The end of the trading day is considered to be 5 PM Eastern Standard Time (US) which is respectively 00:00 on the company’s servers (21:00 GMT). Any positions left open after 00:00 will be charged a rollover debit or credit. Any position opened at 00:01 is not a subject to rollover until the next day. Credit/debit rollover for each position will be charged automatically from your account.
What is a Swap?
Swap, or Rollover, is interest paid or received for holding a position overnight. In foreign exchange trading, the interest rate in the currency pair is considered for both currencies. If the interest rate of the bought currency is higher than the interest rate of the sold currency, a positive rollover will take place. A negative rollover is possible if the interest rate of the bought currency is lower than the interest rate of the sold currency.
If US dollar is the base currency, then:
Swap = (rollover fee per night *amount of money*) x (trade size) x (number of days the position was open)
*amount of money* = the swap rate in the base currency e.g for USD/JPY, USD is the base currency.
If US dollar is not the base currency, then:
Swap = (rollover fee per night *amount of money*) x (trade size) x (number of days the position was open) x exchange rate
*amount of money* = the swap rate in the base currency e.g for GBP/USD, GBP is the base currency.
Wednesday triple swap
The banks are closed on Saturdays and Sundays worldwide. To get used to it, the foreign exchange market books three days of rollover on Wednesday. A position, held through the rollover time on Wednesday, is debited/credited three times greater rollover.
How to view the swap rates?
Our swap rates are constantly updating to reflect the market rates, the rates prevailing in major banks and liquidity providers. In order to view the most recent swap rates, please use the MT4 platform. In the Market overview menu, right-click the mouse on the desired symbol and select «Specification».