How do swap rates compare across UK forex brokers?
Verdict
- There is no fair league table of UK swap rates: the firms we track, Pepperstone included, don't publish comparable swap tables on the pages we verified, and rates change with interest rates.
- You compare swaps yourself, in each platform's symbol specification, which shows the long and short swap per lot. Pepperstone, our top pick, gives you MT4, MT5, cTrader and TradingView to check them.
- At Pepperstone, overnight charges apply to positions held past the daily cut-off, 10 pm UK time for spread bets.
- UK residents can't sidestep swaps with an Islamic account at Pepperstone or Capital.com: neither lists the UK as an eligible country.
Swap rates, or overnight financing, decide the cost of any forex position you hold for more than a day. Unlike spreads, they are rarely published in one place, and they move whenever central banks do. So the honest answer to how they compare is that you need to check them side by side yourself. This page shows how.
Where Pepperstone stands
Pepperstone charges overnight fees on positions held past its daily cut-off; for UK spread bets it states 10 pm UK time. It doesn't publish one swap rate on its UK cost pages, so the rates live in the platform, per symbol. Its swap-free account is limited to residents of 23 listed countries that do not include the UK. We still rate Pepperstone first for UK forex because of its published spreads, low commission and platform choice; for long holds, measure its swaps against your alternatives with the method below.
Affiliate link — we may earn a commission at no extra cost to you.
How to compare swap rates yourself
- Open a demo or small live account with each broker you are considering.
- In MT4 or MT5, right-click the pair in Market Watch, choose Specification, and note Swap long and Swap short, plus the swap type (points, money or interest).
- Record both directions, as they are usually different and one may be positive.
- Note the day of the week when a triple swap is charged to cover the weekend.
- Repeat on the same day for every broker, because rates change.
A simple comparison sheet
| Field | Why it matters |
|---|---|
| Swap long per lot | Your nightly cost or credit on a buy |
| Swap short per lot | Your nightly cost or credit on a sell |
| Triple-swap day | One night costs three times as much |
| Cut-off time | Positions open past it are charged; 10 pm UK for Pepperstone spread bets |
| Swap-free eligibility | Not available to UK residents at Pepperstone or Capital.com |
What drives the differences between brokers
- The interest-rate gap between the two currencies in the pair.
- The broker's own financing mark-up, which varies from firm to firm.
- Account type: spread bets and CFDs at the same broker may be financed differently.
- Pair choice: high-yield exotic currencies typically carry much larger swaps than majors.
Swap-free in the UK
Pepperstone's swap-free list covers 23 countries including Turkey, Malaysia, Pakistan and several Gulf states, but not the UK. Capital.com limits its swap-free account to 12 Middle East and North African countries. If avoiding swaps matters to you as a UK resident, the practical route is closing positions before the daily cut-off.
Sources
Which UK forex broker has the lowest swap rates?
We can't say from published data, because the firms we track don't publish comparable swap tables. Compare them in each platform's symbol specification on the same day.
Can a swap be positive?
Yes. Depending on the interest-rate gap and the broker's mark-up, one direction on a pair can earn a small credit.
Does Pepperstone offer swap-free accounts to UK residents?
No. The UK is not among the 23 eligible countries.
Holding leveraged forex positions overnight adds financing costs and keeps you exposed to gaps; losses can be rapid. This page explains how to compare costs and is not investment advice.