The spread is the difference between the bid and ask price.
Currency pair exchange rates are always quoted in two prices, the bid price and the ask price. The difference between the bid and the ask price is called the spread. You can only buy at a price that someone is willing to sell at (ask) and you can only sell at a price that someone is willing to buy at (bid).
For example, if the bid/ask price of EURUSD is 1.0501/1.0502, the difference between these two prices is the spread, which is the spread cost of your trade if you were to execute a trade. The spread in this example would be 1.0501 - 1.0502 = 0.0001. This is also expressed as 0.1 pips or 1 point.
More Information:
https://oxsecurities.com/trading-accounts/spreads/
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