If you submit market orders, you are paying the bid ask spread. It's per share, so it's completely unambiguous. Put it this way: suppose the theoretical value of XYZ is $98.7633 then the best bid will be $98.76 and the best offer will be $98.77. If you submit a market order to buy a 100 lot, you'll be matched at $98.77, paying $0.0067 per share to the market maker, totalling $0.67 for the lot. But, you don't have to do that. You could instead submit a limit order to buy 100 at $98.76. And you'd likely get filled after a fairly short time. So: 1 people CHOOSE to pay the spread. So they must see a benefit. 2 your broker likely charges more in fees. The benefit is quality of fill... you'll get filled instantly at the nbbo in the first case. In the latter case you may not get filled at all... the price may change. These small fluctuations are next to meaningless to a long term investor, but they keep the markets efficient and risk down. There's much less risk to owning a stock when you know you can sell at within a penny of its value at a moment's notice. As for "other efficiencies" occurring at the same time, it's simply false. HFTs shrunk spreads by competing with the specialists, who used to keep the spreads at 25c in many cases. The specialist was unable to compete with 1c spreads -their profits dried up. This isn't theoretical, it's fact. HFTs are also supremely good at arbitrage, to a degree that prices are always very very close to ideal. HFTs are better for your trading than your broker. You seem genuine, unlike many here, so I hope you continue to discuss this.