Pepperstone Islamic (swap-free) account review: fees, grace period and eligible countries
評測結論
- Yes, Pepperstone has an Islamic (swap-free) account, but only for residents of 23 listed countries. In the GCC that means Kuwait, Qatar, Bahrain and Oman; Saudi Arabia and the UAE are not on the list.
- There is no overnight swap. Once a trade has been held for 5 days, an admin charge per standard lot is deducted from the balance; Pepperstone's published table lists USD 100 for FX and precious metals (effective 19 June 2023).
- The account uses Standard pricing: an average EUR/USD spread of 1.0 to 1.2 pips, $0 commission, and a minimum opening balance of AUD $200 or the equivalent.
- Scalping, Expert Advisors and hedging are all allowed, and the base currencies are AUD, EUR, GBP and USD.
- Saudi and UAE residents who need a swap-free account can use Capital.com, which names both countries as eligible.
This page answers one question: what does Pepperstone's Islamic account actually cost, and who can open it? Every figure below is taken from Pepperstone's own swap-free account page, which we re-read on the date shown above. We have not yet run our own fee audit on this account, so these are Pepperstone's published terms, not our measurements.
Pepperstone swap-free account terms at a glance
Pepperstone describes the account as one "designed for traders who can't receive or pay swaps". It is a Standard account with the swap removed and an admin charge added after a fee-free period.
| Term | What Pepperstone publishes |
|---|---|
| Overnight swap | None |
| Fee-free period | 5 days |
| Admin charge after that | USD 100 per standard lot on FX and precious metals (effective 19 June 2023) |
| Spread type | Standard account; average EUR/USD 1.0 to 1.2 pips |
| Commission | $0 |
| Minimum opening balance | AUD $200 or equivalent |
| Trade size | 0.01 lots minimum, 100 lots maximum |
| Base currencies | AUD, EUR, GBP, USD |
| Scalping, EAs, hedging | All allowed |
| Eligibility | Residents of 23 listed countries |
Affiliate link — we may earn a commission at no extra cost to you.
What the admin charge means in practice
Pepperstone's wording is: "When a trade on this account has been held for 5 days, an admin charge (per 1 standard lot size) will be deducted from the account's balance." The table under it lists USD 100 for FX and precious metals. So a trade closed within 5 days costs only the Standard spread, and a trade held longer pays the admin charge on top.
- The charge is quoted per standard lot. Pepperstone's page does not say how smaller positions are charged; if it is applied pro rata, a 0.10-lot position would pay USD 10.
- The page does not say whether the charge is taken once or repeats while the trade stays open. Ask support in writing before you hold a position past day 5.
- The page lists only FX and precious metals in its charge table. It gives no figure for indices, energy, shares or crypto.
- For comparison, IC Markets publishes a flat fee per lot (for example $11 on EUR/USD) after a fee-free period of up to 5 days, and Tickmill gives 40 fee-free nights on gold on its Classic account. Short-term traders will rarely pay any of these; swing traders should compare them line by line.
Who can open it: the eligible countries
Pepperstone lists these countries for its swap-free account: 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. Saudi Arabia and the UAE are not listed, even though Pepperstone accepts clients from both countries on its regular accounts.
- GCC residents covered: Kuwait, Qatar, Bahrain and Oman.
- Saudi Arabia and the UAE: not covered. Capital.com's help centre names both as eligible for its own swap-free account, though it does not publish an admin fee or grace period.
Where Pepperstone publishes these terms
The terms above come from the swap-free account page on Pepperstone's Africa site, operated by Pepperstone Markets Kenya Limited. When we checked, the same address on Pepperstone's global English site redirected to its general trading-accounts page, which describes only the Standard and Razor accounts and does not mention the swap-free terms. Pepperstone onboards clients through different regulated entities depending on where they live, so confirm the admin charge and the country list with the entity that opens your account before you fund it.
The verdict
- Good fit: traders in an eligible country who close positions within 5 days. They pay Standard spreads, no swap and no admin charge.
- Weak fit: swing and position traders. A USD 100 charge per lot after day 5 is a real cost, and the page does not say whether it repeats.
- Not available: residents of Saudi Arabia and the UAE, who should look at Capital.com's swap-free account instead.
- Whether any swap-free account meets your religious requirements is a question for your own scholar; this page covers only the commercial terms.
Affiliate link — we may earn a commission at no extra cost to you.
Does Pepperstone have an Islamic account?
Yes. Pepperstone offers a swap-free account to residents of 23 listed countries, including Kuwait, Qatar, Bahrain, Oman, Egypt, Jordan, Malaysia, Indonesia, Pakistan and Turkey. Saudi Arabia and the UAE are not on the list.
What is the admin fee on Pepperstone's swap-free account?
Pepperstone's swap-free page says an admin charge per standard lot is deducted once a trade has been held for 5 days, and its table lists USD 100 for FX and precious metals, effective 19 June 2023. The page does not say whether the charge repeats while the trade stays open.
Can Saudi or UAE residents open a Pepperstone Islamic account?
No. Neither country is on Pepperstone's published swap-free list. Capital.com's help centre names both Saudi Arabia and the UAE as eligible for its swap-free account.
What is the minimum deposit for the Pepperstone swap-free account?
Pepperstone's swap-free page states a minimum account opening balance of AUD $200 or the equivalent. Its regular Standard and Razor accounts have a $10 minimum.
Are spreads wider on Pepperstone's Islamic account?
The swap-free account uses Standard-account pricing. Pepperstone publishes an average EUR/USD spread of 1.0 to 1.2 pips for it, with $0 commission.
Nothing here is investment advice. CFDs carry a high risk of losing money rapidly due to leverage, and most retail accounts lose money.