Pepperstone vs IC Markets, which has lower spreads?
Verdict
- IC Markets has the lower published EUR/USD spread (0.01-pip average on Raw Spread against 0.1 on Pepperstone Razor, same $3.50 commission per side), but Pepperstone remains our pick in Hong Kong because it accepts Hong Kong residents and offers HKD accounts, which our data does not confirm for IC Markets.
- The gap is 0.09 pips, about $0.90 per standard lot round trip, and it disappears on cTrader, where Pepperstone charges $3.00 per side, if IC Markets applies its $3.50 rate there.
- The commission-free accounts can't be compared fairly: Pepperstone Standard publishes a 1.1-pip average, IC Markets Standard only a 'from 0.8 pips' minimum.
- Neither holds an SFC licence; IC Markets' international arm is regulated by the Seychelles FSA (SD018), Pepperstone's by the Securities Commission of The Bahamas (SIA-F217).
IC Markets edges Pepperstone on the raw EUR/USD figure both brokers publish. The difference is small enough that account access, currency and per-platform commission can outweigh it, and for a Hong Kong resident those favour Pepperstone.
Why Pepperstone is still our pick for Hong Kong
Our broker data confirms Pepperstone takes Hong Kong residents, through Pepperstone Markets Limited in the Bahamas, and lets you hold the account in HKD so results aren't converted twice. On cTrader its Razor commission drops to $3.00 per side on FX, which offsets most of IC Markets' spread advantage. Beyond EUR/USD it publishes numbers that our IC Markets data does not cover: gold at a 0.12 average on Razor, HK50 at 5 points with no commission, and HK share CFDs at 0.2% per side. Both brokers offer MT4, MT5, cTrader and TradingView, so platform choice is not the tie-breaker.
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EUR/USD on the raw-spread accounts
| Pepperstone Razor | IC Markets Raw Spread | |
|---|---|---|
| Average EUR/USD spread | 0.1 pips | 0.01 pips (0.0 minimum) |
| Commission per side | $3.50 (MT5, TradingView); $3.00 (cTrader FX) | $3.50 |
| Round trip on MT5 | $1 + $7 = $8.00 | $0.10 + $7 = $7.10 |
| Round trip on cTrader | $1 + $6 = $7.00 | $7.10 if the $3.50 rate applies |
| Regulator for offshore clients | SCB Bahamas, SIA-F217 | FSA Seychelles, SD018 |
| Hong Kong residents (our data) | Accepted | Not confirmed |
Reading spread numbers without being misled
An average and a minimum measure different things. IC Markets' 0.01 is an average, so it is directly comparable with Pepperstone's 0.1; its Standard account's 0.8 is a 'from' figure and cannot be set against Pepperstone Standard's 1.1-pip average. Averages also hide timing. Spreads tend to be wider when liquidity is thin, such as around the daily rollover and early in the Asian session, which is exactly when many Hong Kong traders are active. On gold, Pepperstone publishes 0.12 on Razor and 0.19 on Standard; an IC Markets gold average is not in our data, so we make no gold verdict.
What to check before choosing on spread alone
- That the broker will open an account for a Hong Kong resident, and which company signs your client agreement.
- The commission on the platform you will actually use; Pepperstone's ranges from $3.00 to $3.50 per side.
- The spread at the hours you trade, on the pairs you trade, ideally side by side on two demo or live screens.
- Base-currency options: an HKD account avoids converting each deposit and withdrawal.
Sources
Spread and regulation pages published by both brokers.
Is IC Markets cheaper than Pepperstone?
On published EUR/USD averages via MetaTrader, yes, by roughly $0.90 per lot round trip. On cTrader the totals are about level if IC Markets' $3.50 commission applies there too.
Which is better for scalping from Hong Kong?
Both run raw-spread accounts. Pepperstone states fills from 50 milliseconds with a 99.32% fill rate for January to March 2026; IC Markets' execution figures are not in our data.
Does IC Markets accept Hong Kong clients?
Our data doesn't confirm it. Ask IC Markets directly and check which of its companies would hold your account.
CFDs and margin FX are leveraged and high risk; losses can mount quickly and exceed what you expected. Published spreads are averages and vary in live markets. This page is information, not investment advice.