Trading
Swaps and the cost of holding a position
A trade costs you twice: once to open it, and again for every night you hold it. This page covers both — the overnight swap in detail, and the spread structure behind each account.
Per-trade cost
Spread structure by account
Standard folds everything into the spread; Professional separates raw pricing from a fixed commission. Per-instrument typical spreads live in the contract specifications.
Standard
- Spread type
- Variable, all-in
- Typical spread from
- 1.2 pips
- Commission per lot, per side
- None — costs are in the spread
Professional
- Spread type
- Raw, plus commission
- Typical spread from
- 0.0 pips
- Commission per lot, per side
- 3.00 USD
Overnight financing
How swaps are calculated
A position held past the daily rollover carries into the next trading day, and an interest adjustment — the swap — is applied. It reflects the rate differential between the two sides of your position: hold a currency with a higher interest rate against one with a lower rate and the adjustment can credit your account; reverse it and you pay.
Swaps are quoted per instrument, long and short separately, and applied once per rollover at approximately 01:00 GST. Midweek one rollover carries a multiple-day charge to account for weekend settlement, which is why a Wednesday-night position typically costs about three times a Tuesday-night one. A swap-free option replaces interest adjustments with a disclosed fixed fee on eligible accounts.