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
- Typical spread from
- 0.2 pips
- Commission
- No commission
Professional
- Typical spread from
- 0.1 pips
- Commission
- No commission
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.