Thankfully Spreadex has stopped daily spread bets closing out automatically at the end of the day.
Since spread betting began way back when brokers would offer daily spread bets, that expired at the end of the trading day, but in reality most clients would opt to have them roll over each day.
This is good news for Spreadex customers as if you don’t check your account every five minutes, or tend to delete statement emails without reading them it’s sickening to login a few days after putting a trade in to lock in a hefty profit only to see that the position was closed at the end of the first day. Read our Spreadex Review…
Most spread betting companies gradually phased this out as most customers are either short term traders who close their positions themselves to reduce over night exposure.
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.