Forex Swap and Rollover Explained
Swap (rollover) is the interest charged or paid when you hold a position past the broker's daily cut-off. It reflects the interest-rate gap between the two currencies plus the broker's markup, so it can be positive or negative and is usually negative on both sides once the markup is included. Most brokers charge triple swap once a week, commonly on Wednesday, to cover the weekend. Swap-free (Islamic) accounts replace swap with other fees or none.
Where swap comes from
When you buy EUR/USD you are, in effect, holding euros funded by borrowing dollars. If the euro interest rate is lower than the dollar rate, you pay the difference; if higher, you earn it. The broker then adds its markup.
Brokers publish swap as points per lot per night or as a percentage, in the contract specification (MT4/MT5: right-click the symbol → Specification).
Worked example
Swap long on a pair is quoted as −6.5 points, one point being 0.00001 on a five-digit pair, and you hold 1 lot of a USD-quoted pair:
- One night: −6.5 points × $1 per point = −$6.50
- Triple-swap night: −$19.50
- One week: 4 × −$6.50 + −$19.50 = −$45.50
Over a month that’s roughly −$195 on a single lot, more than the spread on most pairs. The swap calculator handles other pairs and currencies.
Positive swap (“carry”)
On pairs with a wide interest-rate gap, holding the higher-yielding currency can earn a positive swap. Two cautions: broker markups reduce it, and exchange-rate moves can easily outweigh months of income. Leverage magnifies both.
Swap on gold, indices, oil and crypto
CFDs on other instruments are financed too. Gold and index CFDs usually carry a daily financing charge; crypto CFDs at some brokers carry high ones and may charge every day of the week. Oil and other futures-based CFDs may also have rollover adjustments. Check each contract specification. See gold, crypto CFDs and oil.
Swap-free accounts
Swap-free (Islamic) accounts remove overnight interest, mainly for traders whose faith prohibits it. Brokers typically limit eligibility, may charge a fixed holding fee after a set number of days, or exclude some instruments. From our database:
| Broker | Visit broker | |||
|---|---|---|---|---|
 XMFeatured | 4.9/5Editorial rating | ✓ | 1,000:1 | Visit |
 FXGT | 4.1/5 | ✓ | 5,000:1 | Visit |
 XS.com | 4.1/5 | ✓ | 2,000:1 | Visit |
 Titan FX | 3.7/5 | ✗ | 2,000:1 | Visit |
Compare terms on swap-free brokers.
Islamic accounts
For how swap-free accounts replace swap (admin fees, wider spreads, instrument limits) and who can open one, see our guide to Islamic (swap-free) accounts.
Swap and strategy
- Scalpers and day traders rarely pay swap. Spread and commission matter more (spread basics).
- Swing and position traders should check swap before entering. A negative swap is a cost that grows every night.
- Hedged positions pay swap on both legs, usually a net loss. See hedging rules.
Swap-Free Forex Brokers 2026
| Broker | Platforms | Visit broker | |||
|---|---|---|---|---|---|
| XMFeatured | 4.9/5Editorial rating | ✓ | 1,000:1 | MT4 / MT5 / XM App | Visit |
 Vantage | 4.3/5 | ✓ | Unlimited | MT4 / MT5 / Vantage App | Visit |
 Exness | 4.2/5 | ✓ | 2,000:1 | MT4 / MT5 / Exness Terminal / Exness Trade app | Visit |
 HFM | 4.1/5 | ✓ | 2,000:1 | MT4 / MT5 / HFM App | Visit |
| XS.com | 4.1/5 | ✓ | 2,000:1 | MT4 / MT5 / XS Trading App | Visit |
| FXGT | 4.1/5 | ✓ | 5,000:1 | MT4 / MT5 / FXGT App / FXGT Trader | Visit |
 easyMarkets | 3.7/5 | ✓ | 2,000:1 | easyMarkets Web/App / MT4 / MT5 / TradingView | Visit |
 Axi | 3.5/5 | ✓ | 1,000:1 | MT4 / MT5 / Axi app | Visit |
 EBC Financial | 3.5/5 | ✓ | 500:1 | MT4 / MT5 / EBC app | Visit |
 AXIORY | 3.4/5 | ✓ | 2,000:1 | MT4 / MT5 / cTrader | Visit |
 BigBoss | 3.2/5 | ✓ | 2,222:1 | MT4 / MT5 | Visit |
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- Is Offshore Forex Trading Legal? What Regulators Say
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- Forex Leverage Explained With Worked Examples
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- Margin Level, Margin Call and Stop Out Explained
- Lot Size in Forex: Standard, Mini and Micro Lots
- What Is a Pip in Forex and How to Calculate It
- What Is Spread in Forex and When Does It Widen
- Hedging Rules at Forex Brokers
- How to Choose a Forex Account Type: Standard, ECN or Cent
- How Forex Bonuses Work: Withdrawal Conditions Explained
- Forex Cashback Rebates Explained
- Using Multiple Forex Broker Accounts: Pros and Rules
- Forex Inactivity Fees by Broker
- Forex Glossary
Frequently asked questions
Why is my swap negative on both buy and sell?
The broker adds a markup to the interest differential. When the gap between the two rates is small, the markup can make both sides negative.
When is triple swap charged?
Most MT4/MT5 brokers charge three days' swap on one night a week, often Wednesday, to cover Saturday and Sunday. Your broker's contract specification shows the day.
Do I pay swap on trades closed the same day?
No. Swap only applies to positions open at the broker's daily rollover time.
Which brokers offer swap-free accounts?
From our checks, XM Global (Islamic option on all accounts), FXGT and XS.com offer swap-free trading. Terms and eligibility differ.