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Based on my analysis of MUFG, specifically its online brokerage arm Mitsubishi UFJ eSmart Securities (also known as au Kabucom Securities), I found that the approach to commissions differs from many international ECN brokers. Unlike accounts where one pays a separate per-lot commission in addition to the raw spread, au Kabucom Securities incorporates trading costs directly into the spread for forex trading. This means forex transactions are labeled as "commission-free," but the real cost is simply embedded in the bid-ask spread, not presented as a separate, transparent per-lot charge. For me as an experienced trader, this model can make direct cost comparison with typical ECN or raw spread accounts elsewhere more challenging. Transparency is important, and while the all-in spread model is common among some Japanese brokers, it doesn’t offer the explicit separation of spread and commission fees I often see and prefer for precise cost analysis. I also noticed that MUFG's platforms appear self-developed and don’t support MT4 or MT5, which can also influence execution and fee structures. Judging by the current information, there is no per-lot commission charged on forex trading, but traders should still be careful to evaluate the spreads offered, as this is where MUFG embeds its trading costs. This setup may be suitable for certain trading styles, but it is always prudent to analyze actual spread sizes and trading conditions carefully. Ultimately, understanding the full cost structure is crucial before deciding if this model aligns with your own trading needs.