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Based on what I’ve gathered about T&D, this broker focuses primarily on regulated investment management services in Japan, holding a Retail Forex License under the supervision of the FSA. While detailed information about their specific spread types—whether fixed or variable—is not directly outlined, my experience tells me that reputable, FSA-regulated Japanese brokers generally employ variable spreads, especially when institutional investment and asset management are at the core of their offering, as is the case with T&D. In my own trading, I’ve found that variable spreads, which tend to be the standard among such regulated entities, can widen considerably during times of high market volatility, such as during major news releases. This is because liquidity providers and brokers need to protect themselves against sudden price swings and decreased market liquidity. Fixed spreads are far less common at this level of traditional asset management, and if offered, are often accompanied by other trade-offs like wider baseline pricing or additional commissions. For me, the key point is that, while FSA regulation does offer a degree of oversight and safety, it doesn’t insulate clients from the normal market risks—spreads can and often do become much wider when volatility spikes. I always approach trading around scheduled news events conservatively to avoid unexpected costs. If low or consistent spreads are critical to my strategy, I usually confirm these details directly with the broker before committing significant capital. This is especially important, since a lack of clear disclosure on spread type could impact both my trading costs and execution reliability during fast-moving market conditions.