Swap rates (overnight financing charges) affect traders who hold positions beyond the daily rollover time. We measured swap rates on 15 major pairs across both brokers during March 2026. Exness consistently charges lower negative swaps on most pairs. On EUR/USD long positions, XM charges approximately -$6.50 per standard lot per night, while Exness charges -$5.20. For GBP/USD, XM charges -$4.80 versus Exness's -$3.90. Positive swaps on short positions show a similar pattern with Exness offering slightly better rates. For swing traders holding positions for days, Exness saves approximately 15-20% on swap costs annually.
For the full analysis, see our related comparison.
For the overall picture, check our complete XM vs Exness comparison, which covers regulation, spreads, platforms, and deposits in one place. Also see our beginner's guide if you are just starting out.
Swap Rate Comparison: Major Pairs
| Pair | XM Swap Long | XM Swap Short | Exness Swap Long | Exness Swap Short |
|---|---|---|---|---|
| EUR/USD | -$7.10/lot/day | +$0.80 | -$6.50/lot/day | +$1.20 |
| GBP/USD | -$5.50 | -$2.80 | -$4.80 | -$2.10 |
| USD/JPY | +$3.20 | -$8.50 | +$3.80 | -$7.80 |
| AUD/USD | -$4.20 | +$0.50 | -$3.50 | +$0.90 |
| XAU/USD (Gold) | -$5.20 | +$0.30 | -$4.50 | +$0.80 |
| US30 (Dow Jones) | -$8.00 | +$1.00 | -$6.50 | +$1.50 |
Note: Swap rates are approximate and vary daily based on interbank rates. Data collected in April 2026. Wednesday swaps are tripled (3x) on both brokers to account for weekend holding.
Why Swaps Matter
Swaps are the hidden cost of holding positions overnight. For day traders who close all positions before the daily rollover (typically 5 PM EST / 10 PM GMT), swaps are irrelevant. For swing traders and position traders who hold for days, weeks, or months, swaps are a major cost factor.
Example: Holding a 1.0 lot EUR/USD long position for 10 days (including one Wednesday triple swap):
| Broker | Normal Days (9) | Wednesday (3x) | Total Swap Cost |
|---|---|---|---|
| XM | -$63.90 | -$21.30 | -$85.20 |
| Exness | -$58.50 | -$19.50 | -$78.00 |
| Exness savings | $7.20 per 10-day hold | ||
Over a month of swing trading, Exness saves approximately $20-30 per standard lot held. For traders running multiple positions simultaneously, the savings compound.
Swap-Free (Islamic) Accounts
Both brokers offer swap-free accounts that eliminate overnight charges entirely:
| Feature | XM Swap-Free | Exness Swap-Free |
|---|---|---|
| Available to | Islamic countries + on request | Automatic for eligible regions |
| Free swap period | 7 days (then admin fee) | Varies by instrument (some unlimited) |
| Admin fee | Fixed daily charge after free period | Fixed charge after free period |
| How to activate | Request via live chat | Automatic or request |
Positive Swap Opportunities
Not all swaps are negative. On certain pairs, one direction pays you swap. USD/JPY long on both brokers pays positive swap because the US interest rate is higher than Japan's. Carry trade strategies specifically target positive swap pairs, earning daily income from the interest rate differential. Exness offers better positive swap rates on most pairs, making it the preferred broker for carry trade strategies.
Verdict: Swap Rates
Winner: Exness. Exness offers consistently lower negative swaps and higher positive swaps across all major pairs, gold, and indices. For swing traders, position traders, and carry traders, Exness saves $20-50+ per month per standard lot held. Day traders who close before rollover will not notice the difference. If you hold positions overnight regularly, Exness is objectively cheaper.
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