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Based on my research and direct review of BullionVault’s platform, I found that the typical spread system familiar to forex trading does not directly apply here. BullionVault operates as a precious metals trading venue, allowing users to buy and sell allocated gold, silver, platinum, and palladium, with prices set through order boards. Rather than “fixed” or “variable” spreads as seen in currency brokerages, the costs are essentially embedded within the bid/ask spread that naturally exists in their live marketplace. The platform charges a commission on trades—which ranges from 0.5% for smaller transactions down to 0.05% for very large trades—and does not explicitly control or advertise tightness of spreads. During periods of heightened market volatility, for example around major economic news or geopolitical shifts impacting metals markets, I have personally observed that the bid/ask spread on BullionVault can widen, which is a typical response in any marketplace driven by supply and demand. This is not unique to BullionVault, but it is something I pay close attention to, as intense volatility can temporarily increase the trading cost due to less market depth or more cautious liquidity provision among users. For prudent risk management, I always factor in the possibility of wider effective spread in fast-moving or uncertain conditions. Ultimately, the cost of trading on BullionVault is mostly transparent, but not immune to the liquidity effects of major news or global market disruptions. I recommend all traders remain cautious and review current market conditions before placing large orders, especially around volatile events.