WikiFX

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As an independent trader with a cautious approach, I’ve taken a close look at Shikoku’s fee structure, and in my experience, understanding their charges is vital before engaging with this broker. Shikoku charges a range of commissions depending on the asset class. For domestic stocks, brokerage fees can start from JPY 2,750, scaling up significantly to as much as JPY 275,000. This wide bracket likely depends on transaction size and volume, but the costs are still relatively high compared to what I’ve seen with many international brokers. For foreign stocks, the commissions range between 0.198% and as high as 11% of the transaction’s value, which is substantial on the upper end. Bank transfer fees for funding an account can also vary from JPY 0 to as much as JPY 4,000, and there are additional deposit-related charges, from JPY 550 to JPY 11,000. Forex spreads quoted are in Japanese “sen” – for EUR/USD, it’s noted as 10 to 75 sen, or 0.1 to 0.75 yen, which appears competitive on paper, but it’s important to consider if these are fixed or variable, as the broker does not clarify. One thing that stands out to me is that Shikoku does not offer a demo account, so there’s no way to test the fee structure in a risk-free environment. Furthermore, because the platform doesn’t support MT4 or MT5, the trading environment is different from what most global traders are used to, potentially making it less transparent to compare real costs. Altogether, while Shikoku operates under Japanese FSA oversight and is not unregulated, for me, the fee structure is on the higher side, and the lack of clarity around spreads and some charges means I would proceed very carefully. In my trading, I insist on understanding total costs up front, and I would recommend others do the same when considering Shikoku.