The Battle for Gold Traders Moves Overnight: 32 Accounts Charge, One Offers Positive Swaps

Born2trade began a promotion on Tuesday that pays eligible long positions on gold and silver a positive overnight swap, an unusual structure in a CFD market where holding bullish metals positions overnight usually costs money. The Mauritius-registered broker advertises credits of up to $19.99 per XAU/USD lot and $2.99 per XAG/USD lot, available on one account type and scheduled to run until December 31, 2026.

A MetaTrader 5 configuration shared with reporters lists the XAU/USD long swap at 19.99 points against a short swap of -19.99 points, with a rollover multiplier of one on every weekday, so no triple swap applies on Wednesday. The same screen shows a minimum volume of 0.01 lots alongside maximum and limit fields of 2 lots; MetaTrader 5 defines the volume limit as the largest combined position and pending-order size in one direction for a symbol. If that ceiling applies unchanged, a two-lot long would collect as much as $39.98 per nightly rollover. Born2trade said no other caps were intended but did not explain the two-lot fields.

Only one account type qualifies. Standard and ECN accounts are excluded from the offer, which covers the same high-leverage account that was given leverage of up to 1:5000 on selected currency pairs and gold in April. Born2trade Ltd is authorised as an investment dealer by the Mauritius Financial Services Commission under licence GB24203511. CEO and co-founder Konstantin Rashap said clients "need real benefits and competitive advantages instead of nice pictures, buttons, and AI technologies".

The broker's risk management department framed the swap cost as a client-acquisition expense and said it expects the settings to remain unchanged in normal market conditions, while adding that "there is no 100% assurance that this promo will not be changed". The terms state the rates are not fixed or guaranteed and may be revised because of market conditions, financing costs, liquidity-provider requirements, risk management, regulation, technical issues or suspected abuse. Born2trade may also end the promotion early with five days' written notice. It has no client-uptake figure yet.

Benchmark Shows Negative Gold Longs

Using a September 3 snapshot from ForexBenchmark, every one of the 32 broker-account combinations with XAU/USD data showed a negative long swap, while 32 of 33 silver readings were negative and one, Cara Markets, was zero. IC Markets Raw stood at -$57.55 per lot per night, Afterprime at -$70.26 and Pepperstone UK at -$95.58. ForexBenchmark normalises rates into dollars per lot using 100-ounce gold and 5,000-ounce silver contracts. The figures are a point-in-time sample, not a full market census.

The promotion lands in a year when brokers have pushed gold trading beyond standard hours and added smaller contracts. LMAX Group, Scope Prime, CMC Markets, Match-Prime, Vantage and VT Markets have all introduced such products, while CME Group added continuous one-ounce gold futures in July; nearly 15,000 contracts worth about $60 million traded in the first weekend. CME's metals average daily volume reached 1 million contracts in August, up 48% year on year, with Micro Gold up 81% at 345,000 contracts a day and Micro Silver up 286% at 63,000. Spot gold traded at $4,409.97 early Thursday after touching a near-one-month low, with silver at $65.74.