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.
CMC Markets vs Pepperstone: CMC Markets was founded in 1989 and is publicly traded, while Pepperstone, founded in 2010, is privately held. Neither broker is a bank. In terms of regulation, CMC Markets holds six Tier-1 licenses and one Tier-2 license, whereas Pepperstone holds three Tier-1 licenses and two Tier-2 licenses—covering multiple top financial regulators.
Trust and safety: ForexBrokers.com rates CMC Markets at 99/99 and Pepperstone at 94/99. Both scores fall in the 90–99 “highly trusted” range, but CMC Markets edges ahead thanks to its longer track record, stock market listing, and broader set of Tier-1 approvals. This makes both brokers strong choices for regulated online trading, with CMC Markets offering a slight trust advantage.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Year Founded | 1989 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 6 | 3 |
| Tier-2 Licenses | 1 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
CMC Markets and Pepperstone both earn strong marks for commissions and fees, but CMC Markets has the edge overall. CMC Markets is rated 5 out of 5 stars and ranks #4 out of 36 brokers for Commissions and Fees at ForexBrokers.com. Its pricing is helped by consistently low spreads across account types, with typical EUR/USD spreads around 0.61 pips, plus its FX Active plan, which can bring all-in EUR/USD trading costs down to about 0.5 pips. CMC Markets also offers an active trader program that can lower trading costs further for high-volume clients.
Pepperstone is also rated 5 out of 5 stars, but it ranks #6 out of 36 for Commissions and Fees. Its best pricing is found on the Razor account, which uses commission-based pricing and can deliver an all-in EUR/USD cost of about 0.80 pips, based on July 2024 data. Pepperstone’s Standard account is simpler and commission-free, but its average EUR/USD spread of 1.1 pips makes it the pricier choice. For active traders, Pepperstone’s rebate program can help reduce costs, especially for professionals trading larger monthly volumes.
In short, both brokers are low-cost choices, but CMC Markets is the better pick for overall commissions and fees, mainly because of its tighter average spreads and lower all-in pricing on key forex pairs. Pepperstone remains a strong option, especially for traders who prefer the Razor account or may benefit from its active trader rebates.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.3 | 1.1 |
| All-in Cost EUR/USD - Active | 0.65 | 0.8 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, CMC Markets offers more choice than Pepperstone. Both brokers support forex trading as CFDs or spot contracts, and both also offer copy trading and cryptocurrency CFDs. However, CMC Markets gives access to a much wider selection overall, with 12,029 tradeable symbols and 141 forex pairs, compared with Pepperstone’s 1,726 symbols and 65 forex pairs. In simple terms, CMC Markets is likely to suit traders who want more markets to choose from.
CMC Markets also stands out because it lets clients buy exchange traded securities on both U.S. and international stock exchanges, such as Apple and Vodafone shares, while Pepperstone does not offer this. Neither broker lets you buy actual cryptocurrency, but both do offer crypto CFDs. Reflecting this wider product range, CMC Markets is rated 5 out of 5 for Range of Investments and ranks #9 out of 36 brokers on ForexBrokers.com, while Pepperstone is rated 4 out of 5 and ranks #23.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12029 | 1726 |
| Forex Pairs (Total) | 141 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
CMC Markets and Pepperstone both give traders a wide choice of platforms and tools, including a free demo account, a proprietary platform, web and Windows desktop trading, copy trading, and access to MetaTrader 4 and MetaTrader 5. Each broker also lets you place trades directly from a chart, which is helpful if you like to act quickly while reviewing price moves. In short, both brokers cover the main platform needs for newer traders and more experienced users alike.
Where they differ is in overall platform quality and recognition. CMC Markets earns a 5-star rating for Trading Platforms and Tools and ranks #6 out of 36 brokers on ForexBrokers.com, while Pepperstone holds a 4-star rating and ranks #21. If you are comparing online brokers mainly on trading platforms and tools, CMC Markets has the edge, but Pepperstone still offers a strong and flexible setup.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 73 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
CMC Markets and Pepperstone both make it easy to trade on the go with iPhone and Android apps, plus stock and forex price alerts. Each app also supports watchlist syncing, so changes you make on your phone are reflected in your online account and vice versa. For charting, both mobile apps let you draw trendlines and automatically save those drawings, making it easier to pick up where you left off.
The main difference comes down to chart tools and overall app ratings. CMC Markets offers 29 technical studies in its mobile app, while Pepperstone provides 30. Even so, CMC Markets has the edge in third-party recognition, earning 5 out of 5 stars for Mobile Trading Apps and ranking #5 out of 36 brokers at ForexBrokers.com, compared with Pepperstone’s 4 stars and #19 ranking.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 29 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, CMC Markets and Pepperstone both give traders a strong set of tools. Each broker offers daily market commentary, forex news from major sources like Bloomberg, Reuters, and Dow Jones, Autochartist tools, sentiment data that shows long and short positioning, and an economic calendar with global news events. Neither broker includes Trading Central, TipRanks, or Acuity Trading research, so their research offering is closely matched on the basics most traders look for.
The main difference is in the ratings and rankings. CMC Markets earns a perfect 5-star Research score and ranks #6 out of 36 brokers for Research at ForexBrokers.com, while Pepperstone scores 4.5 stars and ranks #13. That gives CMC Markets the edge for market research overall, even though Pepperstone still provides a very competitive research package for everyday traders.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
CMC Markets and Pepperstone both give beginners a solid range of forex and CFD learning materials, with more than 10 educational pieces on these topics, plus at least 10 beginner videos and 10 advanced videos each. That means both brokers offer useful content for traders who are just starting out as well as those who want to keep learning at a higher level. CMC Markets stands out a bit more in overall education, with a 5-star Education rating and a #10 rank out of 36 brokers from ForexBrokers.com.
Pepperstone also offers a good learning setup, and it has one clear edge for beginners: it provides online educational client webinars at least once a month, while CMC Markets does not. Even so, Pepperstone is rated 4.5 stars for Education and ranks #15 out of 36, which places it slightly behind CMC Markets overall. For beginners, Pepperstone may appeal if live webinars are important, while CMC Markets may suit those looking for a slightly stronger all-around education library.
| Feature |
CMC Markets
|
Pepperstone
|
|---|---|---|
| Webinars | No | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 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 #5, while Pepperstone finished with an overall rank of #17.
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
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Pepperstone
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|---|---|---|
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| Trust Score | 99 | 94 |
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In the CMC Markets vs Pepperstone comparison, neither broker supports buying actual (delivered) cryptocurrency, but both offer cryptocurrency CFD trading for speculative exposure.
CMC Markets vs. Pepperstone: both brokers support ACH/SEPA, PayPal, and bank wire deposits and withdrawals, neither supports Skrill, and Visa/Mastercard availability is not specified.
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 | 94 | |
| 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 | 94 | |
| 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 | 6 | 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 (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| 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) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | CMC Markets | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12029 | 1726 | |
| Forex Pairs (Total) | 141 | 65 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 account | 1.3 | 1.1 | |
| All-in Cost EUR/USD - Active | 0.65 | 0.8 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | CMC Markets | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | CMC Markets | Pepperstone | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes |
| Trading Tools | CMC Markets | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 73 | 15 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 29 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | CMC Markets | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | CMC Markets | Pepperstone | |
|---|---|---|---|
| Webinars | No | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | CMC Markets | Pepperstone | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | CMC Markets Review | Pepperstone Review |
| Overall | CMC Markets | Pepperstone | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Pepperstone Review |
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