I’ve been trading with HFM for a few months now, and I realized I don’t really understand what I’m actually paying per trade. The spreads are listed, there are commissions on some accounts, and then GlobeGain rebates show up in my account, but when I add it all together I get confused about whether I’m getting a fair deal or not.
I know the spread is part of the cost, but there’s also the bid-ask difference itself, and some days the spreads widen during news events. I’ve seen people mention “effective cost per trade” before, but I’m not sure how to calculate that or what a reasonable number even looks like.
Does anyone actually track their real cost per lot after rebates are applied? Like, what’s your actual all-in cost on a standard EUR/USD trade? I want to know if HFM with rebates is actually cheaper than what I could get elsewhere, but I need a way to compare apples to apples.
Start tracking three numbers for each trade: the spread when you enter, the commission (if any), and subtract the rebate GlobeGain credits you.
For a standard account on EUR/USD, if you see 1.2 pip spread plus 0.3 pip rebate, your real cost is 0.9 pips per side. Over 100 lots a week, that adds up fast.
The key is consistency. Pull your HFM statement for a month, calculate average spread cost across your trades, subtract average rebate per lot, then divide total cost by total volume. That’s your true cost per lot.
Compare that number directly to another broker’s numbers calculated the same way. Most traders skip this step and just guess.
I started doing this about six months ago and it changed how I think about broker selection.
What I do is track every trade in a spreadsheet: entry price, exit price, spread at entry, commission if any, then the rebate GlobeGain shows me later. The rebate usually posts within a day or two.
For my setup on HFM, my average all-in cost came to about 1.1 pips per round trip on major pairs. That includes the rebate. Without rebates, I was paying closer to 1.8 pips.
The honest part: spreads do widen during news. My costs spiked to 2.5+ pips during high impact events. The rebate still helped, but not enough to offset it completely. That’s when I realized I needed tighter position sizing on news days, not a different broker.
I track this in a simple way - just note the spread when I open a position, then check what rebate I got afterward.
Most of my EUR/USD trades on HFM cost me around 1 to 1.3 pips total after rebates. The commission-free account helps. Your exact number will depend on which account type you’re using.
Since rebates come through after the trade, it takes a few weeks of data before you see the real pattern. But once you have it, you can compare it directly to what other brokers would cost you.
Spread plus commission minus rebate equals real cost.
Just add spread and commission then subtract rebate. Do that for 50 trades and you have your average.
One more thing: make sure you’re comparing the same account type across brokers. An ECN account with commission will look more expensive than a standard spread account until you factor in the rebate and tighter spreads. The calculation method is the same, but don’t compare an ECN account on one broker to a standard account on another and expect the numbers to make sense.
One thing I learned is that rebates change the math significantly. On my old broker without any cashback service, I was paying full spread. Now with HFM and GlobeGain, that same trade costs maybe 30-40% less on quiet market days.
But you have to actually do the math yourself. Don’t just trust that rebates make it worth it - verify it with your own numbers.
A spreadsheet really helps with this. Just three columns: spread, commission, rebate. After twenty trades you’ll see your actual pattern.
Then you can decide if HFM is worth it for you or if another broker makes more sense. Everyone’s answer might be different based on their account type and trading style.
Most people don’t bother calculating this. They just trade and assume it’s fine. That’s why knowing your real cost puts you ahead.