CMC Markets vs Pepperstone UK 2026: Which Broker Is Better?
Reviewed by Phillip Ashdown, Senior Forex Analyst · Last updated · How we review
This comparison is for informational purposes only and does not constitute investment advice. Affiliate links may be present.
Quick Verdict
CMC Markets provides one of the widest forex ranges available, a feature-rich proprietary platform and the transparency of a publicly listed company. Pepperstone focuses on low trading costs through its Razor account, fast execution and access to popular third-party platforms like cTrader and TradingView. The best choice depends on whether you prioritise market range and built-in analysis tools or raw pricing and platform flexibility.
Best for cost-sensitive traders: Pepperstone — Razor offers raw EUR/USD spreads from 0.0 pips plus £2.25 commission per lot per side on MT4/MT5, which can undercut CMC's 0.5 pip minimum spread on major pairs for active traders. Compare average spreads and your own trade sizes before choosing.
Best for beginners: CMC Markets — 35 years of UK trading history, a London Stock Exchange listing, and an education hub covering CFD basics and platform walkthroughs offer beginners more structure than Pepperstone's execution-focused approach.
Best overall: CMC Markets — A wide market range, around 300 FX pairs, CMC's own web platform and a London Stock Exchange listing make CMC the stronger all-round choice for many traders, though Pepperstone is a close alternative for cost-focused traders.
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CMC Markets and Pepperstone are two FCA regulated brokers widely used by UK forex traders. CMC Markets is a publicly listed company known for its proprietary Next Generation platform and access to around 300 forex pairs. Pepperstone is a privately held broker recognised for raw spread pricing, fast execution and support for third-party platforms including cTrader. This comparison examines the key differences between the two across pricing structure, platform experience, regulation and trader suitability. The goal is to help you determine which broker fits your trading priorities. Neither is universally better. The right choice depends on your preferred trading style and what features matter most to you.
New to comparing? Start here: how to compare forex brokers.
CMC Markets vs Pepperstone: At a Glance
| Feature | CMC Markets | Pepperstone |
|---|---|---|
| FCA Regulation | Yes (FRN 173730) | Yes (FRN 684312) |
| Minimum Deposit | £0 | £10 |
| Spread Betting Available | Yes | Yes |
| Pricing Model | Spread-only | Spread-only or raw spread + commission (Razor) |
| Platforms Offered | Next Generation web and app, MT4 | MT4, MT5, cTrader, TradingView, Proprietary Platform |
| Inactivity Fees | £10/month after 12 months | None |
| Public Listing | Yes (LSE) | No (privately held) |
| Best For | Traders wanting wide forex range and proprietary tools | Active traders wanting low costs and fast execution |
Spreads and Fees
Typical spreads by pair
CMC Markets uses a spread-only pricing model. There is no separate commission on trades. Spreads on major pairs like EUR/USD start from 0.5 pips. This all-in approach keeps costs simple and predictable for traders who want transparency without calculating per-lot commissions.
Commission and account fees
Pepperstone offers two account types. The Standard account uses spread-only pricing similar to CMC. The Razor account provides raw spreads from 0.0 pips with a commission of £2.25 per side per standard lot (£4.50 round trip). For active traders, the Razor account can deliver a lower total cost per trade on major currency pairs, depending on volume and the exchange rate.
Overnight financing and inactivity costs
CMC charges a £10 monthly inactivity fee after 12 months of no trading activity. Pepperstone does not charge any inactivity fee, making it more suitable for traders who may take breaks between periods of active trading.
For a detailed breakdown of how spreads affect trading costs, see our guide to forex spreads explained. To turn a spread into pounds on your trade size, use our pip value calculator, and to estimate what a trade would make or lose at either broker, try the forex profit calculator.
| Fee | CMC Markets | Pepperstone |
|---|---|---|
| EUR/USD min spread | 0.5 pips | 0.0 pips (Razor) / 1.0 pips (Standard) |
| GBP/USD min spread | 0.9 pips | 0.0 pips (Razor) |
| USD/JPY min spread | 0.7 pips | 0.0 pips (Razor) |
| FX commission | None (standard) / $2.50 per $100k (FX Active) | £2.25 per lot/side (Razor MT4/MT5) |
| UK share commission | From £9 min | 0.10% (min £0.01) |
| Forex pairs available | 300+ | 90+ |
| Minimum deposit | £0 | £10 |
| Inactivity fee | £10/month after 1 year | None |
Platforms
CMC Markets' platform lineup
CMC Markets centres its offering around the Next Generation platform, a proprietary web-based tool with advanced charting, 115+ drawing tools, indicators and chart patterns, pattern recognition and client sentiment data. MT4 is also available for traders who prefer it. The Next Generation platform is well suited to traders who want a single, feature-rich environment without needing to install third-party software.
Pepperstone's platform lineup
Pepperstone supports MT4, MT5, cTrader and TradingView. cTrader is popular among algorithmic traders for its depth-of-market visibility and automated trading capabilities. TradingView integration allows traders to execute directly from one of the most widely used charting platforms.
CMC suits traders who prefer a polished proprietary experience with built-in analysis tools. Pepperstone suits those who want flexibility across multiple industry-standard platforms.
| Feature | CMC Markets | Pepperstone |
|---|---|---|
| Proprietary platform | Yes (Next Generation) | Yes |
| MT4 | Yes | Yes (CFD: Razor only) |
| MT5 | No | Yes |
| cTrader | No | Yes |
| TradingView integration | Yes (CFD accounts) | Yes (CFD: Razor only) |
| ProRealTime | No | No |
| DMA | No | No |
| Execution speed claim | 0.009s median (1 Apr 2024 to 31 Mar 2025) | From 50ms |
| Total instruments | 13,000 to 21,000 (CMC pages differ) | 1,350+ |
FCA Regulation and Safety
Regulatory status and client protections
Both brokers are authorised and regulated by the Financial Conduct Authority. CMC Markets operates under FRN 173730 and is part of CMC Markets plc, which is listed on the London Stock Exchange. Pepperstone Limited operates under FRN 684312 and is privately held, though it is also regulated by ASIC in Australia and other global authorities. Client funds at both brokers are held in segregated accounts with major banks, and retail clients benefit from negative balance protection. Eligible deposits are covered by the Financial Services Compensation Scheme up to £85,000 per person, per firm.
Company structure and history
CMC Markets was founded in 1989 and has over 35 years of operating history, with its parent company, CMC Markets plc, listed on the London Stock Exchange. The UK entity, CMC Markets UK plc, holds FCA firm reference number 173730. Pepperstone launched in 2010 and operates its UK business through Pepperstone Limited (company number 08965105), alongside licences held in Australia and other jurisdictions. CMC's public listing brings additional financial disclosure requirements, while Pepperstone's multi-jurisdiction licensing reflects its focus on international retail trading.
Verify each broker's authorisation on the FCA Register: CMC Markets on the FCA Register and Pepperstone on the FCA Register.
For more on what FCA regulation means for traders, see our guide to FCA regulation explained.
Both brokers provide FSCS protection for eligible UK retail clients up to £85,000 per person, per firm.
Who Should Choose CMC Markets?
- Traders who want access to around 300 forex pairs from a single broker
- Those who prefer a proprietary platform with built-in charting and sentiment tools
- Traders who value a publicly listed broker with transparent financial reporting
- Users who want no minimum deposit and simple spread-only pricing
- Those who rely on pattern recognition and technical analysis tools within the platform
Ready to open an account? Visit CMC Markets.
69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Who Should Choose Pepperstone?
- Active traders and scalpers who want raw spread pricing with low commissions
- Traders who prefer MT5, cTrader or TradingView
- Those who want no inactivity fees and a low £10 minimum deposit
- Algorithmic traders who value cTrader's depth-of-market tools and execution speed
- Traders looking for a globally regulated broker with strong execution infrastructure
Ready to open an account? Visit Pepperstone.
73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Final Verdict
CMC Markets and Pepperstone both offer strong propositions for UK forex traders, but they cater to different priorities. CMC provides one of the widest forex ranges available, a feature-rich proprietary platform and the transparency of a publicly listed company. Pepperstone focuses on low trading costs through its Razor account, fast execution and access to popular third-party platforms like cTrader and TradingView. There is no universal winner. The best choice depends on whether you prioritise market range and built-in analysis tools or raw pricing and platform flexibility.
Read our full individual reviews for more detail: View CMC Markets Review and View Pepperstone Review. You can also compare both brokers against the wider market on our best forex brokers UK page.
Frequently Asked Questions
Is CMC Markets or Pepperstone cheaper for active traders?
Pepperstone's Razor account can win on total cost for active traders. Its published August 2026 average EUR/USD spread on Razor is 0.1 pips plus £2.25 per standard lot per side commission (£4.50 round trip), roughly 0.7 pips all-in depending on the pound-dollar rate. CMC quotes major FX pairs from 0.5 pips with no commission on its standard account, which is a minimum rather than an average. CMC's FX Active account quotes 0.0 pips on six majors with a commission, which narrows the gap. Which is cheaper depends on your volume and the average spreads you receive, so compare current spread data for your trading hours. For casual traders the gap is less meaningful.
Which has better trading platforms, CMC Markets or Pepperstone?
This is preference-driven. CMC Markets built its reputation on the Next Generation platform, with 115+ drawing tools, indicators and chart patterns, pattern recognition, and TradingView charts integrated directly. Alongside it, CMC offers MT4. Pepperstone spreads its offering across five platforms: its own, MT4, MT5, cTrader with market depth, and TradingView. If you want one polished all-in-one platform, CMC. If you want maximum platform choice and particularly cTrader support, Pepperstone.
Do both CMC Markets and Pepperstone offer spread betting?
Yes, both offer UK spread betting. CMC's spread bet account covers thousands of instruments across forex, indices, shares, commodities and treasuries. Pepperstone's spread betting account covers over 1,000 instruments. Spread betting profits are generally free from Capital Gains Tax and stamp duty for UK residents, though tax treatment depends on your circumstances and may change. Both brokers offer spread betting through their FCA-regulated UK entities.
Which is better for beginners, CMC Markets or Pepperstone?
CMC Markets is the easier starting point. The Next Generation platform is well designed for first-time users, and CMC's education hub covers CFD basics, spread betting fundamentals, and platform walkthroughs in a structured format. Pepperstone is execution-focused and assumes you know what you're doing. For complete beginners, CMC. For traders ready to engage with raw spreads and active decision-making, Pepperstone.
Are both CMC Markets and Pepperstone FCA regulated?
Yes. CMC Markets UK plc is FCA authorised under firm reference number 173730 and is part of CMC Markets plc, which is listed on the London Stock Exchange. Pepperstone Limited holds FRN 684312, with registered office in London. Both segregate client funds, offer negative balance protection on retail accounts, and qualify for FSCS protection up to £85,000 per person. Pepperstone also holds licences in Australia (ASIC) and other jurisdictions, though UK clients trade under the FCA entity which offers FCA consumer protections.
Does CMC Markets or Pepperstone charge an inactivity fee?
CMC charges a dormancy fee of £10 per month if an account has no trading activity for a year, though there's no fee on accounts with zero funds. Pepperstone doesn't charge an inactivity fee, though accounts with very small balances (under 10 currency units) inactive for 3+ months can be archived and reactivated on request. If you trade consistently, neither matters. For sporadic traders or those planning extended breaks, Pepperstone is the more forgiving choice on this one specific dimension.
Risk Warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how these instruments work and whether you can afford the high risk of losing your money.