Spreadex Review: Spreadex have been around since the 1990’s and have won a plethora of awards, most recently the Wealth and Financial International, Alternative Investment Awards 2016 (Best Spread Betting Provider – winner) and City of London Wealth Management Awards 2016 (Best Spread Betting Provider – winner). Spreadex focuss heavily on building longer term relationships with their clients though personal service, competative pricing as well offering one of the widest range of available markets. 67% of retail investors lose money when trading spread bets and CFDs with this provider.Visit Spreadex
Spreadex Customer Reviews
Don't just take our word for it. Here's what Spreadex traders have to say about the broker. If you are a client you can vote for Spreadex in our Broker of the Year Awards for a chance to win £1,000 in Amazon Vouchers.
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Our Spreadex 2020 Review
What is Spreadex?
Spreadex was founded in 1999 and offers both Spread Betting and CFD trading accounts.
The company is headquartered in St Albans, Hertfordshire and makes markets in FX, equity indices and individual shares, commodities, bonds and cryptocurrencies, alongside ETFs and a range of options.
What makes Spreadex different?
Spreadex has always been a bit different choosing to base itself outside of the traditional financial centres in London. Unlike many of its competitors the company retains a sports Spread Betting operation, where it claims to be the world's number one.
Spreadex also specialises in trading smaller companies, offering Spread Bets and CFDs on stocks with a market capitalisation of just £1.0 million and up.
Pros and cons of Spreadex
|Thousands of global markets offered||Much smaller than its quoted rivals|
|Award-winning customer service||Higher margin rates on Asian equity indices|
|Spread Betting and CFDs from the same provider||Only a limited selection of ETFs available for trading.|
|The ability to trade in small-cap equities||Does not accept deposits via PayPal|
|Credit accounts are available subject to status|
Access many markets with Spreadex
Spreadex offers access to some 10,000 markets across the globe. In terms of products the company offers major equity indices from Europe, the USA and Asia, including two volatility indices. There individual equities and ETFs too.
In FX there is a wide range of spot markets in both pairs and crosses, as well as selected currency futures. In terms of commodities, as well as markets on gold and oil, Spreadex offers a range of agricultural, softs, energy and metal contracts. There are 10 bond contracts for customers to trade and the company also makes markets in options on UK & US equities, gold, silver and oil.
Spreadex products range
- Spreadex offers Spread Betting, and Margin Trading through CFDs and Rolling Spot FX.
- Spread Betting can offer tax advantages to individual UK taxpayers.
- Spreadex offers a range of durations on its bets and trades from rolling dailies, to longer-term futures with monthly or quarterly expiries, so there is plenty of flexibility.
- They also make markets in five cryptocurrencies including Bitcoin, Ethereum and Ripple
What trading platforms does Spreadex offer?
Spreadex has its own proprietary trading platforms and apps. The desktop, web-based platform, offers charting and screen customisation alongside price alerts, advanced order types and one-click dealing. There are apps for both iPhone and iPad as well as one for phones and tablets running Android. These can be found in the respective App stores by searching Spreadex Financial Trading.
Spreadex trading platform video walkthrough
Trading platform video walkthrough transcript
Good morning. Richard Berry from the Good Money Guide here. Today, we’re going to have a look at Spreadex’s trading platform. We’ll highlight some of the key features, we’ll just run through some of the technical analysis options. You can trade from the charts, which is quite a nice feature; we’ll run through that. They’ve got a new product called stop options, which are basically limited risk options. We’ll have a quick look at their aim stocks offering, which is one of the things that sets them apart from other brokers; you can trade aim stocks as a spread bet.
And they’ve got a few other things like price alerts and analysis that we’ll quickly run through.
If you’re not familiar with Spreadex, they’re one of the pioneers of the spread-betting industry. They were there at the beginning with IG and so on. Based just outside of London in St Albans. Nice people; I had lunch with them a while ago. Went to their offices. I’ve had an account with them for 10/15 years or so, so know them well.
If you are not familiar with the Good Money Guide and what we do, I’ll just quickly show you. This is us. So we basically rank, review and talk about brokers in a sort of fairly relaxed way. We only work with decent brokers.
There’s a lot of coverage, you know, industry gossip and so on. We interview the CEOs of the big brokers. Here we have Jonathan Hufford of Spreadex, who we spoke to way back in December last year, you know, just on how he’s positioning Spreadex and so on. It’s well worth a read if you want to find out more about Spreadex from the man at the top.
We’ve also got a review page specific to Spreadex, so we highlight obviously the key pricing points, you know, how you can deposit funds. WE compare them to all the other brokers out there. We’ve got their Trust Pilot feed as well. And also, you know, our opinion on them and so on, a little bit of a look at their platform, and we sort of cover industry news on the brokers as well. So it’s well worth a read.
If you are a Spreadex customer or you go on to use them, please do come back to the site and leave them a review. It helps other traders decide whether or not they should trade with them, and of course, it’s great for us; nice bit of feedback.
Okay, so we’ll just kick off this review. We’ll look at the most popular traded markets, which obviously, you’ve got the indices, UK, Europe and America, as well as cryptocurrencies and foreign exchange, commodities, gold, and some of the key stocks.
One of the things I mentioned earlier on was that they have a nice technical analysis package. Some brokers have a really bland offering. Some brokers have a massive offering. I think these guys sort of sit towards the top level of charting packages. It’s very visual. If you want to say pretend you’re looking at Bloomberg, you can change the display option. So you can go darker, but I quite like the standard white.
Here we’re looking at the FTSE. You can add various overlays like candle patterns, so it automatically highlights patterns. And then you’ve got other things like pro-trend lines, where it automatically adds in channels and so on, which just provide a sort of very visual overview of where the market’s going. Of course, you can change the chart types and so on, have your chart based on the bid offer or mid-price. And as well, you’ve got economic figures highlighted on the charts as well, which are quite good if there’s a big spike in the price.
If you’re looking for analysis on the FTSE, for example, you want a bit of insight into where you think it’s going, we’ve got a website called Chartsta, charts technical analysis. If you go on there, click the FTSE. We’ve got about 30 MSTA and CFD analysts writing daily, so Jackson [inaudible-04:10] I’ve worked with for many years. But taking a look at the FTSE here, if we just go back to Spreadex for the purposes of this review, we’ll put a trade on. It’s not looking too healthy, so we’ll just do £1 a point. We’ll put a stop 25 points away, so that just limits our risk. So you can see, we’ve got a margin of £351, and then we’re in.
And what is actually quite interesting about Spreadex as well is that you can trade by the chart, so that’s where we sold there, and here, this dotted line is our stop. But if you click on that, is it going to work? If you click on that, you can move your stop, along with where you think the market is. So for example, you know, if you think there’s a nice bit of resistance there, you can just move your stop on the charts, which is a nice feature for helping limit risk.
On the limited risk front, they have a new product called stop options, which are basically limited risk options. So here, for example, if we look at the FTSE. Where’s the FTSE trading? So it’s trading at 7037, 7038. If you want to put a little bet on but you want to make sure your risk is limited, this is a stop option, which will basically be closed out if the FTSE trades at 6960. So it’s about sort of 78 points away, so if we want to hedge and go market neutral, we can buy this. So we’re now along the market on a FTSE stop. If the FTSE drops to 6960, it’ll be stopped out and we’ve lost our stake, which is 75. So that’s what we lose, but it’s a two-year expiry, so if the market goes up, we will continue to make money. So unlimited upside, downside limited. So well worth a look at that.
Another thing that Spreadex are quite good at is aim stocks. Most brokers will give you access to the major commodities, foreign exchange, indices and so on, but one of the things that sets Spreadex apart is the aim stocks they offer. This is one I like, for example, but only because I want to win a car from them. If ever you use Best of the Best, or BOTB, the guys that run the supercar competitions at the airport, they’re doing rather well. You know, it’s a 25 million market cap. Fairly widespread. Here are their prices. 229 to 256. If you look at the underlying on the LSE, it’s 230 to 256. So really, their spreads are fairly in line with the underlying market. Obviously, you can trade it online but, you know, if you’ve got an order of size, it’s probably worth giving them a call and they’ll jump on the RSP and try and get you inside the price. So if you are trading aim markets and you want to do it on a spread bet, it’s well worth having a look at.
Another thing I touched on briefly before was the price alerts they offer. It really does what it says on the tin. You know, you get a nice email from them telling you that your price has been hit and you can go on to trade. It means you don’t have to be glued to your iPhone all day long.
One other thing that I didn’t touch on. Analysis – they have a fair amount of analysis. So they do obviously the major FX pairs and what’s going on in the market in general. They also have a financials blog, so they have a sort of stock of the day, Centrica, which is quite interesting. You know, they’re an execution-only broker so they’re not allowed to tell you what to buy or sell, and you should never really deal with a broker that does that, unless they’re regulated to do, but what this is quite good at is highlighting trading opportunities. Centrica, in particular, is quite interesting, if we have a look at Centrica on the Spreadex platform and have a look at the chart. You know, regardless of what the analysis says because what makes a market is 25 different opinions. You’ll be able to see that they’re not doing overly well. You know, if you want to put a bit of TA on there, let’s do a sort of [pro] trend lines, you know, not looking overly healthy. You can make your own mind up as to whether or not you want to buy or sell that, but it’s just a good bit of stimulus if you’re looking for trading ideas.
That pretty much sums it up for Spreadex. One of the other things I didn’t touch on is they also offer sports spread betting, fixed odds, and they’ve got a casino as well, so I go to Sandown quite a lot and they’ve still got a chap there wearing a fedora, so they’re nice old school booking and broker. So they can handle your trading during the week and your gambling during the weekend, which is quite good fun.
Again, if you go on to use Spreadex, do come back to the Good Money Guide, leave a review. Just come to the review page and there’ll be a little button. You know, no one’s written a review yet, but never mind. Just come on there, give us your name and your email, what you think of the trading platform, the customer service, spreads and pricing and so on. Just give a rating out of five stars. It just helps other people make a decision about who to trade with. And also, you’ll go into our draw to win £1,000 worth of Amazon vouchers.
Okay. Well thank you very much for watching. Let’s just close these trades out before we lose all of our money. How we doing? Ah, we’re okay. Alright, thanks for watching. Cheers, bye-bye.
What research does Spreadex provide traders
Spreadex has its own in-house analysis and it provides three daily market updates as well as a weekly financial markets review, and an earnings preview. There is also an economic diary, a regularly updated blog and a guide to leading economic indicators.
Learn strategies with Spreadex academy
Beyond the daily and weekly market analysis, Spreadex has a range of short videos on its YouTube channel that explain the basics of Spread Betting, on a range of asset classes. As well as videos that answer FAQs about financial trading
How to open a Spreadex trading account
Account opening at Spreadex is straightforward and can be done online using this link.
Apply for either a CFD or Spread Betting account by using the tick boxes at the bottom of the online form. You will just need to give your contact details and nationality. If you are resident in the UK and can be electronically verified, then you may not need to provide any supporting documents.
How to add money to your Spreadex account
You can pay money into your Spreadex account using either a UK debit or credit card, a bank transfer or via a cheque or direct debit. Spreadex does not accept deposits from e-wallets such as PayPal or Neteller.
Spreadex charges £1.00 on debit card transactions under £50.00. Clients can make payments online or via their trading app. Or, they can do so over the phone by calling the Spreadex customer services team. Note that debit and credit cards need to be registered with Spreadex before use.
How to get started making trades or investing with Spreadex
To start trading at Spreadex you will need to apply for, fund and open an account then simply download and install the trading platform and you are ready to go.
Can you make money trading with Spreadex?
As ever making money is down to the end client, but it appears that many Spreadex clients are trading profitably, with only 55% of Spreadex’s retail customers losing money when trading Spread Bets or CFDs with the provider,according to the company’s risk warnings and disclosures at the time of writing.
Can you scalp with Spreadex?
Spreadex does not charge a commission on most trades or bets. Rather it makes a two-way price or spread on the markets it offers. As such those spreads may appear wider at face value than those offered by some of the competition, who may offer narrower spreads but charge a commission per trade on top of that. Scalping is possible under these conditions, however, do bear in mind that the width of bid-offer spreads are variable.
How to withdraw your money from Spreadex
To withdraw money from Spreadex you will need to go to the “my account” section of the trading platform/website and select “withdraw funds “. Alternatively, you can phone or email the Spreadex back office team to request a withdrawal.
The minimum withdrawal is £50.00 and the maximum withdrawal amount, onto a card is £25,000, Note though that there is a separate limit of just £2500 on withdrawals to Mastercard.
Spreadex will also send money to you via a bank transfer or through the direct debit system, if you have existing one set up.
Is there a minimum deposit for Spreadex?
Spreadex has no minimum deposit requirement but do bear in mind that their minimum withdrawal amount is £50.00.
How does Spreadex make money?
Spreadex makes money by capturing the spread, that is the difference between the bid and ask, prices in the market. The more active its customers are, particularly in two-way trading, then the more spread the company captures. However, Spreadex is also a price maker in many of its markets and as such, it runs a risk book. In 2018 the company had a net profit margin of some 47% of its turnover.
How does Spreadex charge fees and what are they?
Spreadex does not charge additional fees to its spreads, apart from rollovers and funding, on markets other than CFDs on individual equities, where commissions start at 0.10% on UK blue-chip stocks. You can search for details of the applicable fees for a specific equity in the shares market information section of Spreadex website.
What is the maximum leverage Spreadex offers?
Professional clients of the firm can access leverage of up to 500:1 whilst the maximum leverage for retail customers is capped at 30:1 in line with FCA and ESMA guidelines.
Are Spreadex regulated?
Spreadex is regulated and authorised by the UK FCA or Financial Conduct Authority.
The business is held in a private unquoted company
What happens to my money if Spreadex go bust?
Spreadex is regulated by the UK FCA and therefore retail client money is subject to protection. Firstly, all retail client monies must be segregated from the firm's cash, and must be held in a designated client money account, at a major clearing bank. This ring-fencing of client money is the first layer of protection.
In the event of a business failure, an administrator will be appointed, usually a leading firm of accounts.
Their role is to secure the firm's assets and if no buyer can be found for the business, to make sure that the maximum value can be extracted from the sale of those assets, in order to return as much of the client money to the firm's clients, as possible.
This process may take some time however, and it can be months rather than weeks. In the event of a shortfall of funds, clients can seek compensation of up to £85,000 from the UK Financial Services Compensation Scheme.
Spreadex’s community & dedicated customer service
There is no dedicated community for traders at Spreadex however there is an online web chat facility and there are dedicated customer service email addresses and telephone numbers.
How do I contact Spreadex?
- Customer services
- Landline: 01727 895 000
- Overseas: +44 1727 895 000
- Email: firstname.lastname@example.org
- Financial trading
- Freephone: 08000 526 570
- Landline: 01727 895 151
- Overseas: +44 1727 895 151
- Email: email@example.com
Should you ever need to complain to Spreadex the complaints procedure is documented on it's website
Account Security & login methods
You access your account and trading platform via the Spreadex website. To do so you will need a username or account number and a specific password. To login into the mobile trading apps, you use a secure PIN or biometric login.
Are there any other benefits of using Spreadex?
Award-winning customer service, plus a wide range of markets including options on selected instruments. Payments withdrawals via direct debits and access to small-cap equities.
Access Spreadex anywhere with their mobile app
Spreadex offers mobile dealing apps for both iOS and Android devices allowing you to take the markets with you in your pocket, wherever you go or where you have a stable high-speed internet connection.
How long does it take to open an Spreadex account?
If your account application can be electronically verified, then you could be up and running in a matter of hours or sooner.
Test Spreadex with a free demo account
Spreadex does not currently offer a demo trading account for either Spread Betting or CFDs.
Anytime trading and investing with Spreadex
Market hours vary by product but Spreadex has a twenty-four-hour dealing desk making prices in FX and leading equity indices from Sunday evening right through to the US close on the following Friday night.