Glossary entry

Mid-market rate

The mid-market rate is the midpoint between the wholesale buying and selling prices of a currency pair, before any provider adds a margin. It is the fairest neutral benchmark because it contains no markup, but most customers cannot transact exactly at it. Different data sources can show slightly different mid-market figures at the same moment, so treat any single figure as a snapshot. A useful habit is to note it when you take a quote and see how far the offered rate sits from it. See also: interbank rate, margin, spread, and the guide Mid-Market Rate vs the Rate You Get.