An account type showing the unmarked-up market spread and charging an explicit commission per lot instead of building the fee into the price.
Raw pricing separates the two costs so you can see them. The spread becomes whatever the market is, sometimes 0.0 pips on EUR/USD at peak liquidity, and the broker charges a stated commission, usually per side per lot.
Whether it is cheaper depends on the pair and the hour. Comparison requires converting both structures to one number: total cost per round-trip lot. See commission-vs-spread.
Example: raw account at 0.2 pips plus $3.50 per side is $2 + $7 = $9 per lot round trip. A standard account at 1.1 pips is $11. The raw account saves $2 per lot, or $200 over 100 lots of volume.
Original diagrams for the ideas on this page. Illustrative, not real market data.
The bid-ask spread. Buy orders sit below, sell orders above, and the gap between the best bid (50.01) and best ask (50.04) is the spread you pay to cross. Bar length shows the size resting at each price.
Educational only, not advice. Spotted an error? Post in Site Feedback.