Which Brokers Offer Swap-Free Accounts with No Additional Fees? XM vs. IC Markets

“Swap-free” sounds simple: a trader can keep a position open overnight without paying the traditional rollover or interest charge. In practice, however the brokers can replace swaps with other costs, making the structure behind the label more important than the label itself. 

XM’s offering and IC Markets provide an interesting example of this difference.

According to the terms presented through XM’s UAE offering, the promoted Ultra Low account provides swap-free trading without an equivalent fixed overnight holding-fee schedule. 

IC Markets takes a different approach. Its swap-free accounts remove traditional swap and interest, but the broker explicitly applies flat-rate holding fees per lot to overnight positions once the applicable grace period expires. 

The Difference Between XM’s Promoted Swap-Free Offering and IC Markets

The distinction becomes clearer when looking at the numbers.

IC Markets currently lists holding fees of $10 per lot for EURUSD, $67 for XAUUSD Gold and $41.85 for BTCUSD. WTI and Brent are listed at $5 and $13 respectively. While a number of instruments receive up to five grace days, WTI, Brent and Natural Gas have no grace period, meaning applicable holding fees can begin from the first relevant overnight rollover.

The is the central distinction:  Under the terms promoted through XM’s UAE website, the trading broker’s Ultra Low account does not apply an equivalent fixed per-lot holding-fee schedule for its swap-free offering. As a result, eligible positions may be held without incurring a fixed holding charge currently specified by IC Markets.

Trading Swap-Free: The Verdict

For traders who regularly hold positions overnight, the structure of a swap-free account can be more important than the label itself.

Based on the published conditions referenced above, XM’s UAE offering may appear more attractive to traders who are specifically looking to avoid fixed overnight holding charges. 

Open an XM account.

Regulatory Disclosure 

This marketing material is promoted and distributed by XM Financial Products Promotion L.L.C., which is authorized and regulated by the Capital Market Authority (CMA) of the UAE under a Category 5 License, License No: 20200000322.  It is authorized to offer only introduction and promotion services in the UAE in relation to derivative products offered by XM International MU Ltd and it is not authorized to hold client money. 

Trading leveraged products, including CFDs and foreign exchange, involves a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results