In my experience analyzing brokers, questions about spreads—especially during volatile market conditions—are central to a trader’s risk management decisions. However, after carefully reviewing KSL’s available details, I was unable to find any transparent information regarding whether they offer fixed or variable spreads. This lack of transparency is already a red flag for me. Even more concerning, KSL operates without any valid regulatory oversight, which means there is no authoritative body ensuring they disclose such critical trading conditions or protect clients from unfair spread manipulation. Whenever I consider a broker, I look for clear and accessible details about spread types. Without this, it’s impossible to estimate trading costs or predict how these costs might spike during significant market events. In my view, the absence of information about how spreads behave—especially under market stress—represents a significant risk. In regulated environments, brokers are at least accountable for unfair spread practices, which is clearly not the case here. So for me, until KSL provides full disclosure on their spread structure and addresses its lack of licensing, I would remain extremely cautious. Predictability and transparency in spreads are essential for my trading, especially during volatile periods where costs and risks must be managed tightly.