⚠ CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 62%–79% of retail investor accounts lose money when trading CFDs with Pepperstone and IC Markets. You should consider whether you can afford to take the high risk of losing your money.
Affiliate disclosure: CompareFX earns a referral commission when you open an account via our links. This does not affect our rankings or analysis. Michalvi Empire LTD (HE 493986), Cyprus.
Side-by-side comparison of the two lowest-cost EU-regulated forex brokers: regulation, spreads, commissions, platforms, and leverage. Data from broker websites, July 2026. Not financial advice.
Primary EU regulationRegulator for EU retail clients
CySEC (Cyprus)
CySEC (Cyprus)
Additional regulationsOther tier-1 regulators
FCA (UK) · ASIC · DFSA · SCB
ASIC · SCB (Seychelles)
EUR/USD typical spreadStandard account, London open
~1.00 pip
~0.82 pip
EUR/USD raw/Razor spreadLow-cost account type
From 0.69 pip (Razor)
From 0.62 pip (Raw)
Commission (standard)
€0 commission
€0 commission
Commission (Razor/Raw)Per standard lot (€100,000)
€3.50 / lot
€3.50 / lot
Max leverage (EU retail)ESMA-capped for major pairs
1:30
1:30
Minimum deposit
€0 (no minimum)
€200
Trading platforms
MT4, MT5, cTrader, TradingView
MT4, MT5, cTrader
Negative balance protectionESMA mandatory for EU retail
✓ Yes
✓ Yes
Client fund segregation
✓ Yes — tier-1 banks
✓ Yes
Demo account
✓ Unlimited
✓ Unlimited
Investor compensation (EU)CySEC ICF coverage per client
Up to €20,000 (ICF)
Up to €20,000 (ICF)
Execution type
ECN / STP
ECN / STP
Instruments availableApprox. total for EU clients
1,200+
1,700+
Pros and cons
Pepperstone — pros
FCA regulated in addition to CySEC — strongest dual-tier EU protection
TradingView integration — the only major broker to offer native TradingView trading
No minimum deposit — start with any amount on standard account
Superior customer support — 24/5 multilingual live chat
Cons
Razor account spread slightly wider than IC Markets Raw (0.69 vs 0.62 pips typical)
No proprietary platform — relies entirely on MT4/MT5/cTrader/TradingView
IC Markets — pros
Lowest raw EUR/USD spread on record — from 0.0 pips on Raw account
Fast ECN execution — average fill speed under 40ms
Larger instrument range — 1,700+ CFDs including stocks, crypto, bonds
cTrader available — preferred by algorithmic traders
Cons
€200 minimum deposit — harder entry point for small accounts
No TradingView integration — Pepperstone wins here
Our verdict
Who should choose Pepperstone?
Pepperstone is the better choice for traders who want TradingView as their primary charting and execution platform, who prefer starting with no minimum deposit, or who place high value on dual FCA/CySEC regulation. It is also the stronger choice for retail beginners who want the broadest platform support and reliable 24/5 live support. For most EU retail traders, Pepperstone's combination of regulation, platform choice, and zero minimum deposit makes it the top pick.
Who should choose IC Markets?
IC Markets is the better choice for experienced scalpers and algorithmic traders who need the absolute lowest raw spread and fastest ECN execution. If you are running an EA (expert advisor) on MT4 or MT5, IC Markets' execution infrastructure is among the best available for retail clients. The Raw account's 0.0–0.62 pip EUR/USD spread is genuinely competitive, and the wider instrument range suits traders who also want stock and index CFD exposure. A €200 minimum deposit is required.
Not financial advice. This comparison is for informational purposes only. Spreads, commissions, and terms are from broker websites as of July 2026 and may change. Always read the broker's own risk disclosure and terms before opening an account. Trading CFDs carries a high risk of loss. Most retail investor accounts lose money when trading CFDs. CompareFX is operated by Michalvi Empire LTD (HE 493986), Cyprus.