OnFin runs a genuine ECN model with spreads from 0.0 and a $1 entry, backed by MT4/MT5 and broad Southeast-Asian payment rails. The catch is oversight: it is licensed only by MISA in the Comoros, an offshore regime with limited recourse, and its fee print — inactivity charges and a 13% fee on funds withdrawn without trading — rewards active traders and penalises everyone else.