How every figure is computed and graded.
One formula, four evidence grades, a rule for archiving sources and a refresh cadence. Each is written down here so a figure on any page can be rebuilt from the page.
Mistakes in a figure or in this method go in the corrections log.
- Method version1.0, 15 Oct 2026
- Figures graded todayAll 9 rows of ledger v1
- Grades in useB and C (P when a figure is withheld)
- Refresh cadenceMonthly, third Friday
Grade labels appear in the cost ledger. Every cost figure elsewhere on the site also carries its source and a “data as of” date.
The all-in cost formula
All-in cost is what one round trip costs in spread and commission, per standard lot. It is the only cost the site computes itself.
The $10 pip value holds for USD-quoted pairs such as EUR/USD, which is the pair every computed figure uses. Other instruments, such as gold, appear only as third-party figures with their source named. They are not computed with this formula.
Worked example, EUR/USD, standard lot, round turn
| Account | Avg spread (pips) | Spread cost (× $10) | Round-turn commission | All-in per lot |
|---|---|---|---|---|
| Fusion Markets, Zero | 0.1 | $1.00 | $4.50 | $5.50 |
| IC Markets, cTrader | 0.1 | $1.00 | $6.00 | $7.00 |
| IC Markets, MT5 | 0.1 | $1.00 | $7.00 | $8.00 |
Inputs as of 14 Oct 2026, as shown in the cost study’s worked-example table. The spread is an average over a stated window and the commission comes from the broker’s fee page; sources are named under each table where the figure appears. The homepage table restates the IC Markets totals without showing their inputs, so it labels them “stated”; the study shows the inputs used here.
From per-lot to monthly and annual
From two figures to a comparison
What the figure leaves out
- Swaps and financing for positions held overnight.
- Slippage and requotes, which depend on execution and market conditions.
- Deposit, withdrawal and currency-conversion fees.
- Any account type, platform or time window other than the one named beside the figure.
Evidence grades
A grade says how a figure can be checked, not whether it is good for you. Grade B is the strongest grade in use at launch.
| Grade | Meaning | What it requires | Status |
|---|---|---|---|
| A | QuantKit-measured | QuantKit logged the spread or fill itself, with the method and the raw log published. | Reserved for future use. No figure is graded A. |
| B | Broker-published and archived | The figure comes from the broker’s own page, and a dated copy of that page was archived when it was cited. | In use from ledger v1. |
| C | Third-party test, named and dated | A named third party measured it. The figure shows who, and the dates of the measurement. | In use from ledger v1. |
| P | Pending re-check | The figure is withheld: its basis is not comparable with the others, or it is out of date. The page shows “Pending re-check” and no number. | Not used in ledger v1 (15 Oct 2026). Applies whenever a figure is withheld. |
No figure is pending as of ledger v1 (15 Oct 2026). Until then, Pepperstone, FP Markets, Tickmill and RoboForex were shown as “Pending re-check”, because their September figures used a six-pair average spread, which cannot sit beside a EUR/USD figure.
The archive rule
Sources are archived when they are cited, because fee pages change without notice. A dated copy is saved at the moment a figure is taken from a page.
- A figure can be graded B only if its archived copy exists.
- A figure with no archived copy is graded C if a named third party measured it, and otherwise shown as P.
- The ledger lists the source URL and access date for each row.
Status today. Ledger v1 (15 Oct 2026) grades each figure and lists its source URL and access date. Per-figure links to archived copies are not published yet.
Refresh cadence
- Cost ledgerRe-checked monthly
- Re-check dayThird Friday of the month
- Last re-check15 Oct 2026
- Every tableStates “data as of”
A change caused by an error goes in the corrections log. A change caused by the market moving shows as a new “data as of” date.
Reproduce a figure
- Open the source named under the table.
- Read the EUR/USD average spread in pips and the round-turn commission per standard lot.
- Compute spread × $10 + commission.
- Compare the result with the figure on the page.
If it does not match
Email the page, the figure and your source to [email protected]. A confirmed error is corrected on the page and added to the corrections log with its date and the reason. Figures are never silently edited.