Written by ForexBrokers.com
In this head to head comparison of CMC Markets vs Pepperstone, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing online brokers CMC Markets and Pepperstone, several key differences stand out. Established in 1989, CMC Markets is a seasoned player with a high level of trust, evident in its impressive ForexBrokers.com Trust Score of 99 out of 99. The company is publicly traded, which can often suggest higher levels of transparency and accountability. Holding five Tier-1 licenses, CMC Markets is considered highly trusted in the industry and complements this with one Tier-2 license.
Pepperstone, founded in 2010, has swiftly gained trust in the financial market with a respectable ForexBrokers.com Trust Score of 95. Unlike CMC Markets, Pepperstone is not publicly traded. However, it holds three Tier-1 licenses, marking it as a trusted option for users. Additionally, Pepperstone carries two Tier-2 licenses, further enhancing its reputation. Both CMC Markets and Pepperstone are not banks, focusing solely on providing their clients with reliable online trading platforms.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Year Founded | 1989 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 5 | 3 |
| Tier-2 Licenses | 1 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
When it comes to comparing commissions and fees, CMC Markets takes the lead with a #1 ranking in the Commissions and Fees category by ForexBrokers.com, earning a full 5-star rating. The broker shines due to its consistently low spread offerings which cater to all customer types. For instance, in August 2023, CMC Markets reported an average spread of 0.61 pips on the EUR/USD, which stands out in the industry. For active traders, the new Price Plus Scheme allows for discounts on trading costs based on Trading Points, potentially reducing spreads significantly. In addition, their FX Active commission-based structure offers one of the lowest all-in trading costs, especially for the EUR/USD with a 0.5 pip all-in cost.
In contrast, Pepperstone is ranked #10 in the same category with a commendable 4.5-star rating. Pepperstone offers its best pricing through the Razor account, which adopts a commission-based model that yielded an average all-in cost of 0.80 pips for the EUR/USD in July 2024. This compares to their Standard account, which offers commission-free trading but with higher spreads, averaging 1.1 pips for the same currency pair. The Razor account is available on multiple platforms, including TradingView and MetaTrader, appealing to high-volume traders who can also benefit from the Active Trader program's rebates based on trading volumes.
Both brokers cater to professional traders through tiered programs. Pepperstone's Active Trader program offers progressively increasing rebates, particularly for those trading significant monthly volumes. In the UK and EU, trading a minimum of £20 million monthly can result in a 15% rebate per lot, with further reductions for higher volumes. Similarly, in Australia, trading over 100 lots across three months secures a minimum slot in their program for a 10% spread discount, with greater reductions for higher trades. Meanwhile, CMC Markets continues to appeal to traders globally with its transparent and competitive pricing structures.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 0.61 | 1.00 |
| All-in Cost EUR/USD - Active | 0.51 | 0.70 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing CMC Markets and Pepperstone for their range of investments, CMC Markets stands out with an impressive selection. They offer 11,925 tradeable symbols, including 156 forex pairs, significantly more than Pepperstone's 1,726 symbols and 65 forex pairs. This extensive variety extends to exchange-traded securities, as CMC Markets allows clients to buy shares on U.S. and international exchanges like Apple and Vodafone, while Pepperstone does not offer this feature. Both brokers provide forex trading through CFDs or spot contracts and facilitate copy trading, as well as cryptocurrency derivatives, but neither supports the purchase of physical cryptocurrency.
CMC Markets receives higher recognition for its investment range, earning a 5-star rating and ranking 9th out of 62 brokers by ForexBrokers.com, whereas Pepperstone garners a 4-star rating and ranks 26th. This distinction highlights CMC Markets' broader spectrum of investment opportunities, making it a more appealing choice for those seeking wide-ranging options in their trading platform.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 11925 | 1726 |
| Forex Pairs (Total) | 156 | 65 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools offered by CMC Markets and Pepperstone, both brokers provide a wide array of resources that cater to different trading needs. Both CMC Markets and Pepperstone support simulated or paper trading with free virtual demo accounts, giving new traders the chance to practice without financial risk. Each broker also offers proprietary platforms developed in-house alongside well-known platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). This array of options allows traders to choose platforms that fit their preferences. Additionally, both CMC Markets and Pepperstone offer Windows-based desktop downloads and web-based platforms for greater flexibility. Copy trading is available on both platforms, but while Pepperstone supports DupliTrade, CMC Markets does not. Neither offers ZuluTrade integration. CMC Markets stands out with 40 drawing tools for charting, in contrast to Pepperstone's 30, and provides an advanced feature allowing trades directly from the stock chart.
When it comes to watch list customization, CMC Markets offers more with 11 columns for fields compared to Pepperstone’s 7. These features contribute to CMC Markets’ higher rating of 5 stars for trading platforms and tools, while Pepperstone receives 4 stars. This distinction is reflected in their ForexBrokers.com rankings, where CMC Markets claims the 4th spot out of 62 brokers, whereas Pepperstone is ranked 22nd. Overall, for traders seeking a highly rated platform with extensive tools and charting capabilities, CMC Markets might have the edge. However, both brokers provide solid options dependent on individual trading strategies and needs.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 79 | 15 |
| Charting - Drawing Tools (Total) | 40 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
CMC Markets and Pepperstone both offer feature-rich mobile trading apps for iPhone and Android users. If you're in the market for a mobile platform, both apps provide essential tools, including stock and forex price alerts, and the ability to sync watchlists with an online account. Additionally, they allow for drawing trendlines on charts, viewing various time frames, and creating watchlists with real-time quotes. This ensures traders can easily adapt to market dynamics on the go.
However, when it comes to technical studies, CMC Markets offers 29, closely matched by Pepperstone with 30. Both apps allow automatic saving of chart drawings, making technical analysis more manageable. Yet, CMC Markets takes the edge with a 5-star rating compared to Pepperstone's 4 stars according to ForexBrokers.com, reflecting a more favored user experience. Furthermore, CMC Markets stands out with its higher ranking, securing the 5th spot out of 62 brokers, while Pepperstone ranks at 21st. This suggests a more refined trading experience with CMC Markets' mobile app.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 29 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When considering market research features, both CMC Markets and Pepperstone provide a range of resources that cater to traders keen on staying informed. Each broker offers daily market commentary and forex news from renowned sources like Bloomberg and Reuters to keep their clients updated on market trends and developments. Both platforms also incorporate tools from Autochartist to aid in technical and fundamental analysis, alongside sentiment-based tools that show the ratio of long or short positions across different trading pairs. However, neither supports research tools from Trading Central or market insights from TipRanks and Acuity Trading's Signal Centre.
For those who prefer to align their trading strategies with the release of global economic indicators, both brokers provide an economic calendar feature to track significant events. Despite similar offerings in research tools, CMC Markets is rated slightly higher with 5 stars compared to Pepperstone’s 4.5 stars by ForexBrokers.com, earning the sixth spot among 62 brokers in the Research category, whereas Pepperstone is ranked twelfth. This subtle difference reflects the varied emphasis each broker places on delivering advanced market insights tailored to their users' needs.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing CMC Markets and Pepperstone for educational resources available to beginners, both online brokers offer a variety of materials for those looking to learn about forex and CFDs. Each provides a substantial library of more than 10 educational pieces, such as articles, videos, and archived webinars, focusing on forex and CFDs. Both CMC Markets and Pepperstone also offer beginner and advanced educational videos that cover a range of trading topics. Additionally, each platform provides a searchable archive of recorded webinars and an investor dictionary with over 50 investing terms, making them valuable resources for traders at various levels.
While both brokers are comprehensive in their educational offerings, there are some differences. Pepperstone excels with monthly online educational webinars tailored for clients, which CMC Markets does not offer. However, CMC Markets is highly rated with 5 stars for education and holds the #10 rank out of 62 brokers by ForexBrokers.com, which slightly surpasses Pepperstone's 4.5-star rating and #18 rank in the same category. Overall, CMC Markets leads slightly in educational rankings, but both brokers provide rich learning opportunities for novice traders.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that CMC Markets is better than Pepperstone. CMC Markets finished with an overall rank of #4, while Pepperstone finished with an overall rank of #16.
CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 95 |
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Both CMC Markets and Pepperstone do not offer the option to buy actual, delivered cryptocurrency, but they both provide the ability to trade cryptocurrency derivatives.
Both CMC Markets and Pepperstone provide numerous options for depositing or withdrawing funds, including ACH or SEPA transfers, PayPal, Visa, Mastercard, and bank wires, but only Pepperstone offers Skrill as an additional payment method.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | CMC Markets | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
| Broker Screenshots | CMC Markets | Pepperstone | |
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| Regulation | CMC Markets | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1989 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 5 | 3 | |
| Tier-2 Licenses | 1 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | CMC Markets | Pepperstone | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | CMC Markets | Pepperstone | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | CMC Markets | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 11925 | 1726 | |
| Forex Pairs (Total) | 156 | 65 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | CMC Markets | Pepperstone | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.61 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.51 | 0.70 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | CMC Markets | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | CMC Markets | Pepperstone | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | CMC Markets | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 79 | 15 | |
| Charting - Drawing Tools (Total) | 40 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | CMC Markets | Pepperstone | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 29 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | CMC Markets | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | CMC Markets | Pepperstone | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | CMC Markets | Pepperstone | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | CMC Markets Review | Pepperstone Review |
| Overall | CMC Markets | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
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