As the world has gone crazy on gold with the recent crash following a historic rally in late 2025, traders are still looking to hold positions for weeks or months in hope of a lasting trend. This is where swap rates can make a big difference from one broker to another.
This guide provides a comparison of leading forex brokers picked for competitive swaps in gold (XAUUSD). We will also go through some key trading conditions such as spreads and account requirements.
Why gold swaps are so high
Interest rates on the US dollar have little input. The main reason gold swaps have soared in the past few months is because the metal has become an overcrowded trade.
As bullion reached an all-time high of $5,600, traders have been piling into the metal, putting pressure on liquidity providers on the other side of the trade who need to compensate for their outsized risk-taking. Thus, this unprecedented volatility has made holding costs expensive, sometimes over $100 charged per lot, which can significantly affect profitability.
The recent sharp pullback may attract even more buyers looking for a bargain. We can expect this volatility to last for a couple of months, meaning that gold swaps could stay high across the board.
Methodology
Swap settings are at the broker’s discretion, depending on their business model and markups. Some are consistently more competitive on gold than others as of early 2026. Using live accounts and monitoring both long and short holdings, we have identified 6 brokers that offer lower costs. All swaps here are in US dollars per standard lot or 100oz.
Most brokers publish the swaps in the contract specifications of their platform. Make sure to always check them live as they can change with little notice.
| Broker | Swap long | Swap short |
|---|---|---|
| Exness | -58.00 | +56.30 |
| XM | -62.21 | +57.52 |
| Fusion Markets | -56.80 | +49.17 |
| Tickmill | -58.41 | +46.51 |
| IC Markets | -58.40 | +50.94 |
| Pepperstone | -57.33 | +52.60 |
Quick overview
Exness
Exness is renowned for having ‘huge’ volume in gold trading and offers competitive pricing including sharp swaps. They also offer a unique ‘Extended swap-free’ feature to a broader range of clients based on their trading activity.
Swap rates:
- Long: -58.00
- Short: +56.30
Trading conditions: While spreads on the Standard account are slightly higher, around 2.0 pips, the Pro account gives much tighter pricing for a $200 minimum deposit.
XM
Their Ultra Low Account offers swap-free trading on gold, which can be a solid choice for position traders. For those preferring their Zero account for sharper spreads, swaps are decent enough.
Swap rates:
- Long: -62.21
- Short: +57.52
Trading Conditions: Spreads are competitive, often averaging around 0.7 pips with no additional commission. The minimum deposit of $5 makes it highly accessible for most traders.
Fusion Markets
Fusion Markets brands itself for having the lowest commission rates in the industry. This Australian-based broker’s focus on reducing the ‘all-in’ cost of trading includes swap rates.
Swap rates:
- Long: -56.80
- Short: +49.17
Trading conditions: The Zero Account has spreads from 0.0 pips with a commission of just $2.25 per side, which is 35% lower than the industry average. Their minimum first-time deposit is $10.
Tickmill
Tickmill is favoured by professional traders for its low fee structure on Pro and VIP accounts and its reliable execution.
Swap rates:
- Long: -58.41
- Short: +46.51
Trading conditions: The Pro account requires a $100 deposit and charges a $2 commission per side. VIP accounts charge only $1 per side but ask for a $50,000 minimum balance.
IC Markets
As one of the largest brokers out there, IC Markets provides deep liquidity and competitive swaps that are in line with market conditions.
Swap rates:
- Long: -58.40
- Short: +50.94
Trading conditions: The Raw Spread account comes with 0.0 pips and a $3.50 commission per side, popular among scalpers and algo traders.
Pepperstone
Pepperstone is another popular broker that often features better rates than its peers, for example, higher positive swap rates.
Swap rates:
- Long: -57.33
- Short: +52.60
Trading conditions: The Razor account has raw spreads from 0.0 pips. There’s no minimum deposit though $200 is usually recommended.
Conclusion
Historical markets demand outstanding trading conditions. As gold tries to reclaim its all-time high, brokers’ swap costs are unlikely to come down anytime soon.
For traders looking to hold their positions, having the best possible overnight rates can save hundreds or even thousands of dollars, and the brokers here could make this happen.
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