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As someone who prioritizes transparency and cost-efficiency, I’ve found that Firstrade does not charge a commission per lot on what traders might traditionally call “ECN” or raw spread accounts—in fact, Firstrade’s structure is quite distinct. The platform primarily focuses on U.S. stocks, ETFs, options, and mutual funds and does not offer forex trading or the ECN/raw spread model seen in typical forex brokers. Regarding equities and options, I’ve noticed there are no commissions at all, even for options where some brokers add per-contract fees; this is not the case at Firstrade. However, it’s important for me to stress that while the zero-commission structure can be attractive, Firstrade’s offering is not suitable for traders seeking raw spread or ECN-style accounts specifically for forex or similar asset classes. The lack of any account inactivity fees or minimum deposits further reduces entry barriers for equity-focused traders, but the lack of regulatory oversight is a key risk that cannot be ignored. Firstrade is not licensed by major U.S. regulators, and I always view this as a substantial red flag, no matter how competitive the fee schedule appears. Overall, if your trading strategy relies on per-lot pricing or access to raw spreads and forex markets, Firstrade would not meet those requirements. Always evaluate the regulatory framework and business model closely before making any decision involving your capital.