CMC Markets vs Pepperstone
Since 1 Dec 2001, CMC Markets UK plc has had authorisation from the FCA, FRN 173730. It holds client money. Since 5 Aug 2015, Pepperstone Limited has had authorisation from the FCA, FRN 684312. It holds client money.
Pepperstone and CMC Markets compared
Every figure comes from the broker, and we include the date we read it. This sequence follows what people search for, not any preference ranking.
| Fact | CMC Markets | Pepperstone |
|---|---|---|
| UK firm | CMC Markets UK plc | Pepperstone Limited |
| FRN | 173730 | 684312 |
| Regulatory status | Authorised | Authorised |
| Authorised since | 1 Dec 2001 | 5 Aug 2015 |
| Clone firms on the register | 2 | 3 |
| Retail CFD accounts that lose money | 69%, read 2 Nov 2026 | 73.6%, read 2 Nov 2026 |
| EUR/USD spread as stated | 0.5 pips (minimum, Spread bet / CFD (standard)) | 0 pips (minimum, Razor) |
| Smallest deposit | Not stated | £10 |
| Inactivity fee | ££10 each month applies to dormant accounts: one year with no trading and no open positions.) | no inactivity fee |
| Withdrawal fee | No fee applies to card or standard bank transfers, but international bank transfers may have a charge. | It's free, except that a bank wire to an international bank account costs GBP 15.) |
| Withdrawal time | For a card, the time ranges from within an hour to up to five working days, depending on the issuer; a UK bank takes one to two working days, while an international bank takes three to five. | Cards, Apple Pay and Google Pay take no more than 1 working day. Bank transfers take no more than 7 working days. |
| CFDs | Yes | Yes |
| Spread betting | Yes | Yes |
| Share dealing | Yes | Not stated |
| Retail leverage | Not stated | The ratio is 1:30 for major currency pairs and 1:20 for major indices and gold. Other commodities use 1:10, while shares use 1:5. |
| Platforms | The available platforms are MT4, TradingView, CMC Markets web platform and the CMC mobile app ('CMC Platform').') | MT4, MT5, cTrader, TradingView, Pepperstone platform |
| Demo account | Yes | Yes |
| Negative balance protection | Not stated | Yes |
| iPhone app rating, UK App Store | 4.21 of 5 (411 ratings) | 4.12 of 5 (92 ratings) |
The FCA status is the same for both. Each broker also offers CFDs, spread betting and a demo account.
Source: cmcmarkets.com/en-gb/account-comparison, read 2 Nov 2026; pepperstone.com/en-gb, read 2 Nov 2026; cmcmarkets.com/en-gb/forex, read 2 Nov 2026; cmcmarkets.com/en-gb/trading-costs, read 2 Nov 2026; pepperstone.com/en-gb/trading/costs-and-fees, read 2 Nov 2026; pepperstone.com/en-gb/trading/funding-methods, read 2 Nov 2026
How the two loss rates stand against the wider field
The full risk warning from each broker
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Of retail investor accounts using this provider for spread betting and/or trading CFDs, 69% lose money. You should consider whether you understand how spread bets, CFDs, OTC options or any of our other products work and whether you can afford to take the high risk of losing your money.
On cmcmarkets.com, read 2 Nov 2026, you can see CMC Markets's own wording.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Money losses affect 73.6% of retail investor accounts that trade spread bets and CFDs with this provider. Also consider whether you can afford the high risk of losing your money. Consider whether you understand how spread bets work and how CFDs work.
We read Pepperstone's own wording on pepperstone.com on 2 Nov 2026.