Which of the following statement is FALSE?

EUR$-$USD spot rate is $1\mathrm{.}1856,$ which means that a trader can purchase one unit of the base currency of USD by paying $1\mathrm{.}1856$ units of the quote currency of EUR.

The bid$-$ask spread covers the bank's cost of conducting foreign exchange transactions.

The more intense the competition, the smaller the spread quoted by banks.

At any given point in time, a bank's bid quote for a foreign currency will be less than its ask quote.