What Is a Swap Fee?
A swap (also called rollover or overnight fee) is a charge or credit applied when you hold a trading position overnight. It reflects the interest rate differential between the two currencies in a forex pair, or the financing cost for CFDs.
How Swap Is Calculated
Swap = (Lot Size × Contract Size × Swap Rate) / 100 / 365
Example: Holding 1 lot of EUR/USD with a swap rate of 0.8% per year:
Swap = (1 × 100,000 × 1.10 × 0.8) / 100 / 365 ≈ $2.41 per day
Triple Swap Days
Due to the settlement cycle, swap is charged at 3x the normal rate on certain days:
Forex and Metals: Triple swap on Wednesday (to account for the weekend)
Some Indices and Commodities: Triple swap on Friday
Positive vs. Negative Swap
Positive swap: You receive money — this happens when you're long on a currency with a higher interest rate
Negative swap: You pay — this happens when you're long on a currency with a lower interest rate
How to Check Swap Rates
In MT5:
1. Open the Market Watch panel
2. Right-click on an instrument
3. Select Specification
4. Scroll down to see Swap Long and Swap Short values
Swap-Free (Islamic) Accounts
NEOMAAA offers swap-free accounts for clients who cannot receive or pay interest due to religious beliefs. An admin fee may apply instead. Contact Support to request a swap-free account.