IC Markets vs Pepperstone: fees, cashback and which to choose

IC Markets is one of the world's largest forex and CFD brokers; Pepperstone is an award-winning forex and CFD broker. We compare them on fees, available cashback and which trader profile each suits — plus how to recover part of your fees on both.

Quick comparison

Fees

IC Markets. Very tight ECN spreads (from 0.0 pips) plus per-lot commission; among the lowest total cost in forex.

Pepperstone. Tight spreads on Razor accounts plus commission; strong on platforms (MT4/MT5, cTrader).

Available cashback

IC Markets offers more cashback (28%) than Pepperstone (26%), so you recover a larger share of every fee you pay. The gap matters most if you trade with volume.

Work out how much you'd recover for your volume with the cashback calculator.

Pros and cons

IC Markets

Pros

• Among the lowest ECN spreads
• Fast, deep execution
• Regulated across jurisdictions
• 28% cashback via Omanero

Cons

• Aimed at somewhat experienced traders
• Per-lot commission on top of the spread

Pepperstone

Pros

• Solid regulation and reputation
• cTrader and MT4/MT5 support
• Good customer service
• 26% cashback via Omanero

Cons

• Limited crypto-CFD catalog
• Not available in some regions

Best for each profile

Choose IC Markets if you're forex and CFD traders who prioritize low spreads and institutional execution. Choose Pepperstone if you're traders who want a regulated broker with powerful platforms.

Verdict

If your priority is recovering the most fees, IC Markets leads with 28% cashback. If you value Pepperstone's profile more, you still recover fees at 26%. Best of all: you don't have to choose — use both and earn cashback on each.

Frequently asked questions