Tightest Spreads Forex: Low Latency Broker Test

[FXS Prop Desk]

A 0.0 pip spread that only covers the first lot means the real cost of a 5 lot order is the average price across several levels, and that can be worse than a broker advertising 0.3 pips with deeper liquidity.

For retail size this matters less, but for anyone trading 3 lots or more on prop accounts it changes the broker comparison completely. A useful test is to log the fill price against the quoted price for the same order size across a few weeks, at the same times of day.

Depth snapshots from the London open next to late New York, when liquidity providers pull back, would make a good follow-up.