Is Pepperstone or IC Markets better for scalping?
Verdict
- Pepperstone is our pick for scalpers in Australia: on cTrader its Razor account costs about USD 7 per round-turn lot of EUR/USD at the published average, and it publishes a 99.32% fill rate with no dealer intervention.
- IC Markets publishes a tighter EUR/USD average (0.01 pips) with USD 3.50 per side, about USD 7.10 a round turn, so on cost alone the two are within cents.
- IC Markets states outright that scalping is allowed; Pepperstone's Australian pages we checked don't publish a scalping policy, so confirm it with Pepperstone before you rely on very short holds.
- Both are ASIC-licensed and both offer MT4, MT5, cTrader and TradingView.
For a scalper, the winner is whichever broker leaves the smallest cost per trade and fills you where you clicked. On published numbers these two are almost level on cost; we lean to Pepperstone for its published execution data and cTrader commission, with one caveat on stated scalping rules.
Why we pick Pepperstone for scalping
Scalping multiplies every fixed cost by the number of trades. Pepperstone's Razor account on cTrader charges USD 3.00 per side on FX, so a round-turn standard lot of EUR/USD at the 0.1-pip published average costs USD 1 in spread plus USD 6 commission. Pepperstone also publishes execution figures: orders filled from 50 milliseconds, a 99.32% fill rate and no dealer intervention, based on trades from 1 January to 31 March 2026. IC Markets doesn't publish an equivalent statistic in our data. Pepperstone's MT5 Razor rate is higher at USD 3.50 per side, so scalpers should choose cTrader.
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Cost per trade, side by side
One standard lot, opened and closed, at USD 10 a pip and each broker's published average spread:
- IC Markets' spread figures come from its global pricing page; confirm that its ASIC entity (International Capital Markets Pty Ltd, AFSL 335692) quotes the same.
- On gold, Pepperstone's Razor average is 0.12 and IC's 0.09, so IC is tighter on XAU/USD before commission; Pepperstone's AUD-account MT5 commission on gold is AUD 4.50 per side.
| Pepperstone Razor (cTrader) | Pepperstone Razor (MT5) | IC Markets Raw Spread | |
|---|---|---|---|
| Average spread | 0.1 pips (USD 1) | 0.1 pips (USD 1) | 0.01 pips (USD 0.10) |
| Commission, round turn | USD 6 | USD 7 | USD 7 |
| Total | USD 7 | USD 8 | USD 7.10 |
| 50 round turns a day | USD 350 | USD 400 | USD 355 |
Scalping rules and execution: what each broker states
IC Markets says on its trading-conditions page that scalping is allowed. Pepperstone allows expert advisors and automated trading on MT4 and MT5, and its swap-free account terms say scalping, EAs and hedging are allowed, but the Australian pages in our data don't carry a general scalping statement. That isn't evidence of a ban; it is a gap to close in writing. Two execution points apply to both brokers:
- Pepperstone offers no guaranteed stop-loss, and we found no published GSLO for IC Markets, so stops can fill at a worse price in fast markets.
- Retail leverage under ASIC is capped at 1:30 on major FX at both, which limits position size per dollar of margin.
Which scalper suits which broker
- Manual EUR/USD scalper on cTrader: Pepperstone, for the USD 3.00 commission and published fill data.
- Gold scalper on MetaTrader: IC Markets' tighter published XAU/USD average is worth testing.
- Bot-driven scalper: both support cBots and EAs; Pepperstone adds free VPS for eligible and pro clients.
- Small account: Pepperstone's $10 minimum lets you test fills live before committing size.
Sources
Does Pepperstone allow scalping?
Its swap-free terms say scalping is allowed and it supports EAs, but its Australian pages we checked carry no general scalping statement. Ask support to confirm in writing.
Which is cheaper for EUR/USD scalping?
On published averages, Pepperstone on cTrader (USD 7 a round turn) and IC Markets Raw Spread (USD 7.10) are within ten cents; Pepperstone on MT5 is USD 8.
Are both regulated in Australia?
Yes. Pepperstone Group Limited holds AFSL 414530 and International Capital Markets Pty Ltd holds AFSL 335692.
Leveraged CFDs are complex and high risk: losses can build fast. This comparison uses broker-published terms and is not investment advice. Check current terms and the Target Market Determination before you trade.