To provide a clear comparison, I’ve selected five popular forex brokers: IC Markets, Pepperstone, XM, OANDA, and IG. These are evaluated based on key factors relevant to traders, such as regulation, minimum deposit, trading costs (spreads and commissions), leverage, platforms, available forex pairs, and customer support. Data is drawn from recent reviews and comparisons as of 2026.
| Broker | Regulation | Minimum Deposit | Average Spread (EUR/USD) | Commissions (per lot) | Max Leverage | Platforms Supported | Forex Pairs | Customer Support | Overall Rating |
|---|---|---|---|---|---|---|---|---|---|
| IC Markets | ASIC, CySEC, FSA (Seychelles), CMA | $200 | 0.02 pips | $6-7 (account type) | 1:1000 (global) | MT4, MT5, cTrader, TradingView | 61-75 | 24/5, fast response (4.7/5) | 4.8/5 9.09/10 |
| Pepperstone | FCA, ASIC, CySEC, DFSA, BaFin, SCB | $0 | 0.1 pips | $3.5 | 1:500 (pro) | MT4, MT5, cTrader, TradingView | 100+ | 24/5, <5 min response (4.3/5) | 4.8/5 4.3/5 |
| XM | CySEC, ASIC, FSCA | $5 | 0.6-1 pip (standard) | $3.5-7 (Zero account) | 1:1000 | MT4, MT5 | ~55 | 24/5, multilingual (4.6/5) | 4.8/5 9.11/10 |
| OANDA | FCA, CIRO, ASIC, CFTC | $0 | 0.9 pips | $4 | 1:50 (US) | MT4, MT5, Proprietary, TradingView | 80 | 24/5 (3.9/5) | 4.1/5 |
| IG | FCA, ASIC, BaFin, CySEC, FINMA | $0-$250 | 0.6-0.9 pips | Commission-free | 1:30 | MT4, Proprietary, TradingView | 97 | 24/7 (4.3/5) | 4.5/5 |
Key Insights from the Comparison:
- Regulation and Safety: All brokers are well-regulated by top-tier authorities, ensuring fund protection and transparency. IC Markets and Pepperstone stand out for their multi-jurisdictional oversight, with IC Markets emphasizing client security in high-risk environments.
- Costs: IC Markets offers some of the tightest raw spreads (starting at 0.0 pips) and competitive commissions, making it cost-effective for high-volume traders, especially with rebates up to $2.50 per lot. Pepperstone is close with lower commissions, but IC Markets edges out on overall execution costs for forex majors. XM and OANDA have higher average spreads on standard accounts, while IG’s commission-free model can lead to wider effective spreads during volatility.
- Leverage and Flexibility: IC Markets provides the highest leverage (up to 1:1000 in non-restricted regions), ideal for experienced traders seeking amplified positions. Others are more conservative due to regional rules (e.g., 1:30 in EU/UK).
- Platforms and Tools: All support MT4/MT5, but IC Markets excels with cTrader for advanced algo trading and fast execution (average 35ms). It also offers over 2,250 CFDs across markets, providing broad diversification.
- Support and Education: IC Markets has strong 24/5 support focused on practical issues like funding, rating higher than OANDA. XM shines in education for beginners, but IC Markets is better for pros with tools like IC Social for copy trading.
- Drawbacks: IC Markets has a higher minimum deposit than most and limited beginner education compared to XM or IG. It doesn’t accept US clients, similar to Pepperstone and XM.
Overall, while all are solid options, IC Markets emerges as the top choice for its superior combination of ultra-low spreads, high leverage, fast execution, and extensive market access—making it particularly suitable for active and algorithmic traders seeking cost efficiency and reliability in 2026. If you’re focused on raw pricing and performance, start with IC Markets.
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