Daily swap charge / credit = one point x (trade size [or notional amount] x tom-next)

We source our tom-next rates from tier 1 global investment banks. These are updated daily to reflect the interest differential between the two currencies involved.

Note: Our commodity CFD metal swaps are also calculated in the same way.

Daily swap charge / credit = (market closing price x trade size x (our charge* +/- ARR) / 360

*Our charge is 2.5%. If you’re long, you pay ARR. If you’re short, you receive it.

For more information on ARR or other inter-bank reference rates, please see this link.

Daily swap charge / credit = (trade size x (basis* +/- our charge**))

*Formula for the basis = (P3 – P2) / (T2 – T1), where: P2 = price of front-month future P3 = price of next-month future T1 = expiry date of the previous front-month future T2 = expiry date of the front-month future

**Our charge = CFD mid price x 2.5% / 365. If you pay the basis on your trade, our charge is added; if you receive the basis, the charge is deducted.

Daily swap charge / credit = (market closing price x trade size x (our charge* +/- ARR) / 360

*Our charge is 2.5%. If you’re long, you pay ARR. If you’re short, you receive it.

For more information on ARR or other inter-bank reference rates, please see this  link.

If you hold a position on one of our index or share CFDs past the ex-dividend date, we will make a cash adjustment to your trading account to reflect the dividend payment. This means you’ll neither be advantaged or disadvantaged by the dividend.

The initial margin requirement for a trade depends on the leverage, the size of the trade, the instrument and your account currency. You can calculate this using our margin calculator in your secure client area.

Trade sizes vary depending on the characteristics of each instrument, including lot size and market conditions. While you can typically trade from as low as 0.01 lots, both the minimum and maximum trade sizes are not fixed and may differ across instruments.

We don’t charge any fees for deposits or withdrawals. Please note that you may incur fees on payments to and from some non-UK banks. You’ll be responsible for any external transfer fees charged by your bank, or our bank.

We don’t charge any account keeping or inactivity fees. However, to free up space on our servers, we may archive accounts that hold less than ten units of currency and  have not been used to trade for three or more months. This enables us to provide the best possible trading conditions for all active clients.  

Archived accounts can be reactivated upon request, or you can create a new live account

We do not charge additional fees for deposits or withdrawals unless you withdraw funds using a bank wire transaction to an international bank account. In this case, we’ll deduct 20 USD/15 GBP from your trading account balance. 

Swap charges (or credits) are rollover interest rates that are earned or paid for holding positions overnight. We apply them on positions held past 5pm New York time (server time). The exact calculation depends on the instrument you are trading. 

On both our account types, you’ll pay commission when trading CFDs on shares or ETFs, ranging from 0.07% to 0.20% per side. On a Razor account, you’ll also pay fixed, transparent commissions from $3.50 per lot, per side when trading FX CFDs.  

If you hold a position on an ex-dividend date, your account will be adjusted to reflect the dividend amount. This means you’ll neither be advantaged or disadvantaged by the dividend.

Yes, negative balance protection is a regulatory protection for retail traders. If your account falls into a negative balance, we will return it to zero as soon as possible. Negative balance protection does not apply to Pepperstone Pro accounts.