Based on my careful evaluation of the information provided, I was unable to find any specific or transparent details about whether FFA offers fixed or variable spreads. As an experienced trader, the absence of such critical trading conditions is a red flag for me—especially because spread structures play a fundamental role in cost calculation and risk management for any forex strategy. Moreover, the source makes it clear that FFA operates without regulatory oversight, which raises significant concerns regarding transparency and investor protections. From my own experience, I know that regulated brokers are typically required to disclose core trading details, including spread types and how they may be affected during periods of high market volatility or major news releases. In regulated environments, variable spreads often widen dramatically around such events, while fixed spreads may also be re-quoted or subject to slippage. Without FFA providing any clarity on their spread structure, I cannot realistically assess how their pricing behaves under stress. For me, this lack of information—combined with FFA’s unregulated status—makes it difficult to trust their trading conditions. Personally, I would urge any trader to exercise maximum caution and seek greater transparency, as understanding the nature of spreads and their adjustment during volatile periods is crucial for any prudent risk management approach.