What is the difference in purpose between spot trades and FX swaps? Both spot trades and FX swaps convey the anticipation of a currency's appreciation or depreciation against another currency, differing solely in the selected date. FX swaps express a view that one currency will appreciate or depreciate relative to another currency while spot trades are used to extend existing transactions to mature at a later date. Spot trades express a view that one currency will appreciate or depreciate relative to another currency, whereas FX swaps are used to extend existing transactions to mature at a later date.