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As an experienced forex trader, assessing the total trading costs with any broker is a critical part of my decision-making process, especially for indices like the US100. In my examination of SIBL, a few key risk factors immediately stood out that directly affect my cost analysis and overall confidence. Most notably, SIBL currently has no valid regulatory oversight. This lack of licensing means there's no authoritative framework holding the broker accountable, which for me translates into heightened counterparty and transparency risk. That, in turn, makes it hard to trust any published or purported fee schedules related to spreads, commissions, or swaps. When a broker lacks regulation, advertised trading conditions might not reflect the real costs experienced on live accounts. Typically, brokers will charge through spreads (the difference between the bid and ask), commissions per lot, and overnight swap fees. However, with SIBL’s risk warnings flagged and a reported regulatory index of zero, I simply cannot verify that these costs are transparent, fair, or consistently enforced. There’s also the lingering danger of hidden charges or execution slippage—issues that regulated firms are compelled to minimize. Given these red flags, even if SIBL claims competitive trading costs, I personally would not risk my capital without regulatory assurance. For me, both direct costs (like spreads and commissions) and indirect costs (such as order execution quality and fund security) must be fully transparent and reliably enforced, neither of which I can confidently expect from an unregulated entity. In summary, with SIBL’s structure, any cost estimation would not be trustworthy for trading the US100.