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Pepperstone vs Saxo for US stocks
Saxo gives you the actual share; Pepperstone gives leveraged exposure to the price without ownership. That is not a preference — it is a different product, with different tax, dividend and risk treatment.
Pick Pepperstone if non-US residents trading US shares as CFDs. Pick Saxo if larger portfolios.
A CFD and spread-betting broker, not a US stockbroker. It is on this site because for most non-US traders it is one of the few regulated routes to US-share exposure with leverage.
Visit PepperstonePriced for size — the tiering rewards larger balances and punishes small ones.
Visit SaxoSide by side
| Pepperstone | Saxo | |
|---|---|---|
| What you hold | A CFD on the price | The share |
| US stock access | 1,000+ US share CFDs | US listed stocks plus 50+ global exchanges |
| Minimum deposit | None | None |
| Fractional shares | n/a | No |
| Published pricing | US share CFDs are commission-based on the Razor account and spread-based on Standard; overnight financing applies to positions held past the close. | Tiered commission on US shares that falls with account level; custody fees apply in some jurisdictions. |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView | SaxoTraderGO, SaxoTraderPRO |
| Extended hours | Selected US share CFDs only — check the instrument schedule | Available on selected US listings |
| Regulation | FCA 684312, ASIC 414530, CySEC 388/20, DFSA F004356, BaFin 151148 | DFSA 1149, FCA 551422, MAS CMS100411 |
| Founded | 2010 | 1992 |
Where each one wins
Pepperstone
- Non-US residents trading US shares as CFDs
- Leveraged short-term positions
- MetaTrader and TradingView users
- CFDs are leveraged: you do not own the share, get no shareholder rights, and can lose more than you expect
- Not available to US residents
Saxo
- Larger portfolios
- Investors wanting US plus European and Asian listings
- Bank-grade custody
- Costs bite at small account sizes
- No fractional shares
Frequently asked questions
Pepperstone or Saxo — which is better for US stocks?
Saxo gives you the actual share; Pepperstone gives leveraged exposure to the price without ownership. That is not a preference — it is a different product, with different tax, dividend and risk treatment. Pepperstone: non-US residents trading US shares as CFDs. Saxo: larger portfolios.
Which is cheaper?
Pepperstone: US share CFDs are commission-based on the Razor account and spread-based on Standard; overnight financing applies to positions held past the close. Saxo: Tiered commission on US shares that falls with account level; custody fees apply in some jurisdictions. Both figures are restated from each broker's own pricing page; for small non-USD accounts, currency conversion usually costs more than commission does.
Which is better regulated?
Pepperstone is authorised by FCA, ASIC, CySEC, DFSA, BaFin; Saxo by DFSA, FCA, MAS. What matters is which entity holds your account, since that determines your compensation scheme and leverage limits.
Reviewed August 2026. Figures restated from each broker's published pages.