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In my experience as an independent forex trader, I found that Phillip Securities Group does not follow the typical industry model of ECN or raw spread accounts with a fixed commission per lot structure. Instead, their model—at least for forex and broader product trading—features tailored commission and fee schedules depending on the specific financial instrument and market. For example, on their platform, trading commissions for products like Hong Kong and US stocks are charged per trade or per share, not per lot as seen with many ECN brokers. The documentation outlines their commissions for various instruments with specific minimums and rates, such as percentage-based fees on HK stocks or a set amount per share for US equities. I did not find any reference to standardized ECN or raw spread account types where commission per lot would apply, nor did I see a transparent, flat rate geared specifically for FX traders seeking the tightest possible spreads in exchange for a per-lot commission—an arrangement I typically look for in pure ECN forex brokers. Phillip Securities Group operates under Hong Kong SFC regulation and provides a broad multi-asset service rather than a specialized, commission-driven ECN forex offering. For me, this means anyone considering them primarily for forex trading on an ECN model should approach with caution and carefully review the fee schedule directly, since their cost structure might not match what’s common for pure-play FX providers.