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
$200MT4, cTrader, MT595+FCA, ASIC

IC Markets and Pepperstone Comparison

These Forex and CFD brokers have some similarities. Both are regulated by the ASIC in Australia. 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.

However Pepperstone has a branch in London which is regulated by the FCA. Each provides MT4, MT5 and cTrader. There are some differences in markets available to trade, but both have a range of Cryptocurrency CFDs. Their ECN accounts allows scalping, hedging and EAs.

Quick comparison

Both are no dealing desk ECN brokers offering MT4, MT5 and cTrader. IC Markets has more markets and a wider range. Both are ASIC regulated, Pepperstone is additionally FCA regulated.

MT5

Each offers MT5, but IC Markets has an expanded range of markets on this platform, enabling it to provide Stocks, Bonds and ETF CFDs to trade. This means that the total number of markets offered by IC Markets is greater.

Automated 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 provide 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.

Minimum deposit and 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, True ECN, Islamic (Swap Free) and the cTrader ECN account. IC Markets provides Forex news, video tutorials and and economic calendar on its website. 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 True ECN account charges a commission. The cTrader ECN account also charges commissions.
  • IC Markets says that the True ECN and cTrader accounts are more suited to EAs and Scalpers, but all trading styles are welcome on each account type. Hedging and EAs are also 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. 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 (True ECN and cTrader ECN 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 ECN account. MT4 and MT5 is provided by IC Markets for the True ECN and Standard accounts.

Markets - quick comparison

  • IC Markets offers 230+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures, Cryptocurrencies, Stocks, ETFs and Bonds.
  • Pepperstone offers 95+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures and Cryptocurrencies.

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 95+ markets, covering Forex pairs, Indices, Energy, Soft Commodities, Metals, Futures and Cryptocurrencies.
  • 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 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

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 broker supports copy trading on both MT4 and cTrader (with cMirror).

Spreads

  • Spreads at IC Markets are variable and are from -0.3 on cTrader and 0.0 on MT4 (with an average of 0.1) for EUR/USD, from 1 for UK100, 0.3 for Gold, and 0.01 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 0.2 for EUR/USD, from 1 for UK100, 0.6 for Gold and 0.05 for US Crude Oil. For the Standard account EUR/USD spreads are from 1, with an average of 1.2.

Leverage

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

Negative balance protection

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

Commissions

  • IC Markets charges a commission of $3.50 per lot per side for the True ECN account. The cTrader account charges a commission of $3 per 100,000 USD traded per side.
  • Pepperstone charges a commission of $3.76 or £2.29 or AU$3.5 or €2.61 per lot per side on the Razor account, depending on the account currency. cTrader commissions are 3.5 units per lot per side of the first quoted currency in the traded currency.

Platforms

Both brokers provide MT4, MT5 and cTrader (including cAlgo).

Why IC Markets or Pepperstone ?

These brokers offer both ECN trading and STP trading accounts, along with Islamic accounts. Both brokers provide features for automated traders and also discretionary traders (who make their own trading decisions). A difference is that IC Markets has ASIC regulation, while Pepperstone has both FCA and ASIC regulation. FCA regulation offers a number of protections including negative balance protection. While each has a similar number of Forex pairs, IC Markets has a wider range of markets and a greater number on MT5. Both brokers have 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 has an Islamic account
  • IC Markets has more Cryptocurrency CFDs
  • IC Markets provides a wider range of markets (with Stocks, 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
  • Pepperstone (FCA regulated) has negative balance protection
  • Each uses Equinix data centres for high speed order transmission
  • Both provide cTrader, MT4 and MT5
  • Both brokers are regulated by the ASIC in Australia, Pepperstone is additionally regulated by the FCA in the UK

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