0.0 Spreads With TMGM, TradeProofer Verified
Tradeproofer has verified 0.0 spreads across AUDUSD, CADCHF, CADJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, XAGUSD, US2000, WTI, and XAUUSD. for TMGM Raw Account. TMGM offers some of the most competitive spreads, with spreads from 0.0 pips.
What Is The Spread, And Why Is It Important?
The spread is the difference between the ask price (price the trader buys at) and the bid price (price the trader sells at). The spread exists for a number of reasons. The first reason is that the forex broker needs to make a profit, so they charge a spread, and the second is that they need time to execute the traders order into the market. The spread acts as a buffer if price starts to change before they are able to execute the order.
Wide spreads can end up costing a lot of money. 1 pip of the EURUSD is roughly equivalent to $10 USD on one standard contract. Some brokers have spreads as wide as 2 pips on the EURUSD!
Let's take a look at TMGM spreads against their competitors. Below you can see last months raw spread rankings!