offer competitive commission rates and better pricing than your bank
100% Commission Free
All currency brokers make their money by buying currency in the wholesale market and selling to customers at a marked up price. The difference between the wholesale price and the customer price is commission.
So “100% Commission Free” is not true
No Payment Fees
This is a little more subtle. The reason that payment fees “appear” to be free, is that the cost of the payment is covered in the mark-up the broker makes on the wholesale price. So, you do in fact pay the payment fees, although without realising it.
So “No Payment Fees” is not true
Better Pricing Than Your Bank
Yes, the majority of brokerages do give better pricing than your bank. But the question you should be asking is “is my pricing consistent?”. However, what you need to be aware of is “cheap pricing” (better than bank) gets you hooked and then over time your broker “widens your prices” hoping you will not notice. A common trick used by many brokers.
So “Better Pricing” may be just a tempter, but be aware when your back is turned