What are swap (overnight) fees?
A swap is a charge applied to an eligible position that remains open at 24:00 server time. The swap fee depends on the product, trade size, applicable swap rate and whether your position is a buy or sell.
When does swap apply?
- Daily rollover: Swap applies to eligible open positions held over 24:00 server time.
- Server time zone: The server uses GMT+2 or GMT+3, depending on daylight-saving time. This may differ from your local time.
- Positions closed before 24:00 server time: No overnight swap applies if the position is closed before the applicable time.
- Three-day swap: A three-day swap may apply on a designated day, depending on the product.
Is swap a charge or a credit?
The applicable rate determines whether swap is deducted or credited.
| Swap Rate | Effect on Your Position |
| Negative | A swap charge is applied. |
| Positive | A swap credit is applied. |
Swap is applied automatically and recorded against the relevant position. It affects the position’s overall profit or loss.
A positive swap does not guarantee an overall profit. Losses from price movements and other trading costs may exceed the swap credit.
Do buy and sell positions have the same swap rate?
Not necessarily. Each product has separate rates for:
- Long positions: Buy trades.
- Short positions: Sell trades.
Holding a buy and a sell position on the same product does not automatically cancel swap charges. Both positions may incur a charge, or one may incur a charge while the other receives a credit.
Where can I check the applicable swap rate?
Check the product’s Specification in MetaTrader 4 or MetaTrader 5 before holding a position overnight.
Review:
- Swap long: The rate for buy positions.
- Swap short: The rate for sell positions.
- Calculation method: How the rate is used to calculate the charge or credit.
- Three-day swap day: The designated day for a three-day adjustment, where applicable.
Swap rates may change, so check the current rates rather than relying on a previous charge or credit.
Is swap separate from other trading fees?
Yes. Swap is separate from spreads and commissions and may apply in addition to them.
- Spread: Built into the difference between the buy and sell prices.
- Commission: A separate trading charge, where applicable.
- Swap: A charge or credit for holding an eligible position through daily rollover.
Does swap apply to swap-free accounts?
Swap-free accounts are subject to their applicable administration fee conditions instead of overnight swap charges. Swap-free status does not mean that holding positions overnight is free of all charges.
