I’ve been looking at the numbers more closely, and I’m realizing spreads alone don’t tell the whole story. AXI advertises tighter spreads on some pairs, but Pepperstone has the cashback partnership with GlobeGain. When I factor in rebates, the cost difference gets fuzzy.
I’m trying to actually calculate my real cost per trade on each broker. Like, what does a round turn on EUR/USD actually cost me after I account for spreads, any commissions, and then the rebate I get back?
I trade a mix of majors and some crosses, so the spread difference varies by pair. But I’m wondering if Pepperstone’s rebate structure through GlobeGain ends up making it the cheaper choice overall, or if AXI’s tighter spreads still win out even without the same cashback rates.
Has anyone actually done the math on this? What did you find when you looked at your real costs after everything?
AXI spreads tighter. Pepperstone rebates better. Tests both.
Calculate it yourself. Brokers’ advertised costs mislead.
Here’s the math that actually matters. Take EUR/USD: AXI typically quotes 0.7 pips, Pepperstone 0.9 pips. Sounds like AXI wins by 0.2 pips per round turn.
But add GlobeGain rebates. Pepperstone might pay back 0.3 pips, AXI 0.2 pips. Now the real cost gap shrinks to just 0.1 pips in AXI’s favor. Over 100 trades, that’s maybe 10 pips difference. Slippage on one trade usually costs more.
The deciding factor: which broker’s execution quality keeps you from getting slipped? That’s where the real savings happen. Test both with small positions on the pairs you actually trade. Real cost beats advertised spreads every time.
I track my actual costs on a spreadsheet. What I found is that the rebate difference between the two brokers ends up being maybe 5-10% of my monthly costs, which is noticeable but not huge.
But if you factor in slippage, that becomes way more important than the rebate difference. On Pepperstone I get cleaner fills on larger trades, which saves me more than the rebate advantage from AXI.
I’d suggest you test both with real money on small positions first. The numbers vary so much by your trading style and timing.
AXI cheaper on spreads. Pepperstone rebates close the gap. Pick based on execution you prefer.
Tracked this for six months across both brokers. My average cost on majors:
AXI: 0.8 pips spread minus 0.2 pip rebate equals 0.6 pips real cost.
Pepperstone: 1.2 pips spread minus 0.4 pip rebate equals 0.8 pips real cost.
AXI ahead by 0.2 pips per round turn. Over my trading volume, that’s about 200 pips monthly savings for me.
But Pepperstone’s fills feel cleaner on my larger positions. That saved me more than once. So I use both depending on position size. Don’t get stuck chasing tiny rebate differences. Execution quality and consistency matter more.