Broker Swap Rate Comparison
June 2026 Edition
Overnight financing costs across 26 EU-accessible brokers, measured in USD per standard lot per night. Four major instruments compared: EUR/USD, GBP/USD, USD/JPY, and gold. Swap-free account availability, grace periods, and admin fees mapped for every broker.
Key Findings — June 2026
Cheapest EUR/USD Swap
$5.50/lot/night
Exness (not EU-eligible)
Cost Range
$5.00spread
Between cheapest and most expensive
Swap-Free Brokers
16/ 26
Offer swap-free or Islamic accounts
EU Eligible
24/ 26
Can onboard EU/EEA retail clients
The $5.00 gap between cheapest and most expensive EUR/USD long swap costs $1200 per year on a single-lot position held 20 nights per month. At 5 lots, the annual difference is $6000— a significant drag that most swing traders overlook when choosing a broker.
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Quick Answer: Which Broker Has the Best Swap Rates?
For regular swap accounts: Interactive Brokers and IC Markets consistently offer the lowest overnight financing costs thanks to benchmark-based pricing with minimal markup. Among EU-eligible brokers, Interactive Brokers charges $5.80/lot/night on EUR/USD long versus Plus500's $10.50 — a $4.70/lot/night difference.
For swap-free accounts: AvaTrade leads with a 14-day grace period and no admin fee. Pepperstone, Axi, and IC Markets offer 7-day grace periods with no admin fee. If you hold positions beyond the grace period, Admirals ($2.50/lot/night) and Eightcap/Capital.com ($3.00/lot/night) have the lowest admin fees.
How Forex Swap Rates Work
Every forex CFD position held past the daily rollover time (17:00 New York / 22:00 UTC) incurs an overnight financing charge or credit. This is the swap, sometimes called the rollover fee or overnight financing cost.
Swaps are derived from the interest rate differential between the two currencies in a pair. When you go long EUR/USD, you are effectively borrowing USD (paying US interest rates) and depositing EUR (earning eurozone interest rates). If US rates exceed eurozone rates, the net effect is a debit: you pay the difference each night. If the reverse were true, you would receive a credit.
In practice, brokers add a markupto both sides of the swap. This markup is where the variation between brokers comes from. The underlying interbank tom-next rate is broadly similar; it is the broker's markup that creates the $5 per lot difference between the cheapest and most expensive broker in this comparison.
| Component | What It Represents | Who Sets It |
|---|---|---|
| Interest rate differential | Gap between the two currencies' central bank / money market rates | Central banks (ECB, Fed, BoJ, etc.) |
| Tom-next adjustment | Interbank swap point reflecting the rate differential + liquidity premium | Interbank market |
| Broker markup | Additional charge added to both long and short swaps | Each broker individually |
| Triple Wednesday | 3x charge on Wednesday night to cover Saturday + Sunday settlement | Market convention (T+2 settlement) |
Full Swap Rate Table — June 2026
Download CSVSorted by EUR/USD long swap cost (cheapest first). Rates in USD per standard lot per night. Negative = trader pays; positive = trader receives. Scroll horizontally on mobile.
| # | Broker | EU | Swap-Free | EUR/USD Long | EUR/USD Short | GBP/USD Long | GBP/USD Short | USD/JPY Long | USD/JPY Short | XAU/USD Long | XAU/USD Short |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Exness | No | Yes | -5.50 | +0.80 | -3.20 | -2.40 | +7.50 | -15.00 | -35.00 | +16.80 |
| 2 | Interactive Brokers | Yes | Yes | -5.80 | +0.70 | -3.40 | -2.50 | +7.60 | -15.20 | -34.00 | +16.00 |
| 3 | IC Markets | Yes | Yes | -5.90 | +0.85 | -3.30 | -2.40 | +7.70 | -15.30 | -35.50 | +17.00 |
| 4 | Tickmill | Yes | Yes | -6.00 | +0.90 | -3.50 | -2.30 | +7.80 | -15.50 | -36.00 | +17.00 |
| 5 | Pepperstone | Yes | Yes | -6.35 | +1.10 | -3.80 | -2.15 | +8.20 | -16.50 | -38.50 | +18.20 |
| 6 | Eightcap | Yes | Yes | -6.50 | +1.00 | -3.90 | -2.10 | +8.50 | -16.80 | -39.50 | +19.20 |
| 7 | Axi | Yes | Yes | -6.80 | +1.20 | -4.00 | -2.00 | +8.80 | -17.00 | -39.00 | +19.00 |
| 8 | Saxo Bank | Yes | – | -6.90 | +1.80 | -4.00 | -1.50 | +9.50 | -17.80 | -40.00 | +19.50 |
| 9 | OANDA | Yes | – | -7.00 | +1.70 | -4.10 | -1.40 | +9.60 | -18.00 | -41.50 | +20.20 |
| 10 | BlackBull Markets | Yes | Yes | -7.10 | +1.30 | -4.20 | -1.95 | +9.10 | -18.30 | -42.00 | +20.50 |
| 11 | FxPro | Yes | Yes | -7.20 | +1.40 | -4.30 | -1.80 | +9.30 | -17.50 | -41.00 | +20.00 |
| 12 | FXCM | Yes | Yes | -7.30 | +1.50 | -4.30 | -1.70 | +9.40 | -17.80 | -42.50 | +20.80 |
| 13 | Forex.com | Yes | – | -7.40 | +1.60 | -4.50 | -1.30 | +10.00 | -18.80 | -43.50 | +21.50 |
| 14 | Admirals | Yes | Yes | -7.50 | +1.50 | -4.40 | -1.70 | +9.80 | -18.50 | -43.00 | +21.00 |
| 15 | Vantage Markets | No | – | -7.50 | +1.50 | -4.40 | -1.60 | +9.80 | -18.50 | -43.50 | +21.00 |
| 16 | Swissquote | Yes | Yes | -7.60 | +1.90 | -4.50 | -1.50 | +10.20 | -19.50 | -44.00 | +21.50 |
| 17 | FXTM | Yes | – | -7.70 | +2.00 | -4.60 | -1.30 | +10.10 | -19.00 | -44.50 | +22.00 |
| 18 | IG | Yes | – | -7.80 | +2.50 | -4.60 | -1.20 | +10.30 | -19.80 | -45.00 | +22.00 |
| 19 | AvaTrade | Yes | Yes | -7.90 | +2.30 | -4.70 | -1.20 | +10.40 | -19.50 | -46.50 | +23.50 |
| 20 | Capital.com | Yes | Yes | -8.00 | +2.20 | -4.80 | -1.10 | +10.50 | -20.00 | -46.00 | +23.00 |
| 21 | XTB | Yes | Yes | -8.20 | +2.80 | -5.10 | -0.90 | +11.00 | -20.50 | -48.00 | +24.00 |
| 22 | RoboForex | Yes | – | -8.40 | +2.90 | -5.20 | -0.90 | +11.20 | -20.80 | -49.00 | +24.50 |
| 23 | CMC Markets | Yes | – | -8.50 | +3.00 | -5.30 | -0.80 | +11.50 | -21.00 | -50.00 | +25.00 |
| 24 | Trading 212 | Yes | Yes | -8.80 | +3.20 | -5.50 | -0.60 | +11.80 | -22.00 | -52.00 | +26.00 |
| 25 | eToro | Yes | – | -9.20 | +3.50 | -5.80 | -0.50 | +12.00 | -22.50 | -55.00 | +28.00 |
| 26 | Plus500 | Yes | – | -10.50 | +4.00 | -6.50 | -0.30 | +13.00 | -24.00 | -60.00 | +30.00 |
Rates verified 2026-06-15from each broker's MT4/MT5/cTrader swap specification tables. Wednesday triple swaps not shown separately. Brokers not EU-eligible are highlighted in red. Partner brokers outlined in emerald.
Annual Swap Cost by Broker
Projected annual EUR/USD long swap cost at different position sizes, assuming 20 nights held per month (a typical swing trading cadence). Includes the Wednesday triple swap (effectively 22 charges per 20-night month).
| Broker | 1 Lot | 3 Lots | 5 Lots | 10 Lots |
|---|---|---|---|---|
| Exness(not EU) | $1,320 | $3,960 | $6,600 | $13,200 |
| Interactive Brokers | $1,392 | $4,176 | $6,960 | $13,920 |
| IC Markets | $1,416 | $4,248 | $7,080 | $14,160 |
| Tickmill | $1,440 | $4,320 | $7,200 | $14,400 |
| Pepperstone | $1,524 | $4,572 | $7,620 | $15,240 |
| Eightcap | $1,560 | $4,680 | $7,800 | $15,600 |
| Axi | $1,632 | $4,896 | $8,160 | $16,320 |
| Saxo Bank | $1,656 | $4,968 | $8,280 | $16,560 |
| OANDA | $1,680 | $5,040 | $8,400 | $16,800 |
| BlackBull Markets | $1,704 | $5,112 | $8,520 | $17,040 |
| FxPro | $1,728 | $5,184 | $8,640 | $17,280 |
| FXCM | $1,752 | $5,256 | $8,760 | $17,520 |
| Forex.com | $1,776 | $5,328 | $8,880 | $17,760 |
| Admirals | $1,800 | $5,400 | $9,000 | $18,000 |
| Vantage Markets(not EU) | $1,800 | $5,400 | $9,000 | $18,000 |
Top 15 brokers shown (cheapest EUR/USD long swap first). Full data available in CSV download.
Swap-Free Account Comparison
16 of 26 brokers offer swap-free (Islamic) accounts. The key differentiators are the grace period (how many free nights before charges apply) and the admin fee (the flat charge per lot per night after the grace period).
| Broker | Grace Period | Admin Fee | Cost: 5-Night Hold | Cost: 14-Night Hold | Notes |
|---|---|---|---|---|---|
| AvaTrade | 14 days | $0 | $0 | $0 | Swap-free with generous 14-day grace period and no admin fee. Ideal for medium-term swing traders. Positions auto-close after 14 days. |
| Pepperstone | 7 days | $0 | $0 | $0 | Swap-free available on Razor and Standard accounts. No admin fee during 7-day grace period; positions auto-close after extended holds. |
| Axi | 7 days | $0 | $0 | $0 | Swap-free available globally. 7-day grace period with no admin fee; positions reviewed after extended holds. |
| IC Markets | 7 days | $0 | $0 | $0 | Swap-free on Raw Spread and Standard. 7-day grace period with no admin fee. Among the lowest regular swap rates in the comparison. |
| FxPro | 5 days | $3.50/lot/night | $0 | $31.50 | Swap-free on cTrader and MT5. 5-day grace period; admin fee thereafter. |
| Eightcap | 5 days | $3.00/lot/night | $0 | $27.00 | Swap-free on Raw and Standard. 5-day grace period; $3/lot/night admin fee thereafter. |
| BlackBull Markets | 3 days | $5.00/lot/night | $10.00 | $55.00 | Swap-free on ECN Prime and Standard. 3-night grace period; $5/lot/night admin fee thereafter. |
| XTB | 3 days | $3.50/lot/night | $7.00 | $38.50 | Swap-free on Standard and Pro accounts. 3-night grace period; admin fee applies thereafter. |
| Tickmill | 3 days | $4.00/lot/night | $8.00 | $44.00 | Swap-free on Pro and Classic. 3-night grace period; $4/lot/night admin fee thereafter. |
| Capital.com | 3 days | $3.00/lot/night | $6.00 | $33.00 | Swap-free available. Overnight financing shown as percentage in the app. 3-day grace period. |
| FXCM | 3 days | $3.50/lot/night | $7.00 | $38.50 | Swap-free on Trading Station and MT4. 3-day grace period; admin fee thereafter. |
| Exness(not EU) | None | $0 | $0 | $0 | Not EU-eligible. Swap-free with no admin fee and no grace period on most instruments. Extended swap-free on exotics may have wider spreads. |
| Admirals | None | $2.50/lot/night | $12.50 | $35.00 | Swap-free on Trade.MT5 and Zero.MT5. No grace period; flat admin fee from night one. |
| Swissquote | None | $5.00/lot/night | $25.00 | $70.00 | Swap-free available. No grace period; $5/lot/night admin fee from first night. |
| Interactive Brokers | None | $4.00/lot/night | $20.00 | $56.00 | Swap-free via separate account application. Benchmark-based financing with lowest markup among institutional-grade brokers. |
| Trading 212 | None | $4.50/lot/night | $22.50 | $63.00 | Swap-free on CFD accounts. No grace period; admin fee from first night. Rates among the higher end for regular swaps. |
Positive Swap Opportunities (Carry Trade)
When interest rates diverge significantly between two currencies, holding the right direction earns a nightly credit. The USD/JPY pair is the strongest carry trade in June 2026: US rates remain elevated while Japanese rates are near zero. Going long USD/JPY earns a positive swap at every broker in this comparison.
| Broker | USD/JPY Long Credit | EUR/USD Short Credit | XAU/USD Short Credit | Monthly Carry (1 lot USD/JPY) |
|---|---|---|---|---|
| Plus500 | +$13.00 | +$4.00 | +$30.00 | $260 |
| eToro | +$12.00 | +$3.50 | +$28.00 | $240 |
| Trading 212 | +$11.80 | +$3.20 | +$26.00 | $236 |
| CMC Markets | +$11.50 | +$3.00 | +$25.00 | $230 |
| RoboForex | +$11.20 | +$2.90 | +$24.50 | $224 |
| XTB | +$11.00 | +$2.80 | +$24.00 | $220 |
| Capital.com | +$10.50 | +$2.20 | +$23.00 | $210 |
| AvaTrade | +$10.40 | +$2.30 | +$23.50 | $208 |
| IG | +$10.30 | +$2.50 | +$22.00 | $206 |
| Swissquote | +$10.20 | +$1.90 | +$21.50 | $204 |
| FXTM | +$10.10 | +$2.00 | +$22.00 | $202 |
| Forex.com | +$10.00 | +$1.60 | +$21.50 | $200 |
Carry trade risk: Positive swaps can be offset by adverse price movement. A 100-pip move against a standard-lot position costs $1,000, dwarfing weeks of swap credits. Carry trades require directional conviction, not just yield.
Gold (XAU/USD) Swap Rates
Gold swaps are substantially more expensive than forex pairs because the underlying financing cost is based on the full notional value of 100 troy ounces (approximately $230,000 at current prices). The long swap reflects the cost of financing this position; the short credit is the interest earned on the notional.
| Broker | XAU/USD Long | XAU/USD Short | Annual Cost (Long, 1 Lot) |
|---|---|---|---|
| Interactive Brokers | $-34.00 | +$16.00 | $8,160 |
| Exness(not EU) | $-35.00 | +$16.80 | $8,400 |
| IC Markets | $-35.50 | +$17.00 | $8,520 |
| Tickmill | $-36.00 | +$17.00 | $8,640 |
| Pepperstone | $-38.50 | +$18.20 | $9,240 |
| Axi | $-39.00 | +$19.00 | $9,360 |
| Eightcap | $-39.50 | +$19.20 | $9,480 |
| Saxo Bank | $-40.00 | +$19.50 | $9,600 |
| FxPro | $-41.00 | +$20.00 | $9,840 |
| OANDA | $-41.50 | +$20.20 | $9,960 |
| BlackBull Markets | $-42.00 | +$20.50 | $10,080 |
| FXCM | $-42.50 | +$20.80 | $10,200 |
| Admirals | $-43.00 | +$21.00 | $10,320 |
| Forex.com | $-43.50 | +$21.50 | $10,440 |
| Vantage Markets(not EU) | $-43.50 | +$21.00 | $10,440 |
| Swissquote | $-44.00 | +$21.50 | $10,560 |
| FXTM | $-44.50 | +$22.00 | $10,680 |
| IG | $-45.00 | +$22.00 | $10,800 |
| Capital.com | $-46.00 | +$23.00 | $11,040 |
| AvaTrade | $-46.50 | +$23.50 | $11,160 |
| XTB | $-48.00 | +$24.00 | $11,520 |
| RoboForex | $-49.00 | +$24.50 | $11,760 |
| CMC Markets | $-50.00 | +$25.00 | $12,000 |
| Trading 212 | $-52.00 | +$26.00 | $12,480 |
| eToro | $-55.00 | +$28.00 | $13,200 |
| Plus500 | $-60.00 | +$30.00 | $14,400 |
The cheapest gold long swap (Interactive Brokers at -$34.00/night) costs $8,160 per year. The most expensive (Plus500 at -$60.00/night) costs $14,400 — a $6,240 annual difference on a single lot. Gold position traders who ignore swap rates are leaving thousands of dollars on the table.
Which Swap Structure Suits Your Trading Style?
| Trader Profile | Typical Hold | Best Structure | Recommended Brokers |
|---|---|---|---|
| Day trader (closes intraday) | 0 nights | Swap rates irrelevant; optimise for spread | See Spread Index |
| Short swing (2–5 nights) | 2–5 nights | Swap-free with grace period ≥ 5 days | Pepperstone, Axi, IC Markets (7-day grace, $0 fee) |
| Medium swing (1–2 weeks) | 5–14 nights | Swap-free with longest grace period | AvaTrade (14-day grace, $0 fee) |
| Position trader (> 2 weeks) | 14+ nights | Lowest regular swap rates (admin fees exceed grace period) | Interactive Brokers, IC Markets, Exness* |
| Carry trader (directional + yield) | Weeks to months | Highest positive swap credits, regular account | Plus500 (highest credits), eToro, CMC Markets |
| Gold position trader | Days to weeks | Lowest gold long swap | Interactive Brokers (-$34), Exness* (-$35), IC Markets (-$35.50) |
* Exness is not EU-eligible.
Partner Transparency
fx-brokers.eu earns affiliate commissions from Pepperstone and BlackBull Markets. Their positions in this table are determined by the same methodology applied to every broker — swap rates sourced from published specification tables, not influenced by commercial relationships.
BlackBull Markets
EUR/USD long: $-7.10/lot/night | Swap-free: 3-day grace, $5.00/lot/night
Visit BlackBull MarketsMethodology
Data source:Swap rates extracted from each broker's MT4/MT5 contract specification tables (available in-platform under Market Watch > Specification or the broker's website). Where a broker operates multiple account types with different swap rates, the rate for the cheapest account type is used.
Instruments: Four instruments selected for coverage: EUR/USD (the most traded forex pair), GBP/USD (second most traded), USD/JPY (dominant carry-trade pair), and XAU/USD (gold, the highest-value overnight cost and most common non-forex CFD held by swing traders).
Units: All rates shown in USD per standard lot (100,000 units for forex, 100 troy ounces for gold) per night. This is the format used by MT4/MT5 specification tables and enables direct cross-broker comparison.
Verification date: All rates verified during the first two weeks of June 2026. Swap rates change as central bank rates shift; this is a point-in-time snapshot. We aim to update monthly.
Swap-free data:Grace periods and admin fees sourced from each broker's Islamic/swap-free account terms. Where terms are not publicly disclosed, the broker was contacted directly.
Limitations: Rates are published/typical rates, not real-time measurements. Actual swap charges may differ slightly from published rates due to market conditions, account type, or position size. Wednesday triple swaps are included in the annual cost projections but not shown as a separate column.
Related Research
- EU Broker Spread Index — June 2026 — trading cost (spread + commission) ranked
- Broker Account Type Comparison — Standard, ECN, Raw, Pro, Islamic accounts
- Broker Safety Score 2026 — 0–100 composite safety scoring
- EU Broker Trust Signals Comparison — regulation, protection, entity status
- Broker Platform Feature Matrix — MT4, MT5, cTrader, TradingView availability
- Broker Fee Comparison Calculator — interactive spread + commission cost estimator
- Complete EU Forex Tax Map 2026 — all 27 member states + EEA
This page is published under CC BY 4.0. You may share, adapt, and redistribute with attribution.
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