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 fit different types of traders. Saxo ranks #8 out of 36 brokers for this category, while Pepperstone ranks slightly higher at #6 out of 36. In simple terms, Saxo tends to offer its best value to active, high-volume traders and clients with larger balances, while Pepperstone is strongest on its Razor account, especially for traders who use its Active Trader program.
With Saxo, forex pricing is generally very good, and can be especially low on Platinum and VIP accounts. As of November 2023, average EUR/USD spreads were 1.1 pips for Classic, 1.0 pip for Platinum, and 0.9 pip for VIP. Saxo’s Classic account now has a $0 minimum deposit for new customers, while Platinum requires $200,000 and VIP requires $1,000,000 unless you qualify through trading activity. Saxo is commission-free on forex, although traders who trade less than 50,000 units per month are charged a $3 ticket fee per side.
Pepperstone’s Razor account uses commission-based pricing, and as of July 2024 the average EUR/USD spread was 0.10 pips, or about 0.80 pips all-in once commission is included. That makes it close to the industry average and usually better than Pepperstone’s commission-free Standard account, which had an average EUR/USD spread of 1.1 pips. Pepperstone can also lower costs for active traders through spread rebates in its Active Trader program, making it a strong choice for higher-volume forex trading.
| 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 a much wider range of investments than Pepperstone. It supports forex trading as both CFDs and spot contracts, with 190 forex pairs and 71,000 tradeable symbols overall, compared with Pepperstone’s 65 forex pairs and 1,726 symbols. Saxo also gives clients access to exchange traded securities on both U.S. and international exchanges, so investors can buy real shares such as Apple or Vodafone. Pepperstone does not offer direct share dealing on U.S. or international exchanges.
Both brokers offer cryptocurrency CFDs, but neither lets you buy actual cryptocurrency. Pepperstone does have copy trading, while Saxo does not. For range of investments, Saxo is rated 5 out of 5 stars and ranks #3 out of 36 brokers at ForexBrokers.com, while Pepperstone is rated 4 out of 5 stars and ranks #23.
| 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 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) | 61 | 15 |
| 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 a strong set of market research tools. Each broker offers daily market commentary, forex news from major sources like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for tracking key global events. They also both include Autochartist for technical and fundamental analysis and a sentiment tool that shows how traders are positioned across currency pairs and other instruments.
The main difference is in overall research standing. Saxo is rated 5 stars for Research and ranks #1 out of 36 brokers on ForexBrokers.com, while Pepperstone is rated 4.5 stars and ranks #13. Neither broker offers Trading Central, TipRanks, or Acuity Trading tools, so in that sense their research lineup is very similar, with Saxo holding the edge in expert ratings and ranking.
| 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.
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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| 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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