Pepperstone vs Axi: Which One Is Best?

2. Better Trading Platform: Pepperstone

MetaTrader 4

Pepperstone and Axi both offer MetaTrader 4 (MT4). Despite increasing competition, including the introduction of MetaTrader 5,  MetaTrader 4 remains the most used forex platform worldwide. MT4 is the world’s most popular forex trading platform, and using the platform means you can easily switch to other brokers that use the same platform. MetaTrader 4 is designed for traders of all levels. Both Pepperstone and Axi offer tools that will be of benefit to basic and advanced users.

Key features of MetaTrader 4 include:

• Available in 30 languages
• Compatibility with Android and iPhone iOS for mobile trading
• Can be installed on Windows and Mac
• Webtrader for use in Browsers
• Comes with 30 technical indicators
• 23 analytical objects
• 9 timeframes
• MT4 Expert Advisors (EAs)
• One-click trading
• Hedging
• 4 types of Execution

Axi vs Pepperstone Add-On For MetaTrader 4

Smart Trader Tools is the Pepperstone add-on, while Axi has the MT4 enhancement tool. Both offer the same 10 features, including:

1. An Alarm Manager that alerts traders when a trigger is reached
2. Connect (Pepperstone) / Economic Calendar (Axi) offering RSS news, guides and an economic calendar.
3. Correlation tools to find similarities to other markets, including the Correlation Matrix.

Smart Trader Tools and NexGen give traders using MetaTrader 4 the tools to make a trading decision. Market-sensitive data is also sent to traders to alert them to events that impact market volatility.

MetaTrader 5

While MT4 remains the most popular trading platform, MetaQuotes now offers an upgraded platform known as MetaTrader 5 (MT5). MT5 offers everything MT4 does and more. If you are new to trading, you may wish to consider MT5 over MT4, as MT5 will cease having support in future, and new brokers may stop offering it.

MetaTrader 5 offers the following:

• Hedging available
• 21 timeframes based on 1-minute intervals and higher. Timeframes can be used simultaneously.
• 38 indicators
• 22 analytical objects
• 46 graphical objects
• New order type – Stop limit order
• Depth of market
• Improved backtesting
• Expert Advisors, including new, improved programming language (MQL5)

cTrader Forex Trading Platform

cTrader is an alternative platform for MT4. This is offered by Pepperstone only. Its main difference is the ability to personalise the interface for personal preference. Benefits include a more modern and attractive interface compared to MT4. This interface can be customised and has detachable charting options.

Verdict: Both Pepperstone and Axi online brokers offer the same range of features on the MT4 platform. Pepperstone, unlike Axi, also offers MetaTrader 5 and cTrader. MetaTrader 5 will supersede MT4, so in time, it is likely to become the premier trading platform. For this reason, we recommend MT5. Overall, our Best Forex Brokers In Australia comparison found Pepperstone to be stronger in this area.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

3. Superior Accounts And Features: Pepperstone

Pepperstone Razor Account

If you are using MetaTrader 5, the Pepperstone Razor account has low commissions of $3.50 per $100k USD side trip. This commission will vary depending on what currency your account is in:

• Japanese Yen – JPY 303
• Euro – EUR 2.61
• Pound Sterling – GBP 2.29
• Swiss Franc – CHF 3.30
• New Zealand Dollar – NZD 4.75
• Singapore Dollar – SGD 4.55
• Hong Kong Dollar – HKD 28.17
• Canadian Dollar – CAD 3.50

*Commission is per side. Round-turn will be double. This means you pay a commission when you buy and again when you sell. If you are using MetaTrader 4, the commission will be the same except for USD, where you will be charged $3.76 per $100k USD.

cTrader commission fees are calculated differently from MetaTrader 4 and 5. Rather than a flat rate charge, you pay a fee equal to 0.0035% of the base currency of the fx pair you are trading. For instance, if you are trading 100,000 units of the EUR/AUD, you will pay €3.50 per side or €7 round turn.

Other Features Include:

• $200 minimum deposit (when opening an account however this is not enforced)
• Choice of lot sizes for trading – Mini, Micro, Standard
• Leverage up to 500x the deposit (500:1 offshore and internationally and 30:1 in Australia, the UK and Europe, or 500:1 with professional account)
• Scalping and hedging
• Automated trading with Expert Advisors (EAs)

Pepperstone further reduces prices with its Price Improvement Technology. This technology applies the better price in the event spreads change to be more favourable for the trader during execution.

Pepperstone also offers two other trading account types. These are the Standard account and the Islamic account.

Standard Account

The Standard account widens your spread in place of commission, with minimum spreads of 1.0 pips available.

See our comparison of Pepperstone Razor vs Standard accounts, in this comparison, we explain how many charges for lots of work.

The Islamic Account

The Islamic account is not listed on the Pepperstone website however is available on request. This account has no swap fees, which are also known as rolling or overnight fees. To be eligible for an Islamic account, you will be required to prove you are Muslim.

Axi MT4 Pro Account

Axi has an ECN account similar to Pepperstone’s Razor called the MT4 Pro account. It has the following features:

• The commission is USD $3.5 commissions per 100k side trip. As the commission is in USD, the commission fee may be higher once the currency is converted to your base account.
• No minimum deposits to open an account, but you will be required to have enough funds to meet the margin requirement to open a position.

Other Features Include:

• Leverage up to 30x the deposit (30:1)
• Choice of lot sizes – Micro, Mini, Standard
• Scalping
• Hedging
• Expert Advisors (EAs)

Axi also has a Positive Price Improvement Program, which is the same as Pepperstone’s Price Improvement Technology.

Verdict: Pepperstone is our winner here.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

4. Best Trading Experience And Ease: Tie

When it comes to the best trading experience and ease, our team at Compare Forex Brokers has delved deep into the functionalities and user-friendliness of both Axi and Pepperstone. We’ve also cross-referenced our findings with our own rigorous testing, ensuring that our insights are as accurate as possible. Here’s what we found:

• Pepperstone stands out as the best MT4 broker, offering a seamless experience on this platform.
• For those who prefer automation in their trading, both Pepperstone and Eightcap have integrated with Capitalise.ai, enhancing the trading experience.
• ThinkMarkets, with its ThinkTrader platform, has been recognised as having the best trading app.
• BlackBull Markets, on the other hand, boasts the fastest execution, which is a crucial factor for many traders.

In our experience, both Axi and Pepperstone have their strengths and cater to different types of traders. Whether you’re a beginner or an experienced trader, it’s essential to choose a broker that aligns with your trading style and preferences. We hope our insights help you make an informed decision.

Axi ReviewVisit Axi

5. Stronger Trust And Regulation: Pepperstone

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Maximum leverage will vary depending on where you are trading from. Axi is regulated by two tier-1 financial authorities: the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. Pepperstone is overseen by seven regulators, including ASIC and the FCA, as well as the DFSA (Dubai), CMA (Kenya), SCB (the Bahamas), CySEC (Europe) and BaFin (Germany).

Leverage For Clients In Australia, The UK And Europe

If you are a retail client from the UK (FCA), Europe (CySEC) or Australia (ASIC), the Pepperstone or Axi subsidiary will be required to cap your leverage due to local trading rules. This means the following maximum leverage is permitted

• 30:1 for major forex pairs
• 20:1 for minor and exotic currency pairs

Retail traders with FCA, CySEC and ASIC regulations will have guaranteed Negative Balance Protection.

If you are a UK trader, you will not have access to either broker’s selection of cryptocurrency CFDs. Recently, the FCA amended regulation to ban crypto trading for retail investor accounts.

Leverage For Clients Outside The UK And Europe

While Axi is only regulated by ASIC and CySEC and therefore restricted to 30:1 leverage, Pepperstone operates offshore subsidiaries with higher leverage limits:

• Pepperstone Dubai (DFSA) up to 50:1
• Pepperstone Kenya (CMA) up to 400:1
• Pepperstone the Bahamas (SCB) up to 500:1

Risk Management

Pepperstone and Axi use automated ‘margin call’ (also sometimes called ‘minimum balance protection‘). MT4 has a feature that seeks to exit forex traders before their account balance goes negative. There is, however, no guarantee traders will be able to exit before the account goes into negative. Conservative and inexperienced traders will want to avoid forex trading when the forex market appears extremely volatile.

Both Pepperstone and Axi also offer a stop loss feature within the MetaTrader 4 platform. A stop-loss order is an instruction to close your forex position when the forex reaches a set price. This can minimise a trader’s losses if the forex market does not move in their favour. Like with minimum balance protection, this is not guaranteed. easyMarkets offers guaranteed protection.

Lastly, both Pepperstone and Axi have a take-profit option. Similar to stop losses, this feature works on the same principle but in reverse. This means exiting after a position has been hit at a favourable pre-determined level.

Both Pepperstone and Axi offer the same ‘default’ features that are available on the MT4 platform. Neither broker offers specialised risk management tools. If you require guaranteed protections, then consider brokers such as easyMarkets and Plus500.

Verdict: Pepperstone and Axi have the same risk management features. Pepperstone, on the other hand, has a higher leverage level of up to 500:1 via its offshore entity in the Bahamas.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

6. Top Product Range And CFD Markets: Pepperstone

When trading CFDs (contracts for difference) in our Pepperstone vs Axi review, both brokers were found to offer the following Contracts for Difference:

• Indices trading –
  • Axi – Choice of 17 Indices
  • Pepperstone: Choice of 23 Indices
• Soft commodities
  • Axi – Choice of 3 commodities
  • Pepperstone – choice of 8 commodities
• Major and precious metals
  • Axi – Gold/Silver
  • Pepperstone – Gold, Silver, Platinum, Palladium and Copper
• Energies –
  • Axi – US and UK Crude, Brent Oil/WTI Oil/Gas
  • Pepperstone – Choice of 2 oils and 1 gas
• Cryptocurrencies – Bitcoin, Bitcoin Cash, Dash, Litecoin, Ethereum (no longer available to UK traders under FCA regulation)
  • Axi – Choice of 6 cryptocurrencies
  • Pepperstone – Choice of 12 cryptocurrencies, including 3 crypto baskets

Pepperstone also offers some CFDs that Axi does not. These include:

• • Shares CFD – Choice of 700+ stocks on four global exchanges
  • Currency Index CFD – USDX basket

CFD Comparison

When we compared Pepperstone and Axi for their CFDs offering, we can make the following basic conclusions:

• Pepperstone offers a wider range of CFDs than Axi, with over 700 CFDs in total
• Pepperstone margin (or leverage) requirements are more generous than Axi

Verdict: For this reason, we feel that Pepperstone presents a better option when it comes to choosing an online broker for CFDs, which was shown in the Best Forex Brokers In Australia analysis.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

7. Superior Educational Resources: Pepperstone

When it comes to forex trading, education is paramount. Both Axi and Pepperstone understand this and have invested heavily in providing top-notch educational resources for their clients. After a thorough review of their offerings and cross-referencing with our own in-depth testing, here’s a comparative breakdown:

• Axi offers comprehensive webinars covering a range of trading topics.
• Pepperstone provides an extensive library of video tutorials for beginners and advanced traders alike.
• Axi’s platform features detailed market analysis articles, keeping traders informed.
• Pepperstone’s educational section boasts interactive courses, helping traders grasp complex concepts.
• Both brokers offer e-books, but Pepperstone’s collection is more diverse and in-depth.
• Axi shines with its trading glossary, ensuring that traders are well-versed in industry jargon.

Verdict: Based on our team’s scoring, Pepperstone slightly edges out Axi in terms of educational resources, making it the preferred choice for traders keen on continuous learning.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

8. Superior Customer Service: Pepperstone

A head-to-head Pepperstone vs Axi on the surface seems to be a tie, with both offering:

• Live Chat
• Phone Service
• E-mail
• 24/5 support

The difference comes from the quality of the service provided, with Pepperstone having a reputation for its outstanding customer service. In 2016 and 2017, their outstanding customer service was recognised when ‘Investment Trends’ awarded them number #1 in this category. Pepperstone customer support team consists of real traders; therefore, they can help answer questions from both beginner and expert traders.

Verdict: While this category may seem close, the fact that Investment Trends, which is judged by real Australian forex traders, consistently awards Pepperstone as the leader for customer service led to them being awarded first.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

9. Better Funding Options: Pepperstone

The ease and variety of funding options play a pivotal role in a trader’s experience with a broker. Both Axi and Pepperstone have made significant strides in offering diverse and convenient funding methods to cater to their global clientele. Our team at Compare Forex Brokers has meticulously evaluated each broker’s funding options, and here’s what we’ve discovered:

Axi and Pepperstone both understand the importance of providing multiple funding avenues to ensure seamless transactions for their clients. Whether you’re looking to deposit or withdraw funds, the right funding option can make a world of difference in terms of speed, convenience, and security.

Verdict: While both brokers offer a commendable range of funding options, Pepperstone has a slight edge with its inclusion of PayPal and POLi, making it the preferred choice for traders seeking diverse funding methods.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

10. Lower Minimum Deposit: Pepperstone

For many traders, especially those just starting out, the minimum deposit requirement can be a significant factor in choosing a broker. It’s not just about the amount but the flexibility and accessibility it offers. A lower minimum deposit can be a sign of a broker’s commitment to catering to traders of all levels, from beginners to professionals.

Axi and Pepperstone, two of the industry’s leading brokers, have their own minimum deposit requirements. Let’s take a closer look:

Verdict: Pepperstone offers a lower minimum deposit of $100 compared to Axi’s $200, making it a more accessible choice for traders looking to start with a smaller initial investment.

Pepperstone ReviewVisit Pepperstone

*Your capital is at risk ‘75.3% of retail CFD accounts lose money’

Is Pepperstone or Axi The Best Broker?

Pepperstone is the winner because it consistently outperforms Axi in several key areas, offering traders a more comprehensive and user-friendly experience. The table below summarises the key information leading to this verdict:

Pepperstone: Best For Beginner Traders

For those just starting out, Pepperstone offers a more intuitive platform and a wealth of educational resources, making it the top choice for beginner traders.

Pepperstone: Best For Experienced Traders

For seasoned professionals, Pepperstone again stands out with its advanced tools, tighter spreads, and superior customer service, catering to the needs of experienced traders.