TL;DR — Both Pepperstone and IC Markets are raw-spread ECN brokers. IC Markets pays a higher rebate (up to $6/forex, $9/gold vs Pepperstone's $4.80/$8.50) and lets you link an existing account, while Pepperstone has a $0 minimum, UK FCA regulation, and requires a new account. Pick IC Markets for the higher rebate; pick Pepperstone for a $0, FCA-regulated start.
Cashback rebate, head to head
| Pepperstone | IC Markets | |
|---|---|---|
| Forex (up to) | $4.80 / lot (Razor) | $6.00 / lot (Raw) |
| Gold XAUUSD (up to) | $8.50 / lot | $9.00 / lot |
| Min. deposit | $0 | $200 |
| Regulation | UK FCA, ASIC | ASIC, CySEC |
| Existing account? | New only | Yes |
IC Markets pays a bit more on both instruments and, crucially, lets you keep an existing account. Pepperstone counters with the strongest regulation on this pair (UK FCA) and a $0 minimum.
Regulation & entry
Pepperstone's UK FCA licence is a genuine trust advantage, and starting from $0 lowers the barrier. IC Markets asks for $200 but rewards it with a higher rebate and the flexibility to link an account you already trade.
Execution
Both are strong ECN/raw-spread houses with tight spreads and per-lot commission, so execution quality is comparable. The decision usually comes down to rebate size versus regulation and entry cost.
Verdict — Trade enough to want the higher rebate, or already have an account? IC Markets. Want the strictest regulation and a $0 start, and happy to open new? Pepperstone.
Learn more
Read the Pepperstone cashback guide and IC Markets cashback guide, compare all brokers in our best cashback brokers guide, or estimate your cashback. Create your Expaid account.