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 and Pepperstone are two well-known players in the online trading world, but they have some key differences in terms of trust and regulation. Saxo was established in 1992 and functions as a bank. Despite not being publicly traded, it holds an impressive seven Tier-1 licenses, contributing to its perfect Trust Score of 99 according to ForexBrokers.com, indicating it's highly trusted. In comparison, newer to the market since 2010, Pepperstone is not a bank but holds three Tier-1 licenses, leading to a respectable Trust Score of 95.
Both brokers are recognized as trustworthy institutions, though the number of licenses they hold varies. Saxo has an additional Tier-1 license compared to Tier-2, highlighting its higher level of trust regarding regulation, while Pepperstone balances its licenses with three Tier-1 and two Tier-2. For traders seeking dependable brokers, both Saxo and Pepperstone offer strong regulatory standing, with Saxo having a slight edge in trustworthiness. Despite their contrasting profiles, they remain secure choices for online trading.
| 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 vs. Pepperstone on commissions and fees: Saxo earns 5/5 stars and ranks #8 out of 63 for this category, while Pepperstone scores 4.5/5 stars and ranks #6 out of 63. Saxo uses spread-only pricing with Classic, Platinum, and VIP tiers that favor larger balances and higher trading volumes. Pepperstone shines with its Razor account plus Active Trader rebates for frequent traders, though its Standard account is pricier.
For Saxo (as of November 2023), average EUR/USD spreads were 1.1 pips on Classic, 1.0 on Platinum, and 0.9 on VIP, with minimums roughly 0.2 pips tighter. Forex trading is commission-free; however, trading under 50,000 units per month triggers a $3-per-side ticket fee. Minimum deposits: Classic $0, Platinum $200,000, VIP $1,000,000 (or via Loyalty upgrades—about $40M FX volume for Platinum, about $167M for VIP for a year). Saxo also waives share-trading custody fees if you opt into securities lending.
For Pepperstone (as of July 2024), the Razor account averaged a 0.10-pip EUR/USD spread; adding the commission-equivalent of 0.70 pips brings the all-in cost to about 0.80 pips, near the industry average. The Standard account is commission-free with a 1.1-pip average on EUR/USD, making it pricier than Razor. Active Trader rebates can cut costs further based on volume, with tiers that can deliver up to roughly 25% spread rebates in the UK/EU and about 10%–30% reductions in Australia.
| 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
|
Pepperstone
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 95 |
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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 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | Pepperstone Review |
| Broker Screenshots | Saxo | Pepperstone | |
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| Regulation | Saxo | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| 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 SCA 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 | 95 | |
| Winner | check_circle | ||
| Review | Saxo Review | Pepperstone Review |
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