Swaps are charged/credited to traders’ accounts at the server time 00:00.
This is an interest charge you will need to pay as you hold the currency(buy/sell) in LMFX MT4.
The rates are decided by LIBOR(London Inter-bank Offered Rate), and the swap points offered can be changed at anytime.
Swap points does not necessarily charge you for that, but it also credit some amounts into your trading account.
Real-time swap points
You will need to login to the LMFX MT4 to find out the real-time swap points.
To find out the swap points, please go to the “Market Watch” and select “Symbols”.
And select the symbol which you want to check the swap points, and select “Properties”.
Then you will see the trading conditions and swap points and etc in the pop-up screen.
Please note that the swap points displayed in the trading platform can be changed at anytime.
Just like other online brokers, swap charges are tripled on Wednesdays.
This is because the delivery date for the financial markets are T+2. So this means that the swap you are getting charged for is the swap points from two days ago(excluding Saturdays and Sundays).
As the swap points occur in Saturdays and Sundays can not be processed on the weekends as the markets are closed, so instead these swaps are calculated two days after the market open which is the Wednesdays.
As long as you don’t hold the position at the server time 00:00 on Wednesdays, you will not get tripled charge.
For traders who want the swaps to be credited in your accounts, the Wednesdays are the day they want to hold the positions.
Swap free account
Swap free accounts are only provided for Islamic traders.
In order to acquire the swap-free account, you will need to contact LMFX support team after an account opening but before you start trading and request for the account.
You may be required to provide a document to prove your religion.
Arbitrage is not allowed
Although you will be charged or credited by swap every night, you are not allowed to trade arbitrage using different swap points.
Arbitrage trading is simply a trading method to abuse the trading system and conditions.
You may be able to earn swap points to make profit with risk free if you hedge positions between different accounts by different brokers, but it is a prohibited trading method by most of the brokers.
LMFX has the right to cancel profits if the broker confirms that a trader has abused its trading platform and earned profited without risking his own funds.
Trading Forex & CFDs are subject to risks and no one can not assure that the original funds can be returned to the investors after investing their funds.