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As an experienced trader who prioritizes regulatory oversight and fee transparency, I took a close look at Hicend to see how their cost structure compares to industry norms. Hicend is indeed regulated under a futures license in China and has operated for more than five years, which signals a certain level of legitimacy. However, one thing that stands out for me is that Hicend does not provide clear, detailed information about specific account types—such as ECN or raw spread accounts—that are common in forex trading. In fact, Hicend’s focus appears to be on futures, metals, energy, and chemical trading rather than standard forex pairs, and there’s no mention of forex or ECN account structures. What is clearly stated is that Hicend charges application fees and handling fees when trading. Based on my experience, “handling fees” in the context of futures typically function similarly to commissions—a cost per contract traded, rather than a per-lot commission structure as seen with ECN/forex brokers. Without explicit details from Hicend regarding per-lot commissions or spreads, I cannot confirm the presence of a per-lot commission typically associated with ECN or raw spread accounts. Given the lack of direct information, I advise approaching Hicend with caution regarding fee expectations. If transparent, predictable commissions per lot are essential for your strategy, it may be wise to seek additional clarification from their customer service and compare with brokers that outline their fee structure more explicitly. For me, clarity in costs is crucial for consistent risk management, and I do not proceed lightly with brokers that leave such questions open.