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As an independent trader with years of experience, I always approach new brokers with a deep evaluation of their transparency, particularly when it comes to trading costs like spreads. In my review of PWM Japan Securities, I was unable to find any clear, verifiable details regarding whether they offer fixed or variable spreads. This lack of transparency extends to how their spreads behave during periods of high market volatility, such as around major economic news releases. This is concerning for me because, in my experience, understanding a broker’s spread policy is vital for managing trading costs and risk—especially in volatile conditions where spreads can widen unexpectedly. I rely on brokers to state upfront whether spreads are variable or fixed and to provide recent data or typical ranges. Unfortunately, PWM Japan Securities does not publicly disclose this information, and this opacity makes it challenging to predict trading expenses or prepare for slippage during fast-moving markets. Given this, I would exercise caution. For me, the absence of clear information on spreads and their behavior under stress situations means I cannot confidently plan risk management. I always prefer brokers whose trading conditions are fully documented, so I can make informed decisions and safeguard my capital in volatile environments.