Please tell me if my math is correct. EUR future moves at $12.50 per tick which is equivalent to one pip on 125,000 in spot. Assuming 2 pips in and 2 pips out this would amount to $50 spread on spot vs. $4.80 commission and 12.50 in and 12.50 out on the futures contract assuming you give up the spread both ways which you dont neccessarily have to do. 2 pips in and out seems to be giving the benefit of the doubt to most of the forex brokers Ive looked at. . One futures contract margin on EUR at IB is around $1k. Using 20 to 1 margin at a typical forex broker would mean somewhere around 5k for $125,000. You could get the margin down by using 100 to 1 but who wants to do that. All in all the only reason I can see to trading spot is if you are low on funds and want to take advantage of huge leverage. Am I missing something?