GCTSI

About GCTSI Research Group

Mission

The GCTSI Research Group was established to bring independent, data-driven transparency to the cost of trading commodities across global platforms. Our mission is to measure, compare, and publish bid-ask spread data for gold, silver, and crude oil — the three most actively traded commodity instruments in the world — so that traders, researchers, and regulators can make better-informed decisions.

Bid-ask spreads represent a substantial but often hidden cost of trading. Unlike commissions or exchange fees, spreads fluctuate in real time and vary significantly between platforms. Many traders lack access to reliable, cross-platform spread comparisons. GCTSI addresses this gap by publishing a quarterly index that benchmarks spread efficiency across regulated brokers, ECN providers, and crypto-native derivatives exchanges.

We believe that transparency in execution costs benefits the entire market ecosystem. When traders can see which platforms offer the tightest spreads — and under what conditions — competitive pressure drives better pricing for all participants.

Research Lead

Zhan He is the Research Lead of the GCTSI Research Group. He is a PhD Candidate in Business Administration at Universiti Kebangsaan Malaysia (UKM), one of Southeast Asia's leading research universities. His doctoral research focuses on financial market microstructure, with particular emphasis on execution cost analysis in commodity markets and the convergence of traditional finance (TradFi) and crypto-native trading infrastructure.

Prior to his doctoral work, Zhan He contributed to research on cross-border payment efficiency and foreign exchange market structure. His work at GCTSI applies academic rigor to a practical question: how much does it actually cost to trade commodities on different platforms, and how can that cost be measured consistently?

Zhan He oversees all aspects of the GCTSI index, including data collection methodology, platform selection criteria, statistical analysis, and report publication. All GCTSI reports are reviewed for methodological consistency before publication.

Methodology Overview

GCTSI uses a standardized methodology to collect and compare bid-ask spreads across platforms. Spread observations are sourced from ThePriceChart.com, an independent market monitoring platform, and analyzed across typical trading hours and peak-volatility sessions.

The index covers three asset classes (XAUUSD, XAGUSD, USOIL) and nine platforms spanning regulated forex brokers and crypto derivatives exchanges. For a detailed description of the data collection process, calculation methodology, and limitations, see the full Methodology page.

Independence Statement

GCTSI has no commercial relationship with any of the platforms it covers. The research group does not receive compensation, sponsorship, or preferential data access from any broker, exchange, or financial institution included in its reports. Platform rankings are determined solely by observed spread data.

GCTSI does not offer trading advice, broker recommendations, or affiliate referrals. Our reports are intended for informational and research purposes only.

Data Source

All market spread data published by GCTSI is sourced from ThePriceChart.com. ThePriceChart.com is an independent market monitoring platform that tracks real-time bid-ask spreads, funding rates, and price discrepancies across brokers and exchanges. It operates independently of GCTSI and is not affiliated with any of the platforms monitored in our reports.

Why Commodity Spread Transparency Matters

For most retail commodity traders, the bid-ask spread is the single largest cost they pay — yet it receives far less attention than commissions or swap rates, which are prominently disclosed. Spreads are embedded in the price itself: the difference between the price you buy at and the price you could immediately sell at. On a $2,000 gold trade with a 30-pip spread, the hidden cost can exceed $6 before the position has moved a single tick.

This opacity has structural causes. Unlike commissions, which must be disclosed in regulatory documents, spreads are set dynamically by liquidity providers and can widen significantly during low-liquidity periods, news events, or market stress. A broker advertising a "typical spread of 0.15 pips" may routinely quote 0.8 pips during the London open. Without consistent, third-party measurement, traders have no reliable way to verify these claims.

The GCTSI index was designed to provide exactly that verification. By publishing a standardized, quarterly comparison of typical and peak spreads across both traditional forex brokers and crypto-native derivatives platforms, we give traders a consistent benchmark against which to evaluate their current execution costs.

Research Outputs

GCTSI publishes quarterly research reports covering the three most actively traded commodity instruments with significant presence on both TradFi and crypto platforms:

Each quarterly report includes a platform spread efficiency ranking, instrument-level spread data tables (typical spread, peak spread, and interquartile range), a structural analysis comparing CFD and perpetual contract spread behaviour, and a summary of any methodology changes or platform roster updates since the prior quarter.

Reports are published under a Creative Commons Attribution 4.0 International licence. Researchers, journalists, and traders are welcome to cite GCTSI data with attribution. For citation format guidance, see the Methodology page. The most recent publication is the Q1 2026 Global TradFi Spread Report.

Contact

For research enquiries, data questions, or methodology feedback, contact the GCTSI Research Group at research@gctsi.org. We aim to respond to substantive enquiries within five business days.

If you believe a data point in a GCTSI report is incorrect, please include the specific figure, the source you believe to be accurate, and the quarter in question. We investigate all corrections independently and publish errata where warranted.