How do I find the swap rate for a specific currency pair?

Most brokers publish live swap rates in their trading platform. In MT4 or MT5: right-click a currency pair in the Market Watch window → Properties → Swap Long / Swap Short. These are shown in pips or as annual percentages. You can also find them in the broker's trading conditions document on their website.

Forex broker swap fee comparison — how EU brokers compare on overnight costs

Q: What is a forex swap fee?

A swap fee (also called rollover or overnight fee) is a daily charge applied to any leveraged position held open past the daily market close, typically 17:00 New York time. The fee is based on the interest rate differential between the two currencies in the pair. It can be positive or negative depending on the direction of your trade and the current central bank rates.

Q: Why are swap fees higher on Wednesdays?

Triple swap (3x the normal overnight charge) applies on Wednesdays because of the T+2 settlement convention in forex. Trades placed on Wednesday settle on Friday. But if held through Wednesday night, the settlement shifts to Monday — covering the weekend (Saturday and Sunday). Brokers charge three days of swap in one night to account for this. It's a hidden cost that many beginners don't know about.

Q: What is an Islamic (swap-free) forex account?

An Islamic account (also called a swap-free account) does not charge overnight interest, in compliance with Islamic law (Sharia), which prohibits riba (interest). Instead of swap fees, some brokers charge an administration fee for holding positions overnight. Not all brokers offer these — check the broker's account types before opening.

Q: Can swap fees be positive?

Yes. If you trade a pair where the base currency has a higher interest rate than the quote currency, and you're on the correct side of the trade, you may receive a positive swap. For example, trading AUD/JPY long (buying Australian dollars, which has a higher rate than the yen) can generate positive overnight interest. However, positive swaps are less common in the current rate environment and can change when central banks adjust rates.

Affiliate disclosure: CompareFX may earn a commission if you open an account through our links. This does not affect our editorial independence. We only feature CySEC, FCA, or BaFin regulated brokers.

Risk warning: CFDs carry high risk of rapid capital loss due to leverage. 51–74% of retail CFD accounts lose money. Only trade with money you can afford to lose. Swap fees increase the cost of holding positions overnight.

What is a swap fee?

A swap fee — also called rollover or overnight fee — is a daily charge applied to any leveraged position that remains open past the daily market close, typically 17:00 New York time (22:00–23:00 CET depending on daylight saving).

The fee is calculated based on the interest rate differential between the two currencies in the pair. If you buy EUR/USD (going long euros), you're effectively borrowing US dollars to purchase euros. The rate differential between the ECB rate and the Fed rate determines whether you pay or receive a daily swap.

Key fact: Swap fees are applied every day a position remains open overnight — including weekends. But brokers charge three days of swap on Wednesday night (triple swap) to cover Saturday and Sunday under the T+2 settlement convention. This is a major hidden cost most beginners miss.

Swap fees are visible in your trading platform. In MT4 or MT5: right-click a pair in Market Watch → Properties → Swap Long / Swap Short. Values are shown in pips per lot or as annual percentage rates.

5-point swap fee checklist

Run these 5 checks before opening a live account. Each check takes under 5 minutes.

Find the broker's swap rate schedule

Go to the broker's website → Trading Conditions → Swap Rates (or similar). It should show swap long and swap short for each currency pair, in pips or as an annual percentage. If there's no published schedule, contact support — under MiFID II, EU brokers must provide this before you open an account.

✓ Red flag: no published rates or "contact us for rates"

Check the Wednesday triple-swap policy

Confirm that the broker's terms clearly state when triple swap applies. It should be Wednesday night for most pairs. Some brokers apply triple swap on Friday instead — this is unusual and worth clarifying. Note: for currency pairs involving certain currencies (e.g. AUD pairs) it may vary.

✓ Action: search the broker's FAQ or legal docs for "triple swap" or "3x swap"

Compare swap rates on your intended trading pair

Use the comparison table below. Find your intended pair (EUR/USD, GBP/USD, USD/JPY are the most common). Compare swap long and swap short values across at least two brokers. A difference of 1–2 pips per night may seem small — but on a 10-lot position held for 2 weeks, it equals $140–$280 in additional cost.

✓ Action: note the swap value for your pair at each broker you're considering

Verify swap rates are in the MiFID II cost disclosure

Under EU rules, all costs including overnight fees must appear in the broker's pre-trade cost and charges disclosure (often called "Ex-ante costs"). Download this document (usually in the account opening section or broker's legal area) and confirm swap fees are listed. If they're not, the broker may not be fully MiFID II compliant.

✓ Action: download the cost disclosure PDF and search for "swap" or "overnight"

Check whether a swap-free (Islamic) account is available

If you trade long-term positions (holding for days or weeks), swap fees become a significant cost. Some EU-regulated brokers offer swap-free accounts (also called Islamic accounts) that replace overnight interest with an administration fee. Check whether this option is available and what the admin fee is — it may be lower or higher than the standard swap, depending on the pair and broker.

✓ Action: check account types on the broker's website or ask support

EU broker swap fee comparison table

The table below shows indicative swap rates for EUR/USD on a standard 1-lot (100,000 unit) position. Rates change daily based on central bank rates — always verify current rates in the platform before trading.

Broker	Regulator	Swap long (EUR/USD)	Swap short (EUR/USD)	Triple swap day	Swap-free account	MiFID II disclosure
Exness	CySEC	Low — check platform	Check platform	Wednesday	Available	Published
AvaTrade	CySEC / ASIC	Medium — check platform	Check platform	Wednesday	Available	Published
Pepperstone	FCA / CySEC	Low — check platform	Check platform	Wednesday	Available	Published
IC Markets	CySEC / ASIC	Low — check platform	Check platform	Wednesday	Available	Published
XM	CySEC	Medium — check platform	Check platform	Wednesday	Available	Published

Important: Swap rates change daily based on interbank rates and each broker's own markup. The table above shows broker tier classifications, not live rates. Always check the current rate in the trading platform before entering an overnight position.

Swap cost calculator

Use this calculator to estimate the total swap cost for a position before you open it.

Swap cost estimator

Enter your position details to estimate overnight holding costs. Always verify with your broker's live rates.

Lot size

Swap rate (pips per night)

Days held

Pip value (USD)

Triple-swap Wednesdays in period

Estimated swap cost

Daily swap cost

—

Triple-swap cost (Wednesday)

—

Total swap cost over period

—

As % of 1-lot margin (est.)

—

Estimate only. Actual costs depend on live broker rates. Negative swap = cost; positive swap = income.

How to use the 5-point checklist

The 5 checks above work best done in order, before you submit an account application. Here's a practical guide for each step.

Finding swap rates in MT4/MT5

Open MT4 or MT5. In Market Watch (Ctrl+M), right-click any currency pair → Properties. The Swap Long and Swap Short fields show the daily overnight rate for that pair. Rates are usually shown in pips. A negative number = you pay; a positive number = you receive.

Estimating your total swap exposure

If you're a swing trader holding positions for 5–10 days, a -0.5 pip/night swap on 1 lot of EUR/USD costs approximately $25–$50 per trade. Over 20 trades per month, that's $500–$1,000 in hidden costs per month. The calculator above helps you model this before you open a position.

Pro tip: Many traders check swap rates and simply choose the broker with the lowest rate on their most traded pair. This is fine as a starting point — but also check whether the broker offsets swap savings with wider spreads or higher commissions on the same account type.

Islamic (swap-free) accounts explained

An Islamic forex account, also called a swap-free account, removes overnight interest charges in compliance with Sharia law, which prohibits riba (interest). Most major EU-regulated brokers offer them — but the implementation varies.

Administration fee model: Instead of a daily swap, the broker charges a fixed administration fee per lot per night. This fee may be lower than the standard swap — or significantly higher depending on the pair and broker.
Time-limited swap-free: Some brokers offer swap-free status for the first 10–30 days, then switch to standard swap. Read the terms carefully.
Pair restrictions: Not all pairs are available swap-free. Exotic pairs (USD/TRY, USD/ZAR) are often excluded.
Eligibility: EU-regulated brokers may ask for a declaration or supporting documentation. Requirements vary by broker.

Brokers to compare

Both brokers below publish swap rates, offer swap-free accounts, and are regulated by CySEC.

Exness

CySEC · CY 178/12

Competitive swap rates
Swap-free account available
Rates visible in platform pre-open
Min. deposit: $10

Compare account types →

Affiliate link. Commission may apply. CFDs carry risk.

AvaTrade

CySEC · CY 347/17

AvaProtect feature available
Islamic account offered
Swap rates in trading conditions
Min. deposit: $100

Compare account types →

Affiliate link. Commission may apply. CFDs carry risk.

Related comparisons

Frequently asked questions

What is a forex swap fee?

A swap fee is a daily charge applied to any leveraged position held open overnight, past 17:00 New York time. It's based on the interest rate differential between the two currencies in the pair. It can be positive (you receive) or negative (you pay) depending on the direction of your trade and current central bank rates.

Why are swap fees higher on Wednesdays?

Triple swap applies on Wednesday nights because of T+2 settlement. Trades placed Wednesday settle Friday. Held through Wednesday night, settlement shifts to Monday — covering the weekend. Brokers charge 3 days of swap in one night to account for Saturday and Sunday.

Do EU-regulated brokers have to disclose swap fees?

Yes. Under MiFID II, EU/EEA brokers must provide a full cost and charges disclosure including overnight fees before you open an account. If a broker doesn't publish a swap rate schedule or provide a cost disclosure PDF, they may be non-compliant.

What is an Islamic (swap-free) forex account?

A swap-free account removes overnight interest charges in compliance with Islamic law. Some brokers replace swap with an administration fee per lot per night. Not all pairs are available swap-free. Check the broker's terms — eligibility and fees vary significantly.

How do I find the swap rate for a specific pair?

In MT4 or MT5: right-click a pair in Market Watch → Properties → Swap Long / Swap Short. Values are in pips or as annual percentages. Also available in the broker's trading conditions page on their website — but verify live in the platform before trading.

Can swap fees be positive?

Yes. If you're on the correct side of a currency pair where the base currency has a higher interest rate than the quote currency, you may receive a positive swap. For example, certain AUD or NZD pair positions can generate positive overnight interest. This is less common in the current rate environment.

This page is for educational purposes only and does not constitute financial advice. Swap rates change daily. Always verify current rates in your trading platform. CFD trading involves significant risk of capital loss. © 2026 CompareFX / Michalvi Empire LTD.

How to compare swap fees across EU-regulated forex brokers in 5 quick checks

On this page