A swap is the procedure of rolling a position over to the next trading day. When this occurs, a swap fee is either credited or debited to your account, depending on the direction of the trade (buy or sell).
What is the amount of the Swap fee?
The size of the swap fee varies depending on the trading platform and the instrument being traded. Detailed information for each instrument, including specific swap rates, can be found in the Instrument Specifications section.
On which days are Swap fees applied?
For most trading instruments (excluding cryptocurrencies), swaps are charged when positions are rolled over to the next trading day, according to the following schedule:
Monday to Tuesday
Tuesday to Wednesday
Wednesday to Thursday
Thursday to Friday
Friday to Monday (charged overnight from Friday to Saturday)
On which days are Swap fees charged for cryptocurrencies?
Forex Club terminal:
Monday to Tuesday
Tuesday to Wednesday
Wednesday to Thursday
Thursday to Friday
Friday to Saturday
Saturday to Sunday
Sunday to Monday
MetaTrader 4 / MetaTrader 5 terminals:
Monday to Tuesday
Tuesday to Wednesday
Wednesday to Thursday
Thursday to Friday
Friday to Monday (charged overnight from Friday to Saturday)
Example:
If you open a trade on the EUR/USD instrument with a volume of 1 lot in MetaTrader 4 on Monday afternoon and close it on Sunday, based on the schedule above, the position will go through the swap procedure 5 times.
However, once a week, depending on the terminal and trading instrument, a triple swap is charged.
Why is a triple Swap charged?
The process of rolling over a position to the next day follows a globally accepted scheme called SWAP TOM NEXT. Under this scheme, for all trades executed on the current business day, the full currency amount must normally be delivered on the second business day.
To avoid actual delivery, a swap trade is performed to settle the obligations of both parties.
When rolling over an open position from Wednesday to Thursday, delivery would normally fall on Saturday. Since Saturday and Sunday are non-working days, delivery is postponed to the next business day — Monday. As a result, the swap fee is charged or credited in triple the usual amount.
The exact timing of triple swap charges depends on the specific trading instrument and the platform being used.
When is a triple Swap charged?
Forex Club terminal:
For most trading instruments (except CFDs), the triple swap is charged from Wednesday to Thursday.
For CFD instruments (except cryptocurrencies), the triple swap is charged from Friday to Saturday.
For cryptocurrency CFDs, no triple swap is charged.
MetaTrader 4 and MetaTrader 5 terminals:
For all trading instruments (except CFDs), the triple swap is charged from Wednesday to Thursday.
For CFD instruments (including cryptocurrencies), the triple swap is charged from Friday to Saturday.
At what time are Swap fees charged?
In all terminals, swaps are charged at 21:00 GMT.
If you follow the time shown in the terminal itself:
In the Forex Club terminal, the server time corresponds to GMT, so swap charges occur at 21:00.
In MT4/MT5, the server time is GMT+3 during summer and GMT+2 during winter (typically, daylight saving time ends in November and resumes in March).
Therefore:
During summer, swap charges occur at 00:00 terminal time.
During winter, swap charges occur at 23:00 terminal time.