XM Swap Rates: Daily Tables, Triple Swap & Free Swap Guide

For traders using XM, a thorough understanding of swap rates is strategically important. At XM, swap rates vary significantly depending on the currency pair and financial instrument, and there are specific characteristics to be aware of — such as triple swap days on designated days of the week. Furthermore, since swap conditions also differ by account type, these factors must all be considered comprehensively when planning your trades.

This article provides a comprehensive guide covering everything from the fundamentals of XM swap rates through to specific calculation methods, swap rate tables for each financial instrument category, and strategies for using them effectively. We also cover actionable information such as the risks associated with trading high-interest-rate currencies, the timing of swap charges, and which products qualify for swap-free trading — equipping you to trade on XM more efficiently.

In the Forex market, each currency carries a specific interest rate set by its central bank. When a trader buys one currency, they automatically sell another — so the interest rate differential between the two currencies involved in the trade must always be taken into account.

For example, when holding a long position on USDJPY (US Dollar / Japanese Yen), the trader is buying USD and selling JPY. In this scenario, the trader receives interest on the USD and pays interest on the JPY. The swap rate is calculated from the difference between these two interest rates.

Swap rates can be either positive or negative, depending on the interest rate differential between the currency pair. If positive, the trader earns additional income; if negative, an additional cost is incurred.

Swap rates are not determined solely by the interest rate differential — they are also influenced by several other factors.

Due to these factors, the actual swap rate may differ from the theoretical interest rate differential. For example, even if the Japanese Yen rate is 1.0% and the US Dollar rate is 3.75% — a difference of 2.75% — the actual swap in practice is typically lower than this, and XM does not simply pass on the full interest rate differential.

Currency pairs with a large interest rate differential will generate higher interest income or cost. As of 19 July 2026, emerging market countries such as Turkey (37.00%) and Mexico (6.50%) carry significantly higher interest rates than developed economies.

However, trading strategies that target high-interest-rate currencies (carry trades) require considerable caution. Emerging market currencies in particular tend to be highly volatile. Interest income may be offset — or even exceeded — by losses from exchange rate depreciation. The Turkish Lira, for example, despite its high interest rate, has historically experienced sharp declines in value.

It is also important to note that swap rates change constantly, even for the same currency pair, due to XM’s funding costs and margin settings. Traders planning medium- to long-term positions should always compare XM’s current swap rates before entering a trade.

As of 19 July 2026, policy interest rates vary widely across countries — from Japan (1.00%) to Turkey (37.0%).

Policy Interest Rates by Country — 19 July 2026

Swap charges occur when the New York market closes. At XM, this corresponds to server time 00:00 (UTC+2/UTC+3) — which is midnight on the trading platform. During summer time (last Sunday of March through last Sunday of October), the server operates on UTC+3.

XM’s swap calculation method also varies by day of the week. For currency pairs, positions held overnight from Wednesday to Thursday incur a triple swap — three times the standard rate — as this advance-calculates the swap for Saturday and Sunday. For stock indices, positions held overnight from Friday to Saturday incur a triple swap.

For Thematic Indices, there is no triple swap day — instead, a fixed swap is charged every day. Please also note that futures commodity products carry no swap charges whatsoever.

There are 4 main methods for checking XM swap rates. Each has its own characteristics, so choose the most appropriate method for your situation.

The most efficient method is to consult the Swap Rate Tables in this article, where you can instantly view the swap rates and USD-converted values for every instrument. Data is updated daily at 7:20 PM server time, Monday through Friday.

The next most convenient method is to use the Forex Calculator on the official XM website. This tool not only lets you check swap rates but also displays values converted into your chosen currency — a particularly useful resource for traders who wish to see the real-money equivalent of each swap charge.

For real-time swap rates, check directly on the MT4/MT5 trading platform. In the MT5 Market Watch window, select the instrument you want to check, right-click, and choose “Symbol” to view the current swap rate.

You can also view swap rate information in the XM Members Area. Choose whichever checking method best suits your trading situation and the level of data accuracy you require.

Understanding the real monetary value of a swap rate is critically important. This section explains how to convert swap rates into currency using EURUSD as an example, and how to use the handy calculator available on the official XM website.

How to Convert the EURUSD Swap Rate to USD

The following example demonstrates how to calculate the swap rate in USD using EURUSD. The EURUSD swap rates are as follows:

When converting a swap rate into currency, simply replace the swap rate’s unit with the quote currency of the pair (the right-hand currency). For EURUSD, the quote currency is USD, which gives us the following:

From these results, we can see that holding a long EURUSD position of 1 lot overnight incurs a charge of $9.93 USD, whilst holding a short position earns $3.47 USD.

Use the XM Forex Calculator for Easy Swap Conversion

Manually recalculating swap rates that change daily can be time-consuming. We recommend using the XM Forex Calculator for converting swap rates into your local currency. This tool not only allows you to accurately calculate swap values, but also quickly computes pip value and required margin.

At XM, it is not possible to withdraw swap profits in isolation. To withdraw swap gains, you must first close your position. Once closed, the swap profit is automatically combined with your trading profit and reflected in your account balance. You can then proceed with a standard withdrawal from that balance. In other words, at XM, swap profits and trading profits are not managed separately — they are ultimately consolidated into a single account balance for withdrawal.

Among the four account types offered by XM (excluding the Shares account), swap rates are essentially the same across all types — however, the Ultra Low account exclusively offers a special benefit: a complete swap exemption on certain tradable instruments.

Notably, the Ultra Low account allows swap-free trading on more than 30 instruments, including major currency pairs (USDJPY#, EURUSD#, etc.) and precious metals (GOLD#, SILVER#). This benefit enables traders considering medium- to long-term positions for exchange rate gains to trade without the burden of swap costs.

Futures products and Turbo Stocks at XM incur absolutely no swap charges, due to the nature of how these instruments are structured.

In standard spot trading, holding a position overnight generates a swap charge based on the interest rate differential between the two countries involved. Futures trading, by contrast, is a contract traded at a price set for a specific future date (expiry or delivery date), with the interest rate differential already incorporated into the price — so no separate swap charge is applied.

The following are the XM financial instrument categories that do not incur swap charges:

Instruments with No Swap Charges

XM stock indices are available under different naming conventions — for example “JP225-DEC22” and “JP225Cash”. Instruments ending in “○○Cash” are spot products, whilst those ending with a month and year in English (e.g. “○○-DEC22”) are futures products.

Swap rates change every hour. For the latest figures, check the “Forex Trading” section in the XM Members Area.

Palladium (XPDUSD) and Platinum (XPTUSD) are futures products and therefore carry no swap charges.

Swap rates change every hour. For the latest figures, check “Precious Metals” in the XM Members Area.

Swap rates change every hour. For the latest figures, check the “Stock Indices” section in the XM Members Area.

Swap rates change every hour. For the latest figures, check the “Oil & Gas” section in the XM Members Area.

Swap rates change every hour. For the latest figures, check the “Thematic Indices” section in the XM Members Area.

Swap rates change every hour. For the latest figures, check the “Cryptocurrencies” section in the XM Members Area.

In Forex trading, negative swaps generally outnumber positive ones — this is a universal characteristic across all brokers, arising from financial institutions’ funding costs and the structural nature of market liquidity.

However, for traders focused on short-term exchange rate gains, even a position carrying a negative swap can be managed effectively — provided the expected profit from the exchange rate movement exceeds the swap cost.

In such scenarios, the timing of swap charges may factor into the decision of whether to close a position. At XM, swaps are calculated when the New York market closes (server time 00:00 UTC+2), so factoring this window into your trade planning is worth considering.

In this article, we have covered in detail the mechanics of XM swap rates, how to calculate and check them, and swap rate listings for every instrument category. Swap rates can function as either a meaningful income source or a significant cost in Forex trading — making them an essential element in building an effective trading strategy.

XM offers a wide range of financial instruments, each with its own distinct swap characteristics. Depending on your investment objectives, you can target positive swap income, take advantage of Free Swap on the Ultra Low account, or choose futures products with no swap charges altogether.

To fully understand your total trading costs, it is important not only to consider swap rates, but also to have a clear grasp of spreads. Spreads are a cost incurred at the point of entry, and when considered alongside swap rates, they enable more precise and well-informed trading decisions.

What is a swap fee at XM?

A swap fee is an overnight interest rate adjustment charged when you hold a trading position past the daily rollover with XM. The actual amount is determined by the difference in benchmark interest rates between the two currencies, plus XM’s funding costs and markup.

When does XM charge triple swap?

For currency pairs, gold, and silver, the swap is tripled at the Wednesday New York close (server time 00:00 Thursday). For stock indices, cryptocurrencies, and energy commodities, the triple swap is applied at the Friday New York close (server time 00:00 Saturday) to account for the weekend rollover.

What time does XM apply the swap fee?

Swap fees are applied at midnight server time (UTC+2), which corresponds to the New York market close. During US daylight saving time (summer), the server operates at UTC+3.

How do I convert XM’s swap value into a currency amount?

Simply match the swap value to the quote currency (the right-hand currency) of the pair you’re trading. For example, if you trade 1 lot of EURGBP with a swap of 2.62, you will receive or pay 2.62 GBP per night.

Can I withdraw swap profits separately at XM?

No. Swap profits earned at XM are credited to your account balance only after you close the trade. To access those earnings, you’ll need to close your position first and then withdraw the funds as part of your total account balance.

Does XM offer swap-free currency pairs?

Yes. The Ultra Low account includes a wide range of swap-free instruments, covering major pairs such as USDJPY, EURJPY, EURUSD, and GBPUSD. Precious metals like gold and silver are also included in the swap-free product line-up.

Which currency pairs at XM carry the highest swap rates?

Pairs involving the Turkish Lira (TRY) — a high-interest-rate currency — tend to carry the highest swap rates. Short positions on EURTRY and USDTRY, in particular, can generate significant positive swap income. However, be aware that high-interest pairs also come with elevated price volatility.

Does XM offer any financial products with no swap fees?

Yes. Futures-based products — including energy futures, precious metals (XPDUSD/XPTUSD), index futures, Turbo stocks, and commodities — are exempt from swap fees. Keep in mind, however, that these instruments have expiry dates and must be closed before they expire.

Do swap fees apply to hedged positions at XM?

Yes, swap fees still apply to hedged positions. Both the long and short legs of a hedge will each incur swap charges, meaning the combined swap cost is always negative. XM permits hedging within a single account, but prohibits cross-account hedging or hedging across different brokers.

Where can I check my swap profit and loss history at XM?

You can review swap P&L directly in the MT4/MT5 “ToolBox” — open positions are shown under the “Trade” tab, and closed positions appear under the “History” tab. You can also access a full breakdown via “Trading History” in your XM Members Area.