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Having traded independently for years, I always approach unregulated brokers like HMFS with great caution, especially when it comes to transparency around fees and costs. From my review of HMFS, it’s clear that there is a lack of public information regarding spreads, commissions, or other trading-related fees. The broker does specify that the minimum deposit is PKR 50,000, but beyond this, there’s no mention of withdrawal fees, commissions per trade, or the typical cost structure for clients. For me, this raises several red flags, as reputable brokers usually provide clear details on transaction costs, helping traders make informed decisions and manage risk. Another concern is the absence of internationally recognized trading platforms like MT4 or MT5, which typically have standard fee and spread structures. Instead, HMFS offers its proprietary “Insta Trade” platform, but there are no specifics about what kind of commissions or spreads apply on this system. The lack of a demo account also means I couldn't test or verify these costs firsthand before committing funds, which is another significant drawback for me. Given that there is no regulatory oversight, and the key information on trading fees is missing, I would be extremely conservative before considering any engagement. As someone who prioritizes transparency and risk management, I would urge fellow traders to seek full clarity on all cost aspects and approach any broker lacking this information with significant caution.