Spreads

CMS Forex now 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 make it easier to open and close individual positions closer to your target price. In addition, CMS has reduced the spreads of twelve pairs and added to its roster, ZAR/JPY, USD/ZAR, AUD/NZD, USD/HKD, and GBP/AUD.

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.

Currency Pairs Offered
Reduced spreads are indicated in orange.

EUR/USD 2	AUD/USD 5	EUR/CAD 8	AUD/JPY 6	AUD/NZD 20
USD/JPY 2	USD/CAD 5	EUR/AUD 9	NZD/USD 4	USD/HKD 12
GBP/USD 4	EUR/GBP 4	GBP/CHF 8	CAD/JPY 6	USD/SGD 8
USD/CHF 5	EUR/JPY 4	CHF/JPY 5	NZD/JPY 8	USD/ZAR 200
EUR/CHF 4	GBP/JPY 8	AUD/CAD 8	GBP/AUD 20	ZAR/JPY 6

Fixed Spreads
Our spreads are fixed regardless of market liquidity. Thus, as a CMS client, you always know what to expect when entering and exiting the market. This is especially important if you trade based on fundamental news, at a time when market conditions are volatile or in thinner liquidity such as off-market hours. Unlike CMS, dealers that offer variable spreads may increase their spreads as the volatility of the market changes. These unexpected changes in spread may make it difficult for you to plan your trades and enter or exit the market at your preferred targeted price. Paying a higher spread during these times costs you more money. You can trust CMS Forex to provide you with the liquidity you need to enter the market at a predetermined fixed spread any time of day or night.

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.

Instant Pip Rebate

CMS Forex’s clients receive a 1 pip rebate directly to their trading accounts for every 5 lot trade. This applies to individual positions of 5 or more standard 100K lots where the whole position is opened with one order and closed in whole with a single order. This rebate instantly appears on the account at the moment of closing a position. You can view its details in the account report, in the "Commission/Rebate" column. Above 5 lots, rebates are applied according to the following schedule:

Position Size in Lots	Rebate in Pips
5	1.0
6	1.2
7	1.4
8	1.6
10	2.0

For example, if you open and close ten lots of EUR/USD you will receive a 2 pip rebate, which is equivalent to $20.00 ($10.00 multiplied by 2 pips) for the entire 10 lot round-turn transaction.

The rebate is given in the base currency of your trading account. Please note that this offer is not applicable to mini-lot transactions.