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Based on my independent evaluation and the information presented about NFS, I cannot confirm that NFS charges commissions per lot on ECN or raw spread account types. In fact, my research indicates that NFS does not operate as a traditional forex or CFD broker offering ECN or raw spread accounts. Instead, NFS appears to function primarily as an investment consultancy, delivering access to equities, unit trusts, investment trusts, capital investment bonds, and ETFs rather than typical spot forex or leveraged trading instruments. From my perspective, this is a substantial distinction. Traders accustomed to standard forex brokerage models that publish transparent commission structures—where it’s common to see a per-lot commission on ECN accounts—should not expect the same structure here. The company does not handle client funds directly, and its disclosures around account types and transaction costs are minimal. This lack of detailed information around typical trading fees is a red flag for me as someone who values transparency. Furthermore, the stated “suspicious scope of business” and “high potential risk” warnings, along with the observation that their regulatory standing is an appointed representative under CYSEC and not a full-scope dealing license, give me pause. For traders seeking straightforward cost disclosures and a more robust forex or CFD trading environment, I would proceed cautiously and seek full clarification from NFS directly before considering account opening or any trading activity.