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From my personal experience and based on the details available, CommSec primarily focuses on equities, ETFs, and options rather than forex, so the usual discussion around fixed or variable spreads does not directly apply as it does with typical forex brokers. Spreads in equities trading often result from the bid-ask prices determined by the underlying market rather than predetermined by the broker. While CommSec acts as a market maker, it is regulated in Australia by ASIC, which generally adds a measure of trust regarding order execution and transparency. During my own trading, I've noticed that with share and options brokers like CommSec, pricing is subject to real-time market dynamics. This means that during periods of significant volatility—such as corporate earnings releases or major economic news—the bid-ask spreads can widen considerably. This is consistent with broader market behavior, where liquidity can become more fragmented and market makers widen spreads to manage their own risk exposure. In my view, trading under these conditions requires extra caution, as transaction costs may unexpectedly increase and slippage becomes more likely. Because CommSec does not advertise or fix spreads and charges commissions or per-trade fees, it is essential for me to monitor live quotes carefully during fast markets. In summary, for traders used to forex-style spread structures, CommSec’s model is squarely market-driven, and volatility will typically mean wider and less predictable spreads. This reality underscores the need for vigilance and conservative position sizing whenever news or events could impact market liquidity.