Swap/Rollover Calculator
Compare overnight swap costs across 14 brokers. Find which broker is cheapest for holding positions overnight.
| Broker | Rate/Lot/Night | Daily Cost | 30-Day Total | Type |
|---|---|---|---|---|
| BESTExness | $0.00 | +0.00 | +0.00 | Swap-Free |
| FP Markets | $-6.00 | -6.00 | -180.00 | Standard |
| Tickmill | $-6.10 | -6.10 | -183.00 | Standard |
| IC Markets | $-6.20 | -6.20 | -186.00 | Standard |
| FxPro | $-6.40 | -6.40 | -192.00 | Standard |
| Pepperstone | $-6.50 | -6.50 | -195.00 | Standard |
| Vantage | $-6.80 | -6.80 | -204.00 | Standard |
| Forex.com | $-7.00 | -7.00 | -210.00 | Standard |
| XM Group | $-7.20 | -7.20 | -216.00 | Standard |
| XTB | $-7.30 | -7.30 | -219.00 | Standard |
| OANDA | $-7.50 | -7.50 | -225.00 | Standard |
| AvaTrade | $-7.50 | -7.50 | -225.00 | Standard |
| IG | $-7.80 | -7.80 | -234.00 | Standard |
| HIGHeToro | $-8.50 | -8.50 | -255.00 | Standard |
What Are Swap Rates?
Swap rates (also called rollover fees) are the interest charges or credits applied when you hold a forex position overnight past 5 PM EST (10 PM UTC).
Positive swaps mean you earn money for holding the position — this happens when you buy a currency with a higher interest rate than the one you sell.
Negative swaps mean you pay a fee each night — most retail positions incur negative swaps since brokers add a markup.
Triple Wednesday: Most brokers charge 3x the swap rate on Wednesday nights to account for the weekend settlement period.
Understanding Swap Rates and Overnight Financing in Forex
What Are Swap Rates (Rollover Fees)?
Swap rates are interest charges or credits applied to forex positions held overnight past 5 PM EST (10 PM UTC). They arise from the interest rate differential between the two currencies in a pair. When you buy a currency with a higher interest rate than the one you sell, you may earn a positive swap (credit). When the reverse is true, you pay a negative swap (debit). Most retail positions incur negative swaps because brokers add a markup to the interbank rate.
How Swap Rates Are Calculated
The formula is: Daily Swap = (Contract Size × Swap Rate in Points) ÷ 10. Brokers express swaps in either points or as a percentage per annum. A swap rate of -6.20 on EUR/USD means you pay $6.20 per standard lot per night for holding a long position. Over 30 nights, that's $186 — a significant cost that many traders overlook when evaluating their strategy's profitability.
Triple Wednesday: Why One Night Costs 3x
Most brokers charge triple swaps on Wednesday nights. This accounts for the weekend settlement period — forex trades settle T+2, so a position opened on Wednesday settles on Friday. To cover Saturday and Sunday (when markets are closed but interest still accrues), brokers charge 3x the normal rate on Wednesday rollover. Some brokers apply triple swaps on Friday instead; always check your broker's policy.
Swap-Free (Islamic) Accounts
Islamic accounts eliminate swap charges to comply with Sharia law, which prohibits riba (interest). Instead, some brokers charge a fixed administration fee for positions held beyond a certain number of days. Exness is notable for offering default swap-free trading on most instruments. If you frequently hold positions overnight, a swap-free account can save hundreds of dollars per month — regardless of your religious background.
How Swap Costs Affect Swing Trading Profitability
For day traders who close positions the same day, swaps are irrelevant. But for swing traders holding positions for days or weeks, swap costs can erode profits significantly. A position held for 30 days at -$6/night costs $180 — and $360 if it includes two Wednesday triple-charge days. Using our comparison table above, you can see that choosing the right broker can save you 40-60% on swap costs for the exact same trade.
Frequently Asked Questions
Can I earn money from swap rates?
Yes, through 'carry trades.' If you buy a currency with a significantly higher interest rate than the one you sell (e.g., buying a high-yield currency against JPY or CHF), you can earn positive swaps. However, the carry trade also carries exchange rate risk — currency depreciation can offset swap earnings.
Why do different brokers have different swap rates?
Each broker determines swap rates based on the interbank rate plus their own markup. ECN brokers with lower margins (like IC Markets or Tickmill) tend to offer more favorable swap rates. Brokers targeting retail traders (like eToro) often have wider swap markups. The difference can be substantial — as shown in our comparison table above.
What time are swaps charged?
Swaps are typically charged at the daily rollover time, which is 5 PM EST (10 PM UTC) for most brokers. If you open and close a position within the same day before rollover, no swap is charged. If your position is open at exactly 5 PM EST, you'll be charged (or credited) one night's swap.
How can I reduce my swap costs?
Three strategies: (1) Choose a broker with lower swap rates using our comparison tool above. (2) Open a swap-free account if your broker offers one. (3) Close positions before the daily rollover if you only intended a short-term trade. Also avoid holding positions over Wednesday night when triple swaps apply.
Are swap rates the same for long and short positions?
No. Swap rates differ for long (buy) and short (sell) positions because you're effectively borrowing one currency and lending another. On many major pairs, the long swap is negative (you pay) while the short swap may be positive (you earn) or less negative. Our calculator shows both rates for complete transparency.