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Toho Securities employs a commission-based fee structure for its trading services, particularly for domestic stock trading. For smaller contracts, fees start at 1.21% of the total trade value for amounts under JPY 1,000,000, and the fees scale down as the contract amount increases. For example, if you trade more than JPY 30,000,000 worth of stocks, the fee drops to as low as 0.11% + a fixed minimum commission of JPY 177,100. While this fee model can be advantageous for larger trades, smaller traders may find the minimum commission charge of JPY 2,750 to be relatively high, particularly if they plan on making frequent trades with lower volumes. In my view, the tiered pricing system can be an advantage for larger investors, but for those starting with smaller amounts, it could potentially increase the cost of trading significantly. It's important to assess your trading habits and volume before deciding if Toho's fee structure suits your needs.