IC Markets vs Pepperstone (2026)
For Australian USD MetaTrader accounts, IC Markets Raw Spread and Pepperstone Razor both list USD 7 round-turn commission. With the same assumed 0.2-pip EUR/USD spread, one standard lot costs USD 9 at either account before financing and other charges. This scenario is a tie; different spreads, platforms or overnight positions can change it.
By Clarytrade research · Comparison updated · Method and limitations
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Published account terms, not a live spread or withdrawal test. Source check dates are shown below.
IC Markets
Raw Spread · MetaTrader · USD account · Australia
USD 7 round turn
The USD MetaTrader schedule gives USD 3.50 per standard lot per side: USD 7 to open and close. The linked table separately lists USD 0.07 round turn at 0.01 lot.
Australian documents from International Capital Markets Pty Ltd. Match this company to your agreement; these fees do not describe IC Markets Global or its European entity.
Source checked
Read IC Markets’s account source ↗Pepperstone
Razor · MetaTrader · USD account · Australia
USD 7 round turn
The Australian forex page's MT4/MT5 tab lists USD 3.50 per standard lot per side: USD 7 for a complete trade in a USD account.
Australian documents from Pepperstone Group Limited. Match this company to your agreement; other regional companies may have different terms.
Source checked
Read Pepperstone’s account source ↗Compare the cost of your quotes
EUR/USD · USD account · one opening and closing trade. Both spreads start at an assumed 0.2 pips. Replace them with comparable quotes from the same trading session.
Difference under these inputs: $0.00. This excludes financing, slippage, currency conversion and other charges; it does not establish the cheaper broker overall.
Three differences to check before applying
On the same MetaTrader assumptions, it is a tie
One EUR/USD standard lot has a USD 10 pip value. At an assumed 0.2-pip spread, USD 2 spread plus USD 7 commission totals USD 9 on either account. Change the spreads to quotes from the same session; this is not a live price comparison.
A platform change needs a new calculation
The example uses USD MetaTrader accounts. IC Markets prices cTrader and TradingView by USD notional traded rather than a fixed commission per forex lot. Pepperstone also publishes platform-specific terms. Compare both opening and closing charges in the same currency.
Check overnight costs and your country
The calculator excludes financing, slippage, conversion and other fees. For an overnight position, obtain a dated swap quote for the same instrument, direction and holding period. The Australian source documents do not establish your eligibility elsewhere.
Funding, platforms and source notes
IC Markets
The Australian account overview lists a USD 200 starting deposit for MetaTrader Raw Spread. Confirm current funding-method conditions before applying.
MetaTrader has a per-lot schedule. IC Markets' cTrader and TradingView pricing instead uses USD traded on each side; do not substitute that headline into this per-lot example.
- IC Markets Australia spreads and commissions ↗
USD MetaTrader standard-lot and micro-lot rates; separate notional-based platform schedules.
- IC Markets Australia account overview ↗
Raw Spread account tier, MetaTrader support and starting deposit.
Pepperstone
The Australian costs page advertises a $10 minimum, with a bank-wire exception. Confirm the payment currency and method; this is not a like-for-like USD account threshold.
Use the MetaTrader quote for this example. Other platforms have separate schedules. The costs page notes micro-lot rounding, so scaled calculator outputs do not establish an exact small-trade debit.
- Pepperstone Australia forex commissions ↗
MT4/MT5 tab opened in the browser: USD account-currency row, USD 3.50 per side. The footer names Pepperstone Group Limited.
- Pepperstone Australia costs and fees ↗
Platform differences, micro-lot rounding, overnight charges and payment-method conditions.
Which company could hold your account?
Existing country mappings are separate from the pricing documents above. They do not confirm that those exact fees apply to your entity, or that an application will be accepted.
| Check | IC Markets | Pepperstone |
|---|---|---|
| Australia: possible retail route | International Capital Markets Pty Ltd — confirmed mapping; confirm your agreement. | Pepperstone Group Limited — confirmed mapping; confirm your agreement. |
Compare the accounts available in your country
Open the comparison for your country, confirm the company and account terms, then use the broker’s application if you decide to proceed. Clarytrade does not open or hold trading accounts. Identity checks and acceptance are handled by the broker.
Full comparison
| Metric | IC Markets | Pepperstone |
|---|---|---|
| Clarity Score | 88 | 90 |
| Risk level | Higher risk | Higher risk |
| Regulators | ASIC, CySEC, FSA, CMA | FCA, ASIC, CySEC, BaFin, DFSA, CMA, CMA (UAE), SCB |
| Segregated funds | Yes | Yes |
| Editorial cost index | $···· | $···· Costs and charges may vary depending on the jurisdiction |
| Max leverage (intl.) | 500:1 | 1000:1 |
| Withdrawal processing estimate | Same–next day | Same–next day |
| Demo account | Yes | Yes |
| Copy trading | Yes — confirm account eligibility | Choose your country to check Copy trading is not intended for EU/UK/AU-based audiences |
| Platforms | MT4, MT5, cTrader, TradingView, Web, iOS, Android | MT4, MT5, cTrader, TradingView, Pepperstone Trading Platform, Web, iOS, Android |
Brand-level research overview, not an account quote. Scores follow our published method; the cost index is not a measured spread. Withdrawal timings are estimates, not controlled tests. Use the sourced account section above for pricing and funding qualifications.
We earn a commission if you open an account through our links — at no extra cost to you. It does not change our rankings. How we make money.
Common questions
Which is cheaper, IC Markets or Pepperstone?
For Australian USD MetaTrader accounts, IC Markets Raw Spread and Pepperstone Razor both list USD 7 round-turn commission. With the same assumed 0.2-pip EUR/USD spread, one standard lot costs USD 9 at either account before financing and other charges. This scenario is a tie; different spreads, platforms or overnight positions can change it.
Which accounts does the cost example compare?
IC Markets: Raw Spread · MetaTrader · USD account · Australia. Pepperstone: Razor · MetaTrader · USD account · Australia. This is a USD EUR/USD illustration. Published commissions are scoped to the linked account documents, and the starting spreads are assumptions. Other entities, platforms, account tiers and currencies may price differently.
Does the brand's regulation apply to my account?
The legal company on your agreement determines which regulatory rules apply. Match that company to the official register and check whether it accepts retail clients in your country. A brand-wide score or a licence held by another group company does not settle this.
Can I open an account through Clarytrade?
Clarytrade provides broker research and comparison tools. If you choose to apply, the broker handles your application, identity checks and acceptance. Some outbound links earn Clarytrade commission; others are research-only routes. Country availability and referral availability are separate checks.
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