IC Markets (2007) and Pepperstone (2010) are close peers: both offer raw-spread pricing, swap-free account options and the same broad platform list (MT4, MT5, cTrader, TradingView). IC Markets is confirmed for Georgia, Kazakhstan and Azerbaijan; Pepperstone is confirmed for Georgia and Azerbaijan but not Kazakhstan. The choice comes down to coverage, regulation profile and the entity serving you.
Broker comparison
IC Markets vs Pepperstone: an honest side-by-side comparison
By CaspianFX Editorial · Last updated 23 June 2026
IC Markets vs Pepperstone: the verified facts
| Broker | Regulation | Swap-free | Platforms | Actions |
|---|---|---|---|---|
| IC Markets Est. 2007 | ASICCySECFSA | Swap-free | MT4 · MT5 · cTrader | |
| Pepperstone Est. 2010 | FCAASICCySEC | Swap-free | MT4 · MT5 · cTrader |
Only fields we can verify (regulation, swap-free availability, platforms, founding year) are shown. We do not publish spreads, minimum deposits or star ratings.
How do IC Markets and Pepperstone compare on the facts?
These two are among the most similar brokers on our shortlist. Both are known for raw-spread, active-trader pricing, both offer a swap-free account type, and both run the same broad platform list: MT4, MT5, cTrader and TradingView. IC Markets has the longer history (since 2007 versus Pepperstone's 2010). On platforms there is genuinely nothing to separate them.
The clearest factual differences are regulation and country coverage. Pepperstone holds FCA, ASIC, CySEC and DFSA licences; IC Markets holds ASIC, CySEC and the Seychelles FSA. And on coverage, IC Markets is confirmed to accept clients in all three of our markets, while Pepperstone is confirmed for Georgia and Azerbaijan but NOT for Kazakhstan — so Kazakhstani traders should treat Pepperstone as unconfirmed and check its signup country-selector. The table below shows only verifiable fields; we do not publish spreads, minimum deposits or star ratings.
Regulation and safety of funds: IC Markets vs Pepperstone
Pepperstone holds FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus) and DFSA (Dubai) licences — four strict-tier regulators. IC Markets holds ASIC (Australia), CySEC (Cyprus) and the FSA (Seychelles), pairing strict-tier regulators with an offshore Seychelles arm. On paper Pepperstone has the broader strict-tier profile, and its DFSA (Dubai) licence is one of several strict-tier licences — not local supervision for our markets.
For a trader in Georgia or Azerbaijan, neither broker is locally supervised; both are offshore for our region, and the serving entity matters more than the strongest group licence. An offshore entity such as the Seychelles FSA carries lighter protection than the FCA, ASIC, CySEC or DFSA arms — so the safety question is always which specific entity opens your account. Read which entity your client agreement names and verify it on that regulator's own register before depositing.
Swap-free accounts: IC Markets vs Pepperstone
Both IC Markets and Pepperstone offer a swap-free account type, meaning such an account exists at each: positions held past the daily cut-off are not charged or credited the overnight swap (interest) that applies on a standard account. This is a neutral product feature about overnight financing — not a religious or ranking claim — and it does not mean the account is free of all costs.
Because the real cost turns on each broker's specific, changeable fee terms — an administration fee, wider spreads, or a holding-period limit can reintroduce it — we do not rank these two on their swap-free accounts. Read each broker's current swap-free terms for your country and confirm them directly before relying on the label.
Platforms and tools: IC Markets vs Pepperstone
On platforms these two are evenly matched: both offer MT4, MT5, cTrader and TradingView — the widest platform lists on our shortlist. So whether you prefer MetaTrader, want cTrader's order execution and depth-of-market, or want to trade from TradingView's charts, either broker covers it. This is one area where you genuinely cannot separate them on the verified data.
Because the platforms match, the platform choice will not decide this comparison. Weigh the brokers instead on country coverage (Pepperstone is not confirmed for Kazakhstan), regulation (which entity serves you), each broker's current pricing on the platform you will use, and the swap-free account terms — the platform is the interface, not the pricing engine.
Who should choose IC Markets, and who should choose Pepperstone?
Choose IC Markets if you are in Kazakhstan — it is the confirmed option of these two there — or if you simply want a long-established raw-spread broker with the full cTrader/TradingView line-up across all three of our markets. Choose Pepperstone if you are in Georgia or Azerbaijan and value its broader strict-tier regulatory profile (FCA, ASIC, CySEC, DFSA) alongside the same platform breadth.
For both, start with safety (which entity, which licence) and account type (a genuine swap-free account if needed), then practical fit — funding in your currency, your bank's acceptance of forex payments, and platform. In Azerbaijan, mind the AZN transfer caps that limit deposit size. We do not quote spreads or minimums; check each broker's current figures on its own site before deciding.
- Lean IC Markets for: Kazakhstan coverage, long history, full cTrader/TradingView line-up.
- Lean Pepperstone for: a broader strict-tier profile (FCA, ASIC, CySEC, DFSA) in Georgia and Azerbaijan.
- Both offer: MT4, MT5, cTrader, TradingView and a swap-free account type.
- Coverage: IC Markets accepts all three markets; Pepperstone is not confirmed for Kazakhstan.
- For both: verify the entity serving your country and the swap-free terms first.
Frequently asked questions
Is IC Markets or Pepperstone better?
Neither is universally better. They are close peers — both raw-spread brokers offering MT4, MT5, cTrader, TradingView and swap-free accounts. IC Markets has the longer history and accepts all three of our markets; Pepperstone has a broader strict-tier regulatory profile but is not confirmed for Kazakhstan. Decide on coverage, the entity serving your country and current pricing. Trading is high-risk.
Can I use Pepperstone in Kazakhstan?
Pepperstone is not confirmed to serve Kazakhstan, so Kazakhstani traders should treat it as unconfirmed and check Pepperstone's own signup country-selector before relying on it. IC Markets is confirmed to accept clients in Kazakhstan, so it is the confirmed option of these two there.
Do both IC Markets and Pepperstone offer cTrader and TradingView?
Yes. Both offer MT4, MT5, cTrader and TradingView — the widest platform lists on the CaspianFX shortlist. On platforms the two are evenly matched, so the choice turns on coverage, regulation and pricing instead.
Which is more regulated, IC Markets or Pepperstone?
Pepperstone holds FCA, ASIC, CySEC and DFSA licences — a broader strict-tier set. IC Markets holds ASIC, CySEC and the Seychelles FSA. For our region neither is locally supervised; what protects you is the specific entity that opens your account, which may be a lighter-touch offshore one — verify it on the register.
Do both offer swap-free accounts?
Yes — both offer a swap-free account type, so such an account exists at each. That confirms availability only, not that the account is free of all costs. Read each broker's current swap-free terms for your country and confirm them directly before relying on the label.
CaspianFX is an independent EU-based publisher comparing forex and CFD brokers for traders across the Caucasus and Central Asia — Georgia, Kazakhstan and Azerbaijan. Our editorial desk verifies every regulatory claim against the regulator's own register and never accepts payment for a better review. Forex and CFD trading is high-risk and most retail accounts lose money.
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