The short answer: Pepperstone, for most of our readers. The two Australian-born brokers are close on platforms and both offer raw-spread pricing, but Pepperstone holds real UAE licences, publishes a fill-rate figure and has no regulator fines on record, while IC Markets serves international clients from Seychelles and has been fined in Cyprus. Pepperstone scores 7.4 out of 10 in our model; IC Markets scores 6.7.
Pepperstone or IC Markets: quick verdict
- Choose Pepperstone if you’re in the UAE, want AED funding, or care about a clean regulatory record.
- Choose IC Markets if you run automated strategies, want a very large instrument range and accept a Seychelles licence and a heavier regulator record.
- Choose neither if you live in India (both are on the RBI Alert List) or Singapore (neither is MAS-licensed).
Regulation: who holds your money
Pepperstone holds licences from the DFSA in Dubai (F004356) and the UAE’s onshore Capital Market Authority, alongside ASIC and the FCA. Even in the UAE, though, the product issuer for retail clients is Pepperstone Markets Limited in the Bahamas (SCB, SIA-F217), a tier-3 regulator. Clients elsewhere in the Gulf and Asia will most likely sign with the same Bahamas company. Client money is segregated and retail clients get negative balance protection.
IC Markets serves international clients through Raw Trading Ltd, licensed by the Seychelles FSA (SD018), also tier 3. Raw Trading states it isn’t licensed in your country of residence and that clients register “without solicitation”. Its Australian and Cypriot companies don’t serve our readers.
Regulator record
We found no fines or enforcement actions against Pepperstone. IC Markets’ EU company was fined EUR 200,000 by CySEC in July 2024 for breaching the EU’s 30:1 leverage limit, plus smaller fines for execution and cost-disclosure failures, which it disputes. Italy’s Consob blocked icmarkets.com in 2020, and the FCA has warned about the group’s offshore business reaching UK clients. Both brokers are on India’s RBI Alert List.
Costs
Both run a commission-free standard account and a raw-spread account. Pepperstone’s Razor account offers spreads from 0.0 with a commission from USD 3.50 per lot per side (USD 7 round turn), and Pepperstone charges no inactivity, deposit or market-data fees. IC Markets’ Raw Spread and cTrader Raw accounts also start at 0.0 pips; we couldn’t verify its current commission from a primary source, so check its pricing page before comparing.
IC Markets advertises leverage up to 1:5000 and warns it can change at any time. That’s a risk, not a feature, for most traders.
Deposits and withdrawals
Pepperstone’s UAE clients can fund by card, Apple Pay, Google Pay or local bank transfer, with AED among the account currencies and a USD 10 minimum by card. It commits to no fixed withdrawal time: internal processing can take up to seven business days. IC Markets takes cards, Apple Pay, Google Pay, Skrill and Neteller, advertises instant deposits and fast withdrawals, and doesn’t publish a firm withdrawal time either.
Platforms
This is close to a tie. Pepperstone offers cTrader, MT4, MT5, TradingView and its own platform, and reported a 99.32% fill rate for Q1 2026. IC Markets offers MT4, MT5, cTrader, TradingView and WebTrader, says it executes in under 40 milliseconds from Equinix NY4, and has over 2,850 instruments. Around 60% of its trades come from automated systems, which tells you who it’s built for.
Pepperstone vs IC Markets by country
- UAE: Pepperstone has the edge with DFSA and CMA licences and AED funding. See best brokers in the UAE.
- Kuwait: both accept residents through their offshore companies. See best brokers in Kuwait.
- Singapore: neither holds a MAS licence.
- India: both are on the RBI Alert List.
- Pakistan, Malaysia and Saudi Arabia: offshore brokers are barred or restricted there.
Common questions
Is Pepperstone better than IC Markets?
For most traders in our region, yes. Platforms are close and both offer raw pricing, but Pepperstone holds UAE licences and has a clean regulator record, while IC Markets serves international clients from Seychelles and has been fined by CySEC.
Which is cheaper, Pepperstone or IC Markets?
Both raw-spread accounts start at 0.0 pips plus a commission. Pepperstone’s Razor commission is from USD 3.50 per lot per side. Check IC Markets’ current commission and compare live spreads on the pairs you trade most.
Which is better for scalping and EAs?
Both support cTrader and MetaTrader with raw pricing. IC Markets is built around automated trading, while Pepperstone publishes its fill rate and has the stronger regulatory record.
Are Pepperstone and IC Markets regulated in the UAE?
Pepperstone is, through the DFSA and the onshore CMA, though its retail product issuer is its Bahamas company. IC Markets holds no UAE licence.
Full details and sources: Pepperstone review and IC Markets review.