Quick Comparison
| Feature | CMC Markets | Pepperstone |
|---|---|---|
| Rating | ⭐ 4.4/5 | ⭐ 4.6/5 |
| EUR/USD all-in | 0.53 pips all-in | 1.07 pips all-in |
| Regulation | ASIC, FCA | ASIC, CySEC, FCA |
| Min. Deposit | $0 | $0 |
| Platforms | MetaTrader 4, Next Generation Platform, WebTrader | MT4, MT5, cTrader, TradingView |
Detailed Analysis
CMC Markets and Pepperstone are both reviewed on PipsPal. This side-by-side looks at how they compare across the four factors that actually affect trading outcomes: spreads and trading costs, regulation and safety, platform choice, and minimum deposit requirements.
Spreads & Trading Costs
Independently measured, CMC Markets averages 0.53 pips all-in on EUR/USD against Pepperstone's 1.07. That makes CMC Markets the cheaper of the two by 0.54 pips. These are spread plus commission on the account we measure, not advertised minimums — a broker quoting 0.0 pips with a commission can cost more than one quoting a wider spread with none.
CMC Markets offers From 0.2 pips, while Pepperstone offers From 0.2 pips. Both use standard-account pricing with costs built into the spread rather than separate commissions. Direct spread comparison on EUR/USD during liquid sessions is the cleanest like-for-like measure — the numbers above reflect typical conditions, not minimum advertised. During news releases or low-liquidity periods, spreads widen on both, and the relative difference may narrow or flip.
Regulation & Safety
CMC Markets is regulated by ASIC, FCA. Pepperstone holds licences under ASIC, CySEC, FCA. Both hold legitimate regulatory oversight, though the specific strength varies by jurisdiction. Check the broker's account-opening documentation to identify which legal entity will hold your funds — this determines which compensation scheme, if any, applies. For most retail traders, both brokers provide adequate protection; the question is whether you need specific regulator coverage (FCA for UK, ASIC for Australia, etc.) based on where you live.
Trading Platforms
CMC Markets supports MetaTrader 4, Next Generation Platform, WebTrader. Pepperstone supports MT4, MT5, cTrader, TradingView. Both support MetaTrader, but only Pepperstone integrates TradingView for direct-from-chart execution. For traders who already use TradingView as their primary analysis environment, this integration saves the multi-window workflow of analysing on TradingView and executing on MT. If you don't use TradingView, this difference doesn't matter.
Minimum Deposit
Both brokers require no minimum deposit, removing any barrier to entry and allowing traders to test live execution with minimal capital commitment.
Our Verdict
The Bottom Line
CMC Markets edges ahead on both proprietary and MetaTrader options. Pepperstone leads on TradingView integration. For active forex traders who prioritise cost and speed, the choice tilts on which of those advantages matters most to your strategy. For traders still deciding, the PipsPal AI matching tool weighs all these factors against your specific profile and returns a personalised recommendation.
Read Full Reviews
CMC Markets
Full in-depth review with detailed analysis of features, fees, and trading conditions.
Read CMC Markets Review →Pepperstone
Complete review covering regulation, platforms, costs, and our expert verdict.
Read Pepperstone Review →Not Sure Which Broker Is Right for You?
Our AI analyses your trading profile to find the best match from every broker in our database — it might be one of these, or something different entirely.