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Pepperstone vs Saxo Bank
A field-by-field comparison based on the current BrokaBoy catalogue. Check current pricing and the regulated entity on each broker's website before deciding.
Some figures on this page are taken from broker-published information and have not yet been checked against current terms. Confirm details on the broker's website.
Last updated: 4 October 2026 · Reviewed by BrokaBoy Research Team
| Field | Pepperstone | Saxo Bank |
|---|---|---|
| BrokaBoy score | 9.2/10 | 9.1/10 |
| Trustpilot rating | Trustpilot 4.2 (3,580 reviews) | Trustpilot 3.6 (8,756 reviews) |
| Listed minimum deposit | $10 | $0 |
| Advertised spread from | 0.0 pips | 0.4 pips |
| Advertised maximum leverage | 1:400 | Up to 1:30 (retail, EU/UK) |
| Regulators | FCA, ASIC, CySEC, DFSA, SCB, BaFin, CMA | ASIC, FCA, MAS, DFSA, FINMA |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView | SaxoTraderGO, SaxoTraderPRO, SaxoInvestor, TradingView |
| Instruments | Forex, CFDs, Indices, Commodities, Crypto | Forex, Stocks, ETFs, Bonds, Futures, Options, Mutual funds, Indices, Commodities |
| Account types | Standard, Razor | Classic, Platinum, VIP |
| Founded | 2010 | 1992 |
| Spread type | Razor account quotes raw spreads from 0.1 pips; Standard account is commission-free with a markup. | Variable market spreads, tier dependent |
| Commission | Around $3.50 per lot per side on Razor; zero on Standard. | Share and ETF commissions vary by exchange and tier; FX priced via spread |
| Overnight / swap | Overnight financing charged or credited daily, with a triple debit mid-week. | Overnight financing on leveraged positions; cash balances may earn or pay interest |
| Withdrawals | Free withdrawals to most cards and e-wallets; international wires may incur a bank fee. | No standard withdrawal fee to a same-name bank account; currency conversion and custody fees can apply |
Key differences
- Saxo Bank has a lower listed minimum deposit ($0 vs $10).
- Pepperstone has the higher BrokaBoy score (9.2/10 vs 9.1/10).
- Both brokers hold licences with FCA, ASIC, DFSA.
- Only Pepperstone lists MetaTrader 4, MetaTrader 5, cTrader among its platforms.
- Only Saxo Bank lists SaxoTraderGO, SaxoTraderPRO, SaxoInvestor among its platforms.
- Only Pepperstone lists CFDs, Crypto among its instruments.
- Only Saxo Bank lists Stocks, ETFs, Bonds, Futures, Options, Mutual funds among its instruments.
Which should you choose?
- Choose Saxo Bank if a lower listed opening deposit is your priority.
- Choose Pepperstone if access to CFDs is essential, and confirm it is available under your entity.
- Choose Saxo Bank if access to Stocks is essential, and confirm it is available under your entity.
- Choose the broker whose regulated entity covers your country and provides the protections you need; confirm this on the regulator's register.
Frequently asked questions
Which has the lower minimum deposit, Pepperstone or Saxo Bank?+
Saxo Bank has the lower listed minimum deposit ($0 vs $10). Confirm current terms with each broker.
Are Pepperstone and Saxo Bank regulated by the same authorities?+
They share FCA, ASIC, DFSA. Pepperstone lists FCA, ASIC, CySEC, DFSA, SCB, BaFin, CMA; Saxo Bank lists ASIC, FCA, MAS, DFSA, FINMA in our catalogue.
Which has the higher BrokaBoy score?+
Pepperstone scores 9.2/10 against 9.1/10. The score is calculated from advertised catalogue data and excludes Trustpilot ratings.
Do Pepperstone and Saxo Bank support the same platforms?+
Both list TradingView.
