stop comparing brokers by headline spread

[Shadow Trader]

Gripe: the pitch says "spreads from 0.0 pips". Put that next to an account showing 1.0 pip and no commission, and the 0.0 looks like the winner.

Add the commission. Illustrative numbers: a raw spread of 0.1 pip, plus 3.5 USD per side per standard lot. On EURUSD a pip is about 10 USD per standard lot, so that's 0.35 pip each way, 0.7 round turn. All-in cost is 0.8 pip versus 1.0. Closer than the headline suggested.

And "from 0.0" is a minimum, not an average. Minimums tend to appear in the quietest, most liquid moments. The number that matters is the average spread during the hours you trade, plus commission, plus slippage, measured on your own fills.

That means comparing at 08:00 London, at the 13:30 London overlap, and near rollover, not just on a marketing page.

What's your real all-in cost per round turn on EURUSD during London, and how did you measure it?