Broker to Trading

IC Markets and Pepperstone have some similarities in terms of the features provided. Each offers 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, cTrader and TradingView. 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.

A more subtle difference is that IC Markets is described as more of a white label (i.e. more purely algorithmic, while Pepperstone operates an execution venue). Both used to classify themselves as ECN brokers (indicating a range and type of features), however both have discontinued this kind of label, though they still offer related features for traders including high speed order transmission and tight spreads.

Each is regulated by the ASIC in Australia and the CySEC in Cyprus. IC Markets is additionally regulated by the FSA in the Seychelles. Pepperstone is additionally regulated by the FCA in the United Kingdom, the BaFin in Germany, the CMA in Kenya, the SCB in the Bahamas and the DFSA in Dubai.

Quick comparison

Both have no dealing desk intervention offering MT4, MT5, cTrader and TradingView. 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) 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. 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.

Like MT4, MT5 supports the use of online trading robots called Expert Advisors (EAs). Both 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, including those applying automated trading strategies and those needing a relatively user friendly interface (for a platform with advanced features) to plan and execute their own trades. Both offer this platform. The cTrader platform is reviewed on this site.

Automated trading - Each supports robots and VPS trading

Both provide 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, cTrader and TradingView).

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 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.

Pepperstone Demo

IC Markets Demo.

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 and MT5.
Pepperstone offers a Standard and a Razor account for CFD trading and in the UK additionally offers a spread betting account. Pepperstone provides trading guides, a market review and an economic calendar its website. Pepperstone says that latency is as low as 30ms. Social and copy trading is offered via Myfxbook and DupliTrade and MetaTrader Signals. The minimum trade size is 0.01 lots.
Pepperstone's Standard and Islamic accounts do not charge commissions and hence offer higher spreads as they include a mark up. The Razor account charges commissions and allows scalping. Pepperstone offers a suite of Smart Trader Tools for MT4 and MT5.
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 offer a Standard account which does not charge commissions. They also provide 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 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 2500+

• IC Markets offers 2500+ markets, covering Forex, Indices, Energy, Soft Commodities, Metals, Cryptocurrencies, Stocks, ETFs and Bonds.
• Pepperstone offers 1200+ markets, covering Forex, Indices, Energy, Soft Commodities, Metals, Cryptocurrencies and Stocks.

Forex pairs - Both have a similar number of Forex pairs

Both have 60+ Forex pairs.

Cryptocurrency CFDs - Both provide 24/7 Crypto CFD trading, with no wallet needed

Both provide 24/7 trading of Cryptocurrency CFDs.

Crypto CFD leverage

IC Markets (FSA regulated) offers the highest Crypto CFD leverage at 200:1. Pepperstone (SCB regulated) offers Crypto CFD leverage up to 10:1. These are for the global markets, other regions can have considerably lower leverage, or not offer Crypto CFDs.

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

Depending on region, each supports copy trading and social trading on Myfxbook (which connects with MetaTrader). Pepperstone additionally allows DupliTrade, while IC Markets additionally offers ZuluTrade and IC Social.

Spreads

Both can offer low spreads from 0 plus a commission charge and with a low average spread. Pepperstone can offer spreads from 1 without a commissiom charge, while IC Markets can provide spreads from 0.8 without a commission charge.

Leverage - Maximum leverage varies depending on the regulation

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

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

Why trade with these providers ?

Traders who trade with robots will find accounts and platforms designed for this kind of trading at either. News traders and scalpers can also find either to be a place to trade these strategies. Thus traders who execute their own trades may open an account at either, 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 wider range of markets, may find IC Markets of interest. Traders who want the TradingView platform as well as MT4, MT5 and cTrader can find this at either.

Why IC Markets or Pepperstone ?

Traders who want to trade using online trading robots, may do so at either. Traders who want to trade without robots can find trading tools at either and social and copy trading platforms. Traders who want to apply strategies such as scalping, hedging, news trading and automated trading with robots, can do so at either. Each offers low latency order transmission and spreads from 0, plus commission. Traders who want to trade on MT4, MT5, TradingView and cTrader may do so at either.

TL;DR summary

Each of these CFD providers offers platforms and tools for automated traders and scalpers. Both have expanded their reach to cover markets such as Stocks CFDs, but their core focus on high speed order execution in no dealing desk conditions remains.

Comparison summary

• Both offer CFD trading
• Both support robots, news trading and scalping
• IC Markets has a wider range of Crypto CFDs
• Both provide 24/7 Crypto CFD trading
• Both allow scalping, news trading and hedging
• Each has spreads from 0, plus commission
• IC Markets has a wider range and number of markets to trade, with 2500+ vs 1200+
• Both offer MT4, MT5, cTrader and TradingView