The real price is the (which?) spread, by Michael Stumm.

Unnoticed by many, a quiet revolution has been taking place in the forex market. As recently as five or six years ago, the typical interbank spread on a currency pair such as EUR/USD was five pips and the minimum ticket size was a million units. Today interbank spreads for EUR/USD can be as low as 0.8 pips with tickets as small as 100,000 units. That contraction in spreads is astonishing—especially when you consider that for market makers who don’t charge a commission, the spread is their primary source of income. Not even personal computer prices have come down so far so fast.But the revolution runs deeper: five, six years ago only a small, elite class with proper credit credentials could trade forex, and most of that was done over the phone. Today anyone can open a margin account, make a token deposit, and trade forex over the Internet with very small transaction sizes. And this with spreads on EUR/USD between 1.5 and 3 pips. And this dramatic trend in tightening spreads...continued

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