XM Swap RatesOvernight Interest on Forex & Gold — How It Works, How to Check & How to Avoid
XM charges or credits a swap (rollover interest) on positions held past 00:00 server time. This guide explains how swaps work, how to find the exact rate for any instrument in MT4/MT5, the Wednesday triple swap, and how to eliminate swaps entirely with an Islamic account.
Swap rates change daily based on market conditions — always check MT4/MT5 for current rates
How XM Swap Rates Work
A swap (also called rollover or overnight interest) is an adjustment applied to your account at 00:00 XM server time for every position that is still open at that moment. It reflects the interest rate differential between the two currencies in a forex pair — or the financing cost for commodity and index CFDs.
Swaps can be positive (a credit added to your account) or negative (a charge deducted). Whether you receive or pay a swap depends on the instrument, the direction of your position (long or short), and the current interest rate environment. Gold (XAUUSD) typically carries a negative swap on both long and short positions — there is no positive swap direction on gold.
⚠ Wednesday Triple Swap
XM applies three times the normal daily swap on positions held past 00:00 server time on Wednesday night. This compensates for the fact that the forex market is closed on Saturday and Sunday — when XM applies no additional swap — so the weekend's interest is rolled into Wednesday. If you hold positions over Wednesday night, your swap charge or credit will be 3× the normal daily rate. This can significantly impact the cost of carry trades.
How to Check Swap Rates in MT4 & MT5
Swap rates change daily based on central bank interest rate decisions and market conditions. Always check the current rate directly in MT4 or MT5 — do not rely on third-party tables which may be out of date.
Open MT4 or MT5 and log in
Open your XM MT4 or MT5 and log in with your trading account credentials.
Right-click any instrument in Market Watch
In the Market Watch panel (View → Market Watch), right-click on the instrument you want to check (e.g. EURUSD, XAUUSD) and select Specification or Properties.
Find Swap Long and Swap Short fields
In the specification window, scroll to Swap Long and Swap Short. These values show the swap rate in points per lot per day. A negative value means a charge; a positive value means a credit.
Convert to dollar value
Multiply the swap points by the pip value and your lot size. For EUR/USD: if Swap Long = −4.2 points and you hold 1 standard lot, the nightly swap charge = 4.2 × $10/pip ÷ 10 = approximately $0.42 per night. Multiply by 3 on Wednesday night.
Typical XM Swap Rates — Example Values
The table below shows illustrative swap rates based on mid-2026 interest rate environment. These are examples only — rates change daily. Always check MT4/MT5 for current values before holding positions overnight.
| Instrument | Swap Long (daily, 1 lot) | Swap Short (daily, 1 lot) | Wednesday |
|---|---|---|---|
| EUR/USD | Typically negative | Often positive (USD rate higher) | 3× daily rate |
| GBP/USD | Typically negative | Often positive | 3× daily rate |
| USD/JPY | Often positive (USD higher vs JPY) | Typically negative | 3× daily rate |
| AUD/USD | Typically negative | Typically negative | 3× daily rate |
| XAUUSD (Gold) | Negative (financing cost) | Negative (financing cost) | 3× daily rate |
| US500 (S&P 500) | Negative (index financing) | Often positive | 3× daily rate |
Note: Exact values depend on current central bank rates (US Fed, ECB, BoE, BoJ etc.) and change whenever rate decisions are made. Check your MT4/MT5 specification for current rates before holding positions overnight.
How to Avoid XM Swap Charges
Three practical methods to eliminate or reduce swap charges on XM:
✓ Islamic Account: Best Solution for Muslim Traders
The XM Islamic (swap-free) account is available on Micro, Standard, and Ultra Low accounts — request it via XM live chat after opening a standard account. Approved within 1 business day. No overnight charges on any instrument including gold. An administrative fee may apply to positions held beyond a specified number of days on some instruments. See our full XM Islamic account guide for the complete terms.
How to Calculate Your Swap Cost — Real Examples
Understanding the dollar impact of swap rates requires a simple calculation. MT4 and MT5 show swap values in "points" per lot per day — converting to dollars depends on the instrument and your lot size.
EUR/USD Swap Calculation
Assume Swap Long = −4.5 points on a Standard account. One standard lot of EUR/USD has a pip value of approximately $10. One point = 0.1 pip = $1. So: −4.5 points × $1 = −$4.50 per standard lot per night. On Wednesday: −$4.50 × 3 = −$13.50 for that single night's rollover. On 0.1 lots this becomes $0.45/night, $1.35 on Wednesday.
Gold (XAUUSD) Swap Calculation
Gold swap is typically expressed in USD per lot per night. If the spec shows Swap Long = −8.50, this means you pay $8.50 per standard lot (100 oz) per night for a long gold position. Wednesday triple swap: $8.50 × 3 = $25.50. On 0.01 lots (1 oz): $0.085/night, $0.255 on Wednesday.
Carry Trading — When Swap Works in Your Favour
A carry trade strategy deliberately exploits positive swap rates. The classic example: borrow in a low-interest currency (historically JPY at near-zero rates) and invest in a high-interest currency (USD when Fed rates are elevated). Long USD/JPY earns positive swap. If Swap Long USD/JPY = +3.2 points: you earn $3.20 per standard lot per night — $1,168/year on 1 lot if rates stay constant. The risk is that exchange rate moves can overwhelm the carry income during volatile periods.
| Position | Daily Swap | Wednesday Swap | Monthly Cost (1 lot) |
|---|---|---|---|
| EUR/USD Long (example) | −$4.50 | −$13.50 | ~−$90 |
| USD/JPY Long (example) | +$3.20 | +$9.60 | ~+$64 |
| XAUUSD Long (example) | −$8.50 | −$25.50 | ~−$170 |
Values are illustrative examples — actual swap rates change daily. Always check MT4/MT5 Specification for current values.
XM Islamic Account — Complete Swap Elimination
For traders who hold positions overnight regularly, the cumulative swap cost becomes a significant drag on profitability. Gold traders holding 1 standard lot for 30 days might pay $170+ in swap alone. The XM Islamic account eliminates all overnight swap charges entirely.
The Islamic account is available on Micro, Standard, and Ultra Low accounts. It is not available on the Zero account. To convert your account: contact XM live chat and request swap-free status. The conversion is free, typically approved within 1 business day, and can be reversed if needed. An administrative fee may apply to positions held beyond a set number of days on some instruments under the Islamic account terms.
For Muslim traders this is a religious necessity — for all traders, it is a cost elimination tool worth considering if your strategy involves frequent overnight holding. See our XM Islamic account guide for the full eligibility and conversion process.
Frequently Asked Questions — XM Swap Rates
Avoid Swap With XM Islamic Account
Request swap-free status on your Micro, Standard, or Ultra Low account. No overnight charges on forex, gold, or any instrument. Approved within 1 business day.
Swap-free on Micro, Standard, Ultra Low · Approved within 1 business day · CySEC & ASIC regulated