Spreadex is a UK-based trading and sports betting company operating since 1999. As a broker, Spreadex offers spread betting, CFDs, and forex trading on a range of markets, including equities, indices, commodities, and cryptocurrencies.
The broker has a clean and easy-to-use site, and its trading platforms are well-designed and offer advanced charting capabilities. My Spreadex review takes a closer look at all the broker has to offer so you can decide if it’s the right one for you.
Who is Spreadex?
Spreadex is a UK-based spread betting, CFD, and forex trading company that has continued to serve a vast customer base since it started operations. The Spreadex platform offers sports spread bets, CFDs and forex trading, Spreadex casino, and financial spread betting.
As a fast-growing brokerage, Spreadex has a customer-centric approach and has since been recognized as the Best Customer Service support by Investment Trends 2022 UK Leverage Trading Report. The broker has earned great acclaim, being featured three times on the Sunday Times Profit Track list of Britain’s 100 fastest-growing firms as well as in 2017’s FT1000 report of Europe’s 1000 most rapid-growing companies.
- A wide range of markets and products to trade
- Competitive spreads and margin rates
- Advanced charting capabilities on trading platforms
- Limited trading platforms compared to some competitors
- No MetaTrader platform offered
- No e-wallet payment option
Who owns Spreadex?
Spreadex was founded by Jonathan Hufford in 1999, who wanted to make spread betting more easily accessible. Hufford launched Spreadex’s sports betting service in 2006 before opening the online trading platform as well.
Who is this broker suitable for?
Due to its wide range of products, Spreadex is suitable for novice traders looking to learn the basics and experienced traders already familiar with online trading platforms. At the same time, its competitive spreads and margin levels make it attractive for traders looking to maximise their profits.
Unlike some broker platforms like Tickmill, Spreadex does not offer a MetaTrader platform, so traders who prefer to use the popular MT4 and MT5 platforms will have to look elsewhere. But it does have a convenient web-based trading platform which is suitable for experienced traders due to its ease of use and extensive charting capabilities.
As Spreadex also offers a full spread betting account – whereby users can use the site as a spread betting platform, it is also suitable for sports enthusiasts and those who want to align their trading with a penchant for a spread bet. However, for the purposes of my Spreadex review, I will not be delving into the details of their services as a spread betting site. Spread betting on sports doesn’t factor into my overall rating, either.
Accounts and products available
Trading and spread betting
There is only one type of Spreadex financial trading account available. It offers a wide variety of products to trade, including forex, shares, indices and commodities, interest rates, ETFs, bonds, options, and speed markets. There’s no minimum deposit requirement, and customers can apply for an interest-free credit limit of up to £2,000. They request additional documentation if you’re looking for a higher credit limit.
Alternative account types
Unfortunately, there is no demo account and no Islamic account, which poses a real challenge for some traders. Many novices like the opportunity to test out a platform with a demo account before delving in. Nonetheless, Spreadex still remains a viable option for forex and CFD traders as it offers competitive spreads and margin levels.
Fees and charges
One of the main benefits of trading with Spreadex is that there is no holding or inactivity fee on their trading accounts. There is also no joining fee, no minimum deposit requirements, no obligation to trade and no contract to sign.
Like other brokers, Spreadex UK imposes an additional charge for an international bank transfer or a bank transfer in other currencies. Although there is no minimum deposit, it charges £1 on debit card deposits under £50.
Overall, the charges associated with trading with Spreadex are quite reasonable, particularly when compared to some competitors and when factoring in that there are no minimum deposit requirements.
Spreadex provides traders with a proprietary platform for trading. The platform is relatively easy to navigate and it’s web-based, so traders can access it from any web browser. It’s also available on iPad, iPhone and Android devices and provides traders access to various features.
The platform is also integrated into TradingView — a popular third-party charting platform — so traders can easily access advanced technical analysis tools.
Services and tools
Spreadex provides a range of tools to help traders make informed trading decisions. These include weekly market updates, economic calendars, and news feeds. The broker’s trading and betting platform features a range of advanced orders such as forces open, guaranteed stops, price tolerance threshold, one-click dealing, efficient order execution, and price alerts.
How to open an account with this broker
Opening an account with Spreadex is relatively straightforward, and all traders need to do is visit the Spreadex website and complete the registration form.
- The form requires traders to provide personal information, such as their name, address and contact details.
- Traders must upload documents to verify their identity. These typically include a copy of a photo ID, such as a passport or driver’s licence, and proof of address.
- Once their identity has been verified, traders will receive an email detailing how to fund their accounts and start trading.
New customers can also download the Spreadex app on their mobile devices from Google Play Store or the Apple App Store.
Deposit and withdrawal process
Spreadex accepts various deposit and withdrawal options, including debit and credit cards (over the phone), bank transfers, direct debit, and cheques. Deposits are usually processed instantly while making withdrawals using a card can take up to two to five business days to be received due to the processing time of certain card issuers. Transfer withdrawals should be in traders’ bank accounts in two working days.
There is a minimum withdrawal of £50. If you have less than £50 of cleared funds available, you cannot withdraw less than the full amount. The maximum withdrawal is £25,000 or £2,500 if using Mastercard. Same-day transfers are available on request and come with additional charges. But overall, customers can deposit funds from their debit card and withdraw money without too many complications.
Spreadex customer support
Spreadex offers customer support via email, phone and live chat. Contacting customer support at Spreadex is relatively easy as the team is available from 08:00 to 17:30, seven days a week.
Upper Marlborough Road
St Albans, Hertfordshire
Telephone: 01727 895 000 / Overseas: +44 1727 895 000 / Email: [email protected]
Whilst conducting this Spreadex review, I contacted customer service via live chat. The response was almost instant, however, the agent wasn’t able to answer immediately whether Spreadex offered trading in forex, demonstrating limited knowledge of the product.
Research and education
Spreadex UK provides its clients with a range of research tools to help them make informed trading decisions. Traders can access research from TradingView including technical analysis tools, the platform’s economic diary, market analysis, and regular market updates.
The Spreadex trading platform has extensive educational resources to help traders understand the financial markets and develop their skills. This includes video tutorials, webinars, trading guides, and more. There are videos on spread betting and how to use the trading platform.
Spreadex UK is regulated by the UK’s Financial Conduct Authority (FCA) and adheres to strict rules and regulations. In addition, the broker holds client funds in segregated accounts to ensure clients’ money is safe. These measures make Spreadex safe and projects it as a trading platform customers can trust.
Promotions currently on offer
The broker offers traders a six-month gift subscription to the Financial Times. The only condition is that you need to open a Spreadex account with a £500 deposit.
Spreadex also offers sports betting alongside its financial trading services. You don’t need a specific Spreadex account if you also want to make use of their fixed odds betting on sports: once you have registered, you have a spread betting account that gives you access to the full range of sports and markets.
Sports to bet on include football, rugby, cricket, F1, rowing, golf, and greyhounds, while the markets include everything from spreads and fixed odds on the total goals spread market, shirt numbers, and others. The Spreadex betting site is licensed and regulated by the UK Gambling Commission.