What are the rules & conditions of Exness's Swap-Free Account?

Swap is a daily interest applied to orders left open overnight. Exness provides swap-free accounts, especially for those in Islamic countries. The swap rate varies with each trading +instrument; for instance, most stocks and cryptocurrencies are swap-free, but forex and metal instruments apply a triple swap on Wednesdays. Swap rates are influenced by central bank interest rates, currency exchange rates, order type, and the broker’s commission. To calculate swap, a formula involving the swap rate, number of days, and pip value is used; for example, a long order of 1 lot EURUSDm results in a swap of -43.42 USD, depending on specific rates.

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Understanding Exness’s Swap-Free Account

Swap in trading refers to an interest applied daily to orders left open overnight until the order is closed. The interest can vary daily based on several factors, such as the type of trading instrument. Exness provides an option for traders to opt for swap-free accounts under specific circumstances.

What is a Swap?

A swap is a daily interest applied to orders that remain open overnight. This interest can be standard, tripled, or sometimes not applied at all, depending on the trading day and instrument in question.

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Exness’s Swap-Free Account

Exness offers swap-free accounts in particular circumstances, notably to accounts registered in Islamic countries. This is in alignment with the Islamic principle that prohibits ‘Riba’ or usury. For a detailed overview of swap-free Exness accounts, one can follow the provided link.

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Swap Rates

The rate of swap varies extensively. Each trading instrument dictates these rates differently. For instance, all stock and most cryptocurrency instruments are swap-free. However, most forex and metal (Commodities) instruments have triple swap applied on Wednesdays, while energy (Commodities) and some cryptocurrency instruments have it on Fridays.

The following factors influence the swap for a particular instrument:

Interest rates set by central banks.
Exchange rate of the currency pair (if applicable).
Type of order (sell is short, buy is long).

Broker’s commission, which can change due to market conditions and risk management policies for specific trading instruments.

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Standard Swap Schedule

For most instruments, the standard swap schedule is as follows:

Day	Time	Swap Size	Swap Size (Energies)
Monday	21:00 GMT+0	Standard	Standard
Tuesday	21:00 GMT+0	Standard	Standard
Wednesday	21:00 GMT+0	Triple	Standard
Thursday	21:00 GMT+0	Standard	Standard
Friday	21:00 GMT+0	Standard	Standard
Saturday	Not applied	Not applied	Not applied
Sunday	Not applied	Not applied	Not applied

Note that the daily swap adjusts with daylight savings time. It can shift between 21:00 GMT during summer trading hours and 22:00 GMT during winter trading hours.

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Triple Swap

A triple swap is charged when the settlement date of the instrument is delayed beyond order closure. Given that most forex trading instruments take up to 2 working days to settle, orders closed post-Wednesday 10 pm (GMT+0) will settle only the subsequent Monday. Hence, the triple swap compensates for the 3 days the order is held overnight.

However, for Energies under Commodities, there’s no triple swap. Instead, a singular overnight charge is applied for each weekday.

How to Calculate Swap

To calculate the swap, the formula is:

Swap = Swap long/short × number of days × pip value

Where:

Pip value = number of lots × contract size × pip size

For instance, consider a scenario where you initiate a buy (long) order of 1 lot EURUSDm with a Standard account on Tuesday at 15:00 and close it on Thursday at 23:00. The calculation for this situation, given certain constants, results in a swap of -43.42 USD. This amount, being negative, is subtracted from your trading account balance. A positive swap charge, conversely, wouldn’t be applied.

For convenience, Exness provides an investment calculator that computes the swap based on live data.

Swap-Free Accounts: Islamic vs. Non-Islamic Regions

Accounts in Islamic countries like Standard, Standard Cent, Pro, Zero, and Raw Spread accounts are inherently granted swap-free status. Should there be any swap charges, clients should contact Exness Support.

For non-Islamic regions, account types with swap-free status include Pro, Raw Spread, Zero, Standard Cent, and Standard accounts. To verify your swap-free status, you can log into your Personal Area, access the Settings, and open the Swap-free level tab.

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Identifying Swap-Free Trading Instruments

For those whose Exness account is registered in an Islamic territory, every account is by default swap-free. For others, to identify which trading instruments are swap-free:

In the Personal Area, log in, click the profile icon, choose ‘Trading Conditions’. Your swap-free status will be displayed under ‘Swap-Free’. Clicking ‘Learn more’ will give additional details.
Alternatively, visit the Exness webpage, click any item under ‘Instruments’ in the ‘Trading’ section. The swap-free status of each instrument will be mentioned.

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Availability of Swap-Free Trading Accounts in Islamic Countries

Exness offers swap-free trading accounts to residents of Islamic countries in adherence to Sharia law. Note that some trading accounts are swap-free for non-Islamic nations as well. If any abuse of the swap-free status is detected, Exness can cancel the status and implement swap charges for current and future orders.

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Does Social Trading Provide Swap-Free Strategies?

Yes, Exness’s Social Trading app provides swap-free strategies based on the origin country. If one chooses a non-swap-free strategy, standard swap rules apply.

Checking Swap-Free Status

For non-Muslim country clients, Exness provides Standard and Extended swap-free schemes. You can verify your status by accessing the Personal Area.

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Final Points

When using the swap-free program, remember:

Client trading behavior is monitored through an algorithm.
To maintain the extended swap-free status, intra-day trading is encouraged with minimal overnight positions.
If a standard swap-free account qualifies for extended swap-free, it’s updated instantly and vice-versa.
Any change in swap-free status will be notified in the Personal Area.

The Exness swap-free program ensures that traders can adhere to their religious or personal preferences while navigating the financial markets.

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FAQs to summarize the article

What is a swap and how is it applied in trading?: Swap is an interest applied daily to orders that remain open overnight. Its application can be standard, triple, or not applied at all, depending on the day and trading instrument.
Does Exness offer swap-free accounts?: Yes, Exness provides swap-free accounts under certain conditions, including automatic swap-free accounts for those registered in Islamic countries. Specific details about these accounts can be found by following the provided link on the Exness platform.
When is triple swap charged and why?: Triple swap is applied when the settlement date for a trading instrument is delayed beyond order closure. For most forex instruments, which take up to 2 working days to settle, orders closed after 10pm (GMT+0) on Wednesday will only settle the following Monday. Hence, the triple swap accounts for the 3 days the order is held overnight. Note that for Energies (under Commodities), there’s no triple swap.
How can I calculate the swap charged for my order?: Swap can be calculated using the formula: Swap = Swap long/short × number of days × pip value, where the pip value = number of lots x contract size x pip size. Exness also provides an investment calculator to automatically compute the swap based on live rate data.
How can I determine if a particular trading instrument is swap-free?: To verify if a trading instrument is swap-free, you can log into your Personal Area on the Exness platform and follow the steps provided, or visit the Exness webpage and navigate to the specific instrument.
Are swap-free accounts available for both Islamic and non-Islamic regions?: Yes, Exness offers swap-free trading accounts for residents of Islamic countries who observe Sharia law, with an automatic application. There are also specific swap-free account offerings for non-Islamic regions, which come in two variations: standard and extended. The conditions and instruments that fall under each category can be reviewed in the Exness Personal Area.
How can I check the swap-free status of my Exness account?: Your swap-free status can be viewed in your Personal Area under Settings > Swap-Free Level. The status will indicate whether you’re on a Standard or Extended swap-free program, and additional details on instruments free of swap charges can also be accessed from there.