Forex Swap Calculator
Calculate the overnight swap fee or credit for any forex position. Enter your broker's swap rate to get an exact result.
Compare Broker Swap Rates
Swap rates vary significantly between brokers. Use these tools to find the cheapest overall cost:
What Is a Forex Swap Rate?
A forex swap rate - also called a rollover rate or overnight fee - is the interest charged or credited to your account when you hold a forex position overnight past the daily rollover time (typically 22:00 GMT / 02:00 UAE time). The swap reflects the interest rate difference between the two currencies in the pair you are trading.
If you are long (buying) a currency pair where the base currency has a higher interest rate than the quote currency, you may receive a positive swap credit. If the base currency has a lower rate, you pay a swap charge. Negative swap values mean you pay; positive values mean you receive.
How to Find Your Broker's Swap Rate
Swap rates vary between brokers and change frequently. To get the exact swap rate for your broker:
- MetaTrader 4 / MT5: Right-click the currency pair in Market Watch > Properties > Swap Long and Swap Short values are shown
- Broker website: Most brokers publish swap rates in their trading conditions or contract specifications page
- Live chat: Ask your broker's support team for the current swap rate for a specific pair
Swap rates are usually quoted in pips per lot per night for forex pairs, and in USD per lot per night for commodities like gold and silver. Enter the value from your broker into the calculator above to get an accurate result. Use our spread comparison table to compare brokers on trading costs side by side.
Wednesday Triple Swap: What Gulf Traders Need to Know
Forex markets are closed on weekends (Saturday and Sunday), but positions held over the weekend still accrue two days of swap charges. To compensate for this, brokers charge triple swap on Wednesday night. This catches many new traders off guard - particularly those who close positions on Thursday morning thinking they avoided the weekend swap.
If you plan to hold a position from Wednesday evening through Thursday morning, you will be charged three nights of swap at once. For longer-term positions, this is a significant cost to factor into your trade planning.
Swap Rates and Islamic Forex Accounts
Under Islamic law, paying or receiving interest (riba) is prohibited. For Muslim traders in the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman, this creates a challenge with standard forex accounts where swap charges are essentially interest payments.
Most major brokers regulated by the DFSA and SCA offer Islamic (swap-free) accounts that replace overnight swap charges with a fixed administrative fee charged after a defined holding period (usually 7 days). This administrative fee is structured to be Sharia-compliant. See our guide to the best Islamic forex brokers for a full comparison.
How Swap Fees Impact Your Trading Profitability
For short-term traders (scalpers and day traders) who close all positions before the daily rollover, swap fees are irrelevant. However, for swing traders and position traders who hold trades for days, weeks, or months, swap charges can significantly erode profits.
Example: A 1-lot EUR/USD position with a -6.50 pip daily swap rate costs approximately $6.50 per night. Held for 30 nights, that is $195 in swap charges - more than the profit target on many medium-term trades. Always factor the daily swap cost into your trade planning using this calculator.
You can reduce swap costs by: choosing a broker with lower swap rates, using an Islamic account, switching to positions in the opposite direction (if the short swap is positive), or closing positions before the rollover time.
Frequently Asked Questions About Forex Swap Rates
What does a negative swap rate mean?
A negative swap rate means you pay a fee to hold the position overnight. A positive swap rate means you receive a credit - your account balance increases each night the position is open. Whether a swap is positive or negative depends on the interest rate differential between the two currencies and your trade direction (long or short).
What time does the daily rollover happen?
Most brokers apply the daily rollover at 22:00 GMT, which is 02:00 UAE time (Gulf Standard Time, UTC+4). Any position open at that moment is subject to the overnight swap charge or credit. Positions closed before this time do not incur a swap fee for that night.
Are swap rates the same at all brokers?
No. Swap rates vary between brokers because each broker sets its own rates based on the interbank overnight rate, its own markup, and the account type. Generally, ECN brokers (with raw spreads + commission) offer swap rates closer to the true interbank rate, while standard-account brokers tend to charge higher swap fees as an additional revenue source. Always compare swap rates before choosing a broker for swing or position trading.
How is swap calculated for gold (XAU/USD)?
Gold swap rates are typically quoted in USD per lot per night rather than in pips. For a standard lot of XAU/USD (100 oz of gold), the long swap is typically around -$13 to -$16 per night at most brokers - significantly higher than forex pairs. Traders who hold large gold positions overnight should factor this into their cost calculations using our gold trading calculator.
Can I avoid swap fees legally?
Yes. The most common approaches are: (1) Use an Islamic swap-free account if you are eligible - most major brokers offer this for traders in GCC countries. (2) Close positions before 22:00 GMT each day. (3) Look for pairs where the swap credit in your trade direction is positive. See our comparison of Islamic forex brokers to find the best swap-free account for Gulf traders.