Zero fees is a claim worth testing, because it is easy to say and harder to deliver. A genuine no-fee arrangement means the rate on the page is the rate that arrives in your account.
What the claim should cover
Zero fees ought to cover processing and admin, registry and transfer costs, portal or subscription charges, early settlement and resubmission. If any of those can appear on a remittance, the trader is not truly no-fee.
How traders make money without fees
A trader buys at a rate and sells at the market price. The difference is their margin, which has to cover registry work, compliance checking, risk and staff. A no-fee trader puts that margin in the rate. That is a fair model if the rate is competitive and published. It is not a good model if the rate is hidden, floats after lodgement or is cut after you sign up.
A three-step test
- Read the contract. Look for any deduction, levy or charge that could be added to the rate.
- Run one claim. Compare the rate quoted with the amount paid.
- Check the lock. Confirm when the rate is fixed. A zero-fee rate that moves between lodgement and payment is not a fixed price.
What a fair margin looks like
A trader needs to cover registry work, compliance staff and price risk, so a rate that is a little below spot is normal. What you want is a rate that is published, current and fixed on lodgement, so you can see exactly what the margin is on any day by comparing it with the market.
What this means for installers
We charge no processing, admin, registry or subscription fees, and the rate is published daily and locked on lodgement of a complete claim. The pricing page shows today’s rate. For how fees work generally see STC trader fees. If you want to compare, the switch page shows what changes when you move, and how it works walks through our settlement steps. The STC trading pillar covers how the market works.