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In my experience evaluating Pi Securities, I found that their fee structure is not tailored around the familiar forex ECN or raw spread commission models. Instead, they primarily serve as a broker for equities, derivatives, and Thai market products, not as a standard forex or multi-asset ECN provider. For those of us used to transparency around commission-per-lot charges or clearly published spreads, I noticed that Pi Securities uses a percentage-based commission model for stock trading. For lower monthly trading volumes, the commission starts at 0.20%, and beyond that threshold, further fees are arranged by private agreement. This lack of detail about tiered costs or clear per-trade commission schedules for higher volume or "premium" accounts concerns me, particularly since transparent cost structures are crucial for risk management and cost predictability. I’ve also been unable to locate any references to Pi Securities offering raw spread or typical ECN accounts, nor does the broker appear to serve as a primary platform for forex trading. For me, this absence of published commission tables for forex-like products means I cannot compare their offering to established, regulated ECN brokers who specify cost-per-lot in detail. Given their unregulated status and unclear fee disclosures, I prefer to exercise caution and would recommend that anyone requiring a traditional ECN, raw spread setup with clear commission-per-lot pricing look elsewhere, or at the very least seek full clarification directly from the broker before committing any funds. This approach minimizes potential misunderstandings and helps preserve capital.