Our comprehensive comparison of Axi vs Pepperstone dissects key areas like trading costs, Forex trading platforms, and regulations to help you choose the right Forex broker.
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Our full comparison covers the 10 most important trading factors between Axi and Pepperstone:
There are significant differences when viewing Pepperstone vs Axi (formerly AxiTrader) based on their most popular accounts ‘Razor’ vs ‘Pro. The table below shows Pepperstone and Axi along (with other traders) and average spreads.
Razor Accounts – Commission
Pepperstone’s Razor account and Axi’s Pro account offer pricing with ECN-style spreads. Pepperstone provides better trading conditions overall for algorithmic traders and scalpers as the tight spreads are complemented with no dealing desk execution and deep liquidity.
Although Axi does offer competitive pricing via its Pro Account, Pepperstone provides access to the tightest spreads for most major currency pairs.
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Commission, ECN Spread Comparison
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0.10 | 0.20 | 0.40 | 1.00 | 0.60 |
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0.44 | 0.42 | 0.40 | 0.30 | 0.83 |
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0.10 | 0.20 | 0.30 | 0.50 | 0.30 |
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0.20 | 0.20 | 0.40 | N/A | 0.30 |
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0.17 | 0.30 | 0.54 | 0.68 | N/A |
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0.20 | 0.40 | 0.50 | 0.70 | 0.70 |
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0.10 | 0.50 | 0.60 | 0.80 | 1.10 |
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n/a | 0.50 | 0.60 | 0.40 | 0.30 |
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0.44 | 1.23 | 1.13 | 1.23 | 1.41 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Standard Accounts – No Commission
Pepperstone and Axi also offer a standard account type with no commission fees on top of the spread. When trading with Pepperstone, minimum spreads start from 1.0 pips commission-free – lower than other top brokers, including Axi, for most fx pairs, as shown in the table below.
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1.10 | 1.20 | 1.40 | 2.00 | 1.50 |
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1.20 | 1.30 | 1.20 | 1.20 | 1.30 |
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0.70 | 2.20 | 1.10 | 1.60 | 1.60 |
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1.90 | 2.00 | 2.40 | 2.30 | 2.50 |
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1.40 | 2.50 | 2.50 | 2.60 | 2.60 |
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1.20 | 1.80 | 1.90 | 2.30 | 2.30 |
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1.32 | 1.95 | 1.37 | 1.87 | 1.73 |
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1.30 | 1.70 | 2.10 | 1.70 | 2.10 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Note average spreads are taken from broker’s websites and updated monthly.
Compare Standard Account Spreads
While neither broker is a ‘true’ ECN broker, both Pepperstone and Axi offer ECN pricing. This means the spreads are sourced directly from a deep pool of liquidity providers. This allows the broker to offer you low spreads as they do not requote, involve a dealing desk or manipulate prices.
This is different from market makers, who will be your counterparty when you trade with them.
Verdict: For the lowest spreads and fees, we recommend Pepperstone. This is one of the reasons we consider Pepperstone to be the best Australian forex broker.
View Pepperstone ReviewVisit 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:
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:
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:
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 Currency Trading Platforms comparison found Pepperstone to be stronger in this area.
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:
*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:
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 Standard and Razor account, 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:
Other Features Include:
Axi also has a Positive Price Improvement Program, which is the same as Pepperstone’s Price Improvement Technology.
Verdict: Pepperstone is our winner here.
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:
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.
Pepperstone Trust Score
Axi Trust Score
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
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:
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.
| Pepperstone | Axi | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) |
FCA (UK) ASIC (Australia) FMA (New Zealand) |
| Tier 2 Regulation | DFSA (Dubai) | DFSA (Dubai) |
| Tier 3 Regulation | SCB (Bahamas) CMA (Kenya) |
SVGFSA |
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.
When trading CFDs (contracts for difference) in our Pepperstone vs Axi review, both brokers were found to offer the following Contracts for Difference:
Pepperstone also offers some CFDs that Axi does not. These include:
CFD Comparison
When we compared Pepperstone and Axi for their CFDs offering, we can make the following basic conclusions:
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 trading platform Australia analysis.
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:
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.
A head-to-head Pepperstone vs Axi on the surface seems to be a tie, with both offering:
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.
atoZforex.com found Axi was the winner when it came to the 2017 industry award for the most reliable forex broker. This highlights the strong customer service offering provided by Axi. Below are some other awards and key dates since Axi was founded in 2007.
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.
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.
| Funding Option | Axi | Pepperstone |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ✅ | ✅ |
| Neteller | ✅ | ✅ |
| UnionPay | ✅ | ❌ |
| Bitcoin | ❌ | ❌ |
| FasaPay | ✅ | ❌ |
| POLi | ❌ | ✅ |
| BPay | ✅ | ✅ |
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.
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:
| Broker | Minimum Deposit |
|---|---|
| Axi | $200 |
| Pepperstone | $100 |
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 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:
| Criteria | Pepperstone | Axi |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ✅ |
| Stronger Trust And Regulation | ✅ | ❌ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ✅ | ❌ |
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.
For seasoned professionals, Pepperstone again stands out with its advanced tools, tighter spreads, and superior customer service, catering to the needs of experienced traders.
Pepperstone generally offers lower costs compared to Axi. With competitive spreads starting from 0.0 pips, traders can benefit from cost-effective trading. On average, Pepperstone’s EUR/USD spread is notably lower than many of its competitors. For an in-depth comparison of brokers with the most competitive rates, check out our low commission broker awards.
Both Pepperstone and Axi offer MetaTrader 4, but Pepperstone is renowned for its enhanced MT4 features and seamless integration. Their platform provides advanced tools and a user-friendly experience tailored for both beginners and professionals. To understand more about the top-performing MT4 platforms, explore our comprehensive MT4 broker rankings.
Pepperstone stands out when it comes to offering social trading features. They have integrated platforms like ZuluTrade and Myfxbook for traders interested in copy trading. This allows users to mimic the trades of experienced traders and benefit from their strategies. For a deeper dive into the world of social trading, here’s our guide on the best forex social trading platforms.
Pepperstone offers spread betting, while Axi does not. Spread betting is a popular form of trading in the UK, allowing traders to bet on the direction of market movements without owning the underlying asset. For those interested in exploring the best spread betting platforms, our comprehensive guide on top spread betting brokers provides valuable insights.
In my opinion, Pepperstone is the superior choice for Australian forex traders. Founded in Australia and regulated by ASIC, Pepperstone has a strong foothold in the Australian market. Axi, while also ASIC regulated, is headquartered overseas. Both brokers offer competitive spreads and a range of trading platforms, but Pepperstone’s local presence and commitment to the Australian market give it an edge. For a detailed comparison, check out our review on top Australian forex brokers.
For UK traders, I believe Pepperstone holds a slight advantage over Axi. Both brokers are FCA regulated, ensuring a high level of trust and security for UK traders. However, Pepperstone’s comprehensive trading tools, coupled with its robust platform offerings, make it a preferred choice for many in the UK. If you’re keen on exploring the best platforms for UK traders, our guide on top UK trading platforms offers a deep dive into the subject.
Ask an Expert
Which broker is better for trading cryptocurrencies?
Axi have 10 crypto pairs available for trade, Pepperstone has 21 currency pairs plus 3 crypto indices so if you want more variety of cryptos, Pepperstone is the way to go.