Which ASIC regulated broker is best, Pepperstone, IC Markets or CMC?
Verdict
- Pepperstone is our pick of the three ASIC-regulated brokers for most traders: published average spreads, five platforms on Razor, a $10 minimum and published execution statistics.
- IC Markets publishes the tightest raw averages (EUR/USD 0.01 pips) and states that scalping is allowed, so it is the strongest alternative for pure cost.
- CMC Markets is the one to choose if you want guaranteed stop-losses, which neither Pepperstone nor (in our data) IC Markets offers.
- All three hold Australian Financial Services Licences: Pepperstone 414530, IC Markets 335692, CMC Markets 238054.
All three are licensed by ASIC, so the regulatory baseline is the same: 1:30 retail leverage on major FX, a PDS and a TMD. The differences are pricing models, platforms and risk tools. Our ranking: Pepperstone, then IC Markets, then CMC Markets, with CMC moving up if guaranteed stops matter to you.
Why Pepperstone ranks first
It is the most complete package on published terms. You choose between a commission-free Standard account (1.1 pips average on EUR/USD) and Razor (0.1 pips average plus USD 3.00–3.50 per side), run it on MT4, MT5, cTrader, TradingView or Pepperstone's own platform, and fund it free by PayID, BPAY, card or PayPal from $10. Pepperstone also publishes execution data, a 99.32% fill rate with no dealer intervention for Q1 2026 trades, which neither rival does in our data.
Affiliate link — we may earn a commission at no extra cost to you.
Three-way comparison
| Pepperstone | IC Markets | CMC Markets | |
|---|---|---|---|
| Australian entity | Pepperstone Group Limited, AFSL 414530 | International Capital Markets Pty Ltd, AFSL 335692 | CMC Markets Asia Pacific Pty Ltd, AFSL 238054 |
| EUR/USD (raw account) | 0.1 avg + USD 3.50/side (USD 3.00 cTrader) | 0.01 avg + USD 3.50/side | from 0.0 + 0.0025% (FX Active, UK page) |
| EUR/USD (no commission) | 1.1 avg | from 0.8 | from 0.5 (UK page) |
| Platforms | Own app, MT4, MT5, cTrader, TradingView | MT4, MT5, cTrader, TradingView | Next Generation, app, MT4 |
| Guaranteed stops | No | Not published | Yes, fee refunded if not triggered |
| Minimum deposit | $10 | 0 | 0 |
When IC Markets or CMC is the better call
- Lowest raw spread on paper: IC Markets, whose EUR/USD Raw Spread average is 0.01 pips; with commission it costs about USD 7.10 a round-turn lot, against USD 7 on Pepperstone's cTrader and USD 8 on its MT5.
- Explicit scalping permission: IC Markets states scalping is allowed; Pepperstone's Australian pages don't carry a scalping statement.
- Guaranteed stops: CMC Markets, which charges a fee to attach a GSLO and refunds it if the stop isn't triggered.
- Share trading alongside CFDs: CMC's group has a separate stockbroking company, CMC Markets Stockbroking Limited (AFSL 246381).
What ASIC regulation does and doesn't give you
At Pepperstone, retail clients have negative-balance protection and segregated client money, but Australia has no compensation scheme for CFD clients named on Pepperstone's pages; on liquidation, money is dealt with under the Corporations Act with no guarantee of full return. Check each provider's PDS for its own wording.
Sources
Are Pepperstone, IC Markets and CMC all regulated by ASIC?
Yes: AFSL 414530, 335692 and 238054 respectively.
Which of the three is cheapest?
On published raw averages, IC Markets is marginally cheaper than Pepperstone on MetaTrader; on cTrader they are within ten cents a lot. CMC's averages aren't in our data.
Which offers guaranteed stop-losses?
CMC Markets. Pepperstone doesn't, and we found no published GSLO for IC Markets.
Trading CFDs with leverage can lose you money quickly, including all of the funds you deposit. Nothing here is personal advice; broker terms change, so confirm them on the broker's own site and in its Product Disclosure Statement.