A spread markup is the additional spread a broker adds on top of the raw interbank spread received from liquidity providers. It is the primary revenue source for commission-free account types. For example, if the raw EUR/USD spread from liquidity providers is 0.2 pips, the broker might add a 1.0-pip markup, resulting in a client spread of 1.2 pips. Transparent brokers disclose whether their spreads include a markup.
On a Standard account (no commission), the EUR/USD spread starts from 1.8 pips. Part of this is the raw interbank spread and the rest is the broker’s markup. On a Zero account, spreads start from 0.2 pips and you pay a separate commission per lot.
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