Swap-free accounts

Swap-free accounts: held overnight, with no swap.

A swap-free account, often called an Islamic account, is one on which no overnight swap is charged or credited. This page explains what swap is, what removing it changes, and what stays exactly as it was.

See the nights pass GIO4X’s position

First, swap

What is applied overnight, and why.

Swap calculator Cost Lab

Swap is the financing adjustment applied to a leveraged position that is still open at the end of the trading day.

A leveraged position is, in effect, held with borrowed money. In a currency pair one currency is bought and the other sold, and each carries its own interest rate. When the position is carried into the next day, at the rollover, the difference between the two rates is applied to the account, together with the broker’s own adjustment. It can be a charge or a credit, depending on the instrument and on whether the position is a buy or a sell.

On one night of the week an ordinary account applies three nights’ swap at once, so that the weekend, when the market is closed but the position is still held, is accounted for. For currency pairs that night is commonly Wednesday; it differs by instrument and by broker.

Swap is small on any one night. It is the cost, or the income, that grows with time, which is why it matters most to positions held for days or weeks.

Why it exists

Some clients cannot pay or receive interest.

Swap is worked out from interest rates. For some people, paying interest or receiving it is not permitted by their religious belief, whichever way it runs and however small it is.

The best-known case is Islamic finance, in which interest is prohibited, and that is why an account without swap is so often called an Islamic account. A person in that position cannot hold an ordinary account overnight without the account doing something they may not do. A swap-free account removes that one thing.

This page describes how such an account works. It gives no religious ruling and does not say that any account, GIO4X’s included, meets any particular requirement. Whether an account meets a person’s own requirements is for them and their own adviser to decide. The ideas behind the question, and the points on which opinion differs, are set out in the primer on Islamic finance and trading.

An explainer

One position, several nights.

The same position is held on an ordinary account and on a swap-free one. Add nights and watch what is applied on each.

SimulationExample units, not a rate. Educational information, not investment advice or a recommendation to trade.

Nights held: 5 nights, from a Monday

Held for 5 nights from a Monday, the ordinary account applies a charge at each rollover, and three nights’ worth on the Wednesday: 7 example units of charge in all. The swap-free account applies no swap on any of those nights, so it neither pays that charge nor receives that credit.

Swap applied = nights held + 2 for each night on which three nights are applied. Here: 5 + 2 × 1 = 7 units.

An example in invented units, where one unit is one night’s swap: not a rate, and not a GIO4X condition. Three nights are applied on one night of the week so that the weekend is accounted for; for currency pairs that night is commonly Wednesday, which this example uses, and it differs by instrument and by broker. Any other charge a swap-free account may carry is not drawn, because none has been set.

What it changes

One thing goes. The rest stays.

A swap-free account differs from an ordinary one at the rollover and nowhere else.

What changes

No swap at rollover.
A position held past the end of the trading day is not charged swap and is not credited with it. Both go: an account that pays no interest receives none either.
The three-night adjustment goes with it.
The night on which an ordinary account applies three nights’ swap at once is, on a swap-free account, a night like any other.

What does not

The spread.
It is paid on every trade, as on any account.
Any commission.
Where an account charges a commission per lot, a swap-free option does not remove it.
Other charges may take the place of swap.
Brokers commonly apply an administrative charge to positions held on a swap-free account, often after a number of nights. It is a fee, not interest, and it is a cost all the same. What a broker applies is in its own terms.
Margin, leverage and risk.
A swap-free account is not interest-free leverage for holding a position without limit. The position is still leveraged, still needs margin, and can still be closed by a stop out.

GIO4X

What is published, and what is set for now.

The table records overnight swap as GIO4X has published it for each account, as it stands on the account types page. The terms beneath it are how a swap-free option is offered for now: they follow common practice among brokers and are marked provisional.

Overnight swap, as published

Overnight swap on each GIO4X account, as published
Account	Overnight swap
Classic	Applies
Premium	Applies
ECN	Swap-free

IndicativeSource: GIO4X published account conditions

Provisional terms

How it is obtainedProvisional: A swap-free option is available on request and is subject to approval.Provisional: set on 4 October 2026 in line with common practice among brokers, and subject to change.
Whom it is forProvisional: It is intended for clients who cannot pay or receive interest for reasons of religious belief.Provisional: set on 4 October 2026 in line with common practice among brokers, and subject to change.
When it can endProvisional: It may be withdrawn where it is used to exploit the absence of swap.Provisional: set on 4 October 2026 in line with common practice among brokers, and subject to change.

Not set

Any administrative charge applied in place of swapNone has been set, so none is stated.Not yet published
Any limit on the number of nights a position may be held without swapNone has been set.Not yet published
The instruments a swap-free option coversNo list has been published.Not yet published
How a request is made and what it must containNot yet published.Not yet published

Nothing on this page is a fee, a number of nights or a list of instruments, because none of those has been set. To ask about a swap-free option, use the contact page.

Questions people ask

About swap-free accounts

What is a swap-free account?: A swap-free account is a trading account on which no overnight swap is charged or credited when a position is held past the end of the trading day. It is often called an Islamic account, because it is intended for clients who cannot pay or receive interest. The spread and any commission still apply, and a broker may apply other administrative charges in place of swap.
Does a swap-free account make holding a position overnight free?: No. It removes swap only. The spread is still paid, any commission is still charged, and brokers commonly apply an administrative charge to positions held on a swap-free account. The position is still leveraged and still carries the risk of loss for as long as it is open.
Does GIO4X offer a swap-free account?: GIO4X’s published account conditions show overnight swap as “Applies” on Classic, “Applies” on Premium, “Swap-free” on ECN. A swap-free option is available on request and subject to approval, is intended for clients who cannot pay or receive interest for reasons of religious belief, and may be withdrawn where it is used to exploit the absence of swap. Provisional: set on 4 October 2026 in line with common practice among brokers, and subject to change.

Risk warning

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

Risk disclosure

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Account

Overnight swap

Classic

Applies

Premium

Applies

ECN

Swap-free

About swap-free accounts

What is a swap-free account?

A swap-free account is a trading account on which no overnight swap is charged or credited when a position is held past the end of the trading day. It is often called an Islamic account, because it is intended for clients who cannot pay or receive interest. The spread and any commission still apply, and a broker may apply other administrative charges in place of swap.

Does a swap-free account make holding a position overnight free?

No. It removes swap only. The spread is still paid, any commission is still charged, and brokers commonly apply an administrative charge to positions held on a swap-free account. The position is still leveraged and still carries the risk of loss for as long as it is open.

Does GIO4X offer a swap-free account?

GIO4X’s published account conditions show overnight swap as “Applies” on Classic, “Applies” on Premium, “Swap-free” on ECN. A swap-free option is available on request and subject to approval, is intended for clients who cannot pay or receive interest for reasons of religious belief, and may be withdrawn where it is used to exploit the absence of swap. Provisional: set on 4 October 2026 in line with common practice among brokers, and subject to change.

Risk warning

Risk disclosure

What is applied overnight, and why.

Some clients cannot pay or receive interest.

One position, several nights.