At the highest is the interbank foreign exchange market, which is made up of the biggest commercial banks and securities dealers. Within the interbank market, spreads, which are the distinction between the bid and ask prices, are razor sharp and not known to gamers outside the inside circle. The distinction between the bid and ask costs widens (for instance from zero to 1 pip to 1–2 pips for currencies such as the EUR) as you go down the levels of entry.
