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 offers some of the best pricing for traders who maintain large account balances or engage in high trading volumes. With competitive spreads and waived custody fees for securities lending, Saxo provides great value, especially for its Platinum and VIP account holders. Spreads on the EUR/USD start at 0.9 pips for the Classic account and decrease further for Platinum and VIP accounts. Saxo's commission-free model for forex trading ensures that costs are mainly tied to spreads. Saxo's VIP account, which requires a significant deposit or trading volume for access, won a 2024 award for its exceptional client experience. Saxo's standout pricing and offerings have earned it a 5-star commission and fees rating and the #9 ranking among 62 brokers on ForexBrokers.com.
Pepperstone excels with its Razor account, particularly for high-volume traders who take advantage of the Active Trader program. The Razor account, which operates on a commission-based structure, offers low overall costs by combining spreads with commissions, making it highly attractive with an all-in cost of 0.80 pips for EUR/USD trades. Conversely, the Standard account is commission-free but less cost-efficient with a spread of 1.1 pips. Additional rebates in the Active Trader program can further reduce costs for eligible Professional clients in the UK and Australia. Pepperstone's effective pricing strategies have secured it a 4.5-star rating and the #10 spot in the ForexBrokers.com rankings.
Both Saxo and Pepperstone present formidable options depending on the trader’s style and requirements. Saxo's extensive account options and significant savings for higher tiers are ideal for elite traders, while Pepperstone's Razor account is a strong choice for those focused on forex, providing substantial benefits through its Active Trader program. Whether prioritizing Saxo’s broad array of incentives or Pepperstone’s focused forex offerings, traders will find value in both brokers depending on their individual needs.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 1.00 |
| All-in Cost EUR/USD - Active | 0.9 | 0.70 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to choosing between Saxo and Pepperstone for online trading, the range of available investments is a crucial consideration. Saxo impressively stands out with a vast selection of 70,000 tradeable symbols, including 190 forex pairs. This extensive offering is matched by the ability to trade exchange-traded securities on both U.S. and international exchanges, such as buying shares of Apple or Vodafone, directly. Saxo also supports forex trading as both CFDs and spot contracts, and offers the ability to trade cryptocurrency derivatives. Users of Saxo can also benefit from copy trading services, making it a versatile choice for investors looking for variety and depth.
In comparison, Pepperstone offers a more focused lineup, with 1,726 tradeable symbols, including 65 forex pairs. Like Saxo, Pepperstone supports forex trading as CFDs and spot contracts and also provides access to cryptocurrency derivatives. However, it does not offer the ability to buy actual exchange-traded securities on U.S. or international exchanges. Though Pepperstone includes copy trading as part of its offering, its narrower range of investments places it slightly behind Saxo in terms of diversity, reflected in its four-star rating for range of investments. While Saxo ranks third out of 62 brokers in the Range of Investments category on ForexBrokers.com, Pepperstone holds the 26th spot, highlighting Saxo's broader appeal to those seeking a more comprehensive trading platform.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 1726 |
| Forex Pairs (Total) | 190 | 65 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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.
When comparing the trading platforms and tools of Saxo and Pepperstone, both brokers provide traders with free virtual demo accounts and offer proprietary platforms developed in-house. Each broker also supports trading through Windows-based desktop downloads and web-based platforms, along with the ability to trade directly from a stock chart. Saxo and Pepperstone include copy trading options, but Pepperstone distinguishes itself by also supporting MetaTrader 4 and MetaTrader 5, as well as DupliTrade, whereas Saxo does not offer these features.
Saxo and Pepperstone provide different levels of charting tools, with Saxo offering 20 drawing tools compared to Pepperstone's 30. Despite this, Saxo excels with 60 columns for watch lists, significantly more than Pepperstone's 7. In terms of usability, Saxo receives a 5-star rating for its trading platforms and tools, ranking first among 62 brokers according to ForexBrokers.com. Meanwhile, Pepperstone earns 4 stars, holding the 22nd position. Both brokers have their merits, but Saxo takes the lead in this comparison, especially for those seeking expansive customization options in their trading setup.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 15 |
| Charting - Drawing Tools (Total) | 20 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and Pepperstone both offer mobile trading apps for iPhone and Android, catering to traders on the go. Both platforms include essential features like stock and forex price alerts and allow users to sync watchlists across devices. Saxo stands out with its extensive charting capabilities, providing 64 technical studies compared to Pepperstone's 30. Additionally, both apps allow users to draw trendlines and view multiple time frames on charts, with auto-saving of drawings enhancing the user experience. Creating watchlists with real-time quotes is also possible on both platforms, making it easier for users to monitor their favorite stocks or forex pairs.
Despite similarities, Saxo shines brighter with a 5-star rating for its mobile trading app, while Pepperstone follows closely with 4 stars. According to ForexBrokers.com rankings, Saxo holds an impressive #2 position among 62 brokers for its mobile app, while Pepperstone is ranked at #21. These rankings and features highlight Saxo's edge in mobile trading, offering a more comprehensive package for seasoned and novice traders alike.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both Saxo and Pepperstone provide valuable resources for market research, including daily market commentary and forex news from reputable sources like Bloomberg and Reuters. Traders with either broker can access technical analysis tools from Autochartist to help guide their trades. Additionally, both platforms offer sentiment-based trading tools, allowing users to gauge long and short positions across currency pairs. However, neither offers resources from TipRanks, Trading Central, or Acuity Trading, which could limit further insights depending on a trader’s preference for these tools.
When it comes to in-depth research and ratings, Saxo leads the pack with a perfect score of 5 stars and holds the top spot in the research category according to ForexBrokers.com, ranking first out of 62 brokers. Pepperstone, while still impressive, scores 4.5 stars and ranks at a respectable 12th place. Both platforms provide economic calendars that help traders stay informed on global news events affecting economies worldwide. For traders looking for the most comprehensive research offerings, Saxo stands out as the frontrunner, while Pepperstone remains a strong choice for those prioritizing essential market insights.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When exploring the educational offerings available for beginner traders, Saxo and Pepperstone both stand out as top contenders in the online brokerage world. Both provide a substantial range of resources designed to educate newcomers about forex and CFDs, with at least ten educational pieces that include articles, videos, and archived webinars. Beginners will find a rich selection of introductory videos tailored specifically to meet their learning needs, ensuring a solid foundation in trading concepts. Additionally, both brokers host online webinars each month, giving clients the opportunity to deepen their understanding and engage with experts live. They also maintain searchable archives of past webinars, allowing learners to access materials on demand.
Both Saxo and Pepperstone extend their educational support beyond basic videos by offering content suited for advanced traders as well. Alongside these resources, each broker provides a comprehensive investor dictionary, clarifying over fifty key investment terms to empower traders with the language of the market. While both brokers shine in their educational provisions, Saxo edges ahead with a perfect 5-star rating for education, compared to Pepperstone's 4.5-star rating. This distinction is also reflected in their rankings by ForexBrokers.com, where Saxo holds the 13th position among 62 brokers, surpassing Pepperstone, which is ranked 18th. Consequently, although both platforms offer valuable learning tools, Saxo may have a slight educational advantage in helping beginners navigate the trading world.
| Feature |
Saxo
|
Pepperstone
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 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
|
Pepperstone
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 95 |
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Both Saxo and Pepperstone do not provide the option to purchase actual (delivered) cryptocurrency, but they do offer the ability to trade cryptocurrency derivatives.
When comparing Saxo and Pepperstone in terms of deposit and withdrawal options, Pepperstone offers more flexibility by supporting ACH and SEPA transfers, PayPal, and Skrill, whereas both brokers allow transactions via Visa or Mastercard and bank wires.
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 |
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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 (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| 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) | No | Yes | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 1726 | |
| Forex Pairs (Total) | 190 | 65 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 1.1 | 1.00 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.70 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | Pepperstone | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 15 | |
| Charting - Drawing Tools (Total) | 20 | 30 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | Pepperstone | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | Pepperstone | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| 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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