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From my own experience and based on my research into Shenwan Hongyuan, it’s important to note that this broker is fundamentally different from typical forex providers offering ECN or raw spread accounts. Shenwan Hongyuan mainly facilitates equities and futures trading, not forex, and their published fee structure is tied directly to transactions in these markets rather than per-lot calculations found with ECN forex accounts. Their commission is charged as a percentage of the transaction amount—most notably, for equities the commission ranges from 0.25% to 0.5% with a minimum HK$100 brokerage fee per trade. There is no mention of per-lot commissions, which makes sense given that they don’t advertise standard forex accounts or platforms like MT4/MT5 with ECN or raw spread models. This fee approach is standard for Hong Kong-based securities brokers and reflects the structure of the equities and futures markets rather than spot forex. For me, the absence of true ECN or “raw spread” account types means traders expecting a per-lot commission structure, as is common in forex trading, won’t find that here. Instead, all commissions are based on transaction values. I would urge anyone, especially those transitioning from forex to securities or futures, to carefully review their fee schedule and make sure it aligns with your trading expectations and style. Being regulated by the SFC for futures does provide some assurance, but the exceeded securities license is a red flag requiring extra caution before depositing substantial funds.