All-in cost

Brokers advertise their costs in different ways: one quotes a tight spread plus commission, another a wider spread and no commission, a third quotes "from 0.0 pips" without saying how often that happens. The all-in cost cuts through this by converting everything into one number in your account currency.

The basic sum

For one round-turn trade (open and close) the all-in cost is roughly:

• the spread, converted into money using the pip value;
• plus the commission for both sides of the trade;
• plus any swap if the position is held overnight;
• plus any currency conversion charge if the trade is in a currency other than your account currency.

Worked example

On EUR/USD, one pip on a standard lot is worth 10 US dollars. Take two illustrative accounts:

• Account A: 0.1-pip average spread plus 7 dollars commission per round turn. All-in: 1 dollar plus 7 dollars, or 8 dollars.
• Account B: 1.0-pip average spread, no commission. All-in: 10 dollars.

Account A is cheaper per trade here, but the gap can disappear or reverse if A's spread widens more at the times you trade, or if you hold positions overnight and the swaps differ.

Practical note

Use typical or average spreads, not minimums, and use them for the hours you actually trade. For a monthly picture, multiply the per-trade cost by your usual number of trades and add any recurring fees. The guide on how to compare trading costs walks through the full method.