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VS field	Pepperstone pepperstone.com Forex BrokerMulti Asset BrokerStock CFD	IC Markets icmarkets.com Forex BrokerMulti Asset BrokerStock CFD
Decision summary
Overall score

Trust score	88	99

Cost score	84	85

Platform score	92	94

Withdrawal score	80	86

Best for	Active forex/CFD traders who want MT4, MT5, cTrader or TradingView · Traders comparing Standard spread-only pricing vs Razor raw-spread plus commission · Users in supported jurisd…	Experienced forex/CFD traders · Scalpers, day traders and algorithmic traders comfortable with high-risk leveraged products · Users who specifically need MT4/MT5, cTrader or Tradi…

Watch out	Leverage, investor compensation, negative balance protection and funding availability differ by jurisdiction/entity · Minimum deposit messaging is inconsistent across official FAQ…	Long-term investors seeking physical stocks/ETFs · Beginners who need strong statutory investor compensation or negative balance protection · Residents of restricted countries or…

Trust & regulation
Regulators	Regulators listed by Pepperstone Group: ASIC, SCB, CySEC, DFSA, UAE CMA/SCA, BaFin, Kenya CMA and FCA. Source	Financial Services Authority of Seychelles (FSA) Source
License numbers	Known official license numbers found: ASIC AFSL 414530; FCA 684312; CySEC 388/20; DFSA F004356; SCB SIA-F217; UAE 20200000358; Kenya CMA 128. BaFin number not found in reviewed official pages. Source	Securities Dealer license number SD018 Source
Regulated entities	Multiple Pepperstone entities are regulated in Australia, Bahamas, Cyprus/EEA, DIFC/UAE, Germany, Kenya and the UK; client protections differ by entity. Source	Raw Trading Ltd, registered in Seychelles (registration number 8419879-1), regulated by the Financial Services Authority of Seychelles with Securities Dealer license SD018. Source
Negative balance protection	Negative balance protection applies to retail clients, but not to Pepperstone Pro/professional clients; entity wording varies and should be reviewed for client jurisdiction. Source	No negative balance protection found for the reviewed global entity; IC says clients bear negative consequences and are responsible for any negative balance. Source
Investor compensation	Investor compensation is jurisdiction-specific: UK FSCS up to £85,000; Cyprus ICF up to €20,000; Germany EdW up to 90%/€20,000; other listed entities show no compensation scheme. Source	Client funds insurance up to US$1,000,000; no statutory investor compensation scheme found in reviewed official sources. Source
Restricted countries	Official regional disclaimers specifically mention United States, Belgium and (on EU pages) Spain, plus a general local-law restriction; country availability is entity-dependent. Source	Raw Trading Ltd does not provide services to residents of the United States of America, Canada, New Zealand, Iran, North Korea (DPRK), or countries where distribution/use would be contrary to local law or regulation. Source

Trust & regulation

Regulators

Regulators listed by Pepperstone Group: ASIC, SCB, CySEC, DFSA, UAE CMA/SCA, BaFin, Kenya CMA and FCA.

Source

Financial Services Authority of Seychelles (FSA)

Source

License numbers

Known official license numbers found: ASIC AFSL 414530; FCA 684312; CySEC 388/20; DFSA F004356; SCB SIA-F217; UAE 20200000358; Kenya CMA 128. BaFin number not found in reviewed official pages.

Source

Securities Dealer license number SD018

Source

Regulated entities

Multiple Pepperstone entities are regulated in Australia, Bahamas, Cyprus/EEA, DIFC/UAE, Germany, Kenya and the UK; client protections differ by entity.

Source

Raw Trading Ltd, registered in Seychelles (registration number 8419879-1), regulated by the Financial Services Authority of Seychelles with Securities Dealer license SD018.

Source

Negative balance protection

Negative balance protection applies to retail clients, but not to Pepperstone Pro/professional clients; entity wording varies and should be reviewed for client jurisdiction.

Source

No negative balance protection found for the reviewed global entity; IC says clients bear negative consequences and are responsible for any negative balance.

Source

Investor compensation

Investor compensation is jurisdiction-specific: UK FSCS up to £85,000; Cyprus ICF up to €20,000; Germany EdW up to 90%/€20,000; other listed entities show no compensation scheme.

Source

Client funds insurance up to US$1,000,000; no statutory investor compensation scheme found in reviewed official sources.

Source

Restricted countries

Official regional disclaimers specifically mention United States, Belgium and (on EU pages) Spain, plus a general local-law restriction; country availability is entity-dependent.

Source

Raw Trading Ltd does not provide services to residents of the United States of America, Canada, New Zealand, Iran, North Korea (DPRK), or countries where distribution/use would be contrary to local law or regulation.

Source

Costs & account conditions
Minimum deposit	Conflicting/regional: no universal minimum; common method minimum is $/€/£10, bank transfers may have no minimum, crypto/global $25. Source	No minimum deposit requirement disclosed for opening a trading account. Source
Spread from	Razor FX spreads from 0.0; Razor Spot Gold from 0.08; Standard FX examples from 1.0 on major pairs; spreads vary by market and conditions. Source	Spreads from 0.0 pips on MetaTrader/cTrader Raw Spread platforms; Standard account spread starts from 0.8 pip. Source
Commission	Standard generally commission-free except equity CFDs; Razor FX/XAU/USD raw spread plus commission from $3.50 per lot per side; share/ETF CFD commissions vary by market/platform. Source	Standard: no commission, 0.8 pip markup. Raw Spread MetaTrader: USD $3.50 per lot per side / $7 round turn. cTrader/TradingView: USD $3 per $100,000 traded per side. Source
Maximum leverage	Entity/client-type dependent: retail ranges from 1:30 in EU/UK/AU to 1:200 under SCB examples and 1:400 Kenya; Pro marketing claims up to 1:1000 but detailed tables show lower values in some contexts. Source	IC offers flexible leverage from 1:1 to 1:5000; leverage is dynamic and may change at any time. Source
Deposit fee	Pepperstone generally charges no internal deposit fees in reviewed tables, but third-party/intermediary fees may apply and availability varies regionally. Source	IC does not charge additional deposit fees; bank/intermediary fees may apply. Source
Withdrawal fee	Most withdrawal methods are free, but international bank wire/TT withdrawals may incur a Pepperstone pass-through/deduction around USD $20 or £15 depending region; third-party fees may apply. Source	IC does not charge additional withdrawal fees, but third-party/intermediary/bank fees can apply; one Help Centre example mentions 20 AUD bank fee for some bankwire paths. Source
Inactivity fee	No inactivity fee disclosed; accounts under ten units of currency inactive for three or more months may be archived. Source	No account inactivity fees. Source

Costs & account conditions

Minimum deposit

Conflicting/regional: no universal minimum; common method minimum is $/€/£10, bank transfers may have no minimum, crypto/global $25.

Source

No minimum deposit requirement disclosed for opening a trading account.

Source

Spread from

Razor FX spreads from 0.0; Razor Spot Gold from 0.08; Standard FX examples from 1.0 on major pairs; spreads vary by market and conditions.

Source

Spreads from 0.0 pips on MetaTrader/cTrader Raw Spread platforms; Standard account spread starts from 0.8 pip.

Source

Commission

Standard generally commission-free except equity CFDs; Razor FX/XAU/USD raw spread plus commission from $3.50 per lot per side; share/ETF CFD commissions vary by market/platform.

Source

Standard: no commission, 0.8 pip markup. Raw Spread MetaTrader: USD $3.50 per lot per side / $7 round turn. cTrader/TradingView: USD $3 per $100,000 traded per side.

Source

Maximum leverage

Entity/client-type dependent: retail ranges from 1:30 in EU/UK/AU to 1:200 under SCB examples and 1:400 Kenya; Pro marketing claims up to 1:1000 but detailed tables show lower values in some contexts.

Source

IC offers flexible leverage from 1:1 to 1:5000; leverage is dynamic and may change at any time.

Source

Deposit fee

Pepperstone generally charges no internal deposit fees in reviewed tables, but third-party/intermediary fees may apply and availability varies regionally.

Source

IC does not charge additional deposit fees; bank/intermediary fees may apply.

Source

Withdrawal fee

Most withdrawal methods are free, but international bank wire/TT withdrawals may incur a Pepperstone pass-through/deduction around USD $20 or £15 depending region; third-party fees may apply.

Source

IC does not charge additional withdrawal fees, but third-party/intermediary/bank fees can apply; one Help Centre example mentions 20 AUD bank fee for some bankwire paths.

Source

Inactivity fee

No inactivity fee disclosed; accounts under ten units of currency inactive for three or more months may be archived.

Source

No account inactivity fees.

Source

Markets, platforms & payments
Tradable assets	CFDs on FX, indices, commodities, cryptocurrencies, shares and more; account/platform pages list forex, indices, commodities, shares, ETFs and cryptocurrency CFDs, with regional restrictions. Source	Forex CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, Bonds CFDs, Cryptocurrency CFDs, Futures CFDs. Source
Trading platforms	Pepperstone offers its own platform/app plus TradingView, MT5, MT4 and cTrader; copy trading is also promoted. Source	MetaTrader 5, MetaTrader 4, cTrader, TradingView, MetaTrader WebTrader/cTrader Web and social/copy tools IC Social, Signal Start, ZuluTrade. Source
Account types	Main account types are Standard and Razor CFD; UK also offers spread betting; demo and Pro classification are available. Source	Official pages list Standard, Raw Spread, cTrader Raw Spread and Swap Free; account overview also shows Raw Pro and Raw Pro+ entries. Source
Deposit methods	Apple Pay, Google Pay, Visa/Mastercard, bank transfer, PayPal, Neteller, Skrill, Union Pay, USDT/ZotaPay and some local methods; availability varies by region and secure client area. Source	Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, wire transfer, Bpay, broker-to-broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Vietnamese Internet Banking, cryptocurrency. Source
Withdrawal methods	Withdrawals are handled through the secure client area and generally mirror supported funding methods, but availability is regional and funds are normally returned to same-name accounts/methods. Source	Withdrawal methods depend on original deposit method; examples include Visa/Mastercard/card routes, bank wire, Neteller, Skrill and PayPal. Source
Withdrawal processing time	Withdrawal time varies by method/region: wallets/cards often up to 1 business day; bank transfers can be up to 2 business days domestically and up to 7 or 3-5 working days for international/bank wire settlement. Source	Same-business-day processing cutoff before 12:00 AEST/AEDT; after processing allow at least 3 business days depending on method. Source

Markets, platforms & payments

Tradable assets

CFDs on FX, indices, commodities, cryptocurrencies, shares and more; account/platform pages list forex, indices, commodities, shares, ETFs and cryptocurrency CFDs, with regional restrictions.

Source

Forex CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, Bonds CFDs, Cryptocurrency CFDs, Futures CFDs.

Source

Trading platforms

Pepperstone offers its own platform/app plus TradingView, MT5, MT4 and cTrader; copy trading is also promoted.

Source

MetaTrader 5, MetaTrader 4, cTrader, TradingView, MetaTrader WebTrader/cTrader Web and social/copy tools IC Social, Signal Start, ZuluTrade.

Source

Account types

Main account types are Standard and Razor CFD; UK also offers spread betting; demo and Pro classification are available.

Source

Official pages list Standard, Raw Spread, cTrader Raw Spread and Swap Free; account overview also shows Raw Pro and Raw Pro+ entries.

Source

Deposit methods

Apple Pay, Google Pay, Visa/Mastercard, bank transfer, PayPal, Neteller, Skrill, Union Pay, USDT/ZotaPay and some local methods; availability varies by region and secure client area.

Source

Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, wire transfer, Bpay, broker-to-broker, POLI, Thai Internet Banking, Rapidpay, Klarna, Vietnamese Internet Banking, cryptocurrency.

Source

Withdrawal methods

Withdrawals are handled through the secure client area and generally mirror supported funding methods, but availability is regional and funds are normally returned to same-name accounts/methods.

Source

Withdrawal methods depend on original deposit method; examples include Visa/Mastercard/card routes, bank wire, Neteller, Skrill and PayPal.

Source

Withdrawal processing time

Withdrawal time varies by method/region: wallets/cards often up to 1 business day; bank transfers can be up to 2 business days domestically and up to 7 or 3-5 working days for international/bank wire settlement.

Source

Same-business-day processing cutoff before 12:00 AEST/AEDT; after processing allow at least 3 business days depending on method.

Source

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