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In my experience as a forex trader, transparency around trading costs—especially commission structures—is absolutely essential for risk-aware decision-making. While assessing NatWest Markets, I sought clarity regarding their commission charges for ECN or raw spread accounts. From the available information, it’s immediately concerning that NatWest Markets does not currently publicize any details about ECN or raw spread account types, nor do they explicitly state their commission-per-lot charges. This lack of transparency is compounded by the fact that NatWest Markets is not overseen by the UK’s Financial Conduct Authority or any other recognized global regulator, which significantly heightens the potential risk when dealing with them. For me, the absence of clear, detailed fee structures—especially relating to industry-standard pricing models like ECN or raw spread accounts—would be a red flag. Typically, reputable ECN brokers make their per-lot commissions very clear so traders can accurately forecast their transaction costs and manage their strategies accordingly. Here, the omission may stem from NatWest Markets' primary focus: their platform appears to cater mainly to general banking and investment services, rather than dedicated forex trading with competitive trading conditions. Given these issues, I would exercise considerable caution, as the inability to independently confirm commission rates or account details makes cost forecasting—and risk control—unacceptably uncertain for me.