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From my direct experience and detailed research into HSBC’s forex and trading services, it’s important to clarify, first and foremost, that HSBC does not offer ECN or raw spread account types akin to what one finds with typical retail forex brokers. As someone who approaches trading with caution, I always verify the available products before committing any funds. HSBC is primarily a global banking and investment institution. According to their official channels, their trading focus is on shares, trusts, bonds, certain structured products, and gold—forex, commodities, indices, and related derivatives simply aren’t part of their retail offering. When it comes to trading costs, my personal review of their fee structure shows that HSBC positions many of its investment services as commission-free for clients—there’s no indication of a per-lot commission system you’d expect with ECN or raw spread forex accounts elsewhere. Instead, HSBC’s fees tend to be embedded in the form of service charges, potential spreads, or product-specific charges. Their fee schedule can be complex, especially with credit and lending products, but for traditional trading instruments, explicit per-lot commissions aren't listed. For me, this reinforces the need to carefully read all fee disclosures and, if in doubt, consult with HSBC directly before making any trading decisions. In summary, if low per-trade commissions on ECN-style forex accounts are your priority, HSBC likely won’t meet those specialized requirements.