IC Markets vs Pepperstone

A meaningful cost comparison between IC Markets and Pepperstone starts with matching like for like: the same account type, instrument, position size and holding period. Spread-based and commission-based accounts distribute costs differently, so calculate the total round-trip cost for a typical trade rather than comparing one component in isolation. Then add non-trading costs such as funding fees, currency conversion and any inactivity charges, all taken from each broker's current fee documentation.

Key checks: Calculate total round-trip cost per trade: spread plus commission plus any slippage you observe.; Check swap rates if you hold positions overnight; these can outweigh spread differences.; Review deposit, withdrawal, conversion and inactivity fees in each broker's current fee schedule.; Verify costs on demo accounts at similar times of day for a fair comparison..

Both brokers, like many international firms, may operate through multiple legal entities. The protections you receive — leverage limits, margin close-out levels, negative balance protection and access to any compensation or dispute schemes — depend on the specific entity that onboards you, which is usually determined by your country of residence. When comparing IC Markets and Pepperstone, find the entity that would hold your account and read its client agreement rather than relying on region-generic marketing pages.

Key checks: Confirm which legal entity would serve your country and which regulator oversees it.; Compare leverage caps and margin rules for that entity, not for another region's entity.; Read withdrawal terms, dormant account policies and complaint procedures in the client agreement..

Feature lists do not capture how a platform feels in live use. Order management, chart tooling, alerts and mobile reliability matter differently depending on whether you scalp, day trade or hold positions for weeks. Open demo accounts at both IC Markets and Pepperstone and run identical trades for a set period, logging execution behaviour and any friction. Use the IC Markets review (/reviews/ic-markets), the Pepperstone review (/reviews/pepperstone) and the compare broker tool (/tools/compare-brokers?brokers=ic-markets,pepperstone) to structure what you record.

Key checks: Test the same strategy on demo accounts at both brokers before funding either.; Log execution speed, requotes and slippage on your usual instruments and session times.; Confirm platform availability for your account type and region in current broker documentation.; Compare mobile app workflows if you manage positions away from a desktop..