67% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Spreadex Customer Reviews
Submit your review
Good friendly staff who are open with what they can and can't do with their existing liquidity provision. Only positive experiences so far.
Sadly, the service offered by SpreadEX has deteriorated rapidly over the last year. I am now moving my existing positions over to another spread bet provider. I am only closing my SpreadEX positions and I am not opening any new positions. The markets offered have decreased and SpreadEX has made a recent business decision to not offer future quarterly markets until near the rollover date, whereas previously they offered these markets several weeks before rollover. They have also increased the minimum stake for some markets meaning some bets are now too risky and any losses may be too great. Finally, the SpreadEX platform is now old and I have noticed that during busy periods, it can take 30 seconds or more for a trade to be completed, allowing some trades to be cancelled. My advice is to avoid SpreadEX and choose another provider.
I am happy with SpreadEx so far. App works well too.
Year on year you get the best service and interaction with all at SpreadEx. Thank you
Good trading service and friendly staff are always available for any queries.
Great team providing a great service. Consistently amicable and helpful on the phone which sets them apart from other brokers I use.
Excellent service excellent people i enjoy trading with spreadex.
Excellent! No fuss-everything just works and they are always swift to answer the phone if there is any difficulty.
Not impressed. Won’t take orders or dealings with no explanation
By far the best financial institution that I have ever used. Very very helpful staff that really care about your investments and positions. Never had to wait for more than 2 or 3 rings to get through to the dealing desks, while other organisations I use like HL and IG think a 45 min wait is acceptable, not Spreadex. Charlie and Andrew are great guys to deal with.
Good reliable service.
My preferred SB platform. App works well on phone and tablet, online chat and customer service is good and responsive. A happy customer.
Great customer service. Price competitive. However some markets disappear without notice. So it’s difficult to plan ahead.
Service is good and website & mobile App are easy to use. The one problem is they are not competitive on the particular markets I trade (high daily funding charges and wide spreads).
always been good up to now , but i now find most small caps and aim stocks no longer available ,inc some ftse 250 stocks, but no one said anything about this. a lack of communication.
Spreadex have always been highly supportive and flexible when needed, over many years. Their support enabled me to get back on my feet after disasters in 2008-9. I put nearly all my business through them to this day. Great people.
Never had any complaints about Spreadex. They offer a highly efficient service and I've never felt ripped off. Can't say that about all spread betting companies!
What is Spreadex?
Spreadex is a financial sports spread betting business that has been in operation since 1999. It was founded by ex-city trader Jonathan Hufford and unlike many of its peers, it is not based in London, but instead is headquartered in St Albans Hertfordshire.
The company has some 60,000 account holders and offers access to more than 10,000 financial instruments, including UK small-cap shares, where it is something of a specialist.
Alongside its financial betting and trading operations, Spreadex also operates a successful sports Spread Betting platform.
Spreadex Trading Account
The Spreadex account is a one-stop shop in that you can both bet and trade from the same place. You can apply for an account online using their well laid out registration form, and taking a short suitability quiz.
Once your account is open you will simply need to deposit funds to get up and running.
The 10,000 plus markets, that Spreadex offers include equity indices, Forex, commodities, stocks and ETFs. As well as bonds and interest rates. Spreadex also offers a range of options over leading stock indices and commodities such as gold, silver and crude oil, plus UK and US shares. Spreadex may also make options prices on other markets on request. Options can be traded with the firm either online or over the phone.
Spreadex Mobile App
Spreadex offers financial trading apps for Android devices as well as separate apps for iPhones and iPads. The apps can be downloaded from the website or directly from the relevant app stores. The iOS apps require version 11.0 or later of Apple’s portable operating system.
The Android version of the app will work with version 5.10 of the operating system or later.
There have been more than 10,000 installations of the Android financial trading app; the platforms score 4.30 and 4.40 out of 5.0 respectively in Android and Apple user reviews.
The mobile platforms are designed to mirror the desktop trading platform as closely as possible and they contain charting, price alerts, advanced orders and tools to aid trading in volatile market conditions. Longer-term charts with multiple indicators applied will nearly always be better viewed on a desktop that has a larger display than mobile devices.
- Spread Bet or trade CFDs from a single account
- Trade or bet on a UK smaller companies with market caps from £ 5.0 million and up
- Benefit from award-winning customer service and a very responsive help desk /live chat facility
- Narrower market coverage than some of their bigger peers
- No physical share dealing or other investment products are available through Spreadex
- Options trades at Spreadex are conducted as Spread Bets or CFDs and not exchange-traded products
Spreadex Pricing, Charges & Fees
As the name of the firm implies Spreadex charges spreads. That is the difference between the bid and offer prices in the instruments it makes markets in.
On leading equity indices they charge from one index point on the FTSE100, 0.40 points on the S&P 500 and 1.20 on the Dax 30.
On CFDs over single stocks, they charge a commission, in the case of Vodafone that charge is 0.10% with a maximum fee of 7 points, whilst on US-listed Tesla you would pay a commission of 0.15% to a maximum of 7.50 points, and in Germany’s Volkswagen the charge is also 0.15% with a maximum charge of 499.50 points. Similar fees are payable on Spread Bets on these instruments.
You can check the charges on individual equity CFDs or Spread Bets using Spreadex’s web-based search functionality just type in the name or ticker, hit return and select the item from the search results.
Spreadex is competitively priced when compared to rivals like IG, City Index and ETX you may be able to find specific instruments at individual providers which have lower charges or narrower spreads, but when choosing a provider it’s best to view both charges and the whole service holistically.
Spreadex CFD Trading
CFD or Contracts for Differences are financial contracts that provide an economic interest in the rise and fall of the value of an instrument, without conferring ownership of it.
CFDs are OTC traded and cash-settled, they have no fixed expiry dates or contract sizes and can be traded long or short with equal ease. As such they offer a greater degree of flexibility to traders than say on-exchange futures contracts or physical equities.
Spreadex offers CFDs on stocks and ETFs, equity indices, commodities, bonds and interest rates. They charge spreads on indices, commodities and bonds and commission on CFDs over single stocks and ETFs.
Spreadex has a good offering in CFDs particularly around UK equities and small caps stocks where it has wider coverage than many of its competitors.
Spreadex Forex Trading
Forex or foreign exchange trading is variable in two flavours at Spreadex you can trade Rolling Spot Forex, effectively this is trading CFDs on the FX markets, alternatively you can Spread Bet on FX rates be they pairs or crosses.
Spreadex offers 53 spot markets alongside a dozen currency futures including the US dollar index, these futures can be traded as CFDs or as Spread Bets
Spreads on EURUSD the most liquid forex pair start at 0.6, GBP USD or cable has a minimum spread of 0.90 and USDJPY or dollar-yen has spreads from 0.70. Whist the Aussie dollar against the greenback, AUDUSD, has a minimum spread of 0.60.
Spreadex makes markets in spot currencies from 22.00 on a Sunday evening through to 21.15 on the following Friday night. The currency futures hours vary by contract but they are largely available for 23 hours per day.
As with Spreadex’s other product offerings the FX proposition is competitive when viewed against their peers and the availability of contracts based on FX futures is a string to their bow that even many specialist FX brokers don’t offer.
Spreadex Spread Betting
Spread Betting is a form of financial speculation that allows users to bet on the rise and fall of instruments such as stock indices, commodities, stocks and shares. These contracts are structured as bets rather than trades and as such, they offer potential tax advantages to end-users.
Under current UK legislation, any profits made from spread betting, by individual UK taxpayers, are not subject to capital gains tax, though, against that, losses incurred through Spread Betting cannot be offset against capital gains made elsewhere.
Spread Bets differ from CFDs in several ways, most obviously Spread Betting contracts tend to have finite lifetimes and fixed expiry points. What’s more in monthly and quarterly contracts the cost of carry or funding for the contract is calculated within the price, rather than being charged separately, on a daily basis, as is the case in CFDs.
Spread Bettors pay a bid-offer spread when they trade. Charges vary by contract and product, for example, spreads in the S&P 500 start at 0.40 index points, in Brent crude the minimum spread is 3.0 points and in gold 0.40 points. As with their CFD offering, Spreadex has a competitive Spread Betting product and their specialism in Small-Cap UK equities is one of the key differentiators between them and their peers
Spreadex Trading Platform
As well as its mobile trading platform Spreadex has an award-winning desktop or pc based trading software. The platform can be used to trade CFDs or to place Spread Bets. It has a customisable interface and comes complete with its own charting package, that includes useful tools such as chart pattern recognition.
You can trade directly from charts on the platform and plot a range of indicators and macroeconomic data on to those charts. You can also save and edit chart templates allowing to you have a consistent view of the markets and the indicators that you like to use.
You can place hedge trades, which Spreadex refers to as force open orders. There are also guaranteed stop orders and one-click trading for the most active traders, and you can also set price alerts and receive notification in a method of your choice.
Spreadex offers more than 10,000 markets that cover equities, ETFs, commodities FX, Bonds and interest rates.
The platform which is free to account holders compares well to the competition and the fact that you can trade and Spread Bet from one account and one interface, is a plus point for those traders who like to toggle between the two product types.
Spreadex Sports Spread Betting
Sports Spread Betting takes contracts that were developed in the financial markets and applies them to the sporting world. Allowing customers to place bets not just on the outcome of a particular match or event but its internal dynamics. That means that the client can bet on the total number of runs scored in a cricket match, the number of red and yellow cards shown in a game of football, or the number of lengths that horse wins a race by.
What’s more, the client can go long or short of these markets by, for example, selling the number of runs in a cricket match, if they think it will be a low scoring affair, or buying that market if they believe it will be a high scoring game. Clients bet on a pounds per point basis
The sports Spread Betting bookmaker makes a two-way bid-offer price in these markets hoping to see buyers and sellers. The final outcome of the event is known as the make-up.
P&Ls are calculated on pounds per point basis so for example if you were long runs in a cricket match at 450, with a bet size of £10.00 per point and the final tally was just 350 runs scored.
You would have a £1000.00 loss that’s calculated as follows:
A 100 run shortfall ( 450-350) * bet size of £10.00 per point= -£1000.00
Sports Spread Betting differs from fixed odds betting because your returns are variable and potential losses can exceed your initial stake. In some senses, it’s as though you had become the bookmaker when you make a sports Spread Bet.
Spreadex Demo Account
Spreadex doesn’t offer demo accounts so you will need to sign up and open an account if you want to try out the platforms for yourself.
Spreadex Education & Analysis
Spreadex doesn’t have a dedicated educational product as such, though they do offer a range of how-to videos on topics such as placing stops, using guaranteed stops, editing a pending order and so on.
They also offer regular market analysis and commentary including a trading blog from in house analysts, an economic calendar and daily and weekly market updates. These resources are available free and can be found on the website.
Spreadex is not really in the market for newbie traders and so it doesn’t feel the need to provide educational tools. Something which rivals such as IG and CMC do. If you are a newbie trader then Spreadex is probably not going to be for you, but if you are somewhat more experienced and looking to change provider then that’s a different story.
Spreadex Professional Account
Spreadex offers a professional trading account for qualifying clients. To qualify for the account you will need to demonstrate experience and knowledge of geared products and financial markets, have a sizeable portfolio of liquid investable instruments or cash and have been trading actively in the last year.
Professional clients are not bound by the FCA/ESMA leverage restrictions and can potentially trade on credit with Spreadex. They also get access to the firm’s dedicated execution desk.
However professional clients don’t qualify for the same protections that retail traders do, such as negative balance protection meaning they could lose more than their deposits or stake. And they can be treated as experts by their broker in terms of the language and documentation they use with them.
The main differentiators for Spreadex are not being based in London and offering financial as well as sports betting, something that the other major providers don’t do.
Spreadex has reputation for doing things its way, for example, it only offers its own in house trading platforms and not generic platforms such as MT4 and MT5. It has also carved out a niche in trading and betting on UK small-cap companies. IG of course reduced its small-cap coverage recently, in the wake of the Gamestop short squeeze.
Spreadex Versus CMC Markets
Spreadex competes head-on with CMC Markets in both Spread Betting and CFD trading but Spreadex has no institutional offering or overseas offices, as the much larger CMC Markets has.
As such Spreadex is very much a regional player, but then Spread Betting, its core product is regional in that it only has attractions and benefits for individual UK taxpayers, and not for corporates or overseas clients.
Spreadex is aimed at experienced clients who want to deal with a broker that offers a more personal service. Whereas CMC is technology-focused and addresses newbies, experienced traders and institutional customers.
Despite these different approaches in terms of coverage, the firms are very similar with each offering just over 10,000 markets. Though CMC Markets has a far broader FX coverage than Spreadex, with 330 separate instruments available for trading.
Spreadex Versus IG
Spreadex was effectively founded to offer an alternative to IG in the spread betting space and though IG remains the undisputed market leader, having invented the product in 1974, Spreadex has carved out a niche of its own, with a focus on Experienced and professional traders, leaving more inexperienced and novice traders to the likes of IG to acquire, train and educate. Spreadex would then hope to pick up those clients later on in their trading journey.
Spreadex is focused entirely on Spread Betting and CFDs, whilst IG has diversified into investment products such as share trading, ISAs and managed funds. IG also has a significant overseas footprint with offices in Europe, Australia and the USA.
IG is now branching out into the exchange-traded futures and options business through its recent acquisition of US broker and educator Tastytrade, for a cool $1.0 billion. That sum emphasis the difference in scale between Spreadex and IG Group.
This review was last updated 11/05/2021