Best Forex Brokers for Low Swap Fees of 2023

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.

List of Top Forex Brokers for the Lowest Swap Fees

• Moneta Markets – Best Overall
  Competitive swap fees. Flexible account types. ECN account spreads starting from 0.0 pips. Cutting-edge Pro Trader platform powered by TradingView. Social trading via ZuluTrade. Research from Trading Central.
• JustMarkets – Best MT4
  Low swap fees. MT4, MT5. Multilingual 24/7 support. Wide range of deposit and withdrawal methods with no fees. Flexible account types. Fast order execution.
• Exness – Best for Beginners
  No swap fees on some currencies. User-friendly Exness Terminal platform. Multiple account types, including cent accounts. 24/7 customer support. Trading Central.
• OCTA – Best Low Spreads
  Competitive Spreads. No swap fees, commissions on CFDs, an inactivity, or account maintenance fee. AutoChartist plugin for MetaTrader. Variety of trading instruments. Copy trading available.
• Ardu Prime – Best for Professional Traders
  Swap fees lower than the industry average. No inactivity, deposit, or withdrawal fees. No commission for trading FX majors with Standard and Premium accounts. Ardu Crypto platform for crypto trading. Selection of account types, including a swap-free option. Trading Central.

How did FXEmpire select the Best Forex Brokers with Low Swap Fees?

• We carefully considered the needs of CFD traders looking for low swap fees and focused on the qualities that benefit this group the most.
• We selected brokers with a high overall review score of 4+ based on our rating system.
• We opened accounts with each broker and checked for low swap rates in our hands-on tests.
• We looked for brokers licensed by top-tier regulators and assessed their overall level of financial strength and transparency.
• We checked the availability of a wide variety of tradable CFD instruments.
• We tested fees and trading costs, including spreads, inactivity fees, and withdrawal fees, and selected competitive brokers.
• We reviewed available platforms and looked for key features, including robust charting, diverse order types, 1-click trading, watchlists, alerts, and an intuitive interface.
• We looked for fast, responsive, and helpful customer support via phone, live chat, and email.
• We verified the availability of a wide variety of deposit and withdrawal methods, making it fast and easy to move money in and out of your account.

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.

How to Choose the Best Forex Broker for Low Swap Fees?

When looking for the best forex broker with low swap fees, you should pay special attention to the following points.

Can I trust the broker?

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.

What fees to consider when choosing a forex broker with low swap fees?

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:

• Spreads: The spread is the difference between the buying and selling price of a financial instrument. It’s the main way CFD brokers make their money. Lower spreads generally mean lower trading costs. See our guides on the best zero spread and best lowest spread forex brokers.
• Commissions: Some brokers charge a commission on trades in addition to spreads. This is often a fixed fee per trade, or it can be a percentage of the total trade volume.
• Overnight or Swap Fees: If you hold a CFD position open overnight, you might have to pay a fee known as an overnight or swap fee. The swap fee represents the cost of holding a leveraged position.
• Inactivity Fees: Some brokers charge inactivity fees if you don’t make a certain number of trades within a specified timeframe.
• Withdrawal Fees: Some brokers may charge you for withdrawing money from your account. Check the fee structure and withdrawal methods before choosing a broker.

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.

How to choose a CFD trading platform?

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.

• MetaTrader 4 and MetaTrader 5 are two of the most popular and widely used forex and CFD trading platforms, offering a good range of features and tools, such as advanced charting tools, automated trading through expert advisors, custom indicators and expert advisors, one-click trading and portfolio management. Check out our dedicated guides on best MT4 brokers and best MT5 brokers.
• TradingView is another growing and popular charting platform that makes it possible to track almost all markets, and describes itself as a “supercharged super-charting platform and social network for traders and investors.” TradingView has over 50 million users. Check out our list of the best forex brokers offering TradingView.
• cTrader, developed by Spotware Systems, is a strong platform for high-frequency day traders of the forex market. It specializes in providing an algorithmic social trading community for the financial market. Read more about best cTrader brokers.
• ZuluTrade is a social forex and CFD trading platform that allows you to easily follow and copy other traders. As Zulutrade has a more social approach, tools for charting and technical analysis are limited.

You can also check out our dedicated guide on best forex trading platforms.

What is the minimum deposit?

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.

What account types are available?

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:

• Standard Accounts: These are the most common types of accounts that CFD brokers offer. They usually provide access to a wide range of financial instruments, including indices, commodities, shares, and more. The minimum deposit requirement for standard accounts can vary greatly between brokers.
• Mini or Micro Accounts: These accounts are designed for beginners or traders with smaller account balances. They often allow trading with smaller contract sizes, which can be a way to manage risk, especially for new traders learning the ropes.
• VIP or Premium Accounts: These accounts are designed for high-volume or professional traders. They often come with lower spreads or commissions, a dedicated account manager, and other perks like free access to premium research or advanced trading tools. However, they usually require a higher minimum deposit.
• Demo Accounts: Almost all CFD brokers offer demo accounts where traders can practice their strategies with virtual money before risking real money. This is a great way to get to know the broker’s platform and test your trading skills. Read more about best forex demo accounts.
• Islamic Accounts: These are swap-free accounts that comply with Islamic law, which prohibits earning or paying interest. They are designed for traders of the Islamic faith. Read more about best Islamic forex accounts.

What is the available leverage?

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:

• Forex Majors: 1:30
• Forex Minors: 1:20
• Forex Exotics: 1:20
• Indices Majors: 1:20
• Indices Minors: 1:10
• Commodities: 1:10
• Gold: 1:20
• Metals: 1:10
• Energies: 1:10
• Cryptos: 1:2
• Futures: 1:10
• Bonds: 1:5
• Shares: 1:5

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.

Is customer support reliable?

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.

What to avoid when choosing a CFD broker?

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.

How to avoid forex and CFD scams?

• High-Return Guarantees. A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party and be conscious that past performance does not guarantee future results.
• Lack of Protection. Traders should also be cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage, but client funds are typically not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in the event of broker insolvency.

And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.

Our Methodology

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:

• Trust
• Fees
• Platforms and tools
• Tradable instruments
• Customer service
• Deposit and withdrawal
• Account types
• Research
• Education

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.

Meet Our Writers

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.

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