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The Journal
THE RENDR JOURNAL

The Journal

What the fees don’t tell you

Fees

The spread: the fee you pay without ever seeing it

The moment you open a position, it is already slightly negative. That is not a bug. It is the spread, a cost built into the price that never shows up as a line on your statement.

The telegraph tape at the restaurant: “moments hot and anxious”, Wall Street, 1873. Frank Leslie’s · Library of Congress · public domain
The telegraph tape at the restaurant: “moments hot and anxious”, Wall Street, 1873. Frank Leslie’s · Library of Congress · public domain
BY The RendR desk

Open any trading platform and every instrument shows two prices. The first, the bid, is what you can sell at. The second, the ask, is what you can buy at. The gap between them has a name every trader knows and almost nobody puts a number on: the spread.Read on →

Fees

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Market history

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The day oil was worth less than nothing

On 20 April 2020, the US oil benchmark settled at −$37.63 a barrel. You were paid to take it. Not because oil had become useless, but because a contract requires delivery and nobody had room left.

1792: the day the commission was born

On 17 May 1792, twenty-four brokers signed a few lines under a tree on Wall Street. They set a minimum commission of one quarter of one percent. Two centuries later, commissions have shrunk, but they never went away.

Black Wednesday: when a fund broke the Bank of England

On 16 September 1992, the Bank of England raised rates twice in a single day to defend the pound. By evening, it had given up. On the other side: a fund that had bet a political promise could not be kept.

Trading basics

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Cashback & copytrading for traders

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