All three are licensed by ASIC, so the choice comes down to pricing model and platforms. We rank Pepperstone first for Australian traders who want raw pricing, five platforms and a $10 minimum, while IC Markets matches it on raw-account commission and CMC Markets wins on spread-only forex and range of markets.
Your questions, answered
Are CFD trading fees cheaper with IC Markets or Pepperstone?
On commission accounts the two are level: both charge 3.50 per standard lot per side on MetaTrader (AUD 3.50 on a Pepperstone AUD account, USD 3.50 at IC Markets), and both cost USD 6 per round turn on cTrader. On spread-only accounts IC Markets is cheaper, quoting its Standard account from 0.8 pips against Pepperstone's 1.0 minimum on EUR/USD. Pepperstone asks for less to start: $10, against IC Markets' USD 200 starting deposit.
Pepperstone vs IC Markets: which has tighter spreads in Australia?
Both firms quote raw spreads from 0.0 pips, so the honest answer is that neither publishes a figure that settles it. IC Markets states an average EUR/USD spread of 0.1 pips on its Raw Spread account, while Pepperstone's Australian costs page lists minimum spreads rather than averages. The fair test is to open both demos and record EUR/USD and AUD/USD quotes side by side at the same moment, including the Sydney open and a US data release.
Is Pepperstone or IC Markets better for scalping?
Both allow scalping and both run raw-spread accounts built for it. Pepperstone adds cTrader with level II depth, a Smart Stop Out that can partially close positions, its own platform and app, and a published 99.32% fill rate with no dealer intervention. IC Markets puts its MetaTrader servers in Equinix NY4 and states no order-distance restriction. Since the round-turn cost on MetaTrader is the same, pick the platform you scalp on best and test fills on a demo first.
Pepperstone Razor vs IC Markets Raw Spread account
Pepperstone Razor charges AUD 3.50 per lot per side on MT4 and MT5 for an AUD account, AUD 4.50 per side on spot gold, USD 6 per round turn on cTrader and USD 7 on TradingView and a $10 minimum deposit. IC Markets Raw Spread charges USD 3.50 per side on MetaTrader, USD 3.00 per USD 100,000 per side on cTrader, and lists a USD 200 starting deposit, 1:30 leverage and a 50% stop-out. Razor offers six base currencies including AUD.
Pepperstone vs CMC Markets on total trading costs
It depends on what you trade. For spread-only forex, CMC Markets is cheaper: its published minimums are 0.5 on EUR/USD and 0.6 on AUD/USD, while a Pepperstone Standard account starts at 1.0. For ASX share CFDs, Pepperstone is cheaper: 0.07% per side with no minimum, against 0.09% with a AUD 7 minimum at CMC, which matters most on small trades. CMC also lists market data fees for viewing share prices; Pepperstone charges none.
Is Pepperstone or CMC Markets better for index CFDs in Australia?
CMC Markets offers the wider list, as part of more than 12,000 CFD instruments, and lets you trade them on its own platform, MT4, MT5 or TradingView. Pepperstone lists 26 index CFDs with no commission, including the AUS200 cash and forward contracts, and minimum spreads of 0.4 on the US500 and 1.0 on the NAS100 on Razor. Both charge index holding costs of 2.5% above or below the benchmark rate. Pepperstone also offers NAS100 and US500 perpetual CFDs that trade on weekends.
Pepperstone vs IG for CFD trading in Australia
IG Australia Pty Ltd holds AFSL 515106 and lists more than 18,000 markets, with web, mobile, MT4, ProRealTime and TradingView, plus a separate share-trading account where you own the shares. Pepperstone has a narrower CFD list of over 1,350 instruments but adds MT5 and cTrader and a raw-spread Razor account. Choose IG if you want CFDs and real shares under one brand; choose Pepperstone if raw pricing and platform choice matter more.
Is Pepperstone cheaper than IG on forex?
We could not confirm this, because the IG Australia pages we checked did not show forex spreads we could compare like for like. What Pepperstone publishes is a Razor account at 0.0 pips plus AUD 7 per lot round turn, or a Standard account from 1.0 pip with no commission. To compare, open demos with both firms, add any commission to the spread, and record the cost of one lot on EUR/USD and AUD/USD at the same times of day.
Pepperstone vs Plus500 for Australian traders
Plus500's Australian arm, Plus500AU Pty Ltd (ACN 153 301 681), holds AFSL 417727, so both firms sit under the same ASIC retail rules. We did not verify Plus500's Australian spreads or platform list, so we make no cost claim. Pepperstone's advantage is choice: it connects to MT4, MT5, cTrader and TradingView, which matters if you run Expert Advisors or cBots or want to keep charts you already built.
Pepperstone vs eToro for CFD trading in Australia
eToro's Australian site blocked our checker, so we have no verified Australian facts for eToro and won't guess them. Before you open an account with any firm, look up its AFSL on ASIC's professional register and read its PDS and TMD. For comparison, Pepperstone publishes its full Australian fee schedule, retail leverage caps and funding methods openly, and its CFD accounts can also run copy trading through cTrader.
Is Pepperstone better than eToro for active traders?
For active trading the points that matter are cost per round turn, rebates, automation and execution. Pepperstone offers raw pricing on Razor, automation through Expert Advisors, cBots and an API, and free VPS hosting for Pro clients trading at least USD 1,000,000 notional in 60 days. Its rebate programme is for Pro clients only, so retail traders get no volume discounts. We could not verify eToro's Australian terms, so we can't rank it.
Pepperstone vs Vantage in Australia
When we checked, Vantage's website sent us to its global site run by VIG Group, which is regulated in Mauritius (FSC licence GB20026165), rather than to an Australian page. We could not confirm which Vantage entity would open an account for an Australian resident, so we make no comparison. If you consider Vantage, ask which company issues your contracts and check that company on ASIC's register.
Vantage or Pepperstone for low spreads?
Low spreads only mean something next to the commission and the licence behind them. Pepperstone's raw spreads start at 0.0 pips plus AUD 3.50 per lot per side, under ASIC rules that cap retail leverage and protect your balance from going negative. We did not reach a Vantage page for Australian clients, so we can't quote its spreads. A firm that serves you from offshore may offer tighter-looking pricing without those ASIC protections.
Pepperstone vs FP Markets for Australian traders
FP Markets says on its own site that it is authorised by ASIC and offers MT4, MT5, cTrader and TradingView, the same third-party platforms Pepperstone connects to. Its Australian pricing page did not load when we checked, so we make no cost comparison. Where Pepperstone adds something is its own web platform and app, perpetual CFDs that trade 24/7, and a $10 minimum deposit.
Pepperstone vs Fusion Markets on commission
Fusion Markets is cheaper on commission. Its Zero account charges $2.25 per lot per side, against Pepperstone Razor's 3.50, so you save $2.50 per round-turn lot. At 20 lots a month that is $50. Fusion also charges no commission on its US share CFDs on MT5, where Pepperstone charges USD 0.02 per share. Fusion's Australian clients deal with FMGP Trading Group Pty Ltd, which holds AFSL 385620.
Is Fusion Markets cheaper than Pepperstone in Australia?
On commission and minimum deposit, yes: Fusion charges $2.25 per side and states no minimum account size, while Pepperstone charges 3.50 per side and asks for $10 by card. Both quote raw spreads from 0.0. What you get for the higher cost at Pepperstone is its own platform and app, more than 1,350 CFDs, 24-hour CFDs on more than 100 US shares and a growing perpetual CFD range.
Pepperstone vs Capital.com in Australia
Both are Melbourne-based and ASIC-licensed: Pepperstone Group Limited (AFSL 414530) on Collins Street, and Capital Com Australia Pty Ltd (AFSL 513393) a few blocks away at 357 Collins Street. Capital.com charges no commission, starts at 20 AUD and offers guaranteed stop-loss orders, which Pepperstone does not. Pepperstone offers raw spreads, cTrader and no currency conversion fee on trades, where Capital.com applies a 0.7% mark-up.
Pepperstone vs Saxo for multi-asset trading in Australia
Saxo's Australian business now trades as Totality (Totality Wealth Limited, AFSL 280372) and runs on Saxo's infrastructure. It covers stocks, ETFs, bonds, options and futures as well as more than 8,600 CFDs, with no minimum deposit. Pepperstone offers CFDs and margin FX only. If you want to own shares and bonds alongside your trading, Totality covers more; if you only trade CFDs, Pepperstone's pricing and platforms are the better fit.
Pepperstone vs XM for Australian traders
We found no XM page addressed to Australian residents: its website redirected us to a non-Australian version. So we can't confirm that XM accepts Australian clients or under which licence, and we make no comparison. Pepperstone serves Australians through Pepperstone Group Limited, AFSL 414530, with AFCA membership 28689 for complaints it cannot resolve itself.
Published 2026-10-21. Informational only, not investment advice. CFDs are leveraged products and most retail accounts lose money.
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