Pepperstone vs CMC Markets 2026
Both are regulated. The right choice depends on your trading style.
Pepperstone suits traders who value tighter spreads, copy trading, no inactivity fee. CMC Markets suits traders who prioritise real stock ownership, more instruments (12,000 vs 1,200).
Head to head
| Pepperstone | CMC Markets | |
|---|---|---|
| Primary regulator | FCA 684312 | FCA 173730 |
| Regulation tier | tier-1 | tier-1 |
| Min deposit | None | None |
| EUR/USD spread | From 0.0 pips (ECN) | 0.5 pips |
| Instruments | 1,200+ | 12,000+ |
| MetaTrader | Yes (MT4+MT5) | Yes (MT4+MT5) |
| Copy trading | Yes | No |
| Real stocks | No — CFDs only | Yes |
| Inactivity fee | None | $10/mo after 12mo |
| Founded | 2010 | 1989 |
| Headquarters | Melbourne, Australia | London, UK |
Regulation: Pepperstone vs CMC Markets
Pepperstone is regulated by FCA under licence 684312 (Pepperstone Ltd). The FCA is a tier-1 regulator. Client funds are held in segregated accounts and negative balance protection applies.
CMC Markets is regulated by FCA under licence 173730 (CMC Markets UK plc). The FCA is a tier-1 regulator. Client funds are held in segregated accounts and negative balance protection applies.
Both brokers are regulated by tier-1 authorities. Neither has a significant regulatory advantage over the other.
Spreads and fees
Pepperstone's EUR/USD spread is From 0.0 pips (ECN). CMC Markets's EUR/USD spread is 0.5 pips. Pepperstone offers tighter spreads on this pair.
Pepperstone does not charge an inactivity fee. CMC Markets charges an inactivity fee of $10/month after 12 months.
Platforms and tools
Both Pepperstone and CMC Markets support MetaTrader 4 and 5, so algorithmic traders and EA users can use either.
Pepperstone offers copy trading, CMC Markets does not.
Minimum deposit
Pepperstone requires a minimum deposit of None. CMC Markets requires None. Both require the same initial deposit.
Note that minimum deposits can vary by account type and by which regulatory entity serves your country. Some offshore entities allow lower deposits than the tier-1 entity.
Which is better for beginners?
Pepperstone is generally better for beginners because it offers copy trading, allowing new traders to replicate experienced traders automatically while learning. Both platforms are accessible to new traders, though neither is specifically designed as a beginner-only broker.
Which is better for experienced traders?
Both Pepperstone and CMC Markets support MetaTrader, so experienced traders can use either without restriction. Pepperstone's tighter spreads (From 0.0 pips (ECN)) make it better for high-frequency and scalping strategies. CMC Markets offers more instruments (12,000) for portfolio diversification.
Verdict: Pepperstone vs CMC Markets
Choose Pepperstone if you want tighter spreads, copy trading, no inactivity fee. The FCA licence (684312) gives it strong tier-1 regulatory backing.
Choose CMC Markets if you want real stock ownership, more instruments (12,000 vs 1,200). The FCA licence (173730) means strong tier-1 regulatory protection.
Both brokers are legitimate and regulated. The choice comes down to your specific trading requirements.
Frequently asked questions
Pepperstone vs CMC Markets: which is better?
Pepperstone is better for tighter spreads, copy trading, no inactivity fee. CMC Markets is better for real stock ownership, more instruments (12,000 vs 1,200). If regulation quality is your priority, both have comparable regulation.
Is Pepperstone or CMC Markets safer?
Both Pepperstone (FCA 684312) and CMC Markets (FCA 173730) are regulated by tier-1 authorities. Both segregate client funds.
What is the minimum deposit for Pepperstone and CMC Markets?
Pepperstone minimum deposit: None. CMC Markets minimum deposit: None. Minimums vary by entity and account type.
Do Pepperstone and CMC Markets have MetaTrader?
Yes, both support MetaTrader 4 and MT5.