Compare IC Markets and Pepperstone using the same evidence standard for regulation, risk, transparency, reputation, disclosure and contracting-entity protection.
What this pair helps you decide
This pair compares only fields supported by FXCN evidence. Check the contracting entity and regional conditions before interpreting score differences.
Compare the entity that contracts with you, not the brand alone.
Match the Australian entity, AFSL and permitted activities.
Separate onshore protection from offshore-entity exposure.
Markets requiring a separate entity check: AU / UK / EU / internationalData as of:
No continuously verified live spreads, commissions, slippage, withdrawal speed, minimum deposit or platform availability are claimed; a blank does not mean the brokers are equal.
IC Markets or Pepperstone: start with where you live
Both brands hold ASIC and CySEC licences in FXCN's records, and Pepperstone also holds an FCA licence. Which of those companies would sign your agreement depends mainly on where you live. For a UK resident the choice is between Pepperstone's FCA entity and an IC Markets entity FXCN does not record in the UK, which is a real difference; for an Australian or EU resident the two are under the same rules.
Licence data from FXCN records (IC Markets checked 9 October 2026; Pepperstone 30 August 2026). Rules checked 11 October 2026. This page recommends neither firm.
1. Which company is likely to serve you FXCN records
If you live in
IC Markets entity recorded
Pepperstone entity recorded
Rules that apply
Australia
International Capital Markets Pty Ltd, AFSL 335692
Pepperstone Group Limited, AFSL 414530
Same: ASIC order (30:1 majors, 50% close-out, negative balance protection); CSLR excludes FX and derivatives
EU / EEA
IC Markets (EU) Ltd, CySEC 362/18
Pepperstone EU Limited, CySEC 388/20
Same: ESMA-based rules; ICF lower of 90% or €20,000
United Kingdom
None recorded by FXCN
Pepperstone Limited, FRN 684312
FCA COBS 22.5 and FSCS (up to £85,000) for the Pepperstone entity only
Elsewhere
not verified Neither firm's entity for other countries is in FXCN's records
Whatever applies to the entity named in your agreement
2. What to compare once the entity is fixed
Total cost per lot at the hours you trade, including swaps; see ECN.
Published retail loss rate if you are in the UK: FCA rule COBS 22.5.6R requires each provider to show it.
Withdrawal process: test a small withdrawal before funding fully.
3. Checks before you sign
Read the entity name in the agreementand match it to the table.
Search the identifier on the register:ASIC professional registers, CySEC investment firms list or FCA Firm Checker. FXCN's licence check is a starting point.
Match the payeeto the same entity.
4. Questions
Does Pepperstone's FCA licence cover my Australian account?
No. The FCA licence belongs to Pepperstone Limited. An Australian account with Pepperstone Group Limited is under ASIC rules.
Are the two "the same" if both are ASIC-regulated?
The rules are the same; the companies, costs and service are not.
You contract with one of the licensed entities below, not with the brand. Protection differs enormously between jurisdictions — this section matters an order of magnitude more than spreads.
IC Markets
Licenses compared
Retail leverage cap
Investor compensation
Negative balance protection
ASICT1 Australia · ASIC Entity: International Capital Markets Pty Ltd
1:30
No statutory investor compensation scheme
Mandatory
CySECT1 Cyprus · CySEC Entity: IC Markets (EU) Ltd
1:30
ICF, up to €20,000 per person
Mandatory
Pepperstone
Licenses compared
Retail leverage cap
Investor compensation
Negative balance protection
ASICT1 Australia · ASIC Entity: Pepperstone Group Limited
1:30
No statutory investor compensation scheme
Mandatory
CySECT1 Cyprus · CySEC Entity: Pepperstone EU Limited
1:30
ICF, up to €20,000 per person
Mandatory
FCAT1 United Kingdom · FCA Entity: Pepperstone Limited
1:30
FSCS, up to £85,000 per person
Mandatory
Leverage caps, compensation limits and negative balance protection are the jurisdiction’s general rules for retail clients, not a promise by any individual broker; professional clients are treated differently. The licensed entity that onboards you governs in practice. Source: ASIC Checked 2026-08Source: CySEC Checked 2026-08Source: FCA Checked 2026-08
Verdict
Under our open-source scoring, IC Markets (85.0) ranks above Pepperstone (77.0), a gap of 8.0 points. But scores are only a decision aid — what actually drives your risk is which jurisdiction the entity that onboards you sits in. Check the protection table above.
