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Based on my experience and careful review of Dhan as a trading platform, I was unable to find any transparent or detailed information regarding whether Dhan offers fixed or variable spreads. This lack of clarity is, in itself, concerning from a risk management perspective. As a trader, I rely heavily on knowing the structure of trading costs, especially spreads, and how they might behave during periods of heightened volatility or during economic news releases. In regulated environments, brokers usually disclose whether their spreads are fixed or variable, and provide insight into possible widenings during volatile market conditions. However, Dhan operates without regulatory oversight, which means there are no external safeguards or requirements for them to disclose key cost structures. Without firsthand disclosure, I cannot verify how their spreads behave during major news events or in fast-moving markets. In my experience with other platforms, unregulated brokers can sometimes significantly widen spreads when volatility surges, which materially affects trading outcomes. The absence of well-known platforms like MT4/MT5 or a demo account further restricts my ability to test and observe their spread dynamics in real time. Given these factors, I would approach Dhan with a high degree of caution, especially when considering active trading strategies dependent on consistent or predictable spread behavior. For me, trading with a provider that offers full transparency and operates under recognized regulatory frameworks is essential, particularly when spread widening can have such a direct impact on trading results.