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From my own examination and research into YAMAGATA as a broker, I found that their fee structure is fundamentally different from the typical commission-per-lot model seen with ECN or raw spread forex accounts. YAMAGATA primarily offers trading in stocks, ETFs, REITs, bonds, futures, and options, not spot forex or commodities. Their commission system is based on transaction size and the specific product traded—for example, domestic stocks and bonds have a minimum fee of 2,750 yen, with calculated fees potentially going higher depending on trade value. For foreign stocks, the same minimum applies but with added costs for foreign transactions. Futures and options similarly involve a minimum fee structure rather than a per-lot commission. In my personal experience, brokers offering ECN or raw spread forex accounts typically quote a fixed fee per lot traded. YAMAGATA, however, does not list ECN or raw spread account types, nor do they provide forex trading outright. Instead, all their trading appears to occur on a conventional brokerage model, where commissions are set per transaction or value bracket. Given YAMAGATA’s licensing under the Japanese FSA and the clarity in their posted fee schedules, I believe their approach reflects conservative, transparent industry practice—important for trust and reliability. For me, this means anyone seeking a commission-per-lot structure typical of ECN forex trading won’t find it at YAMAGATA; instead, fees are calculated per transaction and product. I would advise confirming final charges with the broker before committing further, as care with fee structures is always part of sound risk management in trading.