Swap-Free Forex Brokers: Which Accounts Have No Swap, and for How Long

See who qualifies for swap-free trading at each broker, which instruments are covered, how long the exemption lasts and what is charged once it ends.

Is a Swap-Free Account Always Better?

No. A swap-free account saves money on a gold buy position. On a gold sell position, you lose the swap that a normal account pays you.

• Gold buy positionOn an XM Standard account, about $84 per lot is taken from your balance as swap every night. On an XM Ultra Low account, nothing is taken.
• Gold sell positionOn an XM Standard account, about $21 per lot is added to your balance as swap every night. On an XM Ultra Low account, nothing is added.

So if you usually hold gold buy positions overnight, choose a swap-free account. If you usually hold gold sell positions overnight, an account with a swap pays you each night.

At XS and Exness, the swap-free status also means that you neither pay nor receive a swap. The swap changes with interest rates, so the XM swap calculator shows today’s figures.

Who Can Get a Swap-Free Account?

• XMEvery client can use it, with no request. Open an Ultra Low trading account and the listed instruments carry no swap. On a Standard account, you pay the normal swap on the same instruments.
• HFMAll clients, whatever their religion, on Premium, Pro, Zero and Unlimited. Unlimited has a different name in some countries, such as InfinityX in India and KATANA in Japan.
• XSClients in some countries get it automatically, and others can ask for it. The status covers every XS trading account you hold. Ask your XS account manager whether your country qualifies.
• ExnessEvery Personal Area starts swap-free, and the status covers every trading account in it. Check it in your Exness Personal Area (opens in a new tab) under Exness benefits, then Trading conditions.

So at XM you choose the account, and at HFM you choose the account and the instrument. At XS and Exness, check your status before you hold a position overnight.

Which Instruments Are Swap-Free?

• GoldXM Ultra Low, HFM (XAUUSD and XAUEUR), XS (5 days on XAUUSD, 2 days on XAUEUR) and Exness (XAUUSD, XAUEUR and XAUAUD).
• SilverXM Ultra Low, XS (2 days) and Exness. HFM charges swap on silver.
• Currency pairsEvery broker here covers the major pairs and many cross pairs. HFM lists 27 pairs and Exness 31. XS waives the swap for 10 days on EURUSD and GBPUSD, and for 2 days on the other majors.
• Stock indicesHFM (12 indices), XS (1 day on JP225, US30, US100 and US500) and Exness (all indices). XM charges swap on indices on both accounts.
• OilHFM (USOIL.S), XS (2 days) and Exness (USOIL and UKOIL). At XM, oil and gas carry a Fair Value Adjustment in place of a swap.
• CryptoXS (2 days) and Exness (all crypto). XM and HFM charge swap on crypto every night.
• StocksEvery broker here charges swap on stocks. XS gives no grace period on shares.

Each swap calculator labels the covered instruments: Swap-free on Ultra Low in the XM calculator, Conditional swap-free in the HFM and Exness calculators, Swap-free up to 10 days in the XS calculator.

In each calculator, open the row for the symbol you trade to see the swap with the exemption and without it.

How Long Does Swap-Free Last?

• XMNo time limit. The exemption on the listed instruments is part of the Ultra Low account.
• HFM“A certain number of days”. HFM publishes no figure. HFM reviews your trading history on the listed instruments and expects most trades to close within the day.
• XSA set number of days for each instrument, in the list below.
• ExnessAs long as you trade mostly during the day with few overnight orders. An algorithm reads your trading pattern. A notification appears in your Personal Area when the status is about to change.

XS gives these grace days to clients in selected non-Muslim countries. XS counts calendar days from the day you open the position, and Saturday counts. XS swap-free accounts (opens in a new tab)

• EURUSD, GBPUSDSwap-free for 10 days
• XAUUSDSwap-free for 5 days
• Other major pairsSwap-free for 2 days
• XAUEUR, XAGUSD, oil, cryptoSwap-free for 2 days
• JP225, US30, US100, US500Swap-free for 1 day
• StocksNo swap-free days. You pay swap from the first night.

The normal swap starts at the first rollover after the last grace day. Inside the grace days, XS still charges the triple swap on Wednesday for XAUEUR and silver, and on Friday for oil and indices.

What Happens When Swap-Free Ends?

• XMXM can cancel the status if you use the Ultra Low instruments only to avoid swap, such as for carry trades or a large share of positions held overnight. XM can then recover the swaps it did not charge.
• HFMHFM can remove the status at any time without notice. If HFM finds a holding period too long, HFM can charge the swap retrospectively. Other fees appear under Fees in your HFM Client Area (opens in a new tab).
• XSThe normal swap starts after the grace days, with no administration fee. If XS finds the status used to avoid swap, such as by hedging, XS can charge the waived swap and reverse the profits.
• ExnessOnce Exness cancels the status, you also pay swap on open orders. On trading accounts Exness selects, an administration fee applies every night. On gold, the fee is 250 USD per lot.

To see the size of the normal swap, open your instrument in the XM, HFM, XS or Exness swap calculator and read Without swap-free. The 30-day estimate in the same row shows what a month of holding costs at today’s rates.

Is a Swap-Free Account the Same as an Islamic Account?

No. Each broker runs its Islamic account separately, with its own terms.

• XMOn request, for clients who cannot use swaps for religious reasons. All your real trading accounts then become swap-free. The Fair Value Adjustment on energies and metals still applies.
• HFMFor clients who observe Sharia law, on specific accounts. Some instruments carry Carry Charges after a position has been rolled over for several days in a row.
• XSClients living in 19 Islamic countries, such as the UAE and Pakistan, get it automatically. On crypto pairs, the normal swap starts after 3 days. XS swap-free accounts (opens in a new tab)
• ExnessClients registered in 33 Islamic countries get it automatically. The status covers every trading account and every instrument, including those outside the general list.

Whether an Islamic arrangement meets your religious obligations is a decision for you, with guidance from a qualified scholar. This page gives you each broker’s terms for that decision.

Do Swap-Free Trades Still Earn a Rebate?

Yes. The ForexFanClub rebate returns part of the spread or commission on each trade. Every broker here pays the rebate separately from the swap, so a swap-free position earns it like any other trade.

The accounts and instruments that qualify are listed on each broker’s rebate page, and the forex rebates page compares the rebates across brokers.

Frequently Asked Questions About Swap-Free Forex Brokers

Which forex broker has no swap fees?

Every broker on this page offers swap-free trading without an Islamic account. XM Ultra Low has no swap on gold, silver and major pairs, with no time limit.

Exness makes every Personal Area swap-free. HFM gives the exemption for a number of days that HFM decides, and XS gives a set number of days for each instrument.

Is Exness swap-free?

Yes, by default. Every Exness Personal Area starts swap-free on major pairs, gold, oil, crypto, indices and more. Exness keeps the status while you trade mostly within the day.

If Exness cancels the status, you pay swap on open orders. On trading accounts Exness selects, an administration fee per lot per night also applies.

Is MT5 swap-free?

The platform makes no difference. Swap-free status belongs to the trading account or the Personal Area, and every broker here applies it on MT5. XS applies it on MT4 as well.

What does swap-free mean in forex?

A swap is the interest a broker charges or pays when you hold a position overnight, based on the interest rates of the two currencies. A swap-free account or status removes that charge.

You still pay the spread, any commission and, at some brokers, an administration fee.

Are swap-free accounts halal?

This page gives no religious ruling, and the brokers give none either. XM, HFM and XS offer Islamic accounts to clients who observe Sharia law.

Whether any of them meets your obligations is a decision for you, with guidance from a qualified scholar. This page sets out each broker’s terms, so that you have the facts for that decision.

Each Broker’s Swap Calculator and Full Conditions