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Based on my personal experience researching and evaluating brokers for my own forex trading, it's important to clarify that Travelex does not operate as a traditional ECN or raw spread broker, nor do they promote accounts with per-lot commissions typical of those models. Instead, Travelex is a regulated market maker, licensed by ASIC in Australia, with a primary focus on currency exchange, travel cards, and travel-related financial services rather than classic online forex trading accounts. When exploring their fee structures, I found that Travelex charges a range of service fees—for example, currency conversion and inactivity fees—but there is no indication of a commission-per-lot arrangement as seen with dedicated ECN or raw spread accounts in the trading world. Their model is more geared toward providing customers with access to global currencies and associated products, rather than catering to active traders who seek tight spreads with transaction-based commissions. Given these facts, for someone like me who prioritizes transparency and cost clarity, it’s critical to recognize the difference between traditional brokers and providers like Travelex. This distinction is especially relevant if you’re expecting trading conditions similar to specialized forex brokers; with Travelex, such offerings simply aren’t in scope. As always, I would recommend thoroughly reviewing a provider's detailed fee schedule and ensuring their product suite actually matches your trading needs before committing any funds.