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Drawing on my experience as a forex trader and reviewing MUFG's offerings, I noticed that their commission-free forex trading structure incorporates trading costs into the spread, but the specific details regarding whether spreads are fixed or variable are not disclosed publicly. This lack of transparency on spread type makes it difficult for me to precisely categorize their pricing model. In my experience, most reputable online brokers—especially those operating under strict regulation like Japan’s FSA, as is the case with MUFG—tend to offer variable spreads, since fixed spreads are generally less common among established, multifaceted financial firms. When it comes to trading during high market volatility or major news releases, my general caution is that variable spreads can widen significantly, regardless of the broker’s size or regulatory standing. Although MUFG is backed by a strong financial group and is regulated, there is no guarantee spreads will remain tight during turbulent periods if they are indeed variable. In fact, even large brokers can see sharp spread expansions in such events. Without explicit information, I always prepare for wider spreads during news releases, and I do not assume that spread conditions will be advantageous just because a broker has a strong reputation. For me, clear disclosure of spread behavior is critical before committing significant capital, especially if my trading style is sensitive to transaction costs.