Does Pepperstone offer an Islamic swap-free account?
Verdict
- Pepperstone does offer an Islamic swap-free account, but only to residents of 23 listed countries, and the UAE and Saudi Arabia are not among them; for UAE residents Pepperstone remains our overall pick for traders who close positions within the day.
- Where it is available, the account uses Standard pricing with no commission, and after a trade has been held for 5 days an admin charge applies (USD 100 per standard lot on FX and precious metals, per Pepperstone's table).
- Gulf residents in Kuwait, Qatar, Bahrain and Oman are on the eligible list, as are Egypt, Jordan, Turkey, Pakistan and Malaysia.
- UAE residents who need swap-free should look at Capital.com, which lists the UAE among its swap-free countries, or XS, which applies swap-free status automatically for UAE residents.
Yes, with an important exception for this page's readers. Pepperstone's swap-free account is defined by country of residence, and the UAE is not on the list. Here is who can open it, how it works, and what a UAE resident can do instead.
Available in 23 countries, but not to UAE residents
We recommend Pepperstone to UAE traders for its published costs, AED account and platform choice. But if you live in the UAE, you cannot open its swap-free account, so positions held past the daily rollover will pay or receive swap. That still leaves Pepperstone a strong choice for intraday traders who close before rollover. If you hold overnight and need to avoid interest, use one of the alternatives further down.
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Who can open Pepperstone's swap-free account
Pepperstone lists 23 countries: 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. Neither the UAE nor Saudi Arabia appears. Eligibility follows your country of residence, not your nationality.
How the account works where it is offered
- No swaps are charged or paid on overnight positions.
- Once a trade has been held for 5 days, an admin charge per standard lot is deducted; Pepperstone's table lists USD 100 for FX and precious metals (effective 19 June 2023).
- Pricing follows the Standard account: EUR/USD averages 1.0 to 1.2 pips, with no commission.
- The minimum opening balance is AUD 200 or the equivalent.
- Scalping, expert advisors and hedging are allowed.
Swap-free options for UAE residents
| Capital.com | XS | Pepperstone | |
|---|---|---|---|
| Open to UAE residents | Yes | Yes, applied automatically | No |
| How to switch | Contact support@capital.com with no open trades | Automatic on all account types, MT4 and MT5 | Not available |
| What replaces swap | Admin fees and grace period not published | XS says no wider spreads and no added fees; crypto has a 3-day grace period, shares none | Not available |
| AED account | Yes | No | Yes |
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Using Pepperstone if you only trade within the day
Swap is charged on positions held past the daily rollover. If your trading is intraday and every position is closed before then, no swap accrues, and Pepperstone's Razor pricing (0.1 pips average on EUR/USD plus commission) applies in full. Whether a particular way of trading meets your religious requirements is a question for a scholar you trust, not for a broker.
Sources
Swap-free terms as published.
Can Saudi residents open a Pepperstone swap-free account?
No. Saudi Arabia, like the UAE, is not among the 23 eligible countries.
Can I use a Pepperstone swap-free account from Kuwait or Qatar?
Yes, residents of Kuwait, Qatar, Bahrain and Oman are on Pepperstone's eligible list.
Is a swap-free account free of all overnight costs?
Not always. Pepperstone charges an admin fee after 5 days; XS says it adds no fees but keeps swaps on crypto after 3 days and on shares from day one; Capital.com doesn't publish its terms.
Risk warning: CFDs are complex, leveraged products, and you can lose money quickly. Only trade if you understand how they work and can afford to lose what you put in. Nothing here is investment advice, and the terms quoted are the brokers' own and can change without notice.