Bid-ask spread

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The difference between the buying and selling price of a share. A tight spread (e.g. €0.01) is good – you pay little in “hidden” costs. A wide spread costs you money.

The bid-ask spread is the difference between the highest purchase offer (bid) and the lowest sale offer (ask) for a security.

Example: bid: €99.95 | ask: €100.05 | spread: €0.10 (0.1%)

If you buy at the ask and immediately sold at the bid, you'd lose €0.10 per share. So the spread is a hidden transaction cost on top of the order fee.

What does the spread depend on?

• Liquidity: heavily traded shares (Apple, SAP) have tiny spreads (0.01%)
• Trading hours: during Xetra hours (9:00–17:30) spreads are narrowest
• Volatility: in crashes, spreads widen sharply

Tip: have ETF savings plans executed during Xetra trading hours – that way you get the best spreads.

Did you know? The spread on DAX shares on Xetra is typically only 0.01–0.03%. Outside trading hours it can rise to 1–3% – a hidden cost.

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