BrokerTH
Pepperstone and IC Markets sit in the same competitive tier for Thai traders — both ASIC-regulated, both offering raw-spread accounts with commission-based pricing, both with mature Thai-language support. The choice between them comes down to small operational differences that matter more for active traders than occasional ones.
Spreads and commissions
IC Markets’ Raw Spread account quotes EUR/USD as low as 0.0 pips with $3.50 per side commission per standard lot ($7 round-turn). Pepperstone’s Razor account quotes EUR/USD typically 0.05-0.1 pips with $3.50 per side ($7 round-turn). For high-frequency EUR/USD trading, IC Markets has a slight edge. For majors outside EUR/USD, the gap is essentially zero. For exotic pairs, Pepperstone’s spreads sometimes come in tighter, especially Asian-session crosses.
Execution quality
Both brokers publish execution statistics — 99%+ of orders filled without slippage. In practice, during the Iran-driven volatility through April-May 2026, both have held up. IC Markets uses Equinix LD5 in London and NY4 in New York; Pepperstone uses similar infrastructure with additional optimization for Asian-session liquidity. For Thai-based traders running EAs, latency from Bangkok to either is 200-250ms — negligible difference.
Platforms and funding
Both support MT4, MT5, and cTrader. IC Markets adds TradingView integration. Pepperstone supports Capitalise.ai for code-free automation.
Both support Thai bank transfer, Skrill, Neteller, and crypto deposits. Withdrawals back to Thai banks typically clear within 1 business day. Withdrawal processing has tightened across the industry in 2026, but both brokers remain among the faster operators.
Leverage and entity selection
Thai users typically open accounts with offshore entities (IC Markets Global, Pepperstone Bahamas) for leverage up to 1:500. The ASIC and FCA entities cap leverage at 1:30 for retail. Trade-off: offshore entities give higher leverage but weaker investor protections than Tier 1 regulators.
Who picks which
Pepperstone: broader platform support, cTrader users, asset coverage beyond forex including indices and commodities. IC Markets: pure low-cost EUR/USD scalping, TradingView users, slightly tighter raw spreads on majors. For most Thai retail traders, either works. The difference between them is smaller than the difference between Tier 1 brokers and offshore-only operators.
