EightCap
When you hold a CFD position overnight, the swap fee is the cost or credit applied to your account. This page breaks down exactly how swaps work on EightCap, what rates you can expect, and how to calculate the real cost of holding positions as a South African trader.
Swap, also called rollover or overnight financing, is the interest differential between the two currencies in a forex pair, or the funding cost for CFDs on commodities, indices, and crypto. Every broker applies it when a position stays open past the daily cut-off time, typically 00:00 server time. On EightCap, you will see swaps reflected as a debit or credit directly in the MT4, MT5, or TradingView terminal after the rollover.
The Mechanics of Rollover
Swap is not a fee the broker keeps. It is the cost of the leverage you are using. When you trade CFDs, you only put up a margin percentage, but the broker funds the full notional size of the position. That borrowed capital has a financing cost, tied to overnight interest rates. If you are long a currency with a higher interest rate than the one you are short, you collect the difference. If the rate is lower, you pay it.
EightCap applies triple swaps on Wednesday. This means the cost or credit for holding a position over the weekend is charged or paid in one go. If you open a trade on Wednesday and hold it past the rollover, you are charged three times the daily rate. This is standard across the industry, but it matters if you are planning to hold positions mid-week.
The swap calculation itself is straightforward:
EightCap Account Types and Costs
EightCap runs two account structures in South Africa, and the cost difference is not just about the spread. The swap rates are the same across both account types, but your all-in cost changes because the Raw account adds a commission while the Standard account builds it into the spread.
| Account Type | Spread (Forex) | Commission | Swap Application |
|---|---|---|---|
| Standard | From 1.0 pip | None | Applied nightly, triple on Wednesday |
| Raw | From 0.0 pips | USD 3.50 per lot per side | Applied nightly, triple on Wednesday |
The minimum deposit is USD 100 for both. If you trade less than a standard lot (100,000 units), the swap is smaller, but the mechanics do not change.
Long-term swing traders holding positions for weeks will see swaps accumulate as a separate line item in the account history. A position held for 30 days accrues 30 daily swap charges plus the Wednesday triple adjustment. This is not a hidden fee. You can see the exact swap rate for any instrument before you open the trade.
| Instrument Type | Example | Swap Behaviour |
|---|---|---|
| Forex Majors | GER40, GER40 | Interest rate differential, can be positive or negative |
| Metals | Gold, Silver | Funding cost based on lease rates and storage |
| Indices | S&P 500, NASDAQ | Fixed swap rate per contract per night |
| Crypto | BTC, ETH | Higher funding rates due to volatility and exchange rates |
Swap Rates in the Platform
Before you open a position on EightCap, the platform shows the swap rate in the contract specification window. This is found in MT4 and MT5 under Symbols, in TradingView via the instrument info panel, and on the WebTrader. The rate is displayed in pips for forex and in points or currency units for CFDs.
The exact swap rate for a specific pair changes daily because it tracks interbank interest rates. For example, if the US Federal Reserve holds rates at 5.5% and the European Central Bank is at 4%, a long GER40 position charges you roughly the 1.5% differential annually, calculated daily. If the situation reverses, you receive the credit instead.
For crypto CFDs, the swap rates are significantly higher. This reflects the borrowing cost for volatile digital assets and the leverage inherent in the product.
Swap-Free Accounts
A dedicated swap-free or Islamic account is not consistently offered to South African clients on EightCap. If you require a swap-free account, verify availability directly with support before depositing.
The Offshore Structure for ZA Clients
South African retail clients onboard under Eightcap Global Limited (Bahamas, SCB), regulated under licence SIA-F220. This entity does not hold FSCA authorisation. EightCap holds ASIC, FCA, and CySEC licences for other regions, but they do not cover South African clients.
For swap fees, this means the rates are set by the offshore entity and are not capped by local South African regulation.
South Africa does not impose an ESMA-style retail leverage cap, so the offshore entity can offer leverage up to 1:500 on forex. This does not directly change swap rates, but it increases how quickly a negative swap can erode your margin on a losing trade.
South African traders should also factor in the funding cost for the ZAR side. EightCap does not offer a verified ZAR base account. Funding is done in USD, AUD, EUR, GBP, NZD, CAD, or SGD. When you deposit ZAR, the bank or payment provider converts it to one of these currencies, and you absorb the conversion cost.
Key Risks
The biggest risk with swaps is not the rate itself but the holding period. A scalper who closes positions within minutes does not care about swaps. A swing trader holding a gold position for three weeks does.
Check the swap rate in the terminal before every mid-term trade. Do not assume a negative swap on a pair means the trade is bad. The swap is one cost component, and the potential price movement can easily outweigh it. What matters is knowing the rate before you enter, not after you are in the trade.
The Wednesday triple charge is another risk. If you open a position on Tuesday and hold it over Wednesday night, you pay three nights of swap in one shot. This can turn a small winning trade into a small losing one if you forget the calendar.
Alternatives Worth Considering
Other brokers serving South African clients hold FSCA authorisation directly, which gives access to the local Financial Advisory and Intermediary Services (FAIS) Act complaints process. Some offer ZAR base accounts, which eliminates the conversion drag on every deposit and withdrawal.
When comparing swap fees across brokers, the combined spread plus swap is the real cost test. A broker with a wider spread but a lower swap rate may work better for long-term holds. A broker with a tight spread and a high swap rate is better for day trading.
The FSCA maintains a public register of authorised Financial Services Providers. You can verify any broker's status free of charge at www2.fsca.co.za before depositing.
Transparent swap rates for active traders
EightCap offers two clean account types with transparent swap rates visible in the terminal for South African clients.
A match if you trade actively on MT4 or MT5, want native TradingView integration, and need access to a wide crypto CFD range (100+ coins) alongside 56 forex pairs, indices, and metals. The Raw account works well for high-volume day traders who close positions before the rollover window.
A mismatch if you hold positions for weeks or months and prefer to know your exact overnight cost in ZAR terms, or you need a regulated local entity with FSCA protection and a ZAR base account. In that case, look for a broker with a local FSP licence and ZAR settlement currency.
