I’ve been thinking about comparing these Australian forex brokers for a long time. IC Market vs Pepperstone comparison is one of the most requested comparisons from me. IC Markets and Pepperstone are publicly traded companies. Both brokers are reputable and well-regulated. In this comprehensive comparison, you will see all the differences and similarities of IC Markets and Pepperstone.
You can see all the differences and similarities between IC Markets and Pepperstone in the infographic below.
In this part of the review, I would like to talk about some of the features of IC Markets. The broker is founded in 2007. IC Markets offers 4 different account types for investors. This means that the broker provides both newbie and experienced traders. For more details, you can check my IC Markets review.
Let’s talk about the Pepperstone now. Pepperstone, like IC Markets, is one of the biggest forex brokers located in Australia. The Company was founded in 2010. Pepperstone offers also four different account types. For more detailed information you can check my Pepperstone review.
Now we are ready to start the comparison. Let’s dive in!
- Pepperstone vs IC Markets Regulation
- Pepperstone vs IC Markets Spreads and Account Types
- IC Markets vs Pepperstone Withdrawal and Funding Methods
- IC Markets vs Pepperstone Conclusion
Pepperstone vs IC Markets Regulation
The first criterion is the regulation of course. I don’t know how many times I said that in this blog but I want to repeat it. Regulation should be the first thing to look at the broker.
Both brokers are regulated by the Australia Securities & Investments Commission (ASIC). Pepperstone is regulated by FCA also. Australia’s ASIC regulation is one of the most dependable regulators in the world. IC Markets and Pepperstone is also Australian forex brokers. ASIC requires licensed brokers to comply with some rules and to meet specific requirements. Clients’ money is to be kept in segregated trust accounts, separated from the companies’ operating funds. As for the minimum capital requirement, forex brokers must keep at least $1 million to prove their good financial standing and to operate legally. This proves how reliable both brokers are.
As a result of this section, I can say that both brokers are reliable and you have no doubt about reliability. Of course, it wouldn’t be wrong to say that Pepperstone is one step ahead if you choose one of these two brokers.
Pepperstone vs IC Markets Spreads and Account Types
As I told before in IC Markets review, there are similar account types and spreads between this brokers. Both offer four (include demo) account types.
IC Markets offers three live account types, available on two different platforms. The Standart account is a commission-free one. True ECN one provides tighter spreads, but the round turn commission is $ 7. The last account type is cTrader ECN account and its commission is $3. The round turn commission is $6.
Let’s talk about the IC Markets’ spread. There are variable spreads from 1.0 pips. Spreads on the standard account are on average 1.1 for the EURUSD parity. However, spreads in ECN Accounts are at 0.1 level. In contrast, ECN accounts have commissions. I can say that the spreads are competitive.
Minimum deposit is $200 for all account types in IC Markets.
If we look at Pepperstone, the broker offers Edge Razor Account, Edge Standard Account, Edge Swap Free Account and Active Traders account types. These accounts have the same min. deposit and leverage, the main difference among these account type is spreads.
The standard account’ spreads are 1.2 pips and no commission. The edge swap free account is same with edge standard. And the last one, edge razor account, has 0.8 pips spreads + $7 commission per lot.
Both IC Markets and IC offer leverage ratio of up to 1:500
As a result of this section, there are no major differences between the two brokers’ account types and spreads. I mean, there’s a draw. I couldn’t decide which one was better in this section. It’s up to you.
IC Markets vs Pepperstone Trading Platforms
Pepperstone’ platform variety is extensive. The broker offers MetaTrader 4 (the most-known platform in forex industry), MetaTrader 5, cTrader, cAlgo and cMirror. One of the largest platform portfolios I have ever seen. Pepperstone is quite successful about platforms.
Although not as much as Pepperstone, IC Markets offers variety trading platforms such as MetaTrader 4, MetaTrader 5 and cTrader.
As a result of this section, Pepperstone is ahead and this is the most obvious advantage in IC Markets vs Pepperstone.
IC Markets vs Pepperstone Trading Instruments
Another criteria of this Pepperstone vs IC Markets comparison is trading instruments. If you are a Pepperstone client, you are able to trade in forex, indexes, 80+ currency pairs, cryptocurrencies and oil, natural gas as commodities, gold and silver as precious metals, energy sources.
What about IC Markets? The broker offers a wide range of markets such as forex, commodities, indices, bonds, cryptocurrencies, stocks, futures and 60 currency pairs.
I think still there is no winner. Let’s continue with other section.
IC Markets vs Pepperstone Customer Service
When we look at the customer services of the brokers, Pepperstone is ahead one more. Especially, live chat is much better than IC Markets.
Pepperstone’ customer service supports English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic languages. I think the design of their website is better than IC Markets.
IC Markets support English, Mandarin, Cantonese, Japanese, Korean, Italian, Spanish, French, Polish, Russian and Hungarian.
Pepperstone vs IC Markets Bonuses and Promotions
Another big advantage of Pepperstone over IC Markets is that Pepperstone offers new traders a sign-up promotion where IC Markets currently don’t offer anything. The first deposit placed into a Pepperstone account when trading forex online will lead up to 10,000 Qantas points. For each dollar deposited 10 frequent flyer points are awarded. This only applies to the first deposit and further conditions apply.
IC Markets doesn’t offer any bonus and promotion. If bonuses and promotions are important for you I recommend you Pepperstone.
IC Markets vs Pepperstone Withdrawal and Funding Methods
We came to the last part of the comparison. Continue reading if you can’t decide which broker is better in the sections up to this point.
Pepperstone has a wide range of deposit methods. These are the wire transfer, credit or debit cards and e-wallet systems.
Not many brokers can provide this much e-wallet opportunity as much as Pepperstone. You can use any of these option to deposit and withdraw your money: Skrill, BPAY, Fasapay, NETELLER, POLI, QIWI WALLET and Union Pay.
IC Markets accepts a large number of funding and withdrawal methods such as wire transfer, credit or debit cards and e-wallet systems.
Both Pepperstone and IC Markets allow for speedy deposit and withdrawal processing. The minimum deposit for both fx brokers is also $200. The biggest difference is that IC Markets allows traders to request withdrawals for later in the business day to receive payment on the same day. I ultimately view IC Markets as the winner therefore in this section.
IC Markets vs Pepperstone Conclusion
In this IC Markets vs Pepperstone comparison, I tried to give you all differences and similarities between two brokers. Both are regulated and reliable brokers. If you are looking for a more reliable, Pepperstone may be for you. But it does not mean IC Market is unreliable. Pepperstone has automated negative balance protection. IC Markets has minimum balance protection. Both have margin stop loss order. So, what is the result of the comparison? I could not decide which one is better but I can say that Pepperstone is ahead of a little.