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.

Daily swap charge / credit = (market closing price x trade size x percentage) / 360

You can find our latest swap rates on our trading platforms. These are indicative rates and are subject to change based upon market volatility. The exact rate will depend on your trading platform.

TradingView will only show the swap charge after it has been applied.

Under our ASIC licence, the amount of leverage you can trade with depends on whether you’re a retail or professional client.

You can find out more about becoming a professional client here.

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

No, we don’t not charge for deposits or withdrawals. Third-party fees may apply for international payments.

If your position is still open at the close of business (5pm New York time), it will be subject to a swap charge (or benefit). This is a daily financing cost applied to reflect the interest rate differential between the currencies in the pair you are trading. 

• If you’re long (buying) and the swap rate is positive, you’ll receive a swap benefit. If it’s negative, you’ll be charged a swap. 

• If you’re short (selling) and the swap rate is positive, you’ll receive a swap benefit. If it’s negative, you’ll be charged a swap. 

Swap rates may change daily. Any updates are published on the trading platform and take effect immediately. 

On both our account types, you’ll pay commission when trading CFDs on shares, 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 margin FX CFDs.

If you hold a position on an ex-dividend date, your account will be adjusted to reflect the dividend amount.

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.