About — Michael Stevens

Compares ECN, raw, and standard accounts across brokers using verified spread data and commission breakdowns.

Editorial approach

Analysis grounded in primary sources, public regulation, and verification. Continuous editing — when underlying data changes, articles are updated and the date reflects the change.

Contact

For corrections, editorial questions, or coverage suggestions, write to michael@lowspreadbroker.com.

Recent Articles by Michael Stevens

• The $200M Credit Line and the 0.1-Pip Spread
  Ripple committed $200M to Hidden Road
• The Spread Math Behind Risk-On FX Sessions
  Pro account spreads compress during risk-on European sessions. Standard retail accounts pay a markup floor that does not move. We ran the arithmetic.
• ESMA August 2018 Leverage Cap Retail FX Framework Impact Reconstruction
  ESMA leverage cap August 2018 reconstruction — EU retail FX framework reform, spread implications, 8-year post-reform trajectory.
• BlackBull Partners CPA up to $1,000 IB Program 2026
  BlackBull Partners CPA $1,000 2026 — IB program tiered commission scaling framework analyzed for forex affiliates.
• SNB Unpeg January 15 2015 — Spread Crisis Broker Failures Reconstruction
  SNB unpeg January 15 2015 spread crisis reconstruction — EUR/CHF spread crisis, Alpari UK FXCM broker failures, 11-year retail FX risk lessons.
• Spread Compression Decade 2016-2026 — Retail FX Cost Structure Evolution
  Spread compression decade 2016-2026 — sub-pip major-pair reality, liquidity provider evolution, 10-year retail FX cost trajectory.
• XTX Markets Citadel Securities — Non-Bank Liquidity Providers Rise
  XTX Markets Citadel Securities non-bank liquidity providers — FX market structure disruption, multi-decade spread compression driver analysis.
• Black Wednesday September 16 1992 — Spread Crisis Reconstruction
  Black Wednesday September 16 1992 reconstruction — GBP ERM exit, spread vacuum dynamics, lessons for modern spread crisis events.
• AI Execution Algorithms Retail FX 2020-2026 — Evolution Reconstruction
  AI execution algorithms retail FX 2020-2026 — smart order routing, liquidity aggregation evolution, 6-year algorithmic execution trajectory.
• Plaza Accord 1985 Spread Effect — Coordinated Intervention FX Cost Impact
  Plaza Accord 1985 spread effect — coordinated intervention FX cost impact, multi-year spread dynamics, 40-year retail FX cost trajectory.
• Crypto FX Spread Framework 2017-2026 — BTC ETH Execution Evolution
  Crypto FX spread framework 2017-2026 — BTC ETH execution evolution, spread compression, 9-year crypto FX cost structure reconstruction.
• Gold XAU/USD Spread 2026
  Gold XAU/USD spreads at retail forex brokers in 2026 range from 0.10-0.40 cents at top ECN brokers during peak liquidity. London Fix and COMEX hours matter substantially. Here is t