the 3 pips are just an illusion, as soon as you enter into a trade, ACM "individual prices" you, i.e. moves the spread at least 2 pips against you compared to pretty much any external reference feed or even better, another ACM acct holding no position in the same pair! just to be clear, this is not the same as 'shading', which is done at dealer's book level depending on whether the dealer is overall long or short and needs to hedge, this is done at individual client/pair level, independent of the dealer's overall position. i've checked with a couple of mates who also have ACM accts, its pretty clear... reality is 5 pips min... think it'd be worth complaining to the Swiss ACI / Swiss Ombudsman / Fed dpt of Finance... 'individual pricing' is just as blatantly unethical as printing charts, running individual stops etc, this practice needs to be denounced and banned and brokers who entertain it shld be referred to the local regulators for breach of 'fair dealing' practices... not sure ACM will like to be put in the spotlight / get audited by the local authorities / watchdog for 'unfair dealing' type practices... anybody??