Short answer: on a raw account the two brokers charge almost the same commission on forex. Pepperstone lists "from $3.50 per lot, per side" on its Razor account and IC lists $3.50 per lot per side on its Raw Spread MetaTrader account, so one standard lot of EUR/USD costs $7 in commission at either before the spread. The real differences are elsewhere: which legal entity opens your account, which platforms come with which account, and how deep the regulator behind that entity is. Pepperstone runs a UK entity authorised by the FCA; IC does not. If you live in the UK that settles it. Elsewhere, compare the entity you would actually be given.
All figures below come from each broker's own website, read on 16 October 2026. Brokers change prices without notice, so check them again before you open an account.
Which entity would open your account?
Both brands are groups of separately licensed companies. The protections you get follow the company named on your client agreement, not the logo.
| Region shown on the broker's site | Pepperstone entity and licence | IC entity and licence |
|---|---|---|
| United Kingdom | Pepperstone Limited, FCA FRN 684312 | No UK entity listed |
| European Union | Pepperstone EU Limited, CySEC 388/20 | IC Markets (EU) Ltd, CySEC 362/18 |
| Australia | Pepperstone Group Limited, ASIC AFSL 414530 | International Capital Markets Pty Ltd, ASIC AFSL 335692 |
| Rest of world (global site) | Pepperstone Markets Limited, Securities Commission of The Bahamas, SIA-F217 | Raw Trading Ltd, Seychelles FSA, SD018 |
Pepperstone's Australian site describes "9 Licensed entities globally"; its regional pages also name the DFSA in Dubai and the CMA in Kenya. IC's global regulation page names two entities, the Seychelles and Cyprus companies, and its Australian site names the ASIC licensee.
The practical point: a reader outside the UK, the EU and Australia who signs up on either global site lands with an offshore entity, The Bahamas for Pepperstone or Seychelles for IC. Offshore regulators do not apply the EU's 30:1 retail leverage cap; IC's global accounts table shows leverage of up to 1:5000. Our guide to offshore broker leverage explains what you give up in exchange.
Each entity's published loss figure
CFD firms regulated in the EU and the UK must publish the share of their retail accounts that lose money. These are the figures each site showed on 16 October 2026:
- Pepperstone Limited (UK): "73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider."
- Pepperstone EU Limited: "74.1% of retail investor accounts lose money when trading CFDs with this provider."
- Pepperstone Markets Limited (Bahamas, global site): "80% of retail investor accounts lose money when trading CFDs with this provider."
- IC Markets (EU) Ltd: "73.46% of retail investor accounts lose money when trading CFDs with this provider."
IC's global and Australian sites showed no percentage, only the warning that trading derivatives carries a high level of risk to your capital. What the retail loss percentage actually measures explains how to read these numbers.
Account line-ups side by side
| Pepperstone (global site) | IC (global site) | |
|---|---|---|
| Commission-free account | Standard: costs built into the spread | Standard: spreads from 0.8 pips, $0 minimum |
| Raw account | Razor: from $3.50 per lot per side on FX | Raw Spread MetaTrader: $3.50 per lot per side, $0 minimum |
| Raw account on cTrader | Listed at $6 round turn | Raw Spread cTrader: $3.00 per side per USD 100,000 traded |
| Raw account on TradingView | Razor only, listed at $7 round turn | Through the Raw Spread cTrader account |
| High-volume tiers | None shown | Raw Pro ($1.50 per side, $5,000 minimum) and Raw Pro+ ($1.00 per side, $100,000 minimum) |
| Minimum deposit | Table shows $0; the same page says the minimum you can add is $10 | $0 on Standard and both Raw Spread accounts |
Pepperstone's UK Razor account charges in pounds: "from £2.25 per lot, per side", with a £10 minimum funding amount.
IC publishes an average EUR/USD spread of 0.1 pips on its Raw Spread account. Pepperstone's pricing page gives minimum spreads (0 on Razor) but no EUR/USD average, so we cannot set an average against an average.
What one lot of EUR/USD costs, worked through
One standard lot is 100,000 euros. On EUR/USD each pip (0.0001) is worth $10 on that size. The cost of a round turn, opening and closing, is the spread in pips times $10, plus commission on both sides.
IC Raw Spread (MetaTrader): average spread 0.1 pips x $10 = $1.00. Commission $3.50 x 2 = $7.00. Total $8.00.
IC Raw Spread (cTrader): commission is charged per USD 100,000 traded. One lot of EUR/USD at an illustrative rate of 1.1000 is $110,000 of notional, so each side costs $3.00 x 1.1 = $3.30, or $6.60 round turn. Add the $1.00 average spread: $7.60. The exact figure moves with the exchange rate.
Pepperstone Razor: commission $3.50 x 2 = $7.00. Pepperstone publishes no average EUR/USD spread on the pages we read, so the spread cost is unknown. If it matched IC's 0.1 pips, the total would be the same $8.00; every extra 0.1 pip of average spread adds $1.00.
IC Standard: no commission, spread from 0.8 pips. That is at least $8.00 per lot, and "from" is the best case, not the average.
On these published numbers the commission is a draw and the spread decides the winner, which is why you should compare the average spread on the pairs you trade, not the headline "from 0.0". Our tutorial on reading forex spreads shows how to measure it on a live quote, and raw vs standard accounts works out when the commission pays for itself.
Swap over a week: the cost that overtakes commission
Commission is charged once per trade. Swap, the overnight financing charge or credit, is charged every night the position stays open. Pepperstone states that a position held past 5pm New York time receives an interest adjustment, and that for pairs settling two days after the trade the Wednesday rollover is charged at three times the daily amount to cover the weekend.
Take a hypothetical swap of -$6.00 per lot per night. The number is illustrative only; your platform shows the real one in the symbol's specification window, and both brokers change rates frequently. Open on Monday and close the following Monday before 5pm New York time:
- Monday, Tuesday, Thursday and Friday nights: 4 x -$6.00 = -$24.00
- Wednesday night, charged triple: 3 x -$6.00 = -$18.00
- Week's swap: -$42.00
That is more than five times the $8.00 round-turn cost above. For anyone who holds trades for days, the swap table matters more than a few cents of commission. Forex swap and rollover fees explained covers how the rate is set and why it can be a credit on one side of a pair.
Platforms and tools
- Pepperstone: its own web platform and app, MetaTrader 4, MetaTrader 5 and cTrader on both accounts. TradingView is only on Razor; Pepperstone's FAQ says it is "Not available on a Standard CFD account."
- IC: MetaTrader on the Standard, Raw Spread MetaTrader and Raw Pro accounts; cTrader and TradingView on the Raw Spread cTrader account.
So the choice of platform also chooses your account. If you want TradingView with raw pricing, it is Razor at Pepperstone or Raw Spread cTrader at IC. Our comparison of MetaTrader 5 and cTrader helps if you are undecided between the two.
Where they genuinely differ
- UK residents: Pepperstone has an FCA-authorised entity; IC lists none. FCA authorisation brings the UK's client-money and compensation rules; see what FCA regulation means.
- EU residents: both serve the EU through CySEC-licensed companies under the same ESMA retail rules, so regulation is close to a tie. Compare published loss figures and costs instead.
- Very active traders: IC publishes lower-commission tiers for larger balances; Pepperstone's pages show none.
- Small first deposits: both now accept very small amounts, so the minimum deposit no longer separates them.
Both run raw-pricing accounts rather than a dealing desk on those accounts, which matters more than most beginners realise. Our explainer on ECN vs market maker brokers shows why the execution model changes your spreads and the broker's conflict of interest. For deeper single-broker detail, read our Pepperstone review and IC Markets review.
Frequently asked questions
Is Pepperstone or IC Markets cheaper?
On raw accounts the forex commission is the same $3.50 per lot per side on MetaTrader, so the spread decides it. IC publishes a 0.1-pip average on EUR/USD; Pepperstone publishes no average, so check both on the pair you trade before deciding.
Is IC Markets regulated in the UK?
IC's regulation page lists a Seychelles company and a Cyprus company, and its Australian site an ASIC licensee. It names no FCA-authorised entity. Pepperstone Limited is authorised by the FCA under FRN 684312.
Do both brokers offer TradingView?
Yes, but only on specific accounts: Razor at Pepperstone and the Raw Spread cTrader account at IC.
What is the minimum deposit at each?
IC's global accounts table shows $0 for Standard and Raw Spread, with $5,000 and $100,000 minimums on its Raw Pro tiers. Pepperstone's global page shows $0 in its table but says the minimum you can add is $10; its UK site lists £10.
Next step
If Pepperstone's entity and account fit you, you can visit Pepperstone. We earn a commission if you open an account through that link; IC is covered here without one, and the comparison above would read the same either way.
Sources (read 16 October 2026): pepperstone.com trading-accounts pages (global and UK), Pepperstone pricing page (commissions, swap timing and the Wednesday triple charge), Pepperstone EU regulation FAQ, Pepperstone Australia home page; ic.com trading-accounts overview and regulation pages, icmarkets.eu home page, icmarkets.com.au home page.
Past performance is not indicative of future results. CFDs are complex instruments. Always verify current spreads directly with the broker.
