Can someone out there tell me why Oanda's BID price is always 1 PIP higher than the last trade price in the Market? I noticed this both on USD/JPY and EUR/USD...the lowest spreads that the BID is always 1 PIP higher the last and the ask is 2 to 4 PIPs higher than the last trade. I am still trying to decide if this is better or worse as a client to have? In comparison, Gain Capital shows the BID/ASK bracketing around the last price - what I would expect. - Anyone help to understand this? - What about other firms - do they bracket the last price (Bid lower than last price and Ask Higher than last price) OR do they do what Oanda does and put both Bid and Ask above the last price? Feedback please!