Since 2011, we’ve traded with and reviewed over 200 brokers worldwide. To find the best brokers with the lowest swap fees for you, we’ve dedicated over 50 hours per broker, exploring more than 250 factors across 9 key areas. We’ve then compared them to identify the top performers in various categories. With decades of combined experience, our team of trading experts provides reliable and trusted opinions.
Swap fees (also called rollover fees) are imposed on traders who keep market positions open overnight. Let’s take the EUR/USD currency pair as an example: when you purchase this pair, you’re buying euros while selling US dollars. You earn interest on the euros you are holding, but at the same time, you must pay interest on the dollars you sold short. Given that the current base interest rate for euros is less than that of the US dollar, the difference in interest rates is negative. Therefore, you must pay for holding an overnight position in the pair.
However, it’s not a universal rule that holding overnight positions always results in a fee. In a pair like GBP/JPY, where the interest rate on the British pound sterling is currently higher than the Japanese yen, you would typically earn money for holding it overnight.
Swap fees vary because brokers usually charge an additional percentage (mark-up) on top of what is dictated by the interest rate differential. Swap fees can add up to become substantial, especially when a trader holds a market position for days or weeks, so it is worthwhile to find a competitive broker.
Feeling overwhelmed by the multitude of broker choices? We’re here to help – this guide outlines our top picks and breaks down the key points in simple terms. Since traders have different needs, we’ve separated brokers into different categories where they stood out as winners. This way, you can find a broker with low swap fees that best fits your experience level and style of trading.
Keep reading to find out our top-rated brokers for the lowest swap fees in 2023.
Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.
Now let’s go through the selected brokers.
Moneta Markets is an award-winning broker offering competitive conditions to traders across the globe. Broker’s clients can access CFDs on forex, commodities, indices, shares, EFTs, and bonds. Among platforms, Moneta Markets offers the popular MetaTrader 4 and state-of-the-art ProTrader Powered by TradingView. I confirmed that Moneta Markets South Africa (Pty) Ltd is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and that Moneta Markets Ltd is listed in the Saint Lucia Registry of International Business Companies.
Key Features:
Moneta Markets can accommodate a range of trader profiles with its flexible account types. Beginners and casual traders can take advantage of the STP Direct account type, with spreads from 1.2 pips, the ability to trade in micro-lots, and a minimum deposit of only $50. Advanced traders can opt for the Prime and Ultra ECN account types – which our hands-on tests confirmed as having extremely low spreads across all asset classes. All account types have access to the full range of 1,000+ tradable assets.
My review also revealed competitive swap fees. For instance, traders holding a full-sized lot of EUR/USD overnight are charged $7.51, while those holding a short position earn $3.07. All client funds are securely segregated in a trust account with an AA-Rated Global Bank. Furthermore, client trading accounts are covered by negative balance protection. If you are looking for a broker that can provide rock-bottom costs, high leverage, and robust platforms, Moneta Markets could be a good fit.
JustMarkets is a multi-asset online CFD broker with over a decade of experience. Based in Limassol, Cyprus, the broker offers CFDs on forex, commodities, indices, shares, and cryptocurrencies to clients across 180 countries. I verified that JustMarkets’ entities are authorized by various regulators, including top-tier CySEC.
Key Features:
JustMarkets offers the full suite of MetaTrader 4 and MetaTrader 5 platforms, which include advanced order types, robust charting, and automated trading via Expert Advisors. I noted that VPS hosting is also available – allowing traders to run their strategies 24/7 without risk of downtime. Trading, hedging, and scalping strategies are all permitted.
With ultra-fast order execution – from 0.01 seconds – JustMarkets provides its clients a significant edge in trading. Low floating spreads are available for all types of accounts, and clients can access spreads starting at 0.0 pips with Raw Spread accounts. Our live tests recorded spreads as low as 0.7 pips in EUR/USD when using a Pro Account. Customer support is another area of strength at JustMarkets, with 24/7 assistance available through multilingual agents.
Exness Group is a global multi-asset broker founded in 2008. The Limassol, Cyprus-based broker, offers better-than-market conditions on currencies, crypto, stocks, indices, metals, and commodities. Exness provides a commission-free Standard Account for beginners and Raw spread accounts for experienced traders, scalpers, and algo traders. I confirmed that Exness is authorized by multiple regulators, including top-tier FCA and CySEC.
Key Features:
Exness provides access to the Trading Terminal platform along with MetaTrader 4 and MetaTrader 5. Their proprietary Exness Terminal boasts an intuitive interface with popular features such as watchlists, 1-click trading, and trading from the chart. Besides, the Exness Academy offers various interactive courses to help traders build a solid foundation of market knowledge. Given its user-friendly platform and comprehensive educational resources, I judged Exness to be a strong choice for new traders.
Clients of Exness, regardless of their trading experience, have the flexibility to select from multiple account types that best match their needs – from cent to raw spreads accounts. Cent accounts are an excellent way for beginners to gain experience trading live while keeping risk to a minimum. I also noted that Exness does not charge swap fees for stocks, crypto, indices, gold, and some popular currencies, depending on your account settings. With the standard swap-free level, Exness does not charge swap fees for XAU/USD, indices, cryptocurrencies, or stocks.
Established in 2011 and headquartered in St. Vincent and the Grenadines, OCTA stands as a prominent multi-asset CFD broker. According to the company’s website, over 10 million trading accounts have been opened with OCTA across more than 150 countries. Clients can access a diverse range of over 300 CFDs on forex, commodities, stocks, indices, and cryptocurrencies via MetaTrader 4, MetaTrader 5, and the in-house OctaTrader platforms.
Key Features:
During my live testing, I encountered forex spreads as low as 0.8 pip in EUR/USD and 1.2 pips in GBP/JPY. Spreads in commodities like gold were also competitive. Unlike most CFD brokers, OCTA does not charge swap fees – a significant bonus for traders holding positions for days or weeks. Furthermore, the broker does not charge any inactivity or account maintenance fees.
My review revealed that OCTA has also gone above and beyond in terms of its research and educational content. Clients can delve into in-house market insights, benefit from trading ideas via Autochartist, engage in live webinars, and access carefully crafted courses.
Established in 1999, Ardu Prime is one the oldest CFD brokers in the industry. This award-winning broker, based in Athens, operates under the authorization and regulation of the Hellenic Capital Market Commission, UK FCA, and German BaFin. Clients can trade CFDs across a spectrum of assets – from forex, commodities, indices, and bonds to shares and cryptocurrencies – all through the popular MetaTrader 5 platform.
Key Features:
Professional traders demand ultra-low commissions, fast execution, and robust platforms. My research showed that Ardu Prime meets these expectations, boasting spreads starting at 0.8 pips, low latency trading, and the advanced MT5 platform. Additionally, clients can automate their trading via Expert Advisors (EAs) with no trading strategy restrictions.
Advanced research tools are also on hand for sophisticated traders. Ardu Prime provides insights from Trading Central, which features directional trend indicators, popular chart patterns, and screeners. These tools are highly beneficial, empowering clients to identify opportunities that match their trading approach.
When looking for the best forex broker with low swap fees, you should pay special attention to the following points.
To be authorized and regulated, brokers must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. You can search the regulator’s website to confirm the broker’s status and inspect any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find this information on the company’s LinkedIn page.
Read more about Best regulated forex brokers in our detailed guide.
It’s important to understand and compare the fee structures of different brokers before making your choice. When selecting a forex and CFD broker, there are several types of fees that a trader should consider:
Not all brokers charge fees in the same way. Some charge a commission per trade, while others earn through the spread. Some may also include hidden charges like inactivity fees or withdrawal fees. It’s crucial to understand these fee structures to make an informed comparison.
An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface. MetaTrader and cTrader platforms have advanced features like backtesting, automated trading, and a wide range of order types, though are less user-friendly.
There are a variety of trading platforms available to forex traders. Here are a few that you may want to consider for gaining great trading results.
You can also check out our dedicated guide on best forex trading platforms.
The minimum deposit required by a CFD broker varies widely and depends on the individual broker’s policies. Typically, the minimum deposits at CFD brokers are relatively low. For example, among the brokers listed in this article, minimum initial deposits range from $1 in the case of JustMarkets to $250 in the case of Ardu Prime.
A broad range of account types helps a broker cater to different trader profiles. For example, a simple STP account may be the best for beginners in the markets, while an ECN/Raw Spread account can help sophisticated, active traders keep their costs to a minimum.
Here are some of the most common account types offered by CFD brokers:
The leverage options at CFD brokers offer a substantial advantage when trading CFDs. The extent of leverage you can access depends on where your broker (or broker’s entity) is located. For instance, if you’re trading through a UK-based, FCA-regulated broker, you’ll find the maximum leverage capped at 1:30. In contrast, offshore brokers frequently provide much higher leverage, sometimes reaching up to 1:500 or beyond.
The level of available leverage depends on what type of asset you are trading. For example, here is the complete breakdown across each asset category via a CySEC-regulated broker:
Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast and you are holding a highly leveraged position, there is a very high risk of losing money. Accounts can get wiped out in seconds.
However, if you’re set on pursuing higher leverage, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.
Having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.
Opening an account with an unregulated offshore broker entails substantial risk. In some instances, brokers with offshore entities purchase private insurance from Lloyds of London to mitigate the risk for clients. Be sure to check what kind of account insurance is available to safeguard your account – whether a compensation fund is provided in association with a regulator or private insurance.
Another important area to check is trading costs and fees. Some brokers may have very wide spreads, making it expensive to get in and out of trades. In some cases, for example, when trading CFDs on shares, commissions may also be added. Among account-related fees, find out if there is an inactivity fee – many brokers charge a sum each month after your account has been dormant for a set period. If you take a break from the market and are unaware of this, you could be surprised to find your account balance lower when you return to trading.
And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.
In selecting the best forex brokers for the lowest swap fees in 2023, we relied on the findings of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.
FXEmpire has been reviewing brokers since 2011 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right broker for you.
To provide the most comprehensive review, we break down the brokers according to nine different categories:
In our individual broker reviews, we explain complex areas like regulatory status so you can easily understand the safety of your funds and the benefits you are guaranteed.
Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. We open an account with each broker, focusing primarily on the services of one entity and testing the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.
Our side-by-side analysis reveals whether a broker is competitive in relation to the industry as a whole. Trading platforms take time to master, but we have already done the legwork for you, and our evaluations highlight their important features and usability.
FX Empire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Read more about our review process here.
In selecting the best forex brokers for low swap fees, we prioritized well-regulated companies known for their trustworthiness and financial stability. We evaluated the spreads and swap fees of these brokers, favoring those that kept these costs low. We also assessed their trading platforms for a rich set of features and user-friendliness.
Brokers offering a wide range of tradable CFD instruments and a diverse selection of account types to cater to traders of varying experience levels were preferred. We also took into account the responsiveness of customer support, the convenience of deposit and withdrawal methods, and the leverage offered by different brokers.
Finally, we gave preference to brokers providing valuable research and educational resources, with the aim of empowering traders to gain a robust understanding of the markets, develop effective trading strategies, and make well-informed decisions.
We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.