Formula
| Item | Expression |
|---|---|
| Spread cost (JPY per month) | Spread (pips) × 1,000 JPY × monthly lots |
| Commission (JPY per month) | Round-turn commission (USD) × USD/JPY × monthly lots |
| Effective cost (JPY per month) | Spread cost + commission − cashback (USD) × USD/JPY × monthly lots |
An approximation converted at 1 pip = 1,000 JPY per lot for JPY crosses. One-way commissions are doubled to round turn.
Why line up effective costs by broker
Account types split into those with a narrow spread plus commission and those with no commission but a wider spread. Pips and dollars are hard to compare side by side, so we multiply by monthly lots and convert to yen.
Subtracting cashback can change the ranking of accounts even at the same broker. The more you trade, the larger the difference.
How to read the result
The figures in the table are calculated from the values as of the official check date shown on each broker page. Variable spreads are minimums or averages, so your actual trading cost moves up and down with the time of day.
- "Check official page" means the official page has no numeric value for that account. It is excluded from the calculation and goes to the end when sorting
- Confirmed cashback values will be set as defaults at launch. Until then, use placeholder values to see the trend
- Gold and USD pairs have a different pip value, so read the table as a guide based on JPY crosses
Points to note
Minimum deposits, leverage and bonuses are not included. The account with the lowest cost is not necessarily the right one for you, so also check who each broker suits on the broker pages.