CMC Markets

⭐ 4.5 / 5

Pepperstone

⭐ 4.7 / 5

CMC Markets vs Pepperstone — which broker is better in 2026?

Q: Is CMC Markets more regulated than Pepperstone?

CMC Markets is regulated by FCA, ASIC, BaFin, MAS, FMA NZ, IIROC, MA Poland. Pepperstone is regulated by FCA, ASIC, CySEC, DFSA, BaFin, SCB, CMA Kenya.

Q: What are the spreads at CMC Markets vs Pepperstone?

CMC Markets spreads start from 0.7 pips (Next Generation). Pepperstone spreads start from 0.0 pips (Razor).

We compared CMC Markets and Pepperstone across five core criteria: regulation, minimum deposit, spreads, platform choice, and overall user rating. Pepperstone wins on more criteria (3 categories vs 0), making it the stronger default for most traders. Both brokers remain reputable, independently tier-1 regulated options.

	CMC Markets	Pepperstone	Winner
Rating	⭐ 4.5 / 5	⭐ 4.7 / 5	Pepperstone
Regulators	FCA, ASIC, BaFin, MAS, FMA NZ, IIROC, MA Poland	FCA, ASIC, CySEC, DFSA, BaFin, SCB, CMA Kenya	Tie
Min. deposit	$0 (no minimum)	$0 (no minimum)	Tie
Spreads from	0.7 pips (Next Generation)	0.0 pips (Razor)	Pepperstone
Max. leverage	Up to 1:30 (EU retail) / 1:500 (Professional)	Up to 1:30 (EU retail) / 1:500 (offshore)	—
Platforms	CMC Next Generation, MT4, CMC Mobile	MT4, MT5, cTrader, TradingView, DupliTrade	Pepperstone
Founded	1989	2010	—
HQ	London, United Kingdom	Melbourne, Australia	—

Pros & cons compared

CMC Markets pros

✓ Founded 1989 — among the oldest CFD brokers (LSE: CMCX)
✓ FCA, ASIC, BaFin, MAS — tier-1 regulators across major financial centres
✓ 12,000+ instruments — one of the broadest catalogues in retail CFDs
✓ Award-winning proprietary 'Next Generation' platform
✓ No minimum deposit

Cons

✗ Proprietary platform has a learning curve vs. MT4
✗ Spread on FX 'Standard' account (0.7 pips) wider than ECN brokers
✗ Limited cryptocurrency CFD coverage

Pepperstone pros

✓ Seven tier-1 regulators including FCA, ASIC, CySEC, BaFin, DFSA
✓ No minimum deposit — start with any amount
✓ Razor account spreads from 0.0 pips with $3.50/lot commission
✓ Native TradingView platform integration for chart-first traders
✓ 1,200+ instruments incl. shares CFDs from 16 global exchanges

Cons

✗ Limited crypto offering vs. Exness or Bybit
✗ EU leverage 1:30 (ESMA)
✗ No proprietary platform — relies on third-party

Which one should you choose?

Choose CMC Markets if you want…

Discretionary traders wanting deep instrument coverage and a sophisticated proprietary platform from a publicly-listed UK broker.

Choose Pepperstone if you want…

Serious retail traders who want tier-1 regulation, tight spreads, and platform choice (MT4/5/cTrader/TradingView).

Frequently asked questions

Which is better — CMC Markets or Pepperstone?

Based on five comparison criteria (regulation, deposit, spreads, platforms, overall rating), Pepperstone wins 3 categories. That makes it the stronger default choice — though both brokers remain reputable, independently tier-1 regulated options.

Is CMC Markets more regulated than Pepperstone?

CMC Markets holds licenses from: FCA, ASIC, BaFin, MAS, FMA NZ, IIROC, MA Poland. Pepperstone holds licenses from: FCA, ASIC, CySEC, DFSA, BaFin, SCB, CMA Kenya. Both brokers have the same number of regulatory licenses; the specific regulators differ.

What are the spreads at CMC Markets vs Pepperstone?

CMC Markets spreads start from 0.7 pips (Next Generation). Pepperstone spreads start from 0.0 pips (Razor). Actual spreads vary by account type and market conditions.

Which has a lower minimum deposit, CMC Markets or Pepperstone?

CMC Markets: $0 (no minimum). Pepperstone: $0 (no minimum). Both require the same minimum.