Best Swap-Free Forex Brokers

A swap-free forex account removes the overnight interest (swap or rollover) that a broker would otherwise charge or pay on a position held past the daily cut-off. It does not remove the cost of holding a trade. Brokers that offer Islamic or swap-free versions of their accounts usually price the overnight period another way: a fixed administration fee per lot per night, a wider spread, a commission, or a fee that starts after a grace period. On a raw spread account, the trade-off is clearer than anywhere else. The commission you pay per side stays exactly the same. The only change is what replaces the swap.

That leads to the practical rule for this list. Position, rating and leverage tell you where to start. The decision comes from three parts of each broker’s swap-free terms: which account types can be converted, what replaces the swap on each instrument, and how long you can hold before a replacement fee applies. On those terms the brokers separate clearly. IC Markets keeps spreads, commission and leverage identical to its Raw Spread account and charges a flat financing fee overnight, which makes it the simplest raw spread cost comparison. Fusion Markets has the lowest round-trip commission per lot at $4.50, a gap that grows with trading volume, provided its Zero account can be converted. FP Markets converts Raw MetaTrader accounts but charges a fixed admin fee per lot per night, so the fee on your instruments decides a multi-night hold. Pepperstone’s Islamic spreads start from 1 pip. Tickmill covers Classic and Raw but not EU retail clients. XM’s swap-free option covers only spread-only accounts.

How the list is built and how to read the columns

Licence status is checked against official registers and broker disclosures. The score beside each name is the broker’s Trustpilot rating with its review count. It is not the sort key for the list, which is why a broker rated 4.2 can sit above one rated 4.8. Read position as a shortlist order, then use the columns and the swap-free terms below to separate the brokers that fit your trading.

The review count matters as much as the score. A 4.8 drawn from 57,486 reviews (IC Markets) and a 4.8 drawn from 10,571 reviews (Fusion Markets) are the same number from different sample sizes. A 2 from 3,096 reviews (XM) or a 2.2 from 1,203 reviews (Tickmill) is a weak Trustpilot result, but it reflects the whole brand rather than the swap-free account specifically.

The filters narrow the table to Tier-1 regulated brands, to a broker type (ECN, STP, Market maker), or to brands with no licence found. The columns have the following limits:

• Regulation shows the licences tied to the brand. Confirm each on the regulator’s own register. The licence that protects you is the one held by the legal entity that opens your account. Where licence codes and an “unregulated” tag appear side by side, the brand has more than one onboarding route.
• Broker type is the execution model. Several brokers carry more than one label (for example “STP NDD Market maker”), because different accounts or entities run different models.
• Max. leverage is the highest figure the brand advertises across its entities. Values such as 1:5000 or 1:Unlimited come from offshore entities. EU and UK retail clients are capped far lower by regulation (more on this below).
• Min. deposit and Comm. each apply to one account configuration. Commission matters most for raw spread swap-free accounts, and its units differ from broker to broker.

Commission units are not interchangeable

Because a raw spread account keeps its commission when it goes swap-free, you need the commission in one unit before comparing. Brokers state it in different units:

Pepperstone’s commission is variable, typically $3.50 per lot per side. The per-side figure can differ by account currency or configuration, so treat $3.50 as the typical case rather than a fixed rate.

How we checked the firms in this list

We checked the first 15 brands on this page on 2026-11-13, connecting from Tallinn, Estonia, in the EU. For each brand we opened the official site, noted the legal entities it names, and searched the public registers that match those entities or licence numbers.

Most register searches came back confirmed. Pepperstone’s FCA entry for 684312 shows status Authorised, since 05/08/2015, and its ASIC entry for 414530 shows status Current. Tickmill’s DFSA record for F007663 reads Authorised Firm, since 22-Mar-2023. Robinhood Financial LLC appears on FINRA BrokerCheck with status Approved and 70 disclosures. Not every result was clean. For Vantage, our search did not return Vantage International Group Limited in the FSA Seychelles register, and it did not return Vantage Capital Markets AU Pty Ltd in the ASIC register. For XM, our Companies House search did not return Trading Point of Financial Instruments UK Limited. The FSCA register in South Africa could not be searched for 5 brands, including AvaTrade and HFM. For 7 brands, the FSA Seychelles list showed the entity but no licence numbers, so a number such as SD018 for IC Markets could not be matched.

We did not record sign-up or checkout pages for these brands. We did record account types from their own pages: 4 for PU Prime and JustMarkets, 2 for several others, and 1 for IC Markets. Trustpilot scores vary widely. IC Markets shows 4.8 from 57,581 reviews, while Fidelity Investments shows 1.3 from 1,185 reviews. Archive history differs too. XM’s first capture is 1996-12-27. PU Prime’s is 2020-08-13. These checks do not cover trading conditions or payouts, because we opened no accounts, made no deposits, placed no trades and requested no withdrawals.

What a swap actually is

When you hold a spot forex position past the broker’s daily rollover time (commonly 5 p.m. New York time), the broker rolls it forward to the next value date. The position earns or pays the interest-rate difference between the two currencies, adjusted by the broker’s markup. Spot FX settles two business days after the trade date, so brokers book three days of swap at the Wednesday rollover. A trade held through Wednesday night therefore pays (or earns) three times the daily swap.

A swap-free account removes this mechanism in both directions. You stop paying negative swap, and you also stop receiving positive swap. A trader who deliberately buys high-yielding currencies against low-yielding ones gives up that income on a swap-free account.

How brokers price a swap-free account

A broker still carries its own funding costs overnight, so most swap-free programs recover them through a different line item, using one or more of these methods:

1. Fixed administration fee per lot per night. A flat charge instead of an interest calculation. It does not move with interest rates and is not calculated as a percentage of notional, which is what allows it to sit outside the definition of interest. The amount usually varies by instrument.
2. Flat-rate financing fee. Similar in effect to an admin fee, described in rate rather than per-lot terms.
3. Wider spreads. The holding cost is built into the price you pay to open the trade. This affects every trade, including ones you close the same day.
4. Grace period, then a fee. No charge for an initial number of nights, after which an administration fee applies per night. The length of the grace period can differ by instrument.
5. Instrument exclusions. Swap-free status may apply only to selected symbols. Exotic pairs and some volatile instruments are the usual exclusions, and they can be offered with standard swap even on an Islamic account, or not offered at all.

Some brokers combine methods: no fee on major pairs for a set period, an admin fee on metals and indices from the first night, and exotic pairs excluded. Two brokers that both offer swap-free accounts can therefore charge very differently for the same hold.

What swap-free does not change

The account’s other costs stay in place. On a raw account that means the commission per side, the raw spread, any platform or data fees, deposit and withdrawal charges, currency conversion and inactivity fees, all as they apply on the standard version of the account. Margin requirements and stop-out levels also stay the same. A swap-free account does not reduce the margin you need to hold a leveraged position.

Swap-free on a raw spread account: the cost arithmetic

A raw spread account charges a near-interbank spread plus a separate commission. A standard account has no commission but a marked-up spread. When either converts to swap-free, the overnight line changes and everything else stays.

The total cost of one round-trip trade on a swap-free raw account is:

Total = spread cost + (commission per side × 2 × lots) + (admin fee per lot per night × lots × nights charged)

where nights charged is nights held minus any grace period, and a triple charge may apply on Wednesday if the broker books admin fees the same way it books swap.

Hypothetical worked example (illustrative terms, not any broker’s offer):

• Position: 1 standard lot EUR/USD, so 1 pip = $10.
• Raw spread at entry: 0.1 pip, so $1.
• Commission: $3.50 per side, so $7 round trip.
• Swap-free terms: no admin fee for the first 3 nights, then $8 per lot per night, charged as a flat fee with no triple day.
• Holding period: 10 nights, including one Wednesday.

Swap-free cost: $1 + $7 + (7 charged nights × $8) = $64.

The same trade on the standard (swap-charging) raw account, with a hypothetical swap of −$6 per night and a triple charge on Wednesday, books 12 swap days: $1 + $7 + (12 × $6) = $80.

Change one assumption and the answer flips. If the swap on the standard account were −$3 per night, the cost would be $1 + $7 + $36 = $44, cheaper than the swap-free version. If the trade were long a currency with a positive swap, the standard account would pay you to hold it while the swap-free account would charge an admin fee. For trades closed before the daily rollover, both versions cost the same $8, because neither swap nor admin fee ever applies.

That gives a practical way to think about raw spread swap-free accounts:

• Intraday traders gain nothing financially from swap-free on a raw account, and lose nothing either, provided the broker does not widen spreads on the Islamic version.
• Short swing traders benefit most when the grace period covers their typical holding time.
• Multi-week holders need the admin fee schedule for the exact instruments they trade, because the fee runs every night after the grace period.

If the swap-free version uses wider spreads instead of admin fees, the comparison changes. Each extra 0.1 pip on one lot of EUR/USD costs $1 per trade. A trader opening 100 lots a month pays $100 more per month for every 0.1 pip, whether or not any position is held overnight.

Broker notes where the swap-free terms differ

The profiles below cover brokers whose swap-free programs differ in practice. Each term belongs to the account named. Do not assume it applies to another account or entity at the same broker. Several terms need confirmation before you compare costs. Pepperstone applies its administrative fee “when applicable” and quotes Islamic spreads only as “from 1 pip”. Fusion Markets offers swap-free on “supported account types” without stating whether Zero is one of them. Fusion Markets and Tickmill both say administrative costs may apply depending on the instrument, without stating the amounts. FP Markets’ admin fee differs by instrument. Tickmill’s EU retail access is reported as unavailable. Ask each broker for these figures in writing for the entity that will open your account.

Pepperstone

Pepperstone’s swap-free option mirrors its Standard and Razor accounts, so it can sit on either the spread-only or the commission-based model. Razor is the raw spread account. In place of swap, a fixed administrative fee applies, and spreads on the Islamic version start from 1 pip. Leverage, execution and platform access stay the same as on the base account. You can request the option during sign-up or later through support.

Pepperstone holds licences from FCA, ASIC, DFSA, CySEC and FSA-SC, runs an ECN/STP/NDD model, offers maximum leverage of 1:500 with no minimum deposit, and supports MetaTrader 4, MetaTrader 5, cTrader and TradingView. On a Razor-based swap-free account, an Islamic spread from 1 pip would add to the cost compared with the raw spread on the standard Razor account.

IC Markets

IC Markets’ Islamic account mirrors the Raw Spread and Standard accounts with the same spreads, commissions, leverage and deposit requirements, minus the swap. A flat-rate financing fee applies instead to positions held overnight. You select the option during account creation.

This is the cleanest structure for a raw spread swap-free account in the group. With spread and commission identical to the standard Raw Spread account, the only variable is the overnight financing fee. Commission is $3.50 per lot per side, the model is ECN/STP/NDD, and the maximum leverage of 1:5000 is an offshore entity figure.

FP Markets

FP Markets offers its Islamic accounts on both the Standard and Raw MetaTrader accounts. The swap is replaced by a fixed administration fee per lot per night, and the fee schedule differs by instrument. The Islamic option is not available on the IRESS platform, which FP Markets uses for direct-market-access share trading. To get a swap-free account, you first register a MetaTrader account and then ask support to convert it.

FP Markets charges $3 per lot per side, requires a $100 minimum deposit and offers maximum leverage of 1:500. It holds licences from ASIC, FSCA, FSA-SC and FSC-MU and also runs an unregulated route under the same brand. Because the admin fee is charged from the first night, the fee on your specific instruments decides the cost of a multi-night hold.

Fusion Markets

Fusion Markets runs a Classic account (spread-only) and a Zero account (raw spreads plus commission), and offers swap-free Islamic versions on supported account types.

Fusion’s $4.50 round-trip commission is the lowest among the brokers here that state commission per lot. It has no minimum deposit and holds licences from ASIC, FSA-SC, VFSC and CySEC. That commission advantage carries over to a swap-free account only if the Zero account can be converted for your entity.

Tickmill

Tickmill’s swap-free accounts are available under its Classic and Raw account structures, with overnight interest removed. Its Raw account carries spreads from 0.0 pips with a commission of $3 per lot per side, a $100 minimum deposit and maximum leverage of 1:1000. A separate Trader Raw account runs on Tickmill’s own mobile platform, but the Islamic option covers only the Classic and Raw structures.

Tickmill holds licences from FCA, DFSA, CySEC, FSCA and FSA-SC. The entity you are offered determines both your protections and whether the account is open to you.

XM

XM names three account types for its swap-free Islamic option: Standard, Micro and Ultra Low. All three are commission-free models. Its commission-based Zero account (raw spreads from 0.0 pips, with a per-side commission) is not on that list, so a trader specifically looking for a raw spread swap-free account at XM would be choosing among spread-only accounts. XM states it does not widen spreads or add hidden fees on Islamic accounts.

XM’s spread-only configuration has a $5 minimum deposit and $0 commission, with maximum leverage of 1:1000 and a promotion on offer. It holds licences from CySEC, FCA, DFSA, FSCA and FSC-Belize, and account terms, leverage and promotions vary by entity.

Regulation and the account entity

A swap-free account is a pricing variant. The safeguards on your money come from the legal entity that holds the account, and multi-entity brokers can put the same account name under very different rules.

What differs by entity:

• Leverage caps. Under ESMA rules, EU retail clients are capped at 1:30 on major currency pairs and lower on minors, gold, other commodities, indices and crypto. The UK’s FCA applies the same structure. Figures such as 1:1000 or 1:5000 in the table come from offshore entities.
• Negative balance protection. Mandatory for EU and UK retail CFD clients. Offshore entities may offer it as a policy rather than a regulatory requirement.
• Compensation schemes. Clients of a Cyprus Investment Firm can claim from the Investor Compensation Fund, which pays the lower of 90% of the covered claim or €20,000 per eligible client if the firm cannot return client money. In the UK, the Financial Services Compensation Scheme covers eligible investment claims up to £85,000 per person per firm. Offshore regulators such as FSA Seychelles or VFSC do not operate equivalent statutory schemes.
• Promotions. EU and UK rules restrict bonuses for retail clients, which is why a rewards column entry can apply to one entity and not another.

The Tier-1 regulated filter shows brands licensed by top-tier regulators, but such a brand can still onboard you through an offshore entity depending on your country. No licence found means no licence turned up in the check of registers and disclosures. It does not mean the brand holds no licence on any register worldwide. For any shortlisted broker, look up the entity name and licence number on the regulator’s own site and match it to the company named in your client agreement.

Platforms and apps

Swap-free status is set on the trading account, not on the app or terminal. If a broker converts your account, the change follows the account into every platform that account supports, including the broker’s mobile app. Restrictions come from the platform-account pairing instead: FP Markets’ Islamic option exists on MetaTrader accounts but not on IRESS, and Tickmill’s applies to Classic and Raw rather than Trader Raw.

On MetaTrader 5, you can check swap-free status directly. Open the symbol’s specification from Market Watch: the swap type and the swap long and swap short values are listed there. On a swap-free account these should read zero for converted instruments. Any instrument still showing a non-zero swap is not covered by the conversion. Admin fees are typically not displayed in that window, since they are booked as a separate charge, so the broker’s fee schedule is still needed. After your first multi-night hold, check the account history: the overnight charge appears as either a swap line or a separate fee line, which confirms how the broker is applying its terms.

Markets where swap works differently

Some brokers in the table are mainly stock or futures platforms, and their overnight costs work on other principles:

• Exchange-traded futures have no broker swap. The cost of carry is built into the futures price, and positions must be rolled to the next contract before expiry. Tradovate’s commission in the table is per contract per side for that reason.
• Cash stock purchases carry no overnight financing. Buying on margin creates a loan that is charged interest, which is a separate issue from forex swap.
• CFDs on indices, commodities and shares carry overnight financing on most CFD accounts, and they are the instruments most likely to have admin fees from the first night on a swap-free account. Gold is a common example: if you plan to hold XAU/USD, check its swap-free terms separately.

Who uses swap-free accounts

Islamic accounts exist for traders who follow Sharia principles, which prohibit interest. Brokers may ask for a declaration or, in some cases, proof that the client is eligible; others offer the account to any client on request. Account terms can include usage restrictions, and a broker can convert the account back to standard if it decides those conditions have been breached, which changes the cost of every open position from that day on.

Non-Muslim traders also choose swap-free accounts when their strategy holds trades for days or weeks in pairs where swap is negative in their direction. The arithmetic earlier decides whether it pays: swap-free is cheaper only when the replacement fee over your typical holding period is lower than the swap you would have paid.

How to choose a raw spread swap-free account

Work through these in order. Each step can eliminate a broker before the next one matters.

1. Confirm the entity. Find out which legal entity will open your account in your country, and check its licence on the regulator’s register. This fixes your leverage cap, negative balance protection and any compensation scheme.
2. Confirm the raw account can be converted. Some programs cover only spread-only accounts. Get the specific account name (Razor, Raw, Raw Spread, Zero) in writing as eligible for swap-free.
3. Get the replacement charge for your instruments. Ask for the fee per lot per night by symbol, the grace period by symbol, and whether a triple charge applies on Wednesday.
4. Check whether spreads change. Compare the Islamic version’s spread on your main pairs against the standard raw account. On a raw spread account, any widening adds to the commission rather than replacing it.
5. Normalize the commission. Convert every broker’s commission to one round-trip figure per standard lot in your account currency, using the table’s per-side or round-turn label.
6. Run your own holding pattern. Use the cost formula with your typical lot size, holding period and instruments. A broker with a higher commission but a longer grace period can be cheaper for a multi-night strategy.
7. Check the excluded instruments. If exotics, metals or indices you trade are excluded or charged from the first night, the headline swap-free label does not cover your strategy.
8. Read the revocation clause. Know what triggers a conversion back to standard swap and whether open positions are affected.
9. Test before funding fully. Open the swap-free account with a small deposit, hold one position across several rollovers, and check the history for how the charge appears. A paper trading simulator can be used to rehearse a strategy, but only a live account shows the real overnight charges.