In forex, a swap rate is the overnight interest that is added or subtracted for keeping a position open overnight. A swap can be earned or paid as well. You can calculate the swap rate by determining the interest rate over the night between the currency pairs. It can be either buy ‘long’ or sell ‘short’.
This is important to know that Swap rates are only applied to an account when they cross the range of a working (forex trading) day. Hence, a swap will be applied when the day closes at 12 AM. Different currencies have different swap rates. XPOFX makes sure that our clients are always updated with each currency’s swap. The swap charge us made on a standard 1.0.
In your XPOFX online account swap rates are in raw points. These are converted into currency of your account via MetaTrader 4. There are a few days on closing of which, swap rates are higher. Wednesdays are recorded to have the highest swap rates.