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Spreads

The spread is the difference between the Bid and the Ask price of a given currency pair. The Ask is the price you pay to buy and the Bid is the price at which you sell a currency pair. CMS Forex charges no commissions, and as a market maker may make some of its revenue from the Bid/Ask spread. CMS Forex offers 2 Pip fixed spreads on EUR/USD and USD/JPY , our most popular currency pairs.* Competitive spreads lower your transaction costs per trade and may make it easier to open and close individual positions closer to your target price.

On March 8, 2009, CMS Forex began offering variable spreads on certain non-major currency pairs. CMS Forex strives to provide our customers with the most competitive trading terms and the best trading environment we can offer. In fact, most of the pairs affected by this change in spread start at a variable price below the level at which they were fixed, enabling our clients to potentially trade at an even better spread than what was offered before.

Currency Pairs offered as of January 26, 2010

Currency Pair	Fixed Spread*	Variable Spread (as low as)
AUD/CAD		4.5
AUD/CHF		5
AUD/JPY		3.2
AUD/NZD		7.3
AUD/USD	5
CAD/JPY		3.3
CHF/JPY		2.5
EUR/AUD		4.5
EUR/CAD		4.5
EUR/CHF		2.5
EUR/DKK		3
EUR/GBP		2.2
EUR/JPY		2.4
EUR/NOK		60
EUR/NZD		15
EUR/PLN		180
EUR/SEK		60
EUR/TRY		25
EUR/USD	2
GBP/AUD		6.5
GBP/CAD		12
GBP/CHF		4.9
GBP/JPY		4.3
GBP/NZD		15
GBP/USD		2.5
NZD/JPY		4.9
NZD/USD	4
USD/CAD	5
USD/CHF		2.9
USD/DKK		10
USD/HKD		5
USD/JPY	2
USD/MXN		60
USD/NOK		50
USD/PLN		20
USD/SEK		50
USD/SGD		4.3
USD/TRY		15
USD/ZAR		75
ZAR/JPY		2.5

CMS Forex’s Competitive Spreads

CMS Forex works hard to provide our clients with the lowest possible trading costs, appropriate to current market conditions. Though some dealers may offer lower spreads than CMS, we advise you use caution and consider all the factors before choosing a Forex dealer. As many Forex dealers make a part of their revenue from the Bid/Ask spread, dealers that have a lower spread may offer poor quality of execution by aggressively re-quoting or slipping clients' orders, thus making it difficult for you to enter the market at the price of your choice. Some services offer lower spreads yet charge commissions on trades or levy hidden fees, thus often increasing rather then decreasing the total cost of execution.

At CMS Forex, we pride ourselves in providing low spreads coupled with quality execution.

†CMS is compensated through the Bid/Ask spread.

‡For qualifying accounts only.

*Under extreme market conditions, CMS Forex reserves the right to modify its spreads.