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Based on my assessment of Utsumiya as a potential broker, I was unable to find any transparent information regarding whether they offer fixed or variable spreads. This lack of clarity is notable—most reputable brokers are quite forthcoming about such fundamental aspects, as spreads directly impact trading costs and strategy. I view this absence of detail as a major red flag, particularly for traders like myself who rely on precise spread information, especially during market-moving events. With other brokers, I have generally found that variable spreads widen significantly during periods of high market volatility or major news releases, while fixed spreads, although more predictable, can come with higher baseline costs or hidden conditions. Without knowing Utsumiya’s approach, I cannot properly evaluate risk or consider them as a viable option for live trading. Given that Utsumiya’s license from Japan’s FSA has been revoked and they have not provided essential trading details, I approach them with considerable caution. My experience has taught me that transparency is non-negotiable—if a broker cannot answer simple questions about spread structure or trading conditions, my trust simply isn’t there. For these reasons, I would not risk trading with Utsumiya without clear, regulatory-backed information on core topics like spreads and trade execution during volatile periods.