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Share

Spreads, commissions and swaps

We use multiple liquidity providers from Tier 1 Banks and institutions to give you competitive quotes with low spreads and deep liquidity on a wide range of instruments. This allows us to offer razor sharp pricing and fast execution to all clients.

Our spreads

Forex
Commodities
Indices
Shares

Our Razor commissions

Commissions are only charged on Razor accounts when trading CFDs on Forex. On MT5 and MT4, micro lots are rounded up or down. To see the commissions chargeable for shares please click here.

MT4/MT5
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Pepperstone platform

Our swap rates

What is a swap rate?

A swap rate is a rollover interest (that's earned or paid) for holding CFD or spread bet positions overnight. We simply make an interest adjustment to your account, which is either a debit or a credit, to reflect the cost of funding your position.

Forex

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 on a daily basis to account for the dynamic swap market.

Note: Our Commodities metal swaps are also calculated in the same way

Indices

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


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

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

Commodities

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.

Click here to understand Natural Gas swaps and swap rate volatility.

Shares

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


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

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

Where can I find Pepperstone's swap rates?

You can find our latest swap rates on our trading platforms. Swap rates posted on our platforms are indicative rates and are subject to change based upon market volatility.

To view the rates on our Pepperstone Trading Platform
  • Go to “Watchlist”
  • Select the symbol you wish to check and in right-click menu select 'Instrument info' (please note that Overnight Rate is shown based on points adjustment format, i.e. positive Long points mean there is a charge and negative Long points mean there is a payout).
To view the rates on our MetaTrader platforms:
  • Select 'View'
  • Right-click on 'Market Watch' and select 'Symbols'
  • Choose the currency pair you wish to check and select 'Properties' (on MT5, please select 'Specification')
To view the rates on our cTrader platform:

To view the rates on our cTrader platform:

  • Go to the 'Finder' tab
  • Type the symbol name in the search bar
  • Click the information icon next to the symbol to view its settings

Ready to trade?

Opening an account is quick and easy. Apply and start trading.

Get started

*All spreads are generated from data between 01/07/2024 and 31/07/2024

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© 2025 Pepperstone Limited 
Company Number 08965105 | Financial Conduct Authority Firm Registration Number 684312

Risk warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

Trading derivatives is risky. It isn't suitable for everyone and, in the case of Professional clients, you could lose substantially more than your initial investment. You don't own or have rights in the underlying assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't take into account your or your client's personal objectives, financial circumstances, or needs. Please read our legal documents and ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice.

Pepperstone Limited is a limited company registered in England & Wales under Company Number 08965105 and is authorised and regulated by the Financial Conduct Authority (Registration Number 684312). Registered office: 70 Gracechurch Street, London EC3V 0HR, United Kingdom.

The information on this site is not intended for residents of Belgium or the United States, or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.