Written by ForexBrokers.com
In this head to head comparison of Saxo vs Pepperstone, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Saxo vs Pepperstone: Saxo was founded in 1992 and operates as a bank, while Pepperstone launched in 2010 and is not a bank. Neither online broker is publicly traded.
For regulation, Saxo holds 7 Tier-1 licenses and 1 Tier-2 license; Pepperstone holds 3 Tier-1 and 2 Tier-2 licenses (Tier-1 is viewed as highly trusted and Tier-2 as trusted by ForexBrokers.com). On the 99-point Trust Score scale—90–99 highly trusted, 80–89 trusted, 70–79 average risk, 60–69 high risk, below 59 not trusted—Saxo scores 99/99 and Pepperstone 94/99, placing both in the highly trusted category.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Year Founded | 1992 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 1 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Saxo and Pepperstone both earn 5 out of 5 stars for commissions and fees. In ForexBrokers.com’s 2024 rankings, Pepperstone places #6 of 63 and Saxo ranks #8 of 63. In simple terms, Pepperstone’s Razor account shines for low, all-in costs if you’re comfortable with a commission model, while Saxo can be very competitive for high-volume traders or those with larger balances, especially on its upper-tier accounts.
Saxo is commission-free for forex (it earns from the spread) and, as of November 2023, listed average EUR/USD spreads of 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums about 0.2 pips tighter. One caveat: trade less than 50,000 units per month and there’s a $3 per side ticket fee. Classic has a $0 minimum deposit; Platinum requires $200,000 and VIP $1,000,000, though upgrades are possible via its loyalty program (e.g., ~$40M forex volume for Platinum; ~$167M for VIP, valid for one year). Saxo also waives custody fees for share trading if you opt into securities lending.
Pepperstone’s Razor account uses spreads plus commission. As of July 2024, the EUR/USD average spread was 0.10 pips; adding the commission-equivalent of 0.70 pips brings the all-in cost to about 0.80 pips. Its Standard account is commission-free but averaged 1.1 pips, making it pricier than Razor. Active traders can reduce costs further: in the U.K./EU, Professional clients trading at least £20M per month can get a 15% spread rebate (up to 25% beyond £200M), while in Australia, Professional clients can receive 10% to 30% spread reductions starting from 100 lots (over three months) up to more than 3001 lots monthly.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.1 |
| All-in Cost EUR/USD - Active | 0.8 | 0.8 |
| Non-wire bank transfer | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo offers far more markets than Pepperstone, with about 71,000 tradeable instruments versus Pepperstone’s 1,726. Forex choice is also wider at Saxo (190 currency pairs vs 65). Both brokers let you trade forex as CFDs or spot contracts, and both provide cryptocurrency CFDs but not actual, delivered crypto.
For shares, Saxo stands out by offering exchange-traded stocks on both U.S. and international exchanges, while Pepperstone does not offer direct share dealing. Pepperstone does, however, support copy trading, which Saxo doesn’t. Reflecting this breadth, ForexBrokers.com rates Saxo 5 stars and ranks it #3 for Range of Investments, while Pepperstone earns 4 stars and ranks #23. In short, Saxo fits investors seeking a very wide market lineup and direct stock access, while Pepperstone suits traders focused on CFDs and those who want copy trading tools.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 1726 |
| Forex Pairs (Total) | 190 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Saxo and Pepperstone both deliver key trading platform essentials: each offers a free demo (paper) account, a web platform for browser trading, a Windows desktop platform, and an in-house platform. Both also support trading directly from charts. In ForexBrokers.com’s Trading Platforms and Tools category, Saxo is rated 5 stars and ranked #3 out of 63 brokers, while Pepperstone is rated 4 stars and ranked #21.
The big difference is third-party integrations. Pepperstone supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and offers copy trading, appealing to fans of MetaTrader and social trading. Saxo does not support MT4 or MT5 and does not offer copy trading, leaning on its own platform suite instead. Choose Pepperstone if you want MetaTrader and copy trading options; pick Saxo if you prefer an in-house platform experience backed by a higher category rating.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 61 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and Pepperstone both deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts for stocks and forex, synced watchlists that mirror your web account, and handy chart tools like drawing trendlines with drawings saved automatically. That means whether you trade at your desk or on the go, your lists and charts stay in step across devices.
Where they differ is charting depth and third-party recognition. Saxo’s mobile app offers 64 technical studies versus 30 on Pepperstone, giving active chartists more ways to analyze price action. Reflecting that edge, ForexBrokers.com rates Saxo’s mobile app 5 stars and ranks it #3 out of 63 brokers, while Pepperstone earns 4 stars and a #19 ranking. If you value a wider set of indicators and top-tier ratings, Saxo has the advantage; if you just need core features on iPhone or Android, Pepperstone remains a capable choice.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and Pepperstone both provide comprehensive market research features, making them notable choices for traders. Both brokers offer daily market commentary and access to forex news from reputed sources like Bloomberg and Reuters. They also provide technical and fundamental analysis tools through Autochartist and a sentiment-based trading tool, helping traders gauge market positions. Moreover, both Saxo and Pepperstone include an economic calendar to keep track of global news events, highlighting their commitment to staying informed about market movements.
Despite these similarities, Saxo slightly edges out Pepperstone in terms of research ratings and rankings. With a perfect 5-star rating, Saxo is ranked #1 out of 63 brokers by ForexBrokers.com, while Pepperstone garners a commendable but slightly lower 4.5-star rating, placing it at #12 in the same category. While neither broker offers research tools from Trading Central, TipRanks, or Acuity Trading, Saxo's top ranking underscores its superior standing in the market research domain compared to Pepperstone.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo and Pepperstone both make it easy for beginners to learn the basics of forex and CFD trading. Each broker runs ongoing client webinars at least once a month and offers large libraries of trading videos, with 10+ beginner-focused lessons and 10+ advanced videos to help you grow over time. If you’re just starting out, you’ll find step-by-step content, practical tips, and regular live sessions from both providers.
When it comes to quality scores, Saxo has the edge: it earns 5 stars for Education and ranks #12 out of 63 brokers on ForexBrokers.com, while Pepperstone follows closely with 4.5 stars and a #15 ranking. In short, both are strong choices for learning, but Saxo nudges ahead for overall depth and polish, whereas Pepperstone still delivers plenty of helpful, beginner-friendly material.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than Pepperstone. Saxo finished with an overall rank of #3, while Pepperstone finished with an overall rank of #17.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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Pepperstone
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| Overall Rating |
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| Trust Score | 99 | 94 |
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Saxo vs Pepperstone: both online brokers do not offer buying actual (delivered) cryptocurrency, but each does allow you to buy and trade cryptocurrency CFDs.
Saxo vs Pepperstone: Pepperstone supports ACH/SEPA transfers and PayPal for deposits and withdrawals, both brokers accept bank wire transfers, and neither offers Skrill.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Saxo | Pepperstone | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Saxo Review | Pepperstone Review |
| Broker Screenshots | Saxo | Pepperstone | |
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| Regulation | Saxo | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 94 | |
| Year Founded | 1992 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 1 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Saxo | Pepperstone | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | Pepperstone | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 1726 | |
| Forex Pairs (Total) | 190 | 65 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Saxo | Pepperstone | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | 1.1 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.8 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | Yes |
| Trading Platforms | Saxo | Pepperstone | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes |
| Trading Tools | Saxo | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | Pepperstone | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | Pepperstone | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | Pepperstone | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | Pepperstone Review |
| Overall | Saxo | Pepperstone | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Saxo Review | Pepperstone Review |
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