The Moneta Markets Ultra ECN account differs substantially from Direct STP and Prime ECN because of its capital requirement and pricing structure. According to Broker Alarab data, spreads range from 0.0–0.2 pips with a recorded average of 0.1 pip, commission is $2 per lot, the minimum deposit is $20,000 and the account uses ECN Execution. We categorize it for professional traders, money managers and larger accounts. From a trading-cost perspective, Ultra ECN has the tightest recorded spread range and lowest commission among the three Moneta accounts in our data. Prime ECN has 0.0–0.3 pip spreads and a $6 per-lot commission, while Ultra has 0.0–0.2 pip spreads and a $2 per-lot commission. That improvement comes with a substantial change in the entry requirement, as the minimum deposit rises from $50 on Prime to $20,000 on Ultra. Ultra ECN should therefore not be viewed simply as a cheaper version of Prime ECN. It serves a different capital segment, consistent with our categorization for professional traders, money managers and larger accounts. A spread starting from 0.0 pips also does not mean an absence of trading costs because a separate commission applies and total cost depends on spread, commission and trading volume.