Trading costs cheat sheet.
Every forex trade pays some mix of spread, commission and swap, and can lose a little more to slippage. A rebate gives part of it back. This page puts the formulas, a table of measured spreads and one worked example in one place, with a link to the full lesson on each cost.
This page is the short version of the trading costs chapter. Keep it open while you plan a trade, and follow the links when a line needs more explanation.
The five parts of a trade's cost
| Cost | When you pay it | Full lesson |
|---|---|---|
| Spread | Every trade, crossed once per round trip | What is the spread? |
| Commission | Per lot, on raw and zero accounts | Commission per lot |
| Swap | Each night held past 17:00 New York time | Swap fees |
| Slippage | When the fill differs from your price | Slippage |
| Rebate | Paid back per lot, by the broker | What is a forex rebate? |
The formulas
- Spread cost = spread in pips × pip value × lots.
- Commission = round-turn commission per lot × lots.
- Commission in pips = round-turn commission per lot ÷ pip value per lot.
- Swap per night = swap points × point size × contract size × lots.
- Swap for a hold = swap per night × nights, with Wednesday usually counted three times.
- Total cost = spread cost + commission + swap.
- Net cost = total cost - rebate per lot × lots.
- Break-even move = net cost ÷ (pip value × lots).
The trading calculator runs all of these for a real broker account, using that account's own spread, commission and swap.
Units to keep straight
- Pip: 0.0001 on most pairs, 0.01 on yen pairs.
- Point: the last quoted digit, one tenth of a pip on five-digit prices. MT5 shows spread in points.
- Lot: 100,000 units of the base currency on forex, usually 100 ounces on gold.
- Pip value on one lot with a USD account: $10 on EUR/USD, GBP/USD and AUD/USD. On USD/JPY at 157.85 it is about $6.34.
Measured spreads, 29 October 2026
Typical spreads (the median of the last 12 hours) on the Exness Standard MT5 server at 16:35 UTC, turned into cost per lot:
| Symbol | Typical spread | Cost per lot |
|---|---|---|
| EUR/USD | 0.8 pip | $8.00 |
| AUD/USD | 0.9 pip | $9.00 |
| GBP/USD | 1.0 pip | $10.00 |
| USD/JPY | 1.0 pip | ≈ $6.34 |
| XAU/USD | $0.24 | $24.00 |
These figures move. The Spread Checker shows current ones for every account type, side by side.
One worked example
Gold, 0.2 lot, Exness Raw Spread, closed before the rollover. Figures from the Exness page, read on 29 October 2026:
- Spread: $0.08 × 100 × 0.2 = $1.60.
- Commission: $7.00 × 0.2 = $1.40.
- Swap: $0.00, closed the same day.
- Total: $3.00.
- Rebate: $3.00 × 0.2 = $0.60.
- Net: $2.40, or a move of $2.40 ÷ (100 × 0.2) = $0.12 per ounce to break even.
The cost of one trade also works through a EUR/USD trade held for two nights.
Rules of thumb
- A thin spread is not a cheap account until you add commission.
- Compare the median spread in your trading hours, not the advertised minimum.
- The daily rollover and the weekly open bring the widest spreads and the most slippage.
- On holds of several days, swap can cost more than the spread.
- Limit orders avoid negative slippage but may not fill.
- Compare net cost after the rebate, not the size of the rebate. See Standard versus Raw accounts and comparing broker costs.
Questions
What is the biggest cost in forex trading?
For short trades it is usually the spread, plus commission on raw accounts. For trades held over several nights, swap often overtakes both.
How do I lower my trading costs?
Trade in busy hours, compare accounts by net cost per lot, avoid holding positions you do not need overnight, and claim a rebate if your broker offers one through an IB.
Is the rebate counted before or after costs?
After. Work out the full cost of the trade first, then subtract the rebate per lot to get the net figure.
Keep learning
Chapter 1How does commission per lot work in forex?Commission is a fixed fee per lot that raw and zero spread accounts charge on top of a thin spread. Brokers quote it per side, for opening or for closing, or per round turn, for both. To compare it with a spread, divide it by the pip value: $7 per lot on EUR/USD is 0.7 pip.
Chapter 1What is swap in forex, and why is Wednesday triple?Swap, or rollover, is the interest you pay or earn for holding a forex position past 17:00 New York time. It comes from the gap between the two currencies' interest rates, plus the broker's markup. Most forex pairs charge three nights on Wednesday to cover the weekend.
Chapter 1What is slippage in forex trading?Slippage is the difference between the price you expected and the price your order filled at. It happens when the market moves between your click and the execution, most often around news, the daily rollover and the weekly open. Market and stop orders can slip; limit orders fill at your price or better, but may not fill.
Chapter 1Standard vs Raw spread account: which costs less?A standard account charges everything through a wider spread. A raw or zero account shows a spread close to the market's own and adds a commission per lot. Neither is cheaper by default. Convert both to dollars per lot on your symbol, subtract any rebate, and the cheaper one becomes clear.
Chapter 1How much does one forex trade cost?The cost of one forex trade is the spread plus any commission plus any swap, each turned into money for your volume. Slippage can add to it and a rebate takes part of it back. A 0.5 lot EUR/USD trade at a 0.8 pip spread with no commission costs $4.00 before swap.
Chapter 1How do you compare trading costs between brokers fairly?To compare brokers fairly, use the same symbol, the same time window and the typical (median) spread, not the advertised minimum. Add commission, turn everything into dollars per lot, and include swap if you hold overnight. Then subtract any rebate to see the net cost you actually pay.
