What is the Pepperstone Islamic account?
The Pepperstone Islamic account is a swap-free version of the Standard account. A swap is the interest charged or paid when a position remains open past the daily rollover at 5 p.m. New York time. On the swap-free account, no swap is charged or paid on any position.
The Islamic account is not designed for holding positions for long periods. Pepperstone replaces swaps with an administration fee for positions held 5 days or longer. Traders should confirm that this fee structure aligns with their religious requirements before opening an account.
| Feature | Pepperstone swap-free account |
|---|---|
| Based on | Standard account |
| Commission | None |
| Average EUR/USD spread | 1.0 to 1.2 pips |
| Overnight swaps | None |
| Admin fee | $100 per lot, every 5 days, on forex and precious metals |
| Trade size | 0.01 to 100 lots |
| Scalping | Allowed |
| Hedging | Allowed |
| EAs | Allowed |
Pepperstone swap-free admin fee
Pepperstone charges an administration fee of $100 per standard lot for forex and precious metals positions held on a swap-free account. The fee is charged on the 5th day a position is open, then again on the 10th, the 15th, and every 5 days thereafter. Positions closed within 4 days are never charged.
The fee is fixed per lot, so it can be higher or lower than a standard swap depending on the market. For a 1-lot EUR/USD position held for 12 days, the fee is charged twice, on day 5 and day 10, for a total of $200. A trader holding positions for weeks should compare this cost with swaps on a regular Standard account.
| Days position is held | Admin fee per lot |
|---|---|
| 1 to 4 days | $0 |
| 5 to 9 days | $100 |
| 10 to 14 days | $200 |
| 15 to 19 days | $300 |
Who can open a Pepperstone Islamic account?
Pepperstone offers swap-free accounts to clients in Albania, Algeria, Bahrain, Bangladesh, Brunei, Burkina Faso, Egypt, Indonesia, Jordan, Kosovo, Kuwait, Kyrgyzstan, Malaysia, Maldives, Mauritania, Morocco, Niger, Oman, Pakistan, Qatar, Sierra Leone, Turkey, and Uzbekistan. Clients in the UAE can request a swap-free account by contacting Pepperstone’s Dubai office.
In other regions, Pepperstone offers swap-free accounts at its discretion, and approval is not guaranteed. The list of countries may change, so confirm your eligibility with Pepperstone support before funding an account.
How to open a Pepperstone Islamic account
To open a Pepperstone swap-free account, follow these three steps.
- Open a Pepperstone account: register, complete the trading knowledge questionnaire, and verify your identity.
- Request a swap-free account: contact Pepperstone support to request a swap-free Standard account.
- Wait for approval: Pepperstone reviews the request, and once approved, trades on the account incur no swaps.
Pepperstone does not offer swap-free demo accounts, so you can’t test the admin fee on a demo account before going live.
Pepperstone swap-free account vs. Standard account
The swap-free account trades exactly like the Standard account, with the same spreads and no commission. The only difference is how overnight positions are charged: a regular Standard account pays or earns daily swaps, whereas the swap-free account is charged a fixed admin fee after 5 days.
For day traders who close positions within 4 days, the swap-free account eliminates overnight charges, so the only cost is the spread. For traders who hold positions for weeks, the $100 fee every 5 days can cost more than regular swaps, especially on pairs with small swaps.
Bottom Line
Pepperstone’s Islamic account removes overnight swaps and charges nothing for positions closed within 4 days, making it a strong swap-free option for short-term traders. In our assessment, it suits day and swing traders who rarely hold positions beyond a few days. The $100 fee every 5 days and the limited country list are the two points to check before opening an account.