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, but they take different approaches. Saxo is a good fit for active and high-volume traders, especially those with larger balances, since its pricing can be among the lowest in the market at the higher account tiers. ForexBrokers.com ranks Saxo #8 out of 36 brokers in this category.
Saxo’s commission-free forex pricing is spread-based, with EUR/USD average spreads in November 2023 of 1.1 pips on Classic, 1.0 pips on Platinum, and 0.9 pips on VIP. Classic now has a $0 minimum deposit for new clients, while Platinum requires $200,000 and VIP requires $1,000,000, though some traders can move up through Saxo’s loyalty program. There is also a small ticket fee of $3 per side for traders doing less than 50,000 units per month.
Pepperstone is often more appealing for traders who want low trading costs on its Razor account, which uses a commission-based model and showed an all-in EUR/USD cost of 0.80 pips in July 2024. Its Standard account is commission-free but had a higher average EUR/USD spread of 1.1 pips, so it is usually the pricier choice. Pepperstone’s Active Trader program can reduce costs further for very active clients, and ForexBrokers.com ranks Pepperstone #5 out of 36 brokers for commissions and fees.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $10 |
| Average spread (EUR/USD) - Spread-only account | 1.0 | 1.1 |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.8 |
| Non-wire bank transfer (Deposit/Withdraw) | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo offers a much wider range of investments than Pepperstone. It supports forex trading, and its market lineup is especially large, with 71,000 tradeable symbols and 192 forex pairs, compared with Pepperstone’s 2,631 symbols and 65 forex pairs. Saxo also lets clients buy real shares on U.S. and international exchanges, such as Apple or Vodafone, while Pepperstone does not offer exchange traded securities. In addition, Saxo is rated 5 out of 5 stars for Range of Investments and is ranked #3 out of 36 brokers by ForexBrokers.com, ahead of Pepperstone’s 4 stars and #23 ranking.
There are a few areas where Pepperstone offers something Saxo does not. Pepperstone supports copy trading and lets clients buy actual cryptocurrency, while Saxo does not. Both brokers offer cryptocurrency CFDs, so traders can speculate on crypto prices without owning the underlying coins. Overall, though, Saxo is the stronger choice for investors who want a broader selection of markets and products, while Pepperstone is more limited but still covers key areas like forex and crypto CFDs.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 2631 |
| Forex Pairs (Total) | 192 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | Yes |
| 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 give traders a choice of demo accounts, in-house platforms, desktop software for Windows, and web-based trading. Each also lets users place trades directly from a price chart, which makes it easier to act quickly while watching market moves. In terms of overall platform quality, Saxo stands out with a 5-star rating for Trading Platforms and Tools and a #3 ranking out of 36 brokers from ForexBrokers.com, while Pepperstone is rated 4 stars and ranked #21.
The main differences come down to extras. Pepperstone supports copy trading and both MetaTrader 4 and MetaTrader 5, giving it more third-party platform choices for traders who want familiar tools or social trading features. Saxo does not offer copy trading, MT4, or MT5, but it still provides its own built-in trading experience across web and desktop platforms. For traders comparing platform choice and trading tools, Pepperstone may appeal more to MT4/MT5 users, while Saxo may be better suited to those who prefer a premium in-house platform.
| 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) | 64 | 90 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and Pepperstone both make it easy to trade on the go with iPhone and Android apps, plus price alerts and watchlist syncing between the mobile app and online account. Each app also lets users draw trendlines on charts, and both save those drawings automatically. For everyday mobile trading needs, both brokers cover the core features most traders look for.
Where Saxo stands out is in charting and overall app quality. Saxo offers 64 technical studies in its mobile app, compared with 30 at Pepperstone, giving more room for detailed analysis. That wider charting toolset helps explain Saxo’s stronger mobile rating: 5 stars and #3 out of 36 brokers from ForexBrokers.com, versus Pepperstone’s 4 stars and #19 ranking.
| 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 give traders daily market commentary, news from major sources like Bloomberg and Reuters, and an economic calendar to track important global events. Each also makes it easy to follow the latest market moves with timely research content that can help with day-to-day trading decisions.
Where Saxo stands out is its use of Autochartist and its top research score: 5 stars for Research and a #1 ranking out of 36 brokers at ForexBrokers.com. Pepperstone does not offer Autochartist, but it does provide a sentiment tool that shows how traders are positioned, and it still earns a strong 4.5-star Research rating, ranking #13 out of 36.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | No |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn forex and CFD trading, both Saxo and Pepperstone offer a strong mix of educational content. Each broker provides at least 10 forex or CFD learning pieces, monthly online webinars, and plenty of beginner-focused videos, along with advanced videos for more experienced traders. That means either platform gives new traders access to helpful lessons, live learning sessions, and deeper material as their skills grow.
That said, Saxo has the edge on education overall. It earns a 5-star Education rating and ranks #12 out of 36 brokers at ForexBrokers.com, while Pepperstone holds a 4.5-star rating and ranks #15. In simple terms, both brokers are good choices for learning, but Saxo stands out a little more for beginners who want a wider or more highly rated education offering.
| 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 a 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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When comparing Saxo vs Pepperstone, both online brokers offer cryptocurrency CFDs, but only Pepperstone allows you to buy actual, delivered cryptocurrency, whereas Saxo does not support direct crypto purchases.
Compared with online broker Saxo, which only offers bank wire transfers for deposits and withdrawals, Pepperstone supports ACH/SEPA, PayPal, Skrill and bank wires (Visa/Mastercard availability for both brokers is not specified).
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) | No | 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 | 2631 | |
| Forex Pairs (Total) | 192 | 65 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | Yes | |
| 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) - Spread-only account | 1.0 | 1.1 | |
| All-in Cost EUR/USD - Raw spread account | N/A | 0.8 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $10 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | 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) | 64 | 90 | |
| 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 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 | No | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | No | 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 | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| 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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