IC Markets vs. Pepperstone Broker Comparison

IC Markets vs. Pepperstone Broker Comparison

IC Markets versus Pepperstone Comparison Table
Online BrokerMinimum DepositTrading PlatformsMarketsRegulated
$200MT4, cTrader, MT5230+ASIC, CySEC, FSA
$200MT4, cTrader, MT5150+FCA, ASIC

IC Markets and Pepperstone Comparison

These brokers have some similarities. Each offers ECN trading with a commission charge, trading without a commission charge and an Islamic account. They both use Equinix data centres in New York and London for high speed order transmission.

Each provides MT4, MT5 and cTrader. There are some differences in markets available to trade with IC Markets offering more and a wider range, but both have a range of Cryptocurrency and Stocks CFDs. They allow scalping, news trading, hedging, EAs (MetaTrader robots) and social and copy trading.

Each broker is regulated by the ASIC in Australia. IC Markets is additionally regulated by the CySEC in Cyprus and the FSA in the Seychelles. Pepperstone is additionally regulated by the FCA in the United Kingdom.

Quick comparison

Both are no dealing desk ECN brokers offering MT4, MT5 and cTrader. IC Markets has more markets and a wider range on MT5.

MT5 - IC Markets has more markets overall on MT5

MetaTrader 5 (MT5) is the successor to MT4 (which is also offered by both brokers) and has a number of enhancements on this platform. Each provides MT5, but IC Markets offers an expanded range of markets on this platform, enabling it to additionally provide Bonds and ETF CFDs and more Stocks CFDs to trade (100+ vs 60+). This means that the total number of markets offered by IC Markets is greater. This is one of the more significant differences between the two brokers.

Like MT4, MT5 supports the use of online trading robots called Expert Advisors (EAs). Both brokers allow the use of EAs and arguably provide a trading environment suited to this kind of trading, with low latency order processing and support for a wide range of styles. Both MT4 and MT4 can be used by traders who plan and execute their own trades and have an extensive online network where technical indicators can be downloaded as well as EAs. The trader can also program their own indicators and EAs.

cTrader - Supporting discretionary and automated trading

cTrader is an arguably user friendly online trading platform, which supports automated trading with robots and lets the trader write their own scripts in the C# programming language. It can potentially be used by a wide range of traders from those starting out to advanced traders. Both brokers offer this platform. The cTrader platform is reviewed on this site.

Automated trading - Each supports robots and VPS trading

Both of these brokers provides support for traders who wish to run automated trading strategies. Each has no dealing desk order intervention and allows scalping and robots. They offer low latency connections to liquidity providers. Both offer platforms which allow for automated trading strategies to be run (i.e. MT4, MT5 and cTrader).

Each supports the use of a Virtual Private Server (VPS) which allows automated trading strategies to be run 24/7 on a Virtual Machine, even when the trader is logged off from the computer. This can also help minimise downtime from system and connectivity failures.

Demo accounts - Practice trading and test out platform features

Both brokers let the trader create demo accounts, either initially or after creating a live account. Demo accounts let the trader practice trading and become more familiar with the trading platforms, their features and capabilities.

To choose Pepperstone's demo, the trader can choose 'Demo' from the Account Type dropdown on the following form - Pepperstone Account Sign-Up and can also sign up for a live account on this form and then add demo accounts.

To open an IC Markets Demo account, the trader can choose 'Try A Free Demo' on the following page - IC Markets Account Sign-Up and can also sign up for a live account and add demo accounts.

Minimum deposit and account types - Both have a roughly similar range of account types

The minimum deposit for IC Markets is $200 and the minimum deposit for Pepperstone is $200 or AU$200 or £200.

  • IC Markets offers four account types. These are Standard, Raw Spread, Islamic (Swap Free) and the cTrader Raw accounts. IC Markets provides market analysis, Web TV (market commentary and trade ideas in a video), educational articles and video tutorials and an economic calendar on its website. IC Markets provides ZuluTrade and Myfxbook for social and copy trading. IC Markets uses Equinix NY4 and London LD5 data centres. The minimum trade size is 0.01 (micro) lots.
  • IC Markets's Standard account does not charge a commission, but the Raw Spread and cTrader Raw accounts charge a commission.
  • IC Markets says that the Raw Spread and cTrader Raw accounts are more suited to scalpers, but all trading styles are welcome on each account type. Hedging and EAs are allowed. IC Markets offers Advanced Trading Tools for MT4.
  • Pepperstone offers four account types. These are Standard, Razor, Islamic (Swap Free) and Active Traders. Pepperstone provides trading guides, a market review and an economic calendar its website. Pepperstone uses Equinix NY4 and London LD4 data centres. Pepperstone offers support for social and copy trading via ZuluTrade and other platforms. The minimum trade size is 0.01 (micro) lots.
  • Pepperstone's Standard and Islamic accounts do not charge commissions. The Razor account charges commissions and allows scalping, EAs and hedging. Pepperstone offers a suite of Smart Trader Tools for MT4.
  • Pepperstone's Active Traders account is for active traders and institutions depositing at least $25,000 and trading at least 250 lots a month. It offers EDGE ECN Execution, a dedicated relationship manager, a segregated customer account, advanced reporting, VPS hosting services and custom solutions.

Thus both brokers offer a Standard STP account which does not charge commissions. They also provide ECN accounts with very low spreads and a commission charge (Raw Spread and cTrader Raw in the case of IC Markets and Razor in the case of Pepperstone), as well as an Islamic account. Both brokers offer cTrader, but IC Markets has a specific account for it, the cTrader Raw account. MT4 and MT5 is provided by IC Markets for the Raw Spread and Standard accounts.

Markets to trade - quick comparison - IC Markets has more markets to trade overall with a competitive 230+

  • IC Markets offers 230+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures, Cryptocurrencies, Stocks, ETFs and Bonds.
  • Pepperstone offers 150+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures, Cryptocurrencies and Stocks.

Markets comparison by platform

  • On MT5, IC Markets offers 230+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures, Cryptocurrencies, Stocks, ETFs and Bonds.
  • On MT5, Pepperstone offers 150+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures, Cryptocurrencies and Stocks.
  • On MT4, IC Markets offers 105+ markets covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures and Cryptocurrencies.
  • On MT4, Pepperstone offers 95+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures and Cryptocurrencies.
  • On cTrader, IC Markets offers 75+ markets, covering Forex pairs, Indices, Energy, Metals and Cryptocurrencies.
  • On cTrader, Pepperstone offers 90+ markets, covering Forex Pairs, Indices, Energy, Metals, Cryptocurrencies and Soft Commodities.

Thus on cTrader, IC Markets has a reduced range (there are no Stocks, Bonds, ETFs, Futures or Soft Commodities) compared to its MT5 or MT4 and also to Pepperstone's cTrader. IC Markets has more markets and a wider range of MT5, but these brokers have a similar offering on MT4.

Forex pairs - Both have a similar number of Forex pairs

Both brokers have 60+ Forex pairs on MT4, MT5 and cTrader.

Futures

Each offers Futures CFDs, but IC Markets has a slightly wider range. Pepperstone offers US Dollar Index Futures, while IC Markets has US Dollar Index Futures and VIX

Cryptocurrency CFDs - Both provide Crypto CFD trading with no wallet needed

Pepperstone has more Crypocurrency CFDs on cTrader than IC Markets, but IC Markets has more overall. Both brokers offer trading in Bitcoin, Ethereum, Litecoin, Ripple, Dash and Bitcoin Cash CFDs. IC Markets also provides Emercoin, Namecoin, Peercoin and EOS CFDs.

Copy trading - Each allows the trader to connect social and copy trading platforms

Each broker supports copy trading and social trading on Myfxbook (which connects with MT4) and ZuluTrade. Pepperstone additionally allows DupliTrade, MetaTrader Signals, Mirror Trader and RoboX (but only ZuluTrade and MetaTrader Signals are offered at Peppperstone FCA regulated).

Spreads - Both brokers can offer low spreads from 0 plus a commission charge and with a low average spread

  • Spreads at IC Markets are variable and are from 0.0 (with an average of 0.1) for EUR/USD, from 1 for UK100, 0 for Gold, and 0.04 for US Crude Oil. For the Standard account EUR/USD spreads are from 1, with an average of 1.1.
  • Spreads at Pepperstone are variable and are from 0.0 (with an average of 0.16) for EUR/USD, from 1 for UK100, 0.6 for Gold and 0.04 for US Crude Oil. For the Standard account EUR/USD spreads are from 1, with an average of 1.16.

Leverage - Maximum leverage varies depending on the regulation

  • Maximum leverage for IC Markets (ASIC or FSA regulated) is 500:1.
  • Maximum leverage for IC Markets (CySEC regulated) is .
  • Maximum leverage for Pepperstone (FCA regulated) is .
  • Maximum leverage for Pepperstone (ASIC regulated) is 500:1.

Negative balance protection - Negative balance protection is offered depending on the regulation

Pepperstone (FCA regulated) and IC Markets (CySEC regulated) offer negative balance protection meaning losses do not exceed the account balance. Pepperstone (ASIC regulated) and IC Markets (ASIC or FSA regulated) do not offer negative balance protection, thus losses may exceed the account balance.

Commissions - Each has a competitive commission structure

  • IC Markets charges a commission of $3.50 per lot per side on the Raw Spread account. The cTrader account charges a commission of $3 per 100,000 USD traded per side.
  • Pepperstone charges a commission of $3.76 for MT4 and $3.50 for MT5 per lot per side on the Razor account. cTrader commissions are 3.5 units per lot per side of the first quoted currency in the traded currency.

Online trading platforms - Both offer the same suite of platforms

Both brokers provide MT4, MT5 and cTrader, available for desktop, as web traders and mobile apps.

Why trade with these brokers ?

Traders who trade with robots will find accounts and platforms designed for this kind of trading at either broker. News traders and scalpers can also find either broker to be a place to trade these strategies. Thus traders who execute their own trades may open an account at either broker, but a potential reason for using them, is that they can support and allow styles of trading which may not be supported elsewhere. Forex trading encompasses a wide range of styles and techniques, thus a trader who wants to trade this market (and others) would find scope to do so at either. Traders who want to trade with a particularly wide range of markets, may find IC Markets of interest. Traders who want to trade with an FCA regulated broker can do so at Pepperstone.

Why IC Markets or Pepperstone ?

These brokers offer both ECN trading and STP trading accounts, along with Islamic accounts. Each broker provides features for automated traders and also discretionary traders (who make their own trading decisions). While each has a similar number of Forex pairs, IC Markets provides a wider range of markets and a greater number on MT5. Both brokers offer a similar number and range of markets on MT4, while Pepperstone has a wider range and larger number of markets on cTrader.

Comparison summary

  • Both brokers offer very low ECN spreads with a commission charge as well as standard spreads without a commission charge
  • Each uses Equinix data centres for high speed order transmission
  • Both allow scalping, hedging, EAs and cBots
  • Each supports social and copy trading
  • Both have an Islamic account
  • IC Markets provides more Cryptocurrency CFDs
  • Both brokers offers Stocks CFDs on MT5
  • IC Markets provides a wider range of markets overall (with ETFs and Bonds CFDs) on MT5
  • Both have a similar number and range of markets on MT4
  • Pepperstone has a wider range of markets and greater number on cTrader

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