Pepperstone says it makes its money in three ways: spreads, commission and overnight funding. Its fee list is short. There is no charge to open or close an account, no deposit fee, no inactivity fee and no market-data fee. The only payment charge on its tables is $20 for a withdrawal to an international bank.

Pepperstone Fees: Spreads, Commission, Swaps and Withdrawal Costs. EUR/USD spread: Razor from 0.0 · Standard from 1.0 pip; Razor commission: $3.50 per lot per side (Pepperstone platform); Share CFD commission: 0.07%–0.20% per side; Deposit fee: None; Withdrawal fee: $20 on international bank wires only; Inactivity fee: None
Pepperstone Fees: Spreads, Commission, Swaps and Withdrawal Costs: the figures from this section at a glance.

What you pay to trade depends on the account. Standard puts the cost into a wider spread, with a 1-pip mark-up on forex. Razor shows raw spreads and adds a commission on forex and spot gold. On both accounts, share CFDs carry a commission of 0.07% to 0.20% per side.

EUR/USD spreadRazor from 0.0 · Standard from 1.0 pip
Razor commission$3.50 per lot per side (Pepperstone platform)
Share CFD commission0.07%–0.20% per side
Deposit feeNone
Withdrawal fee$20 on international bank wires only
Inactivity feeNone

Spreads

PairRazor minimumStandard minimum
EUR/USD0.01.0
GBP/USD0.01.0
AUD/USD0.01.0
USD/JPY0.01.0
USD/CAD0.01.0
USD/CHF0.01.0

These are minimum spreads from Pepperstone's own table. Spreads float with the market and are wider at the daily rollover, around big news and when liquidity is thin. Spot gold on Razor starts at 0.08 and oil at 0.02; the US500 on Standard starts at 0.4 points.

The help centre explains the Standard mark-up exactly: the bid is 5 points lower and the ask 5 points higher than on Razor, a 1-pip round trip. Our Standard vs Razor guide compares the two side by side.

Commission

MarketStandardRazor
Forex and spot goldNone$3.50 per lot per side (Pepperstone platform); cTrader $6, TradingView $7 round turn
Share CFDs0.07%–0.20% per side0.07%–0.20% per side
Indices, commodities, crypto, ETFsNoneNone
Perpetual CFDs—0.015% per side (0.03% on GOLD PERP and MSTR.US PERP)

A 0.01-lot Razor trade costs $0.03 commission, rounded up. MT4 takes both sides of the commission when the trade opens.

Swaps (overnight funding)

Any position still open at 5pm New York time is rolled over and pays or earns a swap. For forex and metals, Pepperstone uses tom-next rates from tier-1 banks: one point times your trade size times the rate. Because spot forex settles two days later, the Wednesday rollover covers the weekend, so the swap is three times the usual amount.

Swaps (overnight funding). Forex and metals: Tom-next rate × trade size; triple on Wednesday; Index and share CFDs: Price × size × (2.5% ± benchmark rate) ÷ 360; long pays, short receives the benchmark; Commodity CFDs: Size × (futures basis ± Pepperstone's 2.5% annual charge); Crypto CFDs: Price × size × a set percentage ÷ 360
Swaps (overnight funding): the figures from this section at a glance.
MarketHow Pepperstone calculates the swap
Forex and metalsTom-next rate × trade size; triple on Wednesday
Index and share CFDsPrice × size × (2.5% ± benchmark rate) ÷ 360; long pays, short receives the benchmark
Commodity CFDsSize × (futures basis ± Pepperstone's 2.5% annual charge)
Crypto CFDsPrice × size × a set percentage ÷ 360

Holidays change the count: if a currency's central bank is closed on the settlement date, a rollover can cover four days, and another day may carry no swap at all. Pepperstone shows current rates in each platform, and TradingView only shows a swap after it has been charged.

Pepperstone's global site describes no swap-free (Islamic) live account. If you cannot pay or receive swaps, ask support before you open an account.

Non-trading fees

FeePepperstone
Account opening or closingNone
DepositsNone from Pepperstone
WithdrawalsNone, except $20 on international bank wires
InactivityNone; empty accounts unused for 3+ months may be archived
Market dataNone
DividendsCash adjustment on index and share CFDs held over the ex-date

The Bahamas terms keep the right to bring in inactivity fees later, with notice. Pepperstone says it would give advance notice under its terms if that ever changed.

A worked example

Say you buy 1 lot of EUR/USD on Razor through the Pepperstone platform when the raw spread is 0.2 pips, hold it for two nights including a Wednesday, and close it. The spread costs $2 and commission $7. The swap covers four nights' worth of funding: one normal night plus Wednesday's triple. The swap can be a charge or a credit depending on the interest-rate gap between the euro and the dollar.

Check the swap in your platform's symbol specification before holding a trade for days. For swing traders, swaps often cost more than the spread and commission together.

Pepperstone's fee sheet is clean: no inactivity fee, free deposits and one clear withdrawal charge. The costs that matter are the spread or commission you choose and the swaps you hold.
FX Recap viewEditorial team
Illustrative case: Samuel, 38, Nairobi

Samuel traded gold on Standard and held positions for about a week. After reading Pepperstone's swap rules he moved his gold trades to Razor for the lower entry cost and set calendar reminders before each Wednesday rollover.

Frequently asked

Does Pepperstone charge an inactivity fee?

No. Accounts holding under 10 currency units and unused for three months or more may be archived, but no fee is charged.

Are Pepperstone withdrawals free?

Yes, except international bank wires, which cost $20. Your own bank may also charge.

What is Pepperstone's commission?

On Razor, $3.50 per lot per side on forex and gold on the Pepperstone platform. Share CFDs cost 0.07% to 0.20% per side on both accounts.

When does Pepperstone charge swaps?

On positions open at 5pm New York time. Forex and metals take a triple swap on Wednesday night.

Does Pepperstone have hidden fees?

Its pages list no account, deposit, inactivity or market-data fees. Watch spreads, commission, swaps and the $20 international wire fee.