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Head to head
Pepperstone or Saxo? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
Raw spreads and five platforms for traders who care about execution cost, not about owning the asset.
A Danish bank that trades like a professional platform — broad, polished, and no longer expensive.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
Four decision axes, each derived from the recorded data.
Overall both land on 4.4 out of 5. Saxo is the cheaper of the two: a reference EUR 5,000 stock order costs €4.00 there against €5.00. Saxo scores 96 against 82 out of 100 on the group index. Your account's protection depends on its legal entity. Saxo covers more ground with 11 of 14 asset classes against 9. On platform and app Saxo is ahead, 4.7 against 4.4 out of 5. Which one is right depends on which of these axes matters for your trading profile.
SaxoSaxoSaxoSaxoSaxoUp to four brokers at once — every row a decision point.
Data as of: 30 Aug 2026
| Criterion | ||
|---|---|---|
| Overall score | 4.4 | 4.4 |
| Group index | 82 of 100 | 96 of 100 |
| Best for | Active FX tradersScalping and day tradingMetaTrader and cTrader usersIndex CFD tradingUK spread betting | Multi-asset portfoliosBond investorsOptions and futures tradersPlatform quality seekersEuropean investors wanting a bank |
| Regulation | FCAASICBaFinCySECDFSASCBCMA | DFSAFCAFINMAMASJFSA |
| Top-tier licences | 3 | 5 — Better |
| Investor protection | £85,000 | CHF 100,000 — Better |
| Listed group | No | No |
| Banking licence | No | Yes |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | Yes | Yes |
| Audited financials | Yes | Yes |
| Disclosed regulatory actions | None | None |
| Founded | 2010 | 1992 |
| Headquarters | Melbourne, AU | Copenhagen, DK |
| Fees | 4.6 — Better | 4.2 |
| Safety & regulation | 4.4 | 4.7 — Better |
| Trading platform | 4.6 | 4.7 — Better |
| Product range | 3.6 | 4.8 — Better |
| Mobile app | 4.2 | 4.6 — Better |
| Research | 4.2 | 4.5 — Better |
| Customer support | 4.5 — Better | 3.8 |
| Deposit & withdrawal | 4.5 — Better | 4.0 |
| Account opening | 4.6 — Better | 4.2 |
| Education | 3.4 | 4.0 — Better |
| Reference order EUR 5,000 | €5.00 | €4.00 — Better |
| Minimum deposit | US$10 | None — Better |
| Stocks (per order) | 0.1 % | 0.08 % — Better |
| US stocks | US$0.02/share — Better | 0.08 % |
| ETFs | US$0.02/share — Better | 0.08 % |
| Options | Not offered | US$2 |
| Futures | Not offered | US$3 |
| Crypto | in the spread | n/a |
| Bonds (order) | n/a | 0.2 % |
| Funds (order) | n/a | Free |
| EUR/USD spread | 0.8 pips | 0.7 pips — Better |
| Index CFD spread | n/a | n/a |
| FX conversion | n/a | 0.25 % |
| Inactivity fee | None | None |
| Custody fee | None — Better | 0.15 % p.a. |
| Withdrawal fee | £15 | free — Better |
| Deposit fee | free | free |
| Overnight financing | 2.5 % | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 9 | 11 — Better |
| Exchanges | n/a | 50 |
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Options | No | Yes |
| Futures | No | Yes |
| Forex | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | No |
| Bonds | No | Yes |
| Funds | No | Yes |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | Yes |
| Spread betting | Yes | No |
| Social trading | Yes | No |
| Platforms | MetaTrader 4MetaTrader 5cTraderTradingViewPepperstone PlatformPepperstone appFIX API | SaxoTraderGOSaxoTraderPROSaxoInvestorSaxo mobile appSaxo OpenAPITradingView integration |
| Demo account | Yes | Yes |
| Fractional shares | No | No |
| Maximum leverage | 1:30 · Pro 1:500 | 1:30 · Pro 1:200 |
| Account opening | Fully digital, typically approved in 4-8 hours | Fully online with electronic ID in most markets; often same day, otherwise 1–3 business days |
| Account types | RazorStandardSpread betting (UK only)Swap-freeActive Trader | ClassicPlatinumVIP |
| Payment methods | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle Pay | Bank transferSEPA |
| Account currencies | GBPUSDEURCHF | EURUSDGBPCHFDKKSEKNOKAUDCADJPY+9 |
| Deposit time | Instant for cards and e-wallets, 1-3 business days by bank transfer | SEPA same day to 2 business days; international wire 1–3 business days |
| Withdrawal time | 1-3 business days, international wires up to 5 | Usually 1 business day to the registered bank account |
| Free withdrawals | n/a | n/a |
| Languages | EnglishGermanSpanishFrenchPortugueseChineseArabicThaiVietnamese | EnglishDanishGermanFrenchItalianSpanishDutchPolishCzechSwedish+4 |
| Channels | PhoneEmailLive chat | PhoneEmailLive chatTicket system |
| Availability | 24/5, with roughly 18 hours a day of weekend cover | Monday to Friday, local office hours across 16 service locations; trading desks cover market hours |
Editorial assessment based on the recorded data.
Pepperstone
Raw spreads and five platforms for traders who care about execution cost, not about owning the asset.
Pros
Cons
Best for
Saxo
A Danish bank that trades like a professional platform — broad, polished, and no longer expensive.
Pros
Cons
Best for
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Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
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