer ECN broker style trading accounts. This allows straight-through processing (STP) of orders with no marked-up spreads. A commission is added to trades based on the volume traded.
Currently, IC Markets has the lowest spreads of any forex broker worldwide. This is based on the published May 2020 average spreads as shown in the comparison table below.
ECN Broker Spreads | |||||
|---|---|---|---|---|---|
 | 0.10 | 0.20 | 0.40 | 0.40 | 0.30 |
 | 0.13 | 0.18 | 0.48 | 0.51 | 1.39 |
 | 0.12 | 0.22 | 0.62 | 0.59 | 0.94 |
 | 0.09 | 0.30 | 0.61 | 0.49 | 1.15 |
 | 0.20 | 0.20 | 0.40 | 0.50 | 1.50 |
 | 0.30 | 0.50 | 0.50 | 0.50 | N/A |
 | 0.30 | 0.40 | 0.50 | 0.60 | N/A |
 | 0.44 | 0.42 | 0.40 | 0.85 | 1.30 |
 | 0.16 | 0.29 | 0.54 | 0.60 | N/A |
 | 0.20 | 0.40 | 0.50 | 0.60 | 10.00 |
 | 0.40 | 0.50 | 0.60 | 0.60 | 1.30 |
 | 0.40 | 0.70 | 0.60 | 0.70 | 1.80 |
 | 0.44 | 0.99 | 0.92 | 1.12 | 1.64 |
While neither forex broker adds a markup, IC Markets may have superior spreads due to a larger network of liquidity providers from financial institutions to deep pools. Thie global network, volume and technology are key reasons leading to them becoming the lowest spread forex broker.
Both brokers charge similar commissions on their ECN accounts.
Pepperstone Razor Account
Pepperstone a standard and razor account. The Razor account is superior with:
IC Markets offer a standard and raw spread account. The Raw account is superior with:
IC Markets is the lowest spread forex broker worldwide. This is based on their published average spreads which combined with low commissions gives them lower fees vs Pepperstone. This is why they won this category.
Compare All Spreads >>Visit IC Markets >>
Both Pepperstone and IC Markets offer MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader and cTrader. These solutions are suitable for Windows, Mac, iOS, and Android.
MT4 is the most commonly used forex platform in the world. Since most brokers offer this platform there are low barriers to switching brokers. MetaTrader 4 has an:
Smart Trader Tools is a Pepperstone MT4 enhancement which boasts 10 main features such as:
Overall, Smart Trader Tools offers Pepperstone traders using MetaTrader 4 with decision assistance combined with sophisticated trade management and execution. Market data is also transmitted to traders while alarms help notify traders of key market events.
Advanced Trading Tools in our IC Markets review was IC Markets answer to Smart Trader Tools with 20 features. Advanced Trading Tools contains all the features Smart Trader Tools offer but includes additional features:
Overall, we found Pepperstone was the best MetaTrader4 broker and completed a full MetaTrader 4 comparison detailing why this is the case.
Compare MetaTrader 4 Brokers >>
MetaTrader 5 is designed for CFD trading. Both Pepperstone and IC Markets offer Share CFD trading and therefore offer MT5. Below is a table comparing the differences:
| MetaTrader 4 | MetaTrader 5 | |
|---|---|---|
| General availability | Common | Growing |
| Number of Analytical tools | 33 | 68 |
| Number of indicators | 30 | 38 |
| Timeframes | 9 | 21 |
| Programming Language (for expert advisors) | MQL4 | MQL5 |
| Number of orders executable | 3 | 4 |
| Number of pending orders available | 4 | 6 |
| Partial Order Filling Policies | No | Yes |
| Order Fill Policy | Fill or Kill | Fill or Kill Immediate or Cancel Return |
| Hedging | Yes | Yes (since 2016) |
| Threading | 32bit / 2GB | 64 Bit / 4Gb |
| Speed / Stability | Fast / Stable | Faster / More Stable |
| CFD Trading | Decentralised | All (Decentralised and trading exchanges) |
| Strategy Tester | Single Thread | Multi-threaded + Multi-currency + Real ticks |
| Economic Calendar | with Add on | Yes |
| Depth of Market | No | Yes |
Our MetaTrader 5 comparison found that IC Markets was the best broker for this CFD platform.
Compare MetaTrader 5 Brokers >>
Both brokers offer MT Webtrader which is MetaTrader platform for mobile trading. WebTrader offers many of the features available on MT4 but designed to better handle the natural limitations mobiles will have due to size.
cTrader is an alternative trading platform for MetaTrader. The platform is generally considered to have superior technical charting options than MetaTrader along with offer faster execution. Key features of cTrader include
If you are looking to trade other derivatives than forex pairs then cTrader might not be the best option. This is because cTrader is not designed for CFD and cryptocurrency trading. Its strength is in forex.
Both brokers offer a range of social, copy and mirror trading platforms. Pepperstone offers MyFxBook, ZuluTrade, MirrorTrader, RoboX, MetaTrader Signals and DupliTrade. IC offers MyFxBook AutoTrade and ZuluTrade.
Pepperstone is the winner for the forex platform category based on the unique software features offered, fast execution speeds and additional trading platform enhancements.
Both IC Markets and Pepperstone achieve the fastest execution speed in the industry by using dedicated fibre optic cable. Faster execution speeds help prevents ‘slippage’ occurring.
Pepperstone Edge Technology when it comes faster and better-trading consist of the following:
Overall Pepperstone has very solid features when it comes to execution speeds. Use of dedicated cables and best technology will give traders confidence transaction processing will not suffer delays or lags.
IC Markets technology is very similar to Pepperstone’s. Both use very similar fibre optic technology and have the same one-click trading feature but the low latency technology differs.
Overall IC Markets offers an excellent range of advanced technology to achieve very fast order execution speeds with low latency. IC Markets state on their website they 100% guarantees their execution.
Our tests found Pepperstone had the fastest market order execution speeds.
Pepperstone Limited published that most trades were executed in less than 30ms. Based on this and test results IC Markets slippage will be higher making Pepperstone superior for high speed traders (eg scalping traders/automation).
Both Pepperstone and IC Markets boast a vast array of Contracts for Difference (CFDs) on top of forex. This is not the same as share trading which you can compare on the Pepperstone vs IG page. IC Markets’ range of CFDs is greater however, Pepperstone is not an ‘all in one’ financial broker and therefore offer a more limited range when compared with IC Markets. Both ECN style providers offer:
Both Pepperstone and IC Markets offer these cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin while IC Markets also offers Ripple. Both brokers offer leverage of 5:1. See our comparison with Plus500 for a broker with a large range of CFDs.
IC Markets, unlike Pepperstone, also offers the following:
Crude oil and many other commodities can be traded with fast execution speeds and low spreads.
IC Markets are an All in One Broker. If having access to all types of CFDs is important then IC Markets is likely our preferred broker when looking at CFDs in isolation.
Both Pepperstone and IC Markets are lack proprietary risk management tools and features. However, there are some standardised features available:
Both brokers focus on intermediate to advanced traders and lack risk management tools that some beginner brokers offer (while charging higher fees). From a reputation standpoint, Pepperstone has the most sort after ‘Tier 1’ regulation with the FCA (in UK) and ASIC (in Australia) as well as Dubai. Base on this, Pepperstone won this category.
Both Pepperstone and IC Markets boast live chat, phone and email customer support. Pepperstone’s customer service is award-winning while IC Markets has a 24/7 server and a greater range of help desk tools.
Pepperstone
Pepperstone has developed a strong reputation for excellent customer service. “Investment Trends” have awarded Pepperstone as number #1 for customers services. Pepperstone customer service team in Australia consists of individuals who trade themselves. This means clients can have confidence that support understands issues and concerns for all types of traders. This customer service level has helped Pepperstone reviews achieve a score of 4.4 out of 5 on TrustPilot from 595 respondent.
IC Markets
IC Markets customer support team have 3 offerings that Pepperstone don’t have. These are:
Pepperstone has superior customer service based on our analysis and the number of third-party rewards (such as Investment Trends) over the past five years. While structurally both brokers have similar contact points, the quality of the customer service team at Pepperstone makes them the best forex broker globally for the category.
Our review found both forex brokers were the same in this category. Neither Pepperstone or IC Markets charge fees for deposits or withdrawals but international institutions may charge a fee. Both brokers have very similar funding policies the main difference is the hours one can place a withdrawal request and expect to receive the payment the same day.
Pepperstone Minimum Deposit
The minimum deposit is $200 for Pepperstone.
If a withdrawal request is received before 7:00 am AEST then the withdrawal will be processed the same day otherwise. If received after 7:00 then the withdrawal will be processed the next day. Any bank account connected to a Pepperstone trading account will receive the funds (this needs to be first-party).
A credit card can also be used for withdrawals if the amount matches or is less then the deposited amount. If a withdrawal is more than deposited amount then an alternative withdrawal method will be needed. Bank wire transfers take on average 3 to 5 business days to settle.
IC Markets Minimum Deposit
The minimum deposit is $200 for IC Markets.
If a client wishes to receive a withdrawal of funds on the same day then a request must be submitted before midday Australian Eastern Standard Time. If a withdrawal request is submitted later than this time then funding will be deposited into clients the next business day.
The overall winner is Pepperstone who is recommended for those considering the MetaTrader 4, MetaTrader5 or the cTrader platform. This was based their trading platforms, execution speeds and superior customer service. Pepperstone is also regulated in more locations including the UK, Australia and Dubai with several pending regulation certifications.
The IC Markets ‘Raw Spread’ account has the lowest spreads of any forex brokers. This is detailed on our Lowest Spread comparison table based on the most traded currency pairs.
Yes, based on our testing using MetaTrader 4 demo accounts, Pepperstone offers the fastest execution speeds. You can view this and other analysis on our MetaTrader 4 comparison page.
Pepperstone has more ‘tier 1’ regulation with:
IC Markets, on the other hand, has regulation with:
The broker is regulated with two ‘tier 1’ regulators and one ‘tier 2’ regulator:
The broker has several other pending approvals with other regulators. Based on this above Pepperstone ideally suited for UK, Australian and those in the Middle East.
The broker is regulated in two ‘tier 1’ regulators and one ‘tier 3’ regulator:
Based on the regulated entities the IC Markets is suited for European, Australian and African trader. Raw Trading Ltd is also referred as IC Markets (SC).
Loading...
