Pepperstone vs IC Markets Spreads: Which Broker Wins? (2026)
Updated Apr 2026 • 11 min read • 10 pairs tested
Pepperstone and IC Markets are two Australian-origin brokers that consistently rank among the top choices for active traders seeking tight spreads. Both offer ECN-style raw accounts with commission pricing, strong regulation, and professional trading platforms. Choosing between them often comes down to subtle differences in spread quality, execution characteristics, and platform features.
Spread Comparison: Razor vs Raw
| Pair | Pepperstone Razor | IC Markets Raw | Difference |
|---|---|---|---|
| EUR/USD | 0.2 pips | 0.1 pips | IC Markets by 0.1 |
| GBP/USD | 0.4 pips | 0.3 pips | IC Markets by 0.1 |
| USD/JPY | 0.2 pips | 0.1 pips | IC Markets by 0.1 |
| AUD/USD | 0.4 pips | 0.3 pips | IC Markets by 0.1 |
| XAU/USD | 8 cents | 8 cents | Tie |
| EUR/GBP | 0.3 pips | 0.3 pips | Tie |
Commission and Total Cost
Both brokers charge $3.50 per lot per side ($7.00 round turn) on their raw spread accounts. Since commissions are identical, the spread difference is the entire cost gap. IC Markets wins by approximately 0.1 pip on most major pairs, which translates to $1.00 per standard lot per trade.
For a trader executing 10 lots per day, this 0.1 pip difference saves $10 daily or $2,200 per year with IC Markets. While not insignificant, the difference is modest enough that platform features and other factors should also influence your decision.
Platform Ecosystem
This is where the brokers diverge significantly. Pepperstone offers MetaTrader 4, MetaTrader 5, cTrader, and TradingView integration, giving traders the broadest platform choice of any major broker. IC Markets offers MT4, MT5, and cTrader but lacks native TradingView integration.
For traders who rely on TradingView for analysis and want to execute directly from charts, Pepperstone is the only choice between these two brokers. This integration alone justifies the 0.1 pip spread premium for many traders.
Compare Both Brokers
Open accounts at both Pepperstone and IC Markets to test spreads yourself.
Execution Quality
Both brokers offer excellent execution with average fill times under 50 milliseconds. IC Markets has a slight edge at 38ms versus Pepperstone 44ms. In our testing, slippage profiles were nearly identical between both brokers with no systematic bias.
IC Markets Equinix NY4 and LD4 server locations provide marginally lower latency for traders located in North America and Europe respectively. Pepperstone also uses Equinix data centers but does not publicize specific locations as prominently.
Who Should Choose Pepperstone?
Choose Pepperstone if you want TradingView integration, broader platform options, or if you value FCA regulation specifically. The 0.1 pip spread premium is reasonable for the additional features and platform flexibility. Pepperstone also has slightly better customer support availability in European time zones.
Who Should Choose IC Markets?
Choose IC Markets if spread cost is your absolute priority, you trade very high volume, or you specifically prefer cTrader over other platforms. The 0.1 pip advantage compounds meaningfully for scalpers and algorithmic traders executing hundreds of trades per day.
Related Comparisons
Explore more spread data across different pairs and brokers.
Frequently Asked Questions
Which has lower spreads, Pepperstone or IC Markets?
IC Markets edges Pepperstone by approximately 0.1 pip on most major pairs. EUR/USD averages 0.1 at IC Markets versus 0.2 at Pepperstone. Both charge $3.50 per lot commission on raw accounts.
Is Pepperstone regulated better than IC Markets?
Both are well-regulated. Pepperstone holds FCA and ASIC licenses. IC Markets is regulated by ASIC, CySEC, and FSA Seychelles. Both offer negative balance protection and segregated client funds.
Which broker is better for scalping?
IC Markets slightly edges Pepperstone for scalping due to marginally tighter spreads and lower-latency server infrastructure. However, Pepperstone offers TradingView integration which many scalpers prefer for charting.