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As an independent trader with a focus on transparency and risk management, I want to be clear about my approach to evaluating trading costs—especially when considering major brokers like Morgan Stanley. According to current information, Morgan Stanley primarily operates as a market maker and offers a global range of financial services, including sales and trading, but their focus seems to be on institutional and wealth management clients rather than the typical retail forex trader. When it comes to trading indices such as the US100, specifics about direct spreads, commissions, or swap rates for retail accounts are not readily provided through their public details. Given their regulated status under CIRO in Canada, I am confident that the broker adheres to industry compliance and client safety standards, which is a foundational consideration for me. However, the “high potential risk” warning and the lack of clearly published cost structures mean I would approach with extra caution. Costs for an index like the US100 often include spread (the difference between buy and sell prices), commissions per contract traded, and potential overnight financing fees—these can vary significantly by broker and account type. One thing I’ve learned in my own trading journey is the importance of knowing all fee layers up front. The absence of explicit, accessible cost disclosures at Morgan Stanley makes it difficult for me to accurately estimate my total cost per trade compared with platforms catering specifically to retail traders. For anyone considering trading with them, I would strongly advise requesting a full breakdown of all applicable charges in writing—and being prepared for the possibility that their fee structure may not align with lower-cost brokers designed for individuals. Caution and due diligence remain essential.