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Head to head

CMC Markets vs Pepperstone

CMC Markets is licensed by FCA in the United Kingdom, BaFin in the European Union, ASIC in Australia, MAS in Singapore, CIRO in Canada, FMA (New Zealand) in New Zealand and DFSA in the United Arab Emirates (DIFC). Pepperstone is licensed by ASIC in Australia; FCA in the United Kingdom; CySEC in the European Union; BaFin in Germany; DFSA in Dubai (DIFC), UAE and SCB in The Bahamas. The licence that applies to you depends on where you live, so check which company you would contract with before comparing anything else.

Minimum deposits start at $0 at CMC Markets and $0 at Pepperstone. Both offer negative balance protection and segregated client money.

Facts last checked: CMC Markets on 20 October 2026, Pepperstone on 20 October 2026.

CMC Markets profilePepperstone profile
Broker 1
Broker 2
Broker 3

Monthly cost uses the account chosen in each slot: cost per lot × your lots. Swap and other fees are extra. The lowest monthly cost is highlighted only as a fact about cost, not as a recommendation.

Broker
CMC MarketsStrictly regulatedRead the profile
PepperstoneStrictly regulatedRead the profile
Comparing
CMC MarketsUnited Kingdom
PepperstoneAustralia

Overview

Founded
Not yet checked
Not yet checked
Headquarters
London, United Kingdom
Melbourne, Australia
Official websites
  • cmcmarkets.com
  • cmcinvest.com
  • pepperstone.com
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
CMC Markets UK plc
Pepperstone Group Limited
Regulator
FCA
United Kingdom
ASIC
Australia
Regulation level
Strictly regulated
Strictly regulated
Licence number
173730
Check the register
AFSL 414530
Check the register
Clients this company serves
UK residents (spread betting, CFDs and FX Active)
Australian residents
All licences held
  • FCA (United Kingdom)
  • BaFin (European Union)
  • ASIC (Australia)
  • MAS (Singapore)
  • CIRO (Canada)
  • FMA (New Zealand) (New Zealand)
  • DFSA (United Arab Emirates (DIFC))
  • ASIC (Australia)
  • FCA (United Kingdom)
  • CySEC (European Union)
  • BaFin (Germany)
  • DFSA (Dubai (DIFC), UAE)
  • SCB (The Bahamas)
Segregated client money
Yes
Yes
Negative balance protection
Yes
Yes
Compensation scheme
FSCS (UK, CMC Markets UK plc clients); other countries have their own schemes or none
FSCS up to £85,000 (UK); ICF up to €20,000 (Pepperstone EU); none for the Bahamas company

Costs

Your monthly cost
No accounts listed
No accounts listed
Cost per lot (EUR/USD)
No accounts listed
No accounts listed
Spread from
No accounts listed
No accounts listed
Typical EUR/USD spread
No accounts listed
No accounts listed
Commission per lot (round turn)
No accounts listed
No accounts listed
Typical GBP/USD spread
Not yet checked
Not yet checked
Typical USD/JPY spread
Not yet checked
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Not yet checked
Not yet checked

Leverage and margin

Maximum retail leverage
1:30 on major currency pairs (UK and EU retail clients)
1:30 on major pairs (UK, EU, Australia)
Retail leverage by asset class
  • Major currency pairs: 1:30
  • Other currency pairs: 1:20
  • Other commodities and non-major indices: 1:10
  • Share CFDs and spread bets: 1:5
  • Major currency pairs: 1:30
  • Other currency pairs: 1:20
  • Other commodities and non-major indices: 1:10
  • Share CFDs: 1:5
Margin call level
Not yet checked
Not yet checked
Stop-out level
50% of margin (UK and EU retail close-out rule)
50% (MT4 and MT5)

Account

Minimum deposit (this account)
No accounts listed
No accounts listed
Base currencies
No accounts listed
No accounts listed
Execution
No accounts listed
No accounts listed

Platforms and features

Platforms
  • CMC web platform
  • CMC mobile app
  • MetaTrader 4
  • MetaTrader 5
  • TradingView
  • MetaTrader 4
  • MetaTrader 5
  • cTrader
  • TradingView
  • Pepperstone platform
  • Mobile app
Markets
300+ currency pairs on its own platform (175+ on MetaTrader 4), indices, commodities, shares, ETFs, bonds and share baskets as spread bets and CFDs
90+ forex pairs, indices, commodities, share CFDs, ETFs, currency indices and crypto CFDs (not for UK retail)
Demo account
Not yet checked
Yes
Copy trading
Not yet checked
Yes
Expert advisors (automated trading)
Yes
Yes
News trading allowed
Not yet checked
Not yet checked
Guaranteed stops
Not yet checked
Not yet checked

Deposits and withdrawals

Deposit methods
Not yet checked
  • Debit card
  • Credit card
  • Apple Pay
  • Google Pay
  • Bank transfer
Withdrawal fee
No charge from CMC for deposits or withdrawals (UK site)
Free by card, Apple Pay, Google Pay and bank transfer (UK)
Inactivity fee
£10 a month (or currency equivalent) after a year with no trading, only taken while the account holds money
Not yet checked

Support

Customer support
24-hour phone line Monday to Friday (UK)
24 hours Monday to Friday and 18 hours at weekends

Our notes

Strengths
  • Every company we checked holds a licence from a strict or standard regulator, from the FCA to the DFSA
  • UK client money is held in segregated accounts under the FCA's client money rules, with FSCS cover for eligible claims
  • No minimum deposit on the UK site and no charge from CMC for deposits or withdrawals
  • Licensed by four strict regulators (ASIC, FCA, CySEC, BaFin), with retail money held in segregated accounts
  • Negative balance protection for retail clients
  • Razor account commission is published per currency (for example £2.25 per lot per side on GBP accounts)
  • No minimum deposit for bank transfers in the UK, and free withdrawals
Watch out for
  • Inactivity fee of £10 a month after a year without trading
  • The UK site quotes minimum spreads (from 0.5 pips, or 0.0 pips plus commission on FX Active), not typical spreads, so check live prices before you compare
  • The FCA has warned about clone firms using CMC Markets' details, including ibplatform.info, ib-platform.info, ibplatform.co and marketstradeltd.com
  • Says Pepperstone Markets Kenya Limited holds CMA licence 128; we could not confirm it on the Capital Markets Authority register on 2026-10-20 because the CMA website was unavailable.
  • Says Pepperstone Financial Services LLC holds UAE CMA licence 20200000358 for introduction and financial consultation; we could not confirm it on the regulator's register on 2026-10-20.
  • Clients outside the UK, EU and Australia may be placed with the Bahamas company, which has no compensation scheme
  • Pepperstone publishes minimum spreads, not typical spreads; Pro clients lose negative balance protection

Risk warnings

The buttons to a broker’s website above the table are partner links: we may earn a commission if you open an account through them. That never changes the facts shown here. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Each broker’s own warning:

  • CMC Markets: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets, CFDs, OTC options or any of our other products work and whether you can afford to take the high risk of losing your money.
  • Pepperstone: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

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Other head-to-head pages

Cost per lot is the typical EUR/USD spread in busy hours × $10, plus any round-turn commission, for one standard lot. “Not yet checked” means we have not confirmed that fact yet. This page compares facts; it does not rank the brokers or recommend either. Confirm costs and licences on each broker’s site and the regulator’s public register before opening an account: see how we review brokers and check a broker yourself.

Nothing on this page is financial advice. Read the full disclaimer.

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