In this guide we compare two Australian-based brokers, Pepperstone vs Axi, side-by-side to see which is better for UK traders.
Which is the Better Broker for UK Traders: Pepperstone vs Axi?
In the battle between Australian brokers, Pepperstone vs Axi, we found Pepperstone to be the better overall broker, offering more trading platform options, a wider range of instruments, and lower trading costs.
However, Axi offers unique advantages, including copytrading and a focus on forex execution speed. We’ll analyse which is better for beginners and experienced traders, and what each broker offers UK traders.
Choose Pepperstone if you are looking for spread betting options, potential automation / algorithmic trading, and are trading professionally or at high volumes.
Choose Axi if you are looking for a reliable MT4 broker or copytrading eToro alternative in the UK.
1. Key Features Comparison
| Pepperstone VS Axi | 
First | 
Second | |
|---|---|---|---|
| Regulation | FCA (UK), ASIC (Australia) | FCA (UK), ASIC (Australia) | |
| Trading Platforms | Proprietary Platform, TradingView, MT4, MT5, cTrader | Proprietary Platform & MT4 / MT5 | |
| Minimum Deposit | £0 | £0 | |
| Spreads | Starting from 0.0 pips on Razor Account | Starting from 0.68 pips on forex | |
| Spread Betting | Yes | Yes | |
| Range of Assets | 2,700+ | 450+ | |
| Education Resources | Articles, Market Analysis & eBooks | Articles, Market Analysis & eBooks | |
| Customer Support | 24/5 via live chat, phone, and email | 24/5 via phone, chat, and email | |
| Funding Options | Credit/Debit Card, PayPal, Bank Transfer | Credit/Debit Card, PayPal, Bank Transfer | |
| Inactivity Fee | None | £10/month after 1 year of no activity | |
| Visit Pepperstone | Visit Axi |
2. Fees and Spreads
Axi Spreads
Axi’s forex CFD spreads start from 0.68 pips on major pairs like EUR/USD. These fees are among some of the most competitive (IG’s forex CFD spreads start at 0.6 pips & CMC’s start at 0.5 pips). So you are definitely getting great pricing for forex pairs (see below).
On commodities, Axi’s fees start at around 1.6 pips, and on their Pro account, this drops to 0.9 pips. Now, this is fairly expensive compared to Pepperstone’s 0.1-pip spreads on their Razor account. Axi also lacks a commission-based account option like Pepperstone’s Razor account, so it really only has two account options: Standard or Pro.
Axi charges a £ 10 inactivity fee for a 12-month period, which is reasonable, but inactivity fees are always unpopular, so this is something to bear in mind.
Pepperstone Fees
Pepperstone is famed for its low-pricing options; its Razor and spread betting accounts are among the lowest-spread accounts in the UK. Their Razor account spreads start from 0.0 pips + £2.25 round-turn commission, and their spread betting & forex CFD spreads start at 0.6 pips – lower than Axi’s headline spreads. However, Pepperstone’s CFD account starts at 1 pip – higher than most other brokers.
Pepperstone doesn’t charge inactivity fees and offers a wider variety of accounts, including CFD, spread betting, Razor, and pro accounts. Axi only has CFD, spread betting and Pro account types.
On commodities, Pepperstone’s Gold spreads start at 0.1 pips for spread betting and 0.08 pips on their Razor account – significantly lower than most brokers – Axi included.
Verdict:
Pepperstone is cheaper for spread betting and overall. Axi has cheaper CFD trading costs at a headline rate but is more expensive on commodities.
3. Trading Platforms
Axi Trading Platforms
Axi is a bit of a mixed bag when it comes to platforms: they offer MT4, MT5, a copytrading app, a flagship app, and a new proprietary platform. However, we repeatedly tried to launch their proprietary web app from their desktop but encountered errors.
What we found is that they’ve had a redesign recently (June-August 2026), and they’ve certainly improved certain things, like the embedded MT4 trading experience is slightly better (see above), but we weren’t able to launch their flagship web app.
We did manage to test their mobile apps (copytrading & trading app). Both of which were generally good overall. However, there are quite a few bad reviews on their flagship app (3.4/5 stars) and their copytrading app (2.6/5 stars).
Our view is that if you are looking for a basic app, these are good enough. The apps are nowhere near IG or SpreadEx level, but they are ok… see reviews below.
Here are the ratings on their copytrading app.
Pepperstone Trading Platforms
Pepperstone is a true master of platform variety, integrations and even on their own proprietary platform. They offer cTrader, TradingView, MT4, MT5, and Pepperstone Platform (their own platform). Of course, these apps also come with their own mobile versions too.
Ultimately, Pepperstone offers more variety than Axi and their proprietary platform worked seamlessly (see below).
Verdict:
Pepperstone wins hands down with a better proprietary platform experience and all the platforms Axi offers, plus more.
4. Range of Tradable Instruments
Axi’s Asset Range
Axi offer 450+ instruments. A full breakdown of their instruments can be found here.
To save you from reading a massive document, essentially they offer most major and some minor forex pairs, offer very few forex exotics (you won’t find the level of variety as you get on Pepperstone or CMC), and they offer commodity CFDs (Gold, Silver etc.) and a few UK share CFDs like HSBC, GSK and BP.
As you can imagine, with 450+ instruments total, you will find yourself short quite a lot, especially if you are a stock trader. If you primarily trade major forex & commodity markets, then Axi will suit you, but if you trade stocks, you might want to explore alternatives.
Pepperstone Asset Range
Pepperstone offers 2,700+ instruments across spread betting and CFDs. It’s made up of major, minor, and exotic forex pairs, commodity CFDs, share CFDs, and indices.
By contrast, Pepperstone offers 1,000+ share CFDs compared to Axi’s very limited list of c. 30-40 share CFDs. You also get a wider range of forex exotics like ZAR/JPY (see below for some exotics) as well as the typical major and minor pairs.
Verdict:
Pepperstone offers more forex, currency and commodity pairs than Axi and has real depth. Axi offers very few UK shares to trade but has most major and minor forex CFD pairs.
5. Regulation and Security
Axi Regulation
Axi is a well-regulated, fully FCA-regulated broker here in the UK and in Australia. Good overall regulation for UK traders. Their FCA reference number (FRIN) is 466201.
Pepperstone Regulation
Pepperstone is also regulated by the FCA. Their FCA reference number (FRIN) is 684312. They are a well-established broker founded in 2010.
Verdict:
Both brokers are solid in terms of security & FCA-regulated.
6. Spread Betting & Pro Accounts
Axi Pro & Spread Betting Accounts
Axi offers a Pro account for UK traders. They even have another tier for high-volume traders called ‘Elite’. This is where things become interesting. Axi’s structure on Pro and Elite accounts looks very similar to Pepperstone’s Razor account – which, by the way, doesn’t require a Pro account.
Even more worryingly, Axi’s Pro account almost seems to mimic Pepperstone’s non-pro Razor account. Axi charges $7 round-trip commissions and spreads from 0.0 pips. Pepperstone charges a total round-trip commission of $7 and spreads from 0.0 pips on its non-pro account type. So, in effect, what do you get with Axi’s Pro account type? The answer is… you simply lose the protections you enjoyed as a retail-classified trader.
In their Elite tier, what they classify as a high-volume trader, you do start to get better fees of $3.5 round-trip commissions and pips starting from 0.0 pips. This is much better, but the fact that their Pro account offers the same benefits as a non-Pro account type is pretty odd.
In terms of spread betting, Axi does offer spread betting, as of September 2026, but it’s been recently downplayed since their marketing redesign; you can trade CFDs and spread bet in their standard account type.
Pepperstone Spread Betting & Pro Accounts
Pepperstone is built for high-volume traders and professionals. As we’ve seen, Axi’s Pro account is effectively very similar to Pepperstone’s non-Pro Razor account – and you still get your retail trader protection in the UK. This makes great low spreads accessible to everyday traders.
Pepperstone’s Pro account is significantly better – with rebates, VPS hosting and a lot more wraparound support.
Pepperstone also offers spread betting with upfront pricing, which we’ve reviewed in depth and found to be one of the best spread betting brokers. Forex spreads on spread betting accounts start at 0.6 pips, so 0.08 pips lower than Axi.
Verdict:
Pepperstone offers a better Pro account and a better spread betting account.
7. Educational Resources
Axi Education
Axi is investing heavily in its education for beginners and has even started Axi Academy. Their educational offerings include a Blog, Axi Academy, MT4 videos, a glossary, and e-books. They are a comprehensive broker for beginners; they have a dedicated YouTube channel with videos covering their Academy content (see below).
They also have a demo account, comprehensive guides & videos (see below) and a wide range of other information for beginners.
Pepperstone Education
Pepperstone is also a heavyweight in education, offering detailed guides, webinars, market analysis, and a YouTube channel.
Overall, Pepperstone’s educational offering is less organised than Axi’s but equal in terms of detail. Pepperstone has better market analysis, webinars and commentary – leaning more towards more serious traders. Axi’s content is beginner-focused but more Australian-led vs Pepperstone’s dedicated ‘UK’ channel, which is a huge benefit for local traders.
Verdict:
Both are great for education, but Pepperstone targets beginners and more advanced traders; Axi’s content is skewed towards beginners.
FAQ’s
1. Is Pepperstone better than Axi for Forex trading?
Pepperstone offers more than triple the number of tradable instruments (2,700+ vs 450+) and more forex pairs overall, including a wider range of minor and exotic pairs. Pepperstone is also cheaper than Axi, with spreads on forex CFDs and spread bets starting at 0.6 pips vs Axi’s 0.68 pip spreads.
2. Is Pepperstone better than Axi for Professional Traders?
Yes, in our research we found that Axi’s professional-tier account doesn’t even compete with Pepperstone’s non-pro Razor account: they both offer the same $7 round-trip commissions + spreads from 0.0 pips. In our view, traders looking for tight spreads or trading high volumes should trade with Pepperstone. Pepperstone’s Pro account, by contrast, has rebates and a range of other options that make it significantly better.
3. Is Axi better than Pepperstone for Beginners?
No, Axi offers a better beginner education programme than Pepperstone with Axi Academy, but Axi’s platform options: MT4, MT5 and their apps, make onboarding more difficult than Pepperstone’s Pepperstone Platform or TradingView integration.
4. Is Axi similar to Pepperstone for UK Traders?
Not really. Axi offers fewer platforms, fewer tradable instruments, higher spread costs and copytrading. Pepperstone offers more options for intermediate and advanced traders, such as a commission-based account, algorithmic trading options, and a great professional account.
5. Is Axi Better than Pepperstone on MT4?
Axi has great fill rates of 96% and execution speeds of 26ms, Pepperstone offers 99.32% fill rates (between 01/01/2026 and 31/03/2026) and 50ms. In our testing, both performed well on MT4 but Pepperstone offers more instruments to trade on MT4.
Final Verdict
| Criteria | Winner |
|---|---|
| Fees and Spreads | Pepperstone |
| Platforms | Pepperstone |
| Asset Range | Pepperstone |
| Regulation and Security | Tie |
| Spread Betting & Pro Accounts | Pepperstone |
| Educational Resources | Axi (Beginner) & Pepperstone (Pro) |
Pepperstone beats Axi on almost every criteria: from instrument range, platform variety, spread costs, fees, and account types.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
Who Should You Choose?
Choose Axi if you want the following:
- Copy Trading
- MT4 trading
- Most major forex pairs
Choose Pepperstone if you want:
- More instruments
- Lower spread costs
- Better professional account options
- More platform types
For UK traders, the advantages that Axi provides are: relatively low costs, copy trading and beginner education. Pepperstone provides better costs, more platform options, better high-volume and professional account types, and more instruments.
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