XM (XMTrading): Why is XM’s swap point calculation method said to be poor? We explain the latest version. XMTrading allows carryover trades, and this article explains points to note regarding the time swap points are awarded. XMTrading is a very popular company worldwide. It has a large number of users, and trading styles vary from short-term to long-term. This article focuses on swing trading, which is common for long-term traders.
- XMtrading
- What are XM swap points?
- Characteristics of XM Swap Points
- Why XM’s swap points are considered bad
- How to Calculate XM Swap Points
- XM’s FX Currency Pair Swap Point List (Reference Values)
- Precious Metal Swap Point List
- Energy Swap Points
- List of Swap Points for Stock Index CFDs
- How to Utilize XM Swap Points
- Frequently Asked Questions About XM Swap Points
- Q1. What are swap points?
- Q2. When do swaps occur?
- Q3. Why are there so many swaps on Wednesdays?
- Q4. Which is more advantageous, buying or selling?
- Q5. Can I make money with swaps?
- Q6. What is a swap-free (KIWAMI) account?
- Q7. Are there any products that do not incur swaps?
- Q8. Does swap change depending on account type?
- Q9. What happens to swaps when I hedge?
- Q10. Can swaps suddenly change?
- Related
XMtrading
| Operating company | Tradexfin Limited Fintrade Limited |
| Head office location | Unit E, F28, Eden Plaza, Eden Island, Republic of Seychelles |
| Founding year | 2009 |
| Financial License | （FSA）SD010：Tradexfin Mauritius Financial Services Commission (FSC：)：Fintrade Limited Cyprus Securities and Exchange Commission (CySEC)：Trading Point of Financial Instruments Ltd |
| Language support | English、日本語、Malay、Thai |
| Platform | MetaTrader 4 (MT4)／MetaTrader 5 (MT5) |
| Service Countries | Over 190 countries |
| Number of users | Over 1 million accounts |
| Max Leverage | 1000x |
| Eligible products | Forex、Metal、Stocks、Equity Indices / Index CFD、Energy CFD、Commodities、Cryptocurrency |
What are XM swap points?
XM swap points are interest rate adjustments that occur when you hold FX or CFDs across days (rollover).
If you want to make high profits, it’s important to know about them. You can view major points for stocks, foreign exchange, precious metals, energy, and more from the home page, so be sure to check before trading any stocks you’re interested in.
Swap Point Basics
Swap points occur when you carry a position over to the next business day.
Calculated based on the interest rate differential for each currency pair (or security).
You may receive (positive) or pay (negative) swaps.
Example:
Buying a high-interest currency and selling a low-interest currency
→ Possible positive swap.
The reverse is likely to result in a negative swap.
How to Check Swap Points (XM)
Right-click a currency pair in MT4/MT5
Select “Specifications”
Check Swap Long/Swap Short
Long: Buying a long position
Short: Selling a short position
Characteristics of XM Swap Points
① They fluctuate daily.
Swaps fluctuate daily for each currency pair and instrument.
Affected by market interest rates and liquidity.
② Wednesdays are “3-day”
Forex trading typically involves a 3-day rollover from Wednesday to Thursday.
This is because weekend (Saturday and Sunday) swaps are adjusted together.
③ There is almost no difference between account types.
Standard/Micro/KIWAMI Goku Account, etc.
→ The swap mechanism is the same.
However, the KIWAMI Goku Account is swap-free for major currencies (some conditions apply).
④ CFD products also have swaps.
Gold (XAUUSD), stock indexes, cryptocurrency CFDs, etc.
Calculation methods and timing may differ from those for FX.
Why XM’s swap points are considered bad
The main reasons why XM’s swap points are often considered “bad” or “unfavorable” are the following. Let’s summarize the actual situation.
① Large negative swaps
XM has many currency pairs where the swaps are negative on both buys and sells,
the negative amounts are larger than those of other companies,
and long-term holding tends to be costly.
👉 This is particularly noticeable with major currencies such as
USD/JPY
EUR/JPY
GBP/JPY
② Positive swaps are almost impossible to expect
In recent years, XM has
Positive swaps have been very small
or even negative even when hedging,
making it unsuitable for carrying trades.
③ Heavy 3-day swaps on Wednesdays
Like most FX brokers, XM charges a 3-day swap on Wednesdays.
👉 Negative Swaps
Margin drops dramatically just by crossing over into Wednesday.
Even short-term traders are susceptible.
④ Account Type Doesn’t Elevate This
Standard Account
Micro Account
→ Swap Terms Are Almost the Same
Unlike domestic FX, there are no “swap-focused accounts,” which can lead to dissatisfaction with the limited options.
⑤ “Effective Costs” Unique to International FX
XM offers services such as
High Leverage
Bonuses
Zero Cut
This means that costs are easily passed on to swaps and spreads.
👉 This is why many people feel that “the bonuses are attractive, but long-term holdings are disadvantageous.”
How to Calculate XM Swap Points
XM’s swap point calculation is based on the formula:
“Swap Value for Each Instrument x Lot Count x Holding Days.”
The principles are slightly different for FX (Currency Pairs) and CFDs, so we’ll explain them in order.
① How to Calculate Swaps for FX (Currency Pairs)
Basic Formula
Swap P/L =
Swap Value x Trading Volume (Lots) x Holding Days
- If the transaction falls on a Wednesday, the holding days will be calculated as 3 days.
Calculation Example (USD/JPY)
Currency Pair: USD/JPY
Trade: Buy (Long)
Lot Size: 1.0 Lot
Long Swap: -420 yen
Holding Period: 1 day
-420 yen x 1.0 x 1 day = -420 yen
👉 Negative swap of 420 yen for a 1-day holding
When the position crosses over into Wednesday
Under the same conditions, the result is:
-420 yen x 1.0 x 3 days = -1,260 yen
👉 This is why swaps are said to be “heavy on Wednesdays.”
② When the lot size is different
0.1 lot → 1/10
0.01 lot → 1/100
Example:
For a 0.1 lot,
-420 yen x 0.1 = -42 yen/day
③ CFD (Gold, Index, etc.) Calculation Method
Unlike FX, CFDs are calculated as follows:
Position amount x Swap rate x Number of days
Gold (XAUUSD) Example
Quantity: 1 lot
Swap: -25 yen
Holding period: 2 days
-25 yen x 1 x 2 days = -50 yen
※ Actual figures will vary depending on the stock and date
④ When swaps are applied
Around 7:00 AM Japan time (6:00 AM Daylight Saving Time)
If you hold a position at this point, a swap will be applied.
👉 Even a difference of a few minutes can make the difference between whether or not a swap is applied.
Points to keep in mind when calculating with XM
Swaps fluctuate daily
They may change from positive to negative
They may change suddenly due to economic conditions or interest rate changes
KIWAMI Kyoku Accounts are swap-free for some stocks
XM’s FX Currency Pair Swap Point List (Reference Values)
Below is a publicly available example of XM’s swap point list (FX currency pairs).
Swap points fluctuate daily, and the following values are for reference only (examples of 1 lot = 100,000 currency units and point/JPY conversions are included). Please check the actual values on XM’s MT4/MT5 specifications page or official swap calculation tool.
Major Currency Pairs (Selection)
Swap points are assigned to currencies such as the USD, EUR, JPY, Cross JPY, and CHF. When placing or receiving orders, be sure to determine your strategy in detail, including not only your profit but also your stop loss. Read on to find out whether the exchange rate is low or high.
| 通貨ペア | 買い (ロング) | 売り (ショート) |
|---|---|---|
| USD/JPY | 約 +5.9 | 約 −32.1 |
| EUR/USD | 約 −7.0 | 約 +1.2 |
| GBP/USD | 約 −2.6 | 約 −4.7 |
| USD/CHF | 約 +5.5 | 約 −15.3 |
| AUD/USD | 約 −2.0 | 約 −1.5 |
| NZD/USD | 約 −2.6 | 約 −2.0 |
Minor/Exotic Currencies (Reference)
Currently, the Turkish Lira, Mexican Peso, Hungarian Forint, Danish Krone, New Zealand Dollar, South African Rand, and Canadian Dollar are also eligible. There’s potential for profits with each. Be mindful of transaction costs and potential losses.
| 通貨ペア | 買い (ロング) | 売り (ショート) |
|---|---|---|
| AUD/JPY | 約 +6.2 | 約 −16.8 |
| CAD/JPY | 約 +3.5 | 約 −15.5 |
| CHF/JPY | 約 −7.9 | 約 −10.9 |
| EUR/CAD | 約 −6.7 | 約 −5.7 |
| EUR/CHF | 約 +1.6 | 約 −12.1 |
| EUR/DKK | 約 −50.2 | 約 −66.8 |
💡 Important Notes
🔹 Swaps can change daily.
→ Swaps change based on interest rate policy and market conditions, so it’s important to check regularly.
🔹 Three-day swaps granted on Wednesdays.
→ Because trading continues without interruption on weekdays from Monday through Friday, Wednesday swaps are granted at three times the normal rate (negative swaps are also granted). This can significantly affect settlement and potentially lead to disadvantages later on.
🔹 With the KIWAMI Kiwami Account, many major currencies are swap-free (some products excluded).
Precious Metal Swap Point List
The following is a list of swap points (reference values) for precious metal CFDs (gold, silver, etc.) available on XM. Note: Actual swap rates fluctuate daily, so please check MT4/MT5 or the official website for the latest rates.
| 銘柄 | 買い（ロング）スワップ | 売り（ショート）スワップ |
|---|---|---|
| GOLD（金 / XAUUSD） | 約 -30〜-47 | 約 +10〜+19 |
| XAUEUR（金/ユーロ） | 約 -23〜-31 | 約 -0.5〜+10 |
| SILVER（銀 / XAGUSD） | 約 -3〜-6 | 約 -1〜+2 |
| XPDUSD（パラジウム） | 約 -30 | 約 +8 |
| XPTUSD（プラチナ） | 約 -18〜-19 | 約 -2〜-19 |
💡 Key Points (When Viewing Precious Metal Swaps at XM)
✔ For most precious metals, “buy = negative” and “sell = positive” behavior is observed.
Generally, long positions in gold (GOLD) and silver (SILVER) often result in negative swaps, while short positions tend to be positive.
✔ XAUUSD (Gold) has particularly large negative swaps.
Gold buy swaps can be negative, ranging from -30 to -47 in USD (several thousand yen to nearly 10,000 yen).
✔ No swaps for precious metals traded as futures.
Palladium (XPDUSD) and platinum (XPTUSD) are sometimes traded as futures, and may incur little or no swaps.
✔ Swap-free with the KIWAMI Goku Account.
In some XM accounts (KIWAMI Goku Accounts), gold (GOLD) and silver (SILVER) may be swap-free (0 for both buys and sells) (applicable only).
Energy Swap Points
The following is a list of swap points for energy (crude oil, natural gas, etc.) traded at XM. These swap points apply only to spot CFDs (cash).
Note: Futures CFDs (with expiration dates) generally do not incur swaps.
| 銘柄名 | 買い（Long）スワップ | 売り（Short）スワップ |
|---|---|---|
| OILCash（WTI原油現物） | 約 0.4 ～ 0.56 | 約 -1.97 ～ -2.29 |
| BRENTCash（ブレント原油現物） | 約 1.0 ～ 1.0 | 約 -3.02 ～ -3.72 |
| NGASCash（天然ガス現物） | 約 -5.46 ～ 4.0 | 約 4.0 ～ -6.73 |
🔎 Explanation and Key Points
📌 Swaps only apply to “Cash” products.
OILCash, BRENTCash, and NGASCash are treated as spot CFDs, and swap points (adjusted interest rates) are charged when held overnight.
On the other hand, futures CFDs (e.g., OIL, BRENT, and NGAS futures) do not incur swap points (meaning there are no costs even if trading across days).
List of Swap Points for Stock Index CFDs
You can view a detailed list of swap points on our website, so please refer to it when calculating your swap points. There are a wide variety of stocks available, so please refer to this when investing.
✅ Swap occurs [Cash Index]
| 指数名（例） | 買い（Long） | 売り（Short） | 傾向 |
|---|---|---|---|
| JP225Cash（日経225） | マイナス | プラス寄り | 買いはコスト、売りはやや有利 |
| US30Cash（NYダウ） | マイナス | プラス寄り | 買い長期は不利 |
| US500Cash（S&P500） | マイナス | プラス寄り | 配当調整あり |
| NAS100Cash（NASDAQ） | マイナス | プラス寄り | 高めのマイナスになりやすい |
| GER40Cash（ドイツ） | マイナス | プラス寄り | 欧州金利影響あり |
| UK100Cash（英国） | マイナス | プラス寄り | 比較的安定 |
❌ No swaps occur [Futures Index]
| 指数名（例） | スワップ |
|---|---|
| JP225（日経225先物） | なし |
| US30（NYダウ先物） | なし |
| US500（S&P500先物） | なし |
| NAS100（NASDAQ先物） | なし |
| GER40（ドイツ先物） | なし |
Conclusion
Cash Index: 👉 Swaps Available
Futures Index: 👉 No Swaps
Understanding this difference is crucial if you plan to hold for the long term.
How to Utilize XM Swap Points
When it comes to utilizing XM swap points, it’s practical to think about it in three ways: receiving, not paying, and minimizing the impact.
① How to “receive” swaps (advanced/limited)
✔ Target stocks with selling advantages
XM has the following stocks that are likely to be profitable when sold (short).
Representative examples
Gold (XAUUSD) → Selling tends to be profitable
Stock index (cash) → Selling tends to be profitable
Some high-interest currency pairs → Only selling is profitable
👉 Aim for a downtrend + receiving swaps to achieve a two-way win
👉 High price volatility risk during reversals
⚠ Caution
Positive amounts fluctuate daily
Can suddenly become negative
Market fluctuations have a greater impact
② How to “not pay” swaps (most important)
✔ Use a KIWAMI account
This is the most practical strategy at XM.
Swap-free for major FX currencies, gold, etc.
Zero swap even across days
Suitable for short- to medium-term holding
⚠ Caution
Some stocks are excluded
Long-term holding and swap-targeting may risk violating terms
✔ Choose futures CFDs
How to use stocks that do not incur swaps.
No swaps
Stock index (futures)
Energy (crude oil and natural gas futures)
Commodities (agricultural products and metals)
👉 Highly advantageous for medium- to long-term holding
⚠ Pay attention to contract month (rollover)
③ How to “minimize” the impact of swaps
✔ Avoid crossing Wednesdays
Wednesday rollovers are for three days
Negative swaps are particularly damaging
👉 Suitable for day trading and short-term trading
✔ Keep lot sizes low
Swaps are proportional to the lot size.
Example:
1.0 lot → -¥1,000
0.1 lot → -¥100
④ Suitable/Unsuitable for:
Suitable for:
Day trading/scalping
Short-term swing trading
Primarily using bonuses
Unsuitable for:
Long-term investments aimed at swaps
Idle trading
Long-term holding of high-yield currencies
Frequently Asked Questions About XM Swap Points
Below are frequently asked questions (FAQs) about XM swap points, organized in order of difficulty for beginners to intermediate traders.
Based on previous questions (calculation methods, differences between CFDs and Bitcoin), we’ve narrowed it down to key practical points. Swap points should be considered while comparing rates and spreads to ensure they’re not too wide.
Q1. What are swap points?
These are interest rate adjustments incurred when a position is carried over to the next business day.
At XM, swap points are incurred not only for FX currency pairs, but also for spot stock indices, spot precious metals, spot energy, and more.
Q2. When do swaps occur?
They occur around 7:00 AM Japan time (around 6:00 AM Daylight Saving Time).
If you hold a position at this point, swaps will be credited (or deducted).
Q3. Why are there so many swaps on Wednesdays?
On Wednesdays, three days’ worth of swaps are charged at once.
This is because adjustments for Saturday and Sunday are made on Wednesday.
👉 For negative swaps, be especially careful when trading across Wednesdays.
Q4. Which is more advantageous, buying or selling?
It depends on the stock, but at XM, generally:
Buying (long): More likely to result in a loss
Selling (short): Many stocks are more likely to result in a gain
Example:
Gold (XAUUSD) → Selling tends to be more profitable
Stock index (spot) → Selling tends to be more profitable
Q5. Can I make money with swaps?
Theoretically, it is possible, but it is not realistic at XM.
Reasons:
Positive swaps are small
Negative swaps are large
Conditions change frequently
👉 XM is geared toward short-term trading and is not suitable for long-term investments aimed at swaps.
Q6. What is a swap-free (KIWAMI) account?
This is an account type in which the swap for the target stock is zero.
Major Currency Pairs
Some CFDs, such as Gold
⚠ Caution
Not all products are eligible
Swap-targeting abuse risks violating terms and conditions
Q7. Are there any products that do not incur swaps?
Yes.
No swaps
Stock Index (Futures)
Energy (Futures)
Commodities (Agricultural Products & Metals Futures)
👉 Futures CFDs are advantageous for medium- to long-term holdings.
Q8. Does swap change depending on account type?
Basically,
Standard
Micro
It is the same.
With the exception of the KIWAMI account, which is swap-free.
Q9. What happens to swaps when I hedge?
Swaps occur on both buys and sells.
👉 Profits and losses do not offset each other,
and in many cases, only losses remain.
Q10. Can swaps suddenly change?
Yes, they do.
Key Factors:
Changes in interest rate policies around the world
Decreased market liquidity
XM’s adjustments to terms
👉 Even if you were in the black yesterday, it’s normal to be in the red today.
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