Spreadex Review and Tutorial 2020
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The Spreadex Ltd company facilitates trading in Forex, CFDs, binary options, and spread betting. But whether it’s sports spread betting or financials you’re interested in, all traders benefit from the same high-quality trading platform and excellent customer service. However, this review of Spreadex will examine both the pros and the cons, including accounts, mobile apps, and more.
A Brief History
Spreadex hit the online spread betting scene in 1999. Originally the head office location was Dunstable, Bedfordshire. However in February of 2008, the owners shifted the central office address to St Albans, Hertfordshire.
In 2006 the UK-based limited company launched an online spread betting service, which was swiftly followed by their financial trading platform. By the time May 2010 rolled around, Spreadex had also brought out a fixed-odds sports betting service. This allowed users to place bets in both fractional and decimal formats.
In 2011, Spreadex introduced a live online casino featuring a dealer service and a range of games, including:
- Instant win
- Video poker
In March 2012, the company consolidated the client database of financial spread betting company ShortsandLong.com. 2013 was then another big year for Spreadex as they ushered in their ‘Speed Markets’. This allowed clients to place fixed risk bets on financial markets.
In recent years, annual reports have shown a strengthening of investor relations and a boost in profits. In fact, Spreadex turnover jumped from ￡40.5 million in May 2015 to ￡50.3 million in 2016. Unsurprisingly an increase in dividends has led to relatively content shareholders.
The managing director and senior leadership team have also aimed for success offline too. So the company advertises and operates a fixed odds spread betting pitch at Kempton Park Racecourse.
Those at the top of the Spreadex ownership have also been careful with sponsorship deals. As a result, they have reached agreements with Armed Forces charities, the Responsible Gambling Trust, and Cancer Research. All of which aim to demonstrate and promote some of their core values, including ethical dealings.
One of the most impressive aspects of the Spreadex offering is their extensive list of products and instruments. In fact, traders can speculate on over 50 FX pairs and have access to over 15,000 instruments, including options, shares, interest rates, bonds, ETFs, commodities, such as oil and cryptocurrency, such as Bitcoin.
Customer reviews are also quick to praise Spreadex for promising among the most comprehensive AIM stock selection, including small caps down to market caps of ￡1 million.
The company also applies their concept of spread betting to sports events. This means consumers can speculate on all of the following:
- Horse racing
- Rugby League & Union
- Football Supremacy betting
- NFL Super Challenge leaderboard
Users can also take positions on politics, such as UK general elections.
Note you can access all of the above trading options from a single trading account.
Minimum Initial Deposit
Opening a live account with Spreadex requires just a ￡1 minimum deposit. The minimum bet/trade size is then just 10p. As user reviews demonstrate, this makes Spreadex an attractive proposition to traders with limited initial capital.
Spreads & Commissions
Spreadex makes their money by taking a fee from the spread (the difference between the buy and sell price). The results of comparisons with competitors show minimum spreads are relatively attractive. For example, you can trade on the EUR/USD from 0.6 pips, while the industry average is around 0.82 pips.
See their full website for a comprehensive breakdown of minimum spreads. There you will also find details on maximum daily payouts.
Spreadex offers up to 200x leverage. Used correctly, trading on margin could help you capitalise on market opportunities. But while Spreadex’s margins and rates are competitive, leveraged trading comes with significant risks. In fact, if you’re not careful, you could lose more than your initial deposit and quickly end up in debt.
Note you may be able to amend your credit limit by contacting customer support.
Other Trading Fees
You will incur rollover charges based on your position size. However, one distinct positive this review found was that Spreadex does not charge any inactivity fees, unlike many competitors.
Promotions & Offers
Prospective clients should also consider new account welcome offers and promotions. One attractive sign-up bonus for Spreadex financial traders is a 5% bonus on UK 100 winnings.
The company also has an attractive free iPad mini joining offer. If you meet minimum staking requirements, you could get your hands on a brand new iPad. The firm has also been known to run an Apple Watch Sports deal.
There are also other sign up bonuses to consider, such as risk-free bet offers. In addition, the firm sometimes co-ordinates a refer a friend scheme where you can enjoy up to a ￡100 Speed Market bet.
Used correctly, all of the above may help bolster your initial capital and enhance your potential salary. However, Spreadex promotions change over time. So keep an eye on their official website to see what’s currently on offer.
Spreadex Trading Platform
You can download the Spreadex trading platform or you can view it as a web-based browser. Once you log in, you are met with a clean and intuitive platform. One of the main highlights, however, is the high levels of customisability. You can view data in a format that makes for comfortable trading.
You also have one-click trading and straightforward access to edit orders. Another useful feature is their Price Alert service. This allows you to set up text or email notifications for when prices reach certain levels.
The CEO has also made an effort to ensure the platform provides a comprehensive offering. As a result, you get a succinct newsfeed and easy-to-digest financial results.
Spreadex.com reviews also praise the training offering. Tutorials come in the form of a user-friendly video training centre. This is ideal for new traders who want to get to grips with guaranteed stop-losses, for example.
A few other key trading tools include:
- Force Open Positions – You can go long and short at the same time by selecting ‘Force Open’ on your trade ticket.
- Price Improvements – Spreadex takes their prices from a range of resources. But most importantly, if price shifts once you click to trade, you will not be filled at a worse level.
- Fast Execution Speed – Platform execution speed is essential as an intraday trader, where every second counts. Fortunately, Spreadex was named the Best for Efficient of Taking Trades in the Investment Trends UK Leveraged Trading Awards.
So, is Spreadex any good in terms of their trading platform? Customer reviews answer that question with a resounding yes.
Note Spreadex is not a white label.
Both financial and sports trading reviews are positive in terms of the mobile app offering. Consumers can download and access a website-based app for Android, iPhone and Blackberry users. The mobile site is very similar to the desktop site.
As a result, features include:
- Depositing funds
- Creating watch lists
- Accessing trade history
- Adding or editing orders or limits
- Monitoring and editing numerous trade types
Both their mobile sports and financial offering also includes access to their advanced charting suite. Their proprietary charts include intelligent features, such as:
- Automated trend lines
- Pinching to zoom in and out
- Over 10 years of historical data
- Candlestick pattern recognition
- Capabilities to save and edit templates
- A long list of editable technical indicators
- High, low and change percentage is shown for today’s trading day
Overall, placing rolling trades and any other orders is simple and stress-free on Spreadex mobile apps.
Methods of Payment
There are a number of Spreadex payment options. Deposit methods include:
- Debit & credit cards
- Online bank transfer
- Wire transfer
There are no charges for funding your account via a UK debit card or bank transfer. However, you will incur a 2% administration fee for credit card payments. In addition, CHAPS same-day transfers incur a ￡25 charge. Finally, a 2.5% fee is in place on all non-sterling card transactions.
Note Spreadex does not accept deposits from E-wallets, such as Neteller. It may also take some time to check bank details initially.
Direct withdrawal times range from two business days for bank transfers to up to five days for debit cards. The minimum withdrawal amount is ￡50 and you can make multiple withdrawals in a single day.
Blogs and forums show Spreadex neither excels or seriously disappoints in terms of payment options, coming in around the industry norm. Having said that, traders would understandably like swift access to their profits, so an improvement in withdrawal times would certainly be welcome.
With both sports and financial betting, how does Spreadex work in terms of accounts? You can use the one account for both financials and sports. However, to stay in line with FCA regulations, each new customer must pass compliance checks.
As a result, you may need:
- A scanned copy of either your passport, driving license or national ID
- A utility bill or bank statement from the last three months, displaying your residential address
Note it can take several days to pass all compliance checks and get up and running.
Some clients may also qualify for a credit limit, which you can apply for when you sign up. If accepted, you can trade immediately without having to deposit funds into your account. Alternatively, you can opt for the standard pay-as-you-go option.
If you wish to close an account, you can do so directly from within your account area. Alternatively, you can contact customer support. Spreadex Ltd contact details can be found on the official website.
One distinct downside this review of Spreadex found was the lack of a demo account. This is a real shame, as practice accounts are a fantastic way to get a feel for a broker and platform. They are also a brilliant tool for novice traders to develop market confidence.
So traders looking for a demo account may want to consider one of the many competitors that do offer this service, free of charge and for an unlimited period.
Spreadex offers a number of useful additional features. On the sports side, accumulators, coupon betting and other options allow clients to see the same type of bets in a single place.
For those interested in the financial offering, the company has brought in ‘Pulse’. This notification system enables you to stay up-to-date with changes in stocks and other instruments on your watchlist.
In terms of education, you can find a number of useful resources, including:
- Market updates
- Charting guides
- Trade examples
- Economic calendars
- Indicator explanations
- Premier League Points video guides
- Essential sports information, including golf, tennis and cricket rules
On top of sports rulebooks, you will find fixed odds rules and conditions. You can also meet the Spreadex team by heading to the About Us section on their website.
On the downside, some user reviews were quick to complain about the lack of API access.
Regulation & License
It is essential prospective clients look for regulated traders. This may help limit the risk of falling victim to scams and fraudulent companies. Fortunately, Spreadex receives regulatory oversight from the UK’s Financial Conduct Authority (FCA). This means clients funds are kept segregated from the company’s operating capital via tier-1 banks.
FCA oversight also means Spreadex must adhere to regulations that aim to protect consumers. Not to mention, it means clients’ capital is kept secure in a range of scenarios, such as bankruptcy.
There are a number of clear benefits to the Spreadex offering, including:
- Price alerts
- Fixed spreads
- Christmas hampers
- Best odds guaranteed
- Self-exclusion capabilities
- Highly competitive margins
- Extensive AIM stock offering
- 24 hour trading on FX markets
- Credit facilities with ratings 1 and 2
- Easy-to-use desktop and mobile platform
- Guaranteed stops and other risk management tools
- Sports spread betting and financial betting from the same account
- Attractive new account promotions, including double the odds and matched betting offers
Spreadex has also won a number of recent awards, including:
- Wealth and Financial International, Alternative Investment Awards 2016 – Best Spread Betting Provider
- City of London Wealth Management Awards 2016 – Best Spread Betting Provider
- EGR Operator Awards 2017 – Spread Betting Operator of the Year
It is clear the directors are not concerned only with share prices, but also with providing a top-quality service for consumers.
Despite receiving glowing customer feedback in a number of areas, there remain several drawbacks:
- No MetaTrader
- Cannot use EAs
- No demo account
- Doesn’t offer a live chat service
- Cannot trade directly from charts
Overall, there are a number of notable advantages. However, when you take Spreadex vs IG and other competitors, you realise the former does fall down in the aforementioned areas.
Spreadex facilitates trading during normal market hours. However, they also offer out of hours trading. During extended hours, the company will quote prices on UK 100 markets between 21:00 Sunday until 21:15 Friday.
This allows you to react promptly to market events. It also means you have increased risk management during periods of volatility. Finally, out-of-hours trading allows you to offset standard share positions that are normally open only during the day.
See the customer agreement on the official website for further details. There you can also find Christmas opening hours and other upcoming holiday times.
Contact & Customer Support
Reviews of Spreadex’s customer support are mostly positive. You can seek help and lodge complaints via email or telephone. Head to the Contact Us section on the website. There you will find financial and sports contact telephone numbers. You can also pick up the relevant email address or the postal address for the Spreadex Ltd St Albans office, located at Churchill house.
Employees are courteous and knowledgeable, while response times are around the industry average. Customer service agents should be able to help you with sports or financial login problems, while you can also have betting rules, plus terms and conditions explained.
Spreadex has earned a BrokerNotes A support rating for promising assistance in over three languages, as well as phone and email support.
Unfortunately, Spreadex does not offer a live chat service. As customer reviews demonstrate, this is a serious drawback. A live chat service usually promises fast and effective support. This is an area Spreadex could improve in, especially as most competitors now offer such a service.
Note Spreadex does not have a London office, so all communications must be sent to the St Albans address.
Safety & Security
Spreadex takes personal security and privacy seriously. They use advanced encryption technologies and follow a number of security protocols. This should help keep your data safe from:
- Unauthorised access or disclosure
Both financial and sports trading reviews are positive. Although Spreadex is not the cheapest in the market, they do promise a bespoke service and generous credit facilities. In addition, the extensive financial and sporting product index allows for speculation on a huge range of events. Furthermore, their affiliates programme ensures you can pick up generous welcome offers.
Overall they make for a sensible choice for traders of all experience levels. In fact, it is predominantly only those seeking a free demo account or a live chat service that may want to look elsewhere.
Spreadex accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Spreadex from United States, Canada.
|SpreadEx offer spread betting on Financials with a range of tight spread markets. Popular award winning, UK regulated broker.|