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.
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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 (5/5 stars; ranked #9 of 63 for Commissions & Fees) and Pepperstone (4.5/5 stars; ranked #11 of 63) both price competitively, but in different ways. Pepperstone’s Razor account listed an all-in EUR/USD cost near 0.80 pips in July 2024 (about 0.10-pip spread plus 0.70-pip commission). Saxo’s average EUR/USD spreads in November 2023 were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums roughly 0.2 pips lower. In practice, Razor can be cheaper than Saxo’s Classic and close to—or lower than—Saxo’s Platinum and VIP averages, while Pepperstone’s Standard account (about 1.1 pips) lines up more with Saxo’s Classic tier.
Saxo uses spread-only pricing for forex (no commission), with one exception: if you trade under 50,000 units a month, a $3-per-side ticket fee applies. The Classic account now has a $0 minimum deposit. Platinum requires $200,000 (or AUD 300,000 in Australia) or an upgrade via Loyalty points, and VIP requires $1,000,000 or very high trading volume; VIP also adds exclusive services. Saxo also waives share-trading custody fees if you opt into securities lending. For active or high-volume clients who can reach upper tiers, Saxo’s pricing can be very compelling.
Pepperstone’s Razor account is commission-based and available on MT4/MT5, cTrader, and TradingView, with the Active Trader program offering volume-based rebates. In the U.K./EU, professional clients trading at least £20 million monthly can get a 15% spread rebate per lot, rising to 25% above £200 million. In Australia, professional clients qualify for Tier One with 100 lots over three months (10% reduction per lot), while Tier Three (3001+ lots monthly) provides a 30% reduction. Pepperstone’s Standard account is commission-free but averaged about 1.1 pips on EUR/USD in July 2024, making it pricier than Razor.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.00 |
| All-in Cost EUR/USD - Active | 0.8 | 0.70 |
| 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 vs Pepperstone: for the range of investments, Saxo clearly offers wider market access. Saxo lists about 71,000 tradeable symbols and around 190 forex pairs, compared with Pepperstone’s 1,726 symbols and 65 forex pairs. Both brokers support forex trading as CFDs or spot contracts.
When it comes to buying exchange‑traded shares (not CFDs), Saxo lets you purchase U.S. stocks like Apple and international listings such as Vodafone, while Pepperstone does not offer exchange‑traded shares. Pepperstone does provide copy trading, which Saxo lacks. Neither broker offers delivered cryptocurrency, but both offer crypto CFDs. According to ForexBrokers.com, Saxo earns 5/5 stars and ranks #3 out of 63 brokers for Range of Investments, while Pepperstone scores 4/5 stars and ranks #27.
| 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 make it easy to test-drive their services with free demo (paper) accounts. Each broker offers a proprietary platform, a Windows-based desktop download, and a web-based platform, and both let you place trades directly from charts. The biggest differences are feature-related: Pepperstone supports copy trading and provides access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), while Saxo does not. If you want MetaTrader or social/copy trading, Pepperstone is the better fit; if you’re comfortable with an in-house platform experience, either broker can work.
For Trading Platforms and Tools, Saxo earns 5 stars and ranks #1 out of 63 brokers on ForexBrokers.com, while Pepperstone scores 4 stars and ranks #22. That edge suggests Saxo is the stronger overall choice for platform quality, whereas Pepperstone stands out for traders who specifically want MetaTrader and copy trading.
| 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 between mobile and web, and handy chart tools, including drawing trendlines with auto‑saved annotations. That means you can track markets, manage lists, and mark up charts from your phone without losing your work.
For charting depth, Saxo offers 64 technical studies in its mobile app compared with Pepperstone’s 30, giving Saxo more built‑in indicators to work with. Independent reviews from ForexBrokers.com also favor Saxo: its mobile app is rated 5 stars and ranked #2 out of 63 brokers, while Pepperstone’s app is rated 4 stars and ranked #21. If you want a richer set of mobile chart tools and top-tier scores, Saxo stands out; if you prefer a straightforward experience within Pepperstone’s ecosystem, its app still covers the essentials.
| 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.
Comparing Saxo vs Pepperstone for beginner education, both brokers offer strong support for new traders. Each runs online client webinars at least once a month and provides at least 10 beginner-focused videos covering trading basics. As you advance, both also include 10+ videos for experienced traders, so you can keep learning on the same platform.
According to ForexBrokers.com, Saxo earns a higher Education rating (5 stars) and a better rank in the category (#13 out of 63 brokers) than Pepperstone (4.5 stars, #17). If top-tier educational quality is your priority, Saxo has a slight edge, while Pepperstone remains a close option with frequent webinars and a sizable video library for beginners.
| 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 #16.
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 | 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 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.70 | |
| 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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