HOW MUCH IS XM SWAP?
Swap is a very common fee that a forex trader must know about. When you keep a position open overnight, the broker will charge you an amount of money according to the account. All brokers charge swap. So how about XM, the broker I want to talk about today? How much is XM swap? How to calculate XM swap?
In the case of XM, swap (or rollover fee) is an amount of money that XM adds to or takes from your account when you keep a position for more than a trading day. The swap will be added or subtracted every trading day when the position is kept overnight. However, on Wednesday, the swap will be counted 3 times so that XM can charge you swap 7 times for 5 trading days.
You can go to XM calculator to check the swap for your account.
How to calculate the XM swap by XM calculator
- Put it the base currency of your account
- Select the currency pair that you’re trading
- Select the XM account type you opened
- Select the trading volume according to your lot size
- Select your trading leverage
- XM will then calculate the swap of your account
Here is the formula:
Swap = (One Point / Exchange Rate) * (Lot Size * Swap Value in Points)
(Exchange rate is the spread of your currency pair)
For example, you are trading USD/JPY. The spread is 1.0885. The lot size is 5 (500,000 units). The swap rate is 1.5. Your swap will be:
(0.00001 / 1.0885) * (500,000 * 1.5) = 6.89 USD
The swap XM charges you is $6.89.
What is good about XM?
- XM has a regulation from the UK, which is FCA. In addition to this regulation, they also have different regulations such as CySEC from Cyprus, ASIC from Australia and FSB from South Africa. On account of having these regulations, they will be able to protect their clients who come from different parts in the world. To my mind, XM is a good broker that you can rely totally on.
- For each completed transaction, XM will rebate back $3 (0.3 pip) to 10$ (1 pip). At present, transaction cost of XM is far lower than FXCM and Forex.com brokers thanks to this lot-back bonus. In addition, when you trade with XM, you have an opportunity to enjoy a deposit bonus. This means you will be able to lessen your trading costs, and get up to $5000 from this bonus.
- XM is now offering their clients good trading conditions and good customer service, which enables their customers to gain a lot of profits. Additionally, they also support their traders with a wide range of languages, ranging from English to Vietnamese. Thanks to this, traders will find it really easy when they trade with this broker. Normally, they always support traders 24/7, which is really helpful for traders.
- XM offers the best payment system in Asian nations such as Thailand, Indonesia, China… It helps traders to deposit money through free international payment methods, which are credit/debit cards, XM cards, e-wallets, and local banks as well. To my mind, it would be a great chance for you to go for this broker.
- XM also provides the Islamic account, which is designed for Islam traders. It is the free-swap kind of account provided by XM broker.
Check out the full XM reviews.
Now, I’m sure you understand what swap is and how to calculate XM swap. Start trading with XM, one of the best forex brokers in the world right now.