Exness Trading Costs — Which Column Multiplies and Which Adds (Nigeria)

Cost per round trip (1 standard lot)

On the Standard account measured here there is no per-lot commission — the spread is the whole round-trip cost. Break-even = how far price has to move in the trade’s favour before it is profitable. Cost vs daily range compares that to what the instrument typically moves in a day.

For scale: the EUR/USD spread of 0.8 pips is about 1.9% of its average daily range — the market typically moves 53× the cost of entering it in a single day.

Where the cost comes from

The Standard account charges no commission, so its fee lives inside the spread. Comparing the measured spread with an independent interbank reference feed over the same London–New York hours shows how much of each spread is the broker’s margin — and a negative number means the measured spread was tighter than the reference.

Both feeds compared over identical UTC hours, normalized to absolute price — pip definitions differ between feeds. Indicative; refreshed on a schedule.

Costs when a position is held overnight

Overnight swap is added on top of the spread — always on the side shown, at the measured rate per night (five nights include one triple-swap day; energies have no triple day and charge once per night). Full per-night rates for every instrument are on the swap rates page; swap-free account options are covered on the Islamic account page.

From a distance in pips to an amount in money

A spread is a distance between two prices, not an amount. Turning it into money takes one multiplication by the value of one pip for the instrument, which comes from the contract specification rather than from the market, and a second multiplication by the volume traded. Only after both does the figure belong in the same column as anything else stated in currency.

The two multipliers behave differently. Pip value is a property of the instrument and the account currency and does not move with price; volume is chosen. That is why the tables here state the amount for one standard lot: the per-lot figure isolates the part that belongs to the instrument and leaves the part under the trader's control to a single multiplication at the end.

The round-trip framing follows the same rule. Getting in and back out crosses the distance once, so the round-trip amount is not the entry amount doubled — on the account measured here the spread carries the whole charge and there is no separate per-lot term to add beside it.

Amounts, distances and shares never mix

The columns are of three kinds. Amounts add: the cost of getting in and out plus the charge for holding through the night gives a larger amount. A share does not add to an amount, so the column comparing cost against the daily range is a division of one by the other; it answers how large the cost is next to typical movement, not how much is owed.

Break-even is a distance, which is a third kind again. It is stated in the same unit as the spread because it is the same term read from the other end: price has to recover that far before a position is level. Adding it to a money column counts the spread twice, since the two are one term written in two units.

Keeping the kinds apart is the difference between a total that reconciles and one that does not. Sum the amount columns, use the share column for scale, read break-even as a distance, and every figure on the page has exactly one place in the arithmetic.

Where the nights change the shape of the sum

Holding a position past the daily rollover adds a term the intraday figure does not contain. It is stated per night and per lot, so it carries two multipliers of its own, and it carries a sign: one side of an instrument pays and the other may not. A multi-night figure is therefore not the single-night figure multiplied by the count of nights in the general case.

The rolled charge is the clearest example. Five nights in a row include one day charged at triple weight for most instrument classes, so the five-night column sits above five times the one-night column. Energy instruments follow a different convention and charge once per night, which is why their column scales cleanly while others do not.

Per-night rates for every instrument sit on the swap rates page, and account variants without an overnight term are covered on the Islamic account page. Here the nights are one addend among several, shown after the term they are added to.

The display step and the arithmetic behind it

Every money column is printed to the minor unit and every distance column to the tick of the instrument. Those are display steps, not the precision of the calculation: the pip value used in the multiplication carries more digits than the column prints, and the product is cut once, at the end, for reading.

The effect shows when a figure is rebuilt from the printed columns. Multiplying a printed distance by a printed pip value reproduces the printed total for most rows and lands one step away for the instruments whose pip value has many digits behind it. That gap is the cut, not a disagreement.

Cross-checking is still worth doing in that order — distance, then value, then volume — and comparing against the column. When the mismatch is wider than one display step it is a missing term rather than a rounding step, and the missing term is usually the nights.

Assemble the figure for a position of your own size

1. Take the distance for the instrument from its row, in pips or points exactly as printed.
2. Multiply it by the value of one pip or point per lot shown in the same row.
3. Read the product as the cost of one standard lot in and out, with no second crossing added to it.
4. Multiply by your own volume in lots to leave the per-lot frame behind.
5. Add the overnight term once for each night held, on the side the row marks as the costlier one.
6. Apply the rolled-day convention for the instrument class before totalling anything held over several nights.
7. Use the share-of-range column only to judge how large the total is, never as another amount to add into it.

Every figure on this page is measured on a live account and refreshes on a schedule; the sequence above is what turns a per-lot amount into a per-position one, and it holds whatever the measurements say.

What kind of term each column is

Only the rows marked as amounts belong inside a sum.

Multipliers between a per-lot figure and a position

Structural steps only; the measured values they act on are the ones printed in the tables above.

Related Exness pages