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What trading actually costs

A headline spread is one part of the bill. This page walks through the charges that make up the rest, in the same words the desk uses when it reads a broker's fee schedule.

The traderpublic newsroom

Overview

Trading costs and fees affect what you keep from every trade. This guide explains the main types of charge, how they add up and how to compare them.

  • See the whole cost

    Understand every charge you may pay

  • Compare consistently

    Use the same criteria for each broker

  • Trade with confidence

    Know your costs before you commit

Main types of trading cost

Trading costs fall into six main groups.

  • Spread

    The gap between buy and sell prices

  • Commission

    A fee charged per trade

  • Overnight fee

    The cost of holding a position past the end of the day

  • Deposit and withdrawal fees

    Charges for moving money in and out

  • Currency conversion

    A charge when currencies differ

  • Other fees

    Such as account or inactivity fees

Total cost formula

An approximate total is the sum of the charges that apply.

Total costSpreadCommissionOvernight feeDeposit and withdrawal feesCurrency conversionOther fees

A simplification. The charges that apply, and their size, differ by broker and account.

Cost calculator (your own figures)

Enter figures from your broker's fee schedule. Nothing here is a broker's real rate.

Charges only: credits, rebates and swap credits are not included. Enter every amount in one currency, per lot. The commission must cover each side of the trade you intend to make (opening, and closing if it is charged separately).

A blank cost field counts as zero. An estimate with costs left out is partial, not complete, and does not mean those costs are free.

Partial estimate

—

Use one currency for every amount; the total is in that currency.

A partial estimate from the figures you typed. It is not a quote or a broker statement.

Fee comparison

Where broker records are published, each is listed below with the non-trading fees it supplies. Spread and commission are not carried by these records, so they read Not specified, a gap in the record and not a finding about the broker.

BrokerSpread (from)CommissionDeposit feesWithdrawal feeMonthly inactivity fee
ActivTradesNot specifiedNot specifiedNot specifiedNot specifiedNot specified
ACY SecuritiesNot specifiedNot specifiedNot specifiedNot specifiedNot specified
Admiral Markets UK LtdNot specifiedNot specifiedNot specifiedNot specifiedNot specified
AdmiralsNot specifiedNot specifiedNot specifiedNot specifiedNot specified
Afrifocus SecuritiesNot specifiedNot specifiedNot specifiedNot specifiedNot specified
AJ BellNot specifiedNot specifiedNot specifiedNot specifiedNot specified
AKD SecuritiesNot specifiedNot specifiedNot specifiedNot specifiedNot specified
Allaria SecuritiesNot specifiedNot specifiedNot specifiedNot specifiedNot specified
Ally InvestNot specifiedNot specifiedNot specifiedNot specifiedNot specified
Alpha FXNot specifiedNot specifiedNot specifiedNot specifiedNot specified

Listed alphabetically. This is a directory, not an editorial ranking. Not specified means our records do not carry that fact. It does not mean the broker lacks it.

See broker records

What do trading costs actually look like?

Spreads

The spread is the gap between the bid and ask price, and it is the most common cost of a trade. It varies by account type, pair and time of day, so a single advertised figure rarely tells the full story.

Commissions

Some brokers charge a fixed commission per trade on top of a tighter spread, common on ECN-style accounts. Ask for the exact figure per lot rather than a general claim of being commission-free.

Per-lot fees

Certain account types charge a fixed fee per lot instead of a wider spread. The trade-off can favour high-volume traders and cost casual ones more, so compare it against your own trade size.

Non-trading fees

Overnight fees
Charged for holding a leveraged position past the end of the trading day.
Inactivity fees
Applied to accounts that sit unused for an extended period.
Currency conversion
Charged when you fund or withdraw in a currency different from your account's base currency.

Why the comparison matters

A headline spread is only part of what a trade costs: commissions and non-trading fees are added on top of it, and an account with a wider spread and no commission can work out lower overall. Add the parts together to get the total cost at the position size you actually trade, rather than comparing the figure on a homepage.

More on costs

  • Spread

    The gap between buy and sell prices

  • Commission

    A fee charged per trade

  • Overnight fee

    The cost of holding a position past the end of the day

  • Deposit and withdrawal fees

    Charges for moving money in and out

    Some brokers charge to deposit or withdraw and others do not, and banks or payment providers may add charges of their own. A withdrawal fee can be a percentage or a flat amount, and some brokers charge a fee when an account sits unused. Read the funding and withdrawal terms in the broker's fee schedule, and note the currency each charge is in.

  • Currency conversion

    A charge when currencies differ

  • Other fees

    Such as account or inactivity fees

  • How to read a fee table

    What each line means and what to look out for

    A fee table lists each charge with its unit: per trade, per lot, per night, per month or as a percentage. Compare like with like: check whether a spread is a typical or a minimum figure, whether a commission covers one side of a trade or both, and which account type each line applies to. A blank or missing line means the schedule does not say, not that the charge is zero.

  • How costs affect results

    Why the same costs matter more to some trading styles

    Costs apply to every trade, whatever its outcome, so they weigh more on styles that trade often or hold positions for a long time. A frequent trader pays the spread and any commission many times over; a position held across many nights adds overnight fees. Think about how you would actually trade before you compare charges.

  • Checklist before choosing

    Costs to ask about before you open an account

    Before you open an account, ask for the full fee schedule and check the spread and commission for the account type you would use, the overnight and inactivity charges, deposit and withdrawal fees and the currency they are in, currency-conversion charges, and how and when the broker can change its fees. Keep a copy of the schedule you relied on.

Compare brokers on costs

See the records published on traderpublic and compare the terms side by side.

Compare brokers

Glossary

Key terms for costs and fees

Read more
Spread
The gap between the buy and sell price
Commission
A fee charged on each trade
Swap (overnight)
The cost or credit for holding a position overnight
Lot (trade size)
The standard unit of trade size
Margin
The funds set aside to hold a position
Leverage
Using borrowed exposure to control a larger position

Account types explained

Frequently asked questions

Read more
What is the difference between a spread and a commission?

The spread is the gap between the buy and sell price. A commission is a separate fee charged on a trade. Some accounts use one, some use both, depending on the broker's schedule.

Are fees other than trading costs part of the total?

They can be. Overnight, inactivity, deposit, withdrawal and currency-conversion charges may apply in addition to trading costs, depending on the broker's schedule.

Why compare the total cost rather than one figure?

A single advertised figure rarely tells the full story. Spread, commission and other charges combine, and their size depends on the account and how you trade.

Can a broker change its fees?

Yes, a broker can change its fee schedule, so confirm the current charges with the broker before you fund an account.

Where can I find a broker's fees?

In the broker's own fee schedule and account terms. A record here may show non-trading fees with the date they were read, where that was supplied.

Recent articles from the newsroom.

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What our records do not settle

Our broker records carry non-trading fees — deposit and withdrawal charges, and inactivity fees — read from each broker's own schedule on a stated date. They carry no spread or commission figure, so nothing here compares one broker's trading cost against another's.