IC Markets vs Pepperstone: which raw-spread broker wins in 2026?

Both brokers offer the same complete platform line-up — MetaTrader 4, MetaTrader 5, cTrader and TradingView — which is unusual; few brokers give you all four. That means expert advisors (EAs), custom indicators and algorithmic strategies run on either, and discretionary scalpers can pick cTrader for its depth-of-market while chart-led traders use TradingView. There is no meaningful platform advantage between them.

On execution, both pull from deep liquidity and were fast and consistent as of our last test — the main reason both are mainstays of the scalping and algorithmic community. For most traders the platform and execution experience will feel interchangeable, which is exactly why the decision tends to come down to cost and regulation rather than tooling.

Both run a two-tier structure. The Standard account is commission-free with the cost built into a slightly wider spread, while the raw-spread tier — IC Markets’ Raw Spread and Pepperstone’s Razor — charges a transparent per-lot commission in exchange for near-zero raw spreads. Active and higher-volume traders usually come out ahead on the raw tier; occasional traders may prefer the simplicity of Standard.

Raw spreads on liquid pairs were competitive on both in our testing, but pricing is variable and depends on market conditions, the instrument and your account tier, so we will not quote a fixed pip figure. The practical move is to check current spreads and the live commission schedule for both, then model your total cost (spread + commission) at your expected monthly volume — that, more than anything, separates these two. Remember swap/overnight financing applies on positions held past the daily rollover.

Both operate through multiple entities, and the regulator — plus the protections that come with it — depends on which one you sign up with. IC Markets entities are associated with authorities such as ASIC in Australia and CySEC in Cyprus (alongside an offshore entity); Pepperstone’s entities lean tier-one, including ASIC and the FCA in the UK. A tier-one regulator typically brings stronger client-money segregation and conduct rules than an offshore one, so confirm the exact entity and regulator on your own account before depositing.

The risk profile is identical: everything trades as a leveraged CFD, and CFDs are complex instruments with a high risk of losing money rapidly — most retail CFD accounts lose money. Both offer high maximum leverage on some entities, which amplifies losses as much as gains. And neither is available to US retail clients for CFD trading. Only trade with capital you can afford to lose, and size positions conservatively.