FXPro has changed the conditions of Swap Charges.
FCA & CySEC licensed Forex broker, FXPro has announced that the broker has changed the date of “Triple Swap Charge” from Wednesday to Friday.
This change will be made from February 6th, 2017, and may affect all trading accounts including all trading platforms.
*For Islamic Swap Free accounts, the change won’t affect any conditions.
All swap points are reconciled between 21:59 and 22:00 UK Time (between 23:59 and 00:00 in MT4/5 server time.)
FXPro believes that this change will make the condition even fairer for traders, as the Swap charges of Saturday and Sunday will be calculated closer to weekends.
What is Tripled Swaps?
“Swaps” are charged when you leave a position opened through midnight in trading server time(the time NY Exchange Market closes).
Although the “Swap Points” occurs every day, it won’t be charged on Saturday and Sunday as the financial markets are closed.
The swaps for weekends are normally applied on Wednesdays by majority of online brokerage firms.
Thus the “Swap Charge” on Wednesdays is normally “Tripled”.
This time FXPro has made the change, so the “Swap Charges” of Saturday & Sunday will be applied even closer to the dates.
If you like to avoid high “Swap Charges”, you should be aware of the “Tripled Swap Charges”.