Our costs and fees
Transparent pricing. No surprises.
We always want to be fully clear on what you’ll pay to trade with us, with no hidden charges. This page covers all trading and non-trading fees, across our range of platforms and instruments.
Standard spreads from 2 on oil, 0.05 on gold*
Raw spreads from 0.0 on a Razor account*
0 commission on spread bets, index CFDs & commodity CFDs*
0 fees for deposits or withdrawals1
0 fees to open or close an account
Minimum deposit just £102
Direct costs
We use multiple liquidity providers from tier 1 banks and institutions, to give you the best possible prices on our wide range of markets.
Spreads
The spread is the difference between the bid (sell) and ask (buy) price. It’s usually measured in pips - the smallest unit of price movement in trading.
We offer three main account types, with a slightly differing price structure:
- Standard account: All CFD fees for FX, commodities and indices - apart from any overnight funding - are included in the spread, and there is no commission to pay. This provides a straightforward fee structure for newer traders or those seeking an easy-to-manage account.
- Razor account: Offers identical trading conditions to our Standard account, but with commission-based pricing on forex. Clients can enjoy raw spreads from 0.0 points, alongside fixed, transparent commissions from £2.25 per lot, per side.*
- Spread betting account: Available exclusively to UK residents and offers a tax-efficient way to trade.† There’s no commission to pay. Instead, you’ll pay a spread, which is built into the price of the instrument along with overnight fees on spot trading (no overnight fees on forwards).
† In the UK, spread betting profits are exempt from capital gains tax. Please be aware that tax treatment depends on your individual circumstances and tax law may be subject to change.
Commissions
If you trade on a Razor account, you'll pay a commission on each FX trade. For MT4/5, these commissions are based on your chosen account currency and the lot size of your trade. Trading commissions for Razor accounts on the MT4 and MT5 platform are listed here.
cTrader commissions are calculated as 6 USD roundtrip fixed per unit, and TradingView commissions are calculated as 7 USD roundtrip fixed per unit. If your trading account is not USD, it will be converted at spot rate in your account currency. Commissions on trades lower than 1 lot will be proportionally adjusted.
We don't charge commissions on FX trades made on our Standard account. There's a 1 pip markup on FX pairs. For single stock equity CFDs, we charge a commission which is dependent on the market traded these are listed here.
There is no commission to pay when spread betting. Instead, you just pay the spread, which is built into the price of the instrument.
Additional trading fees
These are charges that may apply, depending on the positions you hold.
Overnight funding (swap rates)
These are rollover interest rates that are earned or paid for holding positions overnight. If you hold a position past 5pm New York time (server time), we’ll make an interest adjustment to reflect the cost of funding your position. The exact calculation depends on the instrument you’re trading.
Daily swap charge / credit = one point x (trade size [or notional amount] x tom-next)
We source our tom-next rates from tier-one global investment banks. These are updated daily to reflect the interest differential between the two currencies involved.
Note: Our commodities metal swaps are also calculated in the same way.
Daily swap charge / credit = (market closing price x trade size x (our charge* +/- ARR) / 3600
*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 (the midpoint between the bid and ask prices of the CFD) 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.
If you hold a position on one of our index or share spread bets or 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.
Trading conditions
If you’re a retail trader under our FCA licence, you can trade with the following leverage on your account:
| Asset class | Leverage |
| Major currency pairs | 30:1 |
| Major indices, minor currency pairs, gold | 20:1 |
| Commodities (excluding gold) | 10:1 |
| Shares | 5:1 |
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.
Non-trading fees
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 from your trading account balance.
| Payment method | Minimum deposit | Deposit cost | Withdrawal cost | Deposit processing time | Withdrawal processing time |
|---|---|---|---|---|---|
| Apple Pay | £10 | Free | Free | Immediate | Up to 1 business day |
| Google Pay | £10 | Free | Free | Immediate | Up to 1 business day |
| Debit/credit cards | £10 | Free | Free | Immediate | Up to 1 business day |
| Domestic bank transfer | No minimum | Free | Free | Up to 2 business days | Up to 2 business days |
| International bank transfer | No minimum | Free | $20 | Up to 2 business days | Up to 7 business days |
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
FAQs
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.
Ready to trade better?
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*Other fees and charges may apply.
1You may be charged for withdrawals to international banks.
2No minimum deposit for bank wire transfers
3Data for the Pepperstone Group, correct as at 1 April 2025