Pepperstone vs Saxo for multi-asset trading in Australia
Verdict
- For multi-asset CFD trading in Australia we pick Pepperstone: one account covers 93 FX pairs, 26 indices, 1,162 share CFDs, 40 commodities, 95 ETF CFDs and 31 crypto CFDs, from a $10 deposit.
- Saxo's former Australian business now trades as Totality Wealth Limited (AFSL 280372), so Australians aren't dealing with a Saxo-branded local entity.
- Pepperstone is a leveraged-products broker: everything on its Australian product list is margin FX or a CFD, so it doesn't replace a share-ownership account.
- Pepperstone charges 0.07% per side on ASX share CFDs and USD 0.02 a share on US share CFDs, with no minimum.
Multi-asset can mean two things: trading many markets through one leveraged account, or owning a portfolio of shares and funds next to your trading. Pepperstone does the first well. For the second, and for Saxo itself, the Australian picture has changed.
Why Pepperstone is our multi-asset pick
Pepperstone Group Limited (AFSL 414530) gives Australian clients CFDs across every major asset class in one account, with the counts from its own account table (data from 12 March 2025). Share CFDs span US, UK, European, Australian and Hong Kong stocks, and more than 100 US share CFDs trade 24 hours a day, five days a week through the '-24' symbols. Funding is in AUD, USD, EUR, GBP, SGD or HKD, and the same account runs on MT4, MT5, cTrader, TradingView and Pepperstone's own app.
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What happened to Saxo in Australia
Saxo's group licence list still includes its Australian licence, but the business is now Totality Wealth Limited, formerly Saxo Capital Markets (Australia), under AFSL 280372. Saxo's own platforms, such as SaxoTrader, SaxoInvestor and its OpenAPI, are described on its international sites; which products and platforms Totality offers Australians isn't in our data. Check Totality's site and PDS directly before assuming Saxo's global terms apply. On Saxo's UK site, EUR/USD has a 0.7-pip minimum spread, there is no guaranteed stop and retail clients get negative-balance protection.
Pepperstone's asset coverage and costs
| Asset class | Instruments | Published cost |
|---|---|---|
| Margin FX | 93 | EUR/USD Razor 0.1 avg + commission; Standard 1.1 avg |
| Index CFDs | 26 | AUS200 1.5 avg; US500 0.4 avg; no commission |
| Share CFDs | 1,162 | 0.07% per side ASX; 0.10% UK/DE; 0.20% HK; USD 0.02/share US |
| Commodity CFDs | 40 | Gold 0.12 avg Razor, 0.19 Standard |
| ETF CFDs | 95 | US ETFs USD 0.02 per share |
| Crypto CFDs | 31 | BTC/USD 15.15 avg Razor; no commission |
Limits to weigh
- Leverage on share and ETF CFDs is 1:5 for retail clients, and 1:2 on crypto.
- No guaranteed stop-loss; stops can slip in gaps, such as over a weekend.
- No compensation scheme is named for Australian clients; retail money is segregated under the Corporations Act.
- Perpetual CFDs and Real-World Asset CFDs appear on the Australian site, but retail eligibility isn't stated, so ask before planning around them.
Sources
Can I buy real shares with Pepperstone in Australia?
Pepperstone's Australian product list is margin FX and CFDs, including share and ETF CFDs. It doesn't list share ownership.
Is Saxo still operating in Australia?
Its Australian business is now Totality Wealth Limited, formerly Saxo Capital Markets (Australia), under AFSL 280372.
How many markets does Pepperstone offer?
Its Australian account table counts 93 FX pairs, 26 indices, 1,162 shares, 40 commodities, 95 ETFs and 31 crypto CFDs; Pepperstone's own pages also cite '1350+' markets.
CFD trading is high risk because leverage magnifies losses as well as gains. General information only, not financial advice. Check each provider's PDS and current fees before opening an account.