Is no commission really free?

Not always, because a provider can advertise no commission and still give you a poor rate. The phrase describes only the visible fee, and says nothing about the margin built into the exchange rate. A provider with zero fees and a weak rate can cost more than one that charges a clear, small fee with a rate close to the mid-market rate. The reliable test is the exact amount you will receive for the amount you hand over, after all charges, compared at the same moment.¹