XM Swap Points

What exactly are swap points?

Swap points represent the adjusted profits or losses resulting from the interest rate differences between the currencies of different countries. In FX trading, where two currencies with varying policy interest rates are exchanged, swap points are credited or debited daily until the position is closed, reflecting the interest rate differential between the two nations.

If you buy a currency with a higher interest rate and sell one with a lower interest rate, you will earn swap points. Conversely, if you buy a currency with a lower interest rate and sell one with a higher interest rate, you will have to pay swap points. Keep in mind that swap points can fluctuate daily due to changes in exchange rates and market interest rates, so the amount you receive or pay may vary or even reverse.

Generally, highly creditworthy developed country currencies—such as the Japanese yen and the US dollar—have low policy interest rates. For example, the Japanese yen’s policy rate is set at 0.50%, maintaining an ultra-low interest rate environment. In contrast, emerging market currencies like the Turkish lira and Mexican peso tend to have much higher policy rates. The Turkish lira, known as a high-interest currency, currently has a policy rate of 43.00% (*). (*)

Make sure to check the most recent data prior to executing a transaction.

Policy Interest Rates for Major Currencies (As of August 2025)

When are XM swap points applied?

XMTrading swap points are applied during rollovers on weekdays, from Monday to Friday. Specifically, swap points are charged or credited for any open positions held past 6:00 AM Japan time (7:00 AM during winter), which corresponds to the New York market close. If you’re aiming to earn positive swap points, be aware that closing your position before this time means you won’t receive swap points for that day. Conversely, to avoid paying negative swap points, you must close your position before the rollover occurs.

You can view the swap points you’ve earned in the “Terminal” tab of MT4/MT5.

XM automatically calculates swap points based on trading conditions and other factors. If you want to convert swap points into Japanese yen or another currency, you’ll need to perform the calculation for each currency pair. To simplify this, XM offers a “Swap Calculator” that automatically converts swap points into your account’s base currency, allowing you to easily check your profits and losses without manual calculations.

Here’s how to calculate swap points and use the XM Swap Calculator:

Formula for Calculating XM Swap Points

XMTrading’s swap points can be calculated using factors such as contract size (the value of 1 lot), the number of decimal places (3 digits = 0.001 / 5 digits = 0.00001), trading volume (number of lots), and the swap value (buy or sell). The formula for calculating daily swap points is as follows:

Swap points are calculated in the settlement currency, which is the currency on the right side of the currency pair. Therefore, when converting swap points to Japanese yen, you need to convert the calculated amount using the current yen exchange rate. If the currency pair is “USDJPY” and Japanese yen is the settlement currency, no conversion to yen is required. Please note that for micro accounts, the lot size is smaller, so swap points will be one hundredth (1/100) of the amount calculated for standard accounts.

Example 1: In a yen-denominated account, you sell 1 lot of USDJPY (contract size 100,000, with 3 decimal places), and the sell swap rate is -3.8.

Example 2: In a yen-denominated account, if you buy 1 lot of EURUSD (contract size 100,000, with 5 decimal places) and the buy swap rate is -5.42.

Withdrawal of swap points alone is not allowed.

At XMTrading, profits and losses from swap points are settled and reflected in your account balance only when the position is closed. Therefore, you cannot withdraw unrealized profits from swap points. To have swap point profits available for withdrawal, please close the open position.

Positive swaps pose no issues, but in the case of negative swaps, the accumulated negative amount will be deducted upon settlement. Additionally, swap points for open positions are included in the calculation of your available margin, just like unrealized profits and losses. They also impact the margin maintenance rate, which determines stop-loss (forced liquidation) levels. Therefore, please monitor your account balance carefully to avoid unexpected losses caused by automatic stop-loss triggers.

There are no swap points applied to futures CFDs.

XM does not offer futures CFDs with swap points. All commodities are traded as futures contracts, and no swap points are provided for any of them. Please note that some precious metals and stock indexes are also offered as futures CFDs. The following futures CFDs at XM do not include swap points:

Please note that swap points are charged as usual for spot stock indexes and energy instruments. .

Dividends are paid on spot stock indexes (except GER40)

At XMTrading, spot stock indexes—except for GER40—are subject to dividend adjustments. Dividends vary based on the positions held at the rollover time on the dividend date: long position holders receive dividends, while short position holders are charged. The dividend schedule for each stock is updated every Monday. Please note that futures stock indexes are not eligible for dividend adjustments.

At XM, swap points are applied not only to FX currency pairs (major and minor), but also to precious metals (such as gold and silver), individual stocks, spot stock indexes, and thematic index CFDs. As of August 2025, the swap points for XM’s tradable instruments are as follows. Since swap points fluctuate daily, be sure to check the most up-to-date figures before trading.

Swap points for FX currency pairs

The swap points for FX currency pairs offered by XMTrading are listed below. Please note that swap points fluctuate daily, so be sure to check the latest rates before trading.

Swap points for FX currency pairs (major currencies)

Swap points for FX currency pairs (minor and exotic currencies)

Currency pairs with high swap rates also carry a high risk of volatility.

Emerging market currency pairs with high swap rates—such as the Turkish lira, South African rand, and Mexican peso—are prone to sudden price swings due to domestic political instability or geopolitical risks. These sharp movements can trigger stop-outs, potentially resulting in losses that outweigh the swap profits earned up to that point. While one of the main appeals of swap trading is that positions can often be held for extended periods with minimal intervention, we strongly recommend regularly monitoring your required margin as long as you maintain an open position.

Among the many currency pairs available on XM, we’ll highlight several that offer high swap points and are well-suited for long-term swap trading. Below is a list of daily swap points per 1-lot trade, converted into Japanese yen. Please note that swap points are subject to change, so be sure to check the latest rates before placing any trades.

FX Currency Pairs with High Swap Points (as of August 2025)

Negative swap points are treated as trading costs

In the case of a positive swap, the amount will be added to your account balance at settlement, so there’s no issue. However, with negative swaps, charges are applied daily, increasing your overall transaction costs. Therefore, it’s important to pay close attention when holding such positions.

Even if your goal isn’t to earn swap points, holding positions overnight—as in swing trading, long-term trading, or algorithmic/system trading—can still expose you to the impact of swaps. Depending on market conditions and the monetary policies of individual countries, positive swap points can even turn negative. When trading, be sure to use XM’s Swap Calculator to check real-time swap rates.

Be cautious of stop losses caused by insufficient margin

By taking advantage of the high leverage offered exclusively by XMTrading, you can trade swaps with a relatively small margin. However, if your margin is too low, even minor exchange rate fluctuations could trigger a forced stop loss. Therefore, when engaging in long-term swap trading, it’s crucial to maintain a sufficient margin to withstand sudden market movements.

Emerging market currencies, known for their particularly high interest rates, are also highly volatile. If losses occur and your account balance falls below the required margin, a stop loss will be triggered, potentially causing losses that exceed the swap points you’ve earned. Even if you accumulate substantial swap points, unrealized losses can outweigh those gains. For this reason, we recommend maintaining a generous margin to manage risk effectively.

You can check XMTrading swap points using MT4 (MetaTrader 4), MT5 (MetaTrader 5), or XM’s “Swap Calculator.”

Check the swap points credited after closing the position.

After closing a position, you can view the swap points awarded in the “Account History” tab within the “Terminal” of XM’s MT4/MT5 platforms. While holding a position, swap points are recorded as unrealized profit or loss, but once the position is closed, these profits or losses are finalized and reflected in your account balance.