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As part of what it says is its ongoing crusade to improve transparency Forex and broker FXCM has launched its Effective Spread Widget. It shows the quoted spread for its top FX alongside the spread at which trades were filled – also called the effective spread – the difference is displayed in a tablet key.
“What matters to traders is not what rate a broker quotes them but at what rate the broker fills them” said Brendan Callan, CEO of FXCM Group. “Many brokers will advertise tight spreads to entice traders in but through slippage and skewing, the trader often unknowingly pays a considerably higher Effective Spread. Choose your broker based on their Effective Spread, not their quoted spread.”
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Tom Cropper is a financial journalist with work which has appeared in titles such as the Guardian, Euromoney and many others.