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A financial Spread betting and CFD trading firm, Spreadex provides access to over 10,000 global markets. SpreadEx offers attractive margin rates with traders choosing between financial spread betting or sports spread betting.
Know the Spreadex advantage by reading this comprehensive broker review.
SpreadEx Background & Safety
An England-based firm, SpreadEx was founded by Jonathan Hufford, former City Dealer, in 1999. Spreadex is a market-leading brand in spread betting capped by its rich company history in the financial sector.
It was listed in the Sunday Times PriceWaterhouseCoopers Profit Track 100 (a rundown of UK’s top 100 most profitable companies) for three consecutive years. In 2006, Spreadex introduced an online sports betting service which followed by introducing a financial online trading platform.
Another feat Spreadex takes pride in is its winning legacy and international recognitions – being named best spread betting firm for customer service five times in the Investment Trends UK, CFD, FX, and Spread Betting Report. Also, Spreadex has been voted as Best Spread Betting Firm of 2020, 2018, 2016at the City of London Wealth Management Awards, 2019 at the Good Money Guide Awards, 2017 at the EGR Operator Awards, and 2011 and 2009 at the Money AM Awards.
As of date, Spreadex has over 60, 000 active account users who spread bet on thousands of financial markets including shares, forex, indices, commodities, bonds, options, cryptocurrencies, ETFs (Exchange Traded Funds), and interest rates. They also enable CFDs trading on the same trading account.
Looking at the firm’s regulatory track, Spreadex is regulated by the Financial Conduct Authority (FCA), a reputable financial regulating institution in the world. FCA mandates its members to hold a segregated account for the safekeeping of client funds. With a proven and stable track record, Spreadex is listed in the Financial Times Europe’s fastest growing 1000 list.
Spreadex Features & Fees
Spreadex covers quite a range of financial markets with over ten thousand financial instruments in its basketful of assets including indices (30+), shares (from 15 different countries), forex (over 60 currency pairs), commodities, bonds and interest rates, options, cryptocurrencies, and ETFs ( over 200).
Unlike many brokers offering multiple account types to traders, Spreadex only offers one live account type which empowers its account holders to access both Spread Betting and CFD trading products. Spread betting provides traders with over 1,000 tradable assets without any required initial deposit amount and joining fees or obligation to trade right away. The account holder decides on the trading amount to start trading with.
Spreads and CFDs have leverages which mean traders can trade on a margin that starts for as low as 0.5% for stock indices. More so, Spreadex offers variable spreads and zero commission fees for spread betting. For CFDs, spreads, swaps, and commission fees all apply to equities.
Unfortunately, Spreadex does not offer a Demo Account for traders who would want to have a feel of the trading environment and platform of the broker before trading live. This means a lot especially to new traders and for some who are particular to the trading environment the broker provides.
To open a live account with Spreadex, the trader simply needs to fill in the online registration form available on the broker’s official site. The first part of the registration entails providing the basic personal information of the client including name, email, username, password, and country of residence. Successfully completing the first part, the account user will be directed to the broker’s live trading platform interface.
To activate trading, the user will have to undergo a five-step registration process and sign the application form along with verification details and documents.
In terms of payment options, Spreadex accepts various payment options including debit/credit cards, online bank transfer, wire transfer, and Skrill.
When depositing via UK debit cards, or bank transfer, the broker does not charge deposit fees. However, credit card deposits incur a 2% deposit fee while non-sterling card transactions incur a 2.5% fee.
Payments via e-wallets are not accepted by Spreadex. $50 is the minimum withdrawal amount for any mode of payment accepted by the broker.
Spreadex Trading Platforms & Tools
Spreadex offers a breath of fresh air by sporting its own proprietary platform. It has versions for web, iPad, iPhone, and Android devices.
Spreadex’s platform is fully customizable and features advanced charting tools with Pattern Recognition and Pro Trend lines, advanced order types, and price alerts via text, push, or email.
The broker also hosts an array of contributive trading tools including Pulse, its notification system updating you with quotes in stocks and other financial markets. When it comes to education, Spreadex has a number of resources for traders including tips, interviews, OddsChecker, Market updates, charting guides, trade examples, economic calendars, and indicator explanations.
Spreadex has several advantages and drawbacks. On the good side, the broker offers a wide selection of financial instruments, has a modern proprietary platform, no minimum initial deposit, and has advanced charting and trading tools.
On the flip side, the broker does not offer the MetaTrader platform, (hence, the absence of Expert Advisors for automated trading), a Demo account, and live chat services. Moreover, the broker only accepts limited payment options and does not cater to US clients.