Swap (overnight financing) follows interbank tom-next rates plus a markup. Wednesday rollovers are charged 3x to cover the weekend. Exact rates per instrument are visible inside the MT4/MT5 instrument specifications window.
Direct answer
Swap is the cost (or credit) of holding a leveraged position past server rollover, calculated from the difference in interest rates of the two currencies in the pair, plus an XM markup. It is debited or credited to the account each night at 21:00 GMT (server time may vary by season).
How to read swap on MT4/MT5
Right-click an instrument in Market Watch
Select “Specification”.
Find “Swap Long” and “Swap Short”
These are the per-night rates in points for one lot.
Note the “3-day swap” day
Usually Wednesday for FX. On that night the swap is multiplied by three to cover Saturday and Sunday non-trading.
Cost example
EURUSD swap of -3 points per night on a 1-lot long position is roughly $3 per night ($30 per night for a 10-lot trade). On Wednesday the same position is charged ~$9 (or $90 on 10 lots). Multiply across nights to estimate the cost of a multi-day swing trade.
Test XM with the $30 no deposit bonus
Real account · No deposit · Standard or Micro · KYC required
FAQ
How does XM calculate swap?
Swap (overnight financing) follows interbank tom-next rates plus a markup. Wednesday rollovers are charged 3x to cover the weekend. Exact rates per instrument are visible inside the MT4/MT5 instrument specifications window.
Can I avoid swap?
Yes — open an Islamic / swap-free account where eligible, or close all positions before the daily rollover.
Are swaps positive or negative?
Both, depending on the rate differential. Holding a long on a higher-yielding currency vs a lower-yielding one can earn positive swap.
Related XM guides
- XM Islamic Account
- Are there hidden fees at XM?
- Do XM spreads widen overnight?
- What is XM’s maximum leverage?
- XM MT4 and MT5 Guide