How do swap rates compare across forex brokers?
Verdict
- Swap rates cannot be ranked from published data: Pepperstone, our top pick, and most other brokers show them per instrument inside the platform, and they change with interest rates.
- What can be compared is the structure: Pepperstone charges standard swaps to Singapore residents; its swap-free account is limited to residents of 23 listed countries, and Singapore is not one of them.
- XS applies swap-free accounts automatically in 19 listed countries and runs a separate swap-free programme for selected non-Muslim countries with grace periods; IC Markets replaces swaps with flat holding fees, such as USD 11 per lot on EUR/USD.
- Phillip Securities (POEMS) applies swap adjustments on overnight FX CFDs.
A swap is the overnight financing charge, or credit, on a position held past the daily rollover. It reflects the interest-rate gap between the two currencies plus the broker's own margin. Because it moves with rates, brokers rarely publish a fixed table, so the honest comparison is about method.
How Pepperstone handles swaps for Singapore residents
Singapore residents trade with Pepperstone Markets Limited (SCB Bahamas, SIA-F217) and pay or receive standard swaps on positions held overnight. The rate for each instrument and direction is shown in the platform. Pepperstone's swap-free account is reserved for residents of 23 listed countries, including Malaysia, Indonesia and Brunei; Singapore is not on the list. If you trade intraday and close before the rollover, swap does not apply at all, which is where Pepperstone's low Razor costs (0.1 pips average on EUR/USD plus commission) matter most.
Affiliate link — we may earn a commission at no extra cost to you.
Overnight-cost structures compared
| Broker | Standard accounts | Swap-free option |
|---|---|---|
| Pepperstone | Swap per instrument, shown in platform | 23 listed countries only; Singapore not included; admin fee after 5 days |
| XS | Swap per instrument | Automatic in 19 listed countries; special programme with grace periods (10 days on EUR/USD) for selected non-Muslim countries |
| IC Markets | Swap per instrument | Flat holding fee instead, e.g. USD 11 per lot on EUR/USD, after a grace period of up to 5 days |
| Phillip Securities (POEMS) | Swap adjustments on overnight FX CFDs | None found |
How to compare swaps yourself
- Pick the pair and direction you actually hold, for example long USD/JPY.
- Read the long and short swap in each broker's platform on the same day.
- Convert both to money per lot per night, and multiply by your usual holding period.
- Check whether a triple swap is applied on one weekday to cover the weekend; the platform's contract specification shows it.
- Repeat after a central-bank rate decision, since swaps move with rates.
Swap-free is not free
Where swap-free accounts exist, the cost usually moves elsewhere. Pepperstone's own swap-free terms (for eligible countries) deduct an admin charge once a trade has been held for 5 days, listed at USD 100 per standard lot on FX and precious metals. IC Markets charges a flat holding fee per lot. XS says it does not widen spreads or add fees in place of swap on its standard swap-free accounts, with exceptions for crypto and shares. Capital.com offers swap-free accounts in a list of Middle East and North African countries, but does not accept Singapore residents.
Sources
Swap and swap-free terms as published.
Can a Singapore resident open a Pepperstone swap-free account?
No. Singapore is not among the 23 countries whose residents qualify.
Can a swap be paid to me instead of charged?
Yes, depending on the pair, the direction and the broker's margin, a swap can be a credit. The platform shows positive and negative values.
Do swaps apply to day trades?
No. Swap is charged only on positions held through the daily rollover.
Holding leveraged forex and CFD positions overnight adds financing costs to the high risk of losing money rapidly. This page explains costs; it is not investment advice.