Broker marketing focuses on spreads because they're the smallest number. Your real cost per trade has four parts.
1. Spread
The gap between bid and ask. On a standard lot (100,000 units) of EUR/USD, each pip is roughly C$13–14, so a 0.8-pip spread costs about C$11 per round turn.
2. Commission
Raw accounts charge near-zero spreads plus a fixed commission, commonly around C$7–10 per standard lot round turn. Cheaper than spread-only pricing once you trade size.
3. Swap (overnight financing)
Hold past 5pm New York and you pay (or earn) the interest-rate differential plus a broker markup. On carry-heavy pairs this can exceed the spread within two or three days.
4. Slippage
The difference between your requested and filled price. Invisible in fee schedules, very visible in results — one reason execution quality matters as much as headline pricing.
Related broker reviews
Want to compare your options in more depth? Read our full Axi review (8.8/10) and VT Markets review (9.3/10), or see how they stack up head-to-head in our VT Markets vs Axi comparison.
Compare real pricing
See our full spreads & fees comparison for current typical pricing at all five recommended brokers.