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Speaking from my perspective as a trader, BullionVault does not operate in the typical forex model with ECN or raw spread accounts, nor do they charge a commission “per lot” as many forex brokers do. Instead, BullionVault focuses on precious metals trading—specifically gold, silver, platinum, and palladium—delivered through their own platform and app. The commission structure is based on a percentage of the value traded, not on lots or contracts. For trades made using their order board, commissions range from a maximum of 0.5% down to 0.05%, depending on the size of the transaction, with incentives for larger trades. Trades executed at BullionVault’s “Daily Price” incur a flat 0.5% commission, plus a 0.3% fee for currency conversions. In my view, this fee model requires careful attention, as the percentage-based structure differs from the fixed per-lot costs that many traders are used to in other markets. Importantly, this also means there are no ECN or raw spread accounts in the conventional sense, and no spread markups are mentioned—just the transparent commission and storage fees. Because BullionVault is unregulated, I’m especially cautious. For me, understanding their unique fee structure and the lack of regulatory protection is essential before committing significant capital.