Often referred to as Rollover Interest, swaps are charged when holding onto a position overnight due to the difference in interest rates between the base currency and the quote currency.
Blackwell Global deals forex trading on a “spot” basis. All trades are settled in two business days from inception as per market convention. Swaps are automatically calculated and settled at 21:59 GMT (Server Time 22:59) on a daily basis and Blackwell Global does not arrange for physical delivery. Any open positions held from Wednesday to Friday on a trade date basis will be charged three times the value.
The extra payment is to cover the interest that would normally have been charged on Saturday and Sunday when the market is closed.