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From my experience evaluating brokers, I've learned that assessing a firm like Pictet requires careful examination of regulatory standing, services, and transparency. As a well-established Swiss group with over two centuries of history and regulated by the Hong Kong SFC, Pictet appears focused primarily on institutional and high-net-worth clients, providing a wide suite of wealth and asset management services, along with futures contracts trading. However, when it comes to specific trading conditions—such as whether they offer fixed or variable spreads—I've noticed a lack of detailed fee and spread information available publicly. This absence of explicit spread details raises important considerations. In my own approach, clarity around spread types is critical, especially during high-volatility periods, since fixed spreads can provide stability, whereas variable spreads may widen significantly during major news events, affecting execution and trading costs. Without published data on Pictet's spread structure, I would be cautious and recommend directly inquiring with the broker before making any trading commitments, particularly if you are sensitive to execution costs during volatile market conditions. For me, transparency and direct confirmation are essential steps before trusting any firm with live trading, especially in a complex regulatory environment like Hong Kong’s.