Pepperstone vs Saxo Bank - Fees Review included
Which broker is better Pepperstone or Saxo Bank? Our expert assessment conducted according to TU’s own methodology showed that Pepperstone is one of the top brokers in the financial market with the TU Overall Score of 7.17 out of 10. Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 6.97 out of 10. Find out more about TU Overall Score.
| Feature | Pepperstone | Saxo Bank |
|---|---|---|
Overall |
4.4 |
4.5 |
4.7 |
4.8 |
|
4.7 |
4.6 |
|
4.4 |
5 |
|
Investment Instruments |
4.4 |
4.2 |
Platforms and Charting Tools |
4.8 |
4.6 |
Deposit and Withdrawal |
4.5 |
4.0 |
Research |
3.9 |
5 |
Education |
4.1 |
3.6 |
Support |
4.3 |
4.4 |
Bonuses |
3.2 |
3.6 |
|
|
|
Pepperstone vs Saxo Bank: Pros and Cons
Pepperstone (Pepperstone.com) was founded in 2010 in Melbourne, Australia, by professional traders who were not satisfied with the quality of services provided by most brokers. The founders decided to avoid many of the disadvantages of competitors, including high commissions, delayed execution of orders, etc. They also focused on improving the technical component. The company has set itself the goal of changing the “rules of the game” and setting the bar high for online trading. Today, the broker provides clients all over the world with some of the best technological solutions and favorable trading conditions. The company also provides professional tools that help not only master trading as a type of activity, but also significantly increase the efficiency of trades. Pepperstone is regulated by ASIC (Australian Securities and Investments Commission), FCA (UK Financial Conduct Authority), BaFin, DFSA, CMA, SCB, CySec. Clients' assets are held in aggregated accounts with major banks. These facts confirm the reliability of the company and guarantee the safety of the client's capital.
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
| Pepperstone | Saxo Bank | |
|---|---|---|
| Overall Pros | Fast order execution - 30 ms on average | favorable trading terms for professional traders with at least 1 year of experience |
| Low trading fees | over 71 thousand instruments for trading | |
| Strong luqidity | the opportunity to invest in ready-to-use long-term portfolios managed by professionals | |
| Advanced ECN account | ||
| Access to TradingView's advanced charting tools | ||
| Strong regulation | ||
| Overall Cons | The company offer Crypto CFDs outside Africa and UK | Cent accounts are not available |
| a ban on algorithmic trading for traders from abroad | ||
| you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). |
Pepperstone vs Saxo Bank: Safety and Regulation
| Pepperstone | Saxo Bank | |
|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 €20,000 €100,000 (DE) |
£85,000 €20,000 CHF 100,000 |
FCA UK Regulation |
Yes |
Yes |
FINRA (U.S) |
No |
No |
BaFin (Germany) |
Yes |
No |
ASIC (Australia) |
Yes |
Yes |
CFTC (U.S) |
No |
No |
MAS |
No |
Yes |
FSCA SA |
No |
No |
BVI FSC |
No |
No |
VFSC |
No |
No |
FSA (Seychelles) |
No |
No |
Pepperstone vs Saxo Bank: Trading Conditions
| Trading Conditions | Pepperstone | Saxo Bank |
|---|---|---|
Minimum Deposit |
$0 |
$0 |
Trading Platforms |
MT4, MobileTrading, WebTrader, cTrader, TradingView |
SaxoTraderGo, SaxoTraderPro |
Max Leverage (Futures) |
1-500 |
1-30 |
Supported Markets |
Forex, CFDs on Stocks, Commodities, Metals and ETFs, Shares, Crypto |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Trading assets |
1200+ |
71000+ |
Trading Accounts |
Razor, Standard |
Classic, Platinum, VIP, Professional |
Base Account Currencies |
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD |
USD, EUR |
Pepperstone vs Saxo Bank: Fees
| Pepperstone | Saxo Bank | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,5 |
0,2 |
Standard acc. spread EUR/USD, max pips |
1,5 |
0,9 |
ECN Commission |
3 |
|
ECN Spread EUR/USD |
0,1 |
|
Deposit fee, % |
No |
No |
Withdrawal fee, % |
No |
No |
Withdrawal fee, USD |
No |
No |
Inactivity fee, $ |
No |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Pepperstone vs Saxo Bank: Trading Assets
| Asset Name | Pepperstone | Saxo Bank |
|---|---|---|
Overall |
1200+ |
71000+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes |
Metals |
Yes (CFD) |
Yes |
Cryptocurrencies |
No |
Yes |
Energy |
Yes (CFD) |
Yes |
Indices |
Yes (CFD) |
Yes |
ETFs |
Yes (CFD) |
Yes |
Bonds |
No |
Yes |
Mutual funds |
No |
Yes |
Stock options |
No |
Yes |
Futures Trading |
No |
Yes |
Binary Options |
No |
No |
Pepperstone or Saxo Bank: Investment Programs
| Asset Name | Pepperstone | Saxo Bank |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
Yes |
Other |
No |
No |
Trading Platforms: Saxo Bank or Pepperstone
| Pepperstone | Saxo Bank | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
No |
cTrader |
Yes |
No |
Appropriate platform |
No |
SaxoTraderGo, SaxoTrader Pro |
Others |
TradingView |
No |
|
|
|
Pepperstone vs Saxo Bank: Deposit and Withdrawal Methods
| Pepperstone | Saxo Bank | |
|---|---|---|
Bank Wire |
Yes |
Yes |
Bank Card |
Yes |
Yes |
Neteller |
Yes |
Yes |
BTC |
No |
No |
Wise |
No |
No |
Payoneer |
No |
No |
USDT |
Yes |
Yes |
Pepperstone vs Saxo Bank: Research
| Research Type | Pepperstone | Saxo Bank |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Pepperstone vs Saxo Bank: Education
| Education Type | Pepperstone | Saxo Bank |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
No |
Videos |
Yes |
No |
Cent account |
No |
No |
Saxo Bank vs Pepperstone: Support
| Support Features | Pepperstone | Saxo Bank |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Pepperstone vs Saxo Bank: Forex Bonuses and Promo
| Promo | Pepperstone | Saxo Bank |
|---|---|---|
Forex Bonus |
No |
No |
Affiliate Program |
For each attracted client under the terms of the program, the affiliate has the opportunity to receive up to USD 400 |
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
Other Promos |
Active trader program - Members of the program are paid a daily rebate, which allows them to offset part of their costs. The amount of the rebate depends on the number of trades performed by the trader per month. The rebate for one currency lot is 15%. What’s more, active traders get priority support and free VPS hosting. |
Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
|
|
|
Top 5 Reviews on Saxo Bank
-
Comment
For a passive investor, Saxo Bank can be attractive due to the absence of a lock-in period in its SaxoSelect portfolios—funds can be withdrawn at any time. Investors can choose from portfolios with varying risk levels, from moderate to aggressive. However, the minimum entry threshold is $10,000 or the equivalent in euros. The broker operates in 170 countries, offers support in 20 languages, and emphasizes high liquidity, which is especially important for traders making multi-million dollar transactions.
-
Comment
Saxo Bank is regulated by several reputable authorities, including the FCA and the Danish FSA, and it partners with over 50 major liquidity providers — among them HSBC, JP Morgan, and NASDAQ OMX. The minimum lot size is 0.05, and the trading conditions are clearly tailored for high-net-worth individuals. One standout feature is the SaxoSelect portfolio management service, which offers clients access to ready-made investment strategies starting from €10,000, with a transparent fee structure — 0.5% management fee and up to 20% performance fee.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo's customer service is pretty solid. I had an issue with verifying my account during the sign-up process, but the support team was quick to respond through live chat, and everything was resolved in less than a day. The two-step login feature makes me feel more secure, especially since I trade with higher volumes. Plus, having access to their news feed and analysis directly on the platform helps me stay up to date without needing external sources.
Top 5 Reviews on Pepperstone
-
Comment
Pepperstone offers a combination of transparent trading conditions, fast order execution, and a wide range of instruments. Over the years, the broker has proven to be a reliable partner: its registration with ASIC, FCA, CySEC, and other regulators reflects the trust placed in the company. A $0 minimum deposit makes it accessible for beginners. A nice bonus is support for over 30 languages and 24/5 customer service. Thanks to its variety of account types, negative balance protection, and passive income opportunities through copy trading, Pepperstone has become my go-to choice for long-term trading.
-
Comment
Pepperstone stands out with a free 60-day demo account and two types of live accounts: Razor and Standard. The absence of a minimum deposit, a wide range of base currencies (9 options), and support for 16 trading platforms are definite advantages. Thanks to its partnership programs, the broker is appealing not only to traders but also to those building their own communities — with three partnership models, including one for fund managers. Order execution averages 30 ms, making it suitable for all strategies, including manual and automated trading.
-
Comment
I opened a Razor account with Pepperstone — the actual commission is low, and spreads start from zero. Trading CFDs on cryptocurrencies, commodities, and indices is a big plus. The minimum trade size is 0.01 lots, which is convenient for testing new strategies. I was pleased with the instant withdrawals via Visa, Mastercard, PayPal, Neteller, Skrill, and other popular systems. The platform allows flexible risk management with Margin Call/Stop Out levels at 90%/20%. Additionally, the broker partners with Barclays and HSBC as liquidity providers, which adds to its reliability.
-
Comment
I have been trading with Pepperstone for over a year and especially appreciate their execution speed — 99.35% of orders are filled in less than 1 second. As an active trader, the availability of MetaTrader 4/5, cTrader, and TradingView is important to me, as well as the absence of requotes. Customer support is available 24/7, and all my issues were resolved promptly. I was pleasantly surprised by the affiliate program — you can earn up to $750 per referred client, and the broker also pays up to 55% under the agency scheme. Thanks to instant execution and spreads starting from 0.0 points, Pepperstone is excellent for news trading.
-
Comment
I chose Pepperstone because of its transparent trading conditions and a minimum deposit of $0. The platform offers over 1,200 trading instruments, including currencies, stocks, indices, and commodities. Leverage up to 400:1 for retail clients and 500:1 for professionals provides plenty of room for different strategies. Spreads start from 0.0 points — a real advantage for scalpers. Order execution takes place within 30 ms, confirmed both in demo mode and on live accounts. Deposits and withdrawals are commission-free, there is a wide range of account currencies (AUD, USD, EUR, JPY, and others), and all funds are protected from negative balance.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.