Pepperstone vs IC Markets: A Detailed Comparison for New Zealand Traders (2026)
Which broker is better for New Zealand traders in 2026? Expert analysis across 12 categories.
For New Zealand traders comparing Pepperstone vs IC Markets, both brokers are top-tier choices with global reputations. Pepperstone, rated 4.9/5, is regulated by the local financial regulator and offers a tailored experience for Kiwi traders, including NZD pairs and local payment methods like Bank Transfer, Skrill, Neteller, and USDT. IC Markets, rated 4.8/5, is a strong alternative with its Raw Spread account and low commissions, popular among scalpers and algorithmic traders. Both brokers provide access to MT4, MT5, and cTrader, with competitive spreads and fast execution. New Zealand traders benefit from zero deposit fees, local bank transfers, and support in English. This comparison will help you decide which broker best suits your trading style, whether you prioritise regulatory safety, low costs, or platform flexibility. With the local financial regulator overseeing Pepperstone, New Zealand traders can trade with confidence, while IC Markets offers a robust alternative for those seeking raw pricing.
| Instrument | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | IC Markets |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | IC Markets |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | IC Markets |
| Standard acc spread | from 1.0 pips | from 0.8 pips | IC Markets |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $0 | $200 | Pepperstone |
| Inactivity fee | ✓ | ✓ | Tie |
When comparing trading costs for New Zealand traders, Pepperstone edges ahead with slightly tighter spreads on NZD pairs. On the Razor account, spreads start from 0.0 pips with a commission of $3.76 per lot. IC Markets offers a Raw Spread account from 0.0 pips with a lower commission of $3.50 per lot. For high-volume traders, IC Markets can be more cost-effective, while Pepperstone is better for lower-volume traders due to its lower overall cost for smaller positions. Both brokers offer competitive pricing that beats most local brokers.
| Account Type | Pepperstone | IC Markets |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✗ | ✓ |
| Zero spread account | ✓ | ✓ |
| Copy trading | ✗ | ✗ |
| VPS trading | ✓ | ✓ |
| Min deposit | $0 | $200 |
| Neg. balance protection | ✓ | ✓ |
| Entity / Asset | Pepperstone | IC Markets |
|---|---|---|
| New Zealand (offshore) | Up to 1:500 | Up to 1:500 |
| Forex major pairs | 1:500 | 1:500 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
| Margin call level | 80% | 80% |
| Stop out level | 50% | 50% |
| Asset Class | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | Pepperstone |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | Pepperstone |
| Crypto CFDs | 30+ | 20+ | Pepperstone |
| Stocks / Share CFDs | ✗ | ✗ | IC Markets |
| ETFs | ✗ | ✗ | Tie |
| Options | ✗ | ✗ | Tie |
| Futures | ✗ | ✗ | Tie |
| Platform | Pepperstone | IC Markets |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✓ |
| cTrader | ✓ | ✓ |
| TradingView | ✓ Exclusive | ✗ |
| Expert Advisors (EAs) | ✓ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
| Fixed spreads | ✗ | ✗ |
| Variable spreads | ✓ | ✓ |
Both brokers offer the full suite of trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. For New Zealand traders, MT4 remains the most popular choice for forex trading, while cTrader is preferred for its advanced charting and faster execution. Pepperstone provides custom indicators and tools for Kiwi traders, while IC Markets offers more advanced API integration for algorithmic traders. Both platforms are available on desktop, web, and mobile, ensuring flexibility for New Zealand traders on the go.
| Factor | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | IC Markets |
| Avg execution speed | ~30ms | ~40ms | Pepperstone |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Dealing desk | ✗ | ✗ | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| News trading | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✓ | Tie |
Both brokers offer ultra-fast execution with no requotes. Pepperstone uses Equinix NY4 servers for low latency, while IC Markets uses Equinix LD4 servers. For New Zealand traders, Pepperstone's servers in London and New York provide slightly better latency for major pairs, while IC Markets' London servers are also excellent. Both brokers offer execution speeds under 40ms, suitable for scalping and high-frequency trading.
| Safety Factor | Pepperstone | IC Markets |
|---|---|---|
| Primary regulator | FCA | ASIC |
| Reg number | #684312 | #335692 |
| Verify registration | Verify ↗ | Verify ↗ |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Pepperstone is regulated by the local financial regulator, providing New Zealand traders with direct oversight and investor protection. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), which are recognised in New Zealand. While both are safe, Pepperstone's local regulation offers added comfort for Kiwi traders, including access to the local dispute resolution scheme. IC Markets also maintains a strong reputation with segregated client funds and negative balance protection.
| Payment Method | Pepperstone | IC Markets |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✓ |
| Neteller | ✓ | ✓ |
| USDT / Crypto | ✓ | ✓ |
| Deposit fee | None | None |
| Withdrawal time | Same business day if submitted before 07:00 AEST; otherwise next business day; bank wire several days | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days |
| Min withdrawal | $50 | $50 |
Both Pepperstone and IC Markets support multiple deposit methods for New Zealand traders, including Bank Transfer, Skrill, Neteller, and USDT. Minimum deposits are low: Pepperstone requires $200 for standard accounts, while IC Markets requires $200 for its Raw Spread account. Deposits via Skrill and Neteller are instant, while Bank Transfer takes 1-3 business days. USDT deposits are processed via cryptocurrency wallets and are also instant. Withdrawals are processed within 24 hours for e-wallets and 1-3 days for bank transfers. Both brokers do not charge deposit or withdrawal fees, making them cost-effective for Kiwi traders.
| Islamic Account Feature | Pepperstone | IC Markets |
|---|---|---|
| Swap-free available | ✓ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| Gold swap-free | ✓ | ✓ |
| Crypto swap-free | ✓ | ✓ |
| How to apply | Contact support | Contact support |
Both Pepperstone and IC Markets offer Islamic (swap-free) accounts for New Zealand Muslim traders. Pepperstone provides swap-free accounts automatically upon request, with no additional fees. IC Markets requires a formal application and may charge a small administrative fee after a holding period. Both accounts comply with Sharia law and do not charge overnight interest on positions. For New Zealand Muslim traders, Pepperstone offers a simpler process with no extra costs.
| Support Feature | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| 24/5 support | ✓ | ✓ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | Pepperstone |
Pepperstone offers 24/5 multilingual support via live chat, email, and phone, with a New Zealand-specific phone number. IC Markets provides 24/7 support via live chat and email, but lacks a local phone line. For New Zealand traders, Pepperstone's local support is more convenient, while IC Markets' 24/7 availability is better for weekend trading.
| Mobile Feature | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5★ | 4.3★ | Pepperstone |
| Google Play rating | 4.3★ | 4.2★ | Pepperstone |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| Mobile deposit/withdrawal | ✓ | ✓ | Tie |
| TradingView mobile | ✓ | ✗ | Pepperstone |
| Dark mode | ✓ | ✓ | Tie |
| Resource | Pepperstone | IC Markets | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | Pepperstone |
| Webinars (live) | Weekly | ✗ | Pepperstone |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | Pepperstone |
| Beginner resources | Excellent | Basic | Pepperstone |
Choose Pepperstone if you...
- Prefer a broker regulated by the local financial regulator for added safety.
- Trade NZD pairs and want tighter spreads on these pairs.
- Want instant deposits via Skrill, Neteller, or USDT with no fees.
- Value local customer support with a New Zealand phone number.
Choose IC Markets if you...
- Are a high-volume scalper who wants the lowest commissions.
- Need 24/7 customer support for weekend trading.
- Use algorithmic trading and need advanced API integration.
- Want a Raw Spread account with lower overall costs for large volumes.
Both Pepperstone and IC Markets are excellent choices for New Zealand traders, but the best broker depends on your priorities. Pepperstone (4.9/5) wins for local regulation, tighter NZD spreads, and local support, making it ideal for retail traders who value safety and convenience. IC Markets (4.8/5) offers lower commissions and 24/7 support, perfect for scalpers and algo traders. Both support Bank Transfer, Skrill, Neteller, and USDT deposits, and are regulated by the local financial regulator or equivalent. For most New Zealand traders, Pepperstone provides a more balanced and secure experience, while IC Markets is a strong alternative for cost-focused traders. Ultimately, your choice should align with your trading volume, preferred platforms, and need for local oversight.