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From my personal experience and analysis, Firstrade operates quite differently from typical forex brokers where fixed or variable spreads are a focal point. Since Firstrade specializes in U.S. equities, ETFs, options, and mutual funds, and doesn't offer forex or CFD trading, the concept of "spreads" as used in the forex market doesn't directly apply. Instead, for stocks and options, pricing is determined by the underlying exchange—the bid-ask spread is inherent to market liquidity and can fluctuate, especially during volatile events or significant news. What stands out about Firstrade is its commission-free model for U.S. stocks, options, ETFs, and mutual funds, eliminating the usual trading fees that some brokers might offset by widening spreads. However, because Firstrade is an unregulated broker—something I always view with caution—there isn't the oversight one might expect to ensure best possible trade execution. In times of heightened volatility, larger bid-ask spreads and less favorable order fills are always a risk, regardless of the broker, but this risk can be magnified when regulatory guarantees are absent. My advice: while Firstrade's cost structure is appealing, always be vigilant about price execution and beware that during major market events, spreads in the underlying instruments can widen, impacting trade outcomes. For me, the lack of regulation requires added diligence and a conservative approach, especially when markets are moving fast.