|Operating since year:||1999|
|Address:||Freepost RRRS-GTBG-HGZB, SpreadEX Ltd., Churchill House 26-30, Upper Marlborough Road, St Albans, Hertfordshire, AL1 3UU|
|Phone:||+44 1727 895 000|
|Availability:||Mon - Sun 8 AM - 5:30 PM|
|The Trading platforms:||Proprietary|
|Trading platform Time zone:||-|
|Other trading instruments:||Commodities, Indices, Stocks|
|Minimum deposit ($):||$0.01|
SpreadEX Review: 2021 Update
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- THE TRADING CONDITIONS
- TRADING PLATFORM
- DEPOSITS AND WITHDRAWAL METHODS
- SPREADEX’S TRADING PRODUCTS
- CUSTOMER SERVICE
- SPREADEX REVIEW CONCLUSION
Broker Review: SpreadEX
General Information on SpreadEX
SpreadEX is an established brokerage with a total of over two decades of experience. The firm opened its doors in 1999, venturing into the finance world for the first time in 2011. That’s the time they released their first proprietary iPhone trading app, with rapid advancements afterwards. SpreadEX is UK-based, with a base of operations in Churchill House 26-30, Upper Marlborough Road, St Albans, Hertfordshire, AL1 3UU.
Unlike other companies that stop innovating after a while, SpreadEX has made a successful effort of keeping up with the times. The online brokerage world has always been competitive, as the ease of changing brokers leads traders to flock to the best choice. That means that you need to innovate and attract users continuously if you want your firm to survive. It also lends credibility to brokers that have managed to maintain a large userbase for a while.
SpreadEX is one of those brokerages, that has maintained a steady growing trader count for nearly a decade. The broker has kept modernizing its services to match new demands, resulting in a competitive offer. The company also used its multi-decade experience to give the website a retro feel. The blend of the best from old and new makes SpreadEX a truly unique brokerage experience.
Before we continue with our analysis, we’d like to present some of the best features SpreadEX has to offer.
LOW INITIAL PRICE
The broker requires almost no investment for you to open a live account. In a world where most brokerages as for a few hundred dollars to start you off, that’s quite the advantage. That’s especially meaningful for newer traders, as it can be quite frightening to invest multiple hundreds into a profession that you might not enjoy or be good at. However, even for experienced traders, it is much simpler to try out the service, leading to increased transparency.
HUGE ASSET VARIETY
Although asset variety has become something most brokers are getting better at, very few can compete with SpreadEX. Namely, the brokerage offers over fifteen thousand different trading instruments, dwarfing most competitors. That asset number leads to numerous other upsides, the first being the ability to trade exclusively on assets you deem top-notch. However, it also ensures that you’ll find your preferred instrument and be able to diversify your trading portfolio.
SpreadEX offers a comprehensive guide under its getting started tab that’s enough to get you started by itself. The company tailored it to its own service specifically, meaning you can work through the steps. However, that doesn’t mean that what you learn is only useful on SpreadEX. The course does a fantastic job of introducing all the necessary concepts for a powerful trading skill foundation.
NO BROKER’S FEES
Traders on spreadex.com can take full control over your investments without having to pay broker’s or accountant’s fees. The only charge will be the difference between the buy and sell prices for different markets.
SpreadEX.com offers individual customer support. The company is willing to do everything to maintain client satisfaction, which speaks volumes about integrity. There were multiple cases where SpreadEX offered traders help, even if the mistake was on the customers’ end. Each client’s specific approach also shows a level of care that many brokers seem to have left behind.
SpreadEX.com Funds Trading and Security
The safety of your funds is always a huge concern when using online services. Even the most straightforward online services can make mistakes, causing further issues, since solving problems online is much harder than in person. Now, when you order food online, and the wrong thing arrives, that’s not a huge deal, but with brokerages, tens of thousands of dollars might be in question. As such, finding a place where there’s no risk of someone draining your funds unfairly is vital.
SpreadEX is one of the rare fair brokers, and it has the certification to back it up. It’s licensed by the UK’s FCA, which is notorious as one of the world’s strictest broker regulators. Even recently, it’s blacklisted and fined numerous brokerages for misbehaviour. As such, it’s quite a reliable trustworthiness indicator, showing that SpreadEX is serious about its service.
However, sometimes regulation doesn’t suffice, as brokerages might find and exploit loopholes. That’s why it’s crucial to check a broker’s reputation and its more technical qualities. And that’s where SpreadEX shines, as customers seem quite content with their interactions with the firm. There have even been occasions when the company has fully refunded certain customers, even for mistakes on their end.
Overall, the company holds up well both in technical and practical safety features. It’s quite unusual that a company is willing to work with customers and find a solution even when it’s not directly at fault. That shows an admirable level of devotion and makes the broker stand out from the crowd.
SpreadEX: Brief Review of Trading Accounts
As we’ve already stated earlier in our SpreadEX review, opening a live account requires nearly no investment. Naturally, before you begin trading, you’ll need to provide some details about yourself, including addresses and financial information. Once you do, you can invest any amount and get an activated live account.
While there are multiple account variations, they aren’t investment-based, meaning that the trading experience is equal across the board. You won’t need to worry about features locked behind paywalls, or specifications intentionally made worse to force upgrades. No matter if you invest a dollar or a thousand, the service you get doesn’t change. While that may disappoint some high-spenders used to get various benefits for their investing habits, the broker’s dedication to fairness is commendable.
The difference lies in the distinction between retail and professional users. You get the retail account by default, and it’s clearly tailored towards newer traders. However, the pro account requires additional documentation that proves you can hold your own in the finance world. It carries certain benefits but also removes some risk-reducing factors. As such, neither account is inherently better, and each trader should choose based on their confidence. Here are some of the features the pro account has over the regular one:
- Low Margins
- Trade on Credit
- Dedicated Service
- Trading Tools
The Trading Conditions
As far as trading goes, SpreadEX offers the usual CFD trading, but goes beyond that and provides spread betting services. Now, spread betting is much more uncommon in online brokerages, meaning that a large portion of traders hasn’t encountered it. Because of that, we’d like to provide a short explanation of how it works.
Spread betting is, naturally, based on the spread, or the difference between buying and selling price, also called ask and bid. The trading process is similar to CFDs, in that you predict whether the price will rise or fall. According to that, you either buy at the top of the spread or sell at the bottom. You gain or lose according to the difference between your buy or sell cost and the closing price, which then gets multiplied by the size of your stake. Naturally, this explanation is oversimplified, and if you’re interested, you can learn more from SpreadEX’s educational centre.
As for the overall conditions, they are quite good. The broker provides a leverage rate of 1:200, which is a good middle-ground for beginners and veterans. The spreads of different assets are fixed but are overall quite tight.
What else can SpreadEX’s financial package offer?
On top of that, the execution is quick, and the website’s proprietary platform has earned much praise from customers. As we said earlier in our SpreadEX review, the asset count is massive, ensuring there’s enough variety to satisfy anyone.
Even the secondary conditions that don’t relate to the trading specifically hold up well. The customer support is responsive and even works over the weekend. The safety is nearly unrivalled, guaranteeing that you don’t need to worry about any malicious practices. To round everything up, the company is willing to cooperate with traders in finding specific solutions. That’s a thing few companies as large as SpreadEX do, showing true devotion to its craft.
SpreadEX: Review of Financial Spread Betting
Initially, the brokerage served as the firm that specialized in serving sportsbook. As you may or may not know, spread betting is a derivative strategy, that allows traders to bet on the financial market’s direction without owning the underlying stock, commodity, or security. SpreadEX spreads offer traders a wonderful opportunity to trade with great benefits. For example, traders will access thousands of markets from Europe, America and Asia; trade with leverage and no capital gains tax to pay.
However, clients are free to trade and use both spread betting and CFD trading products. The spreadex.com also offers educational information on spread betting strategies, that anyone can find easily on the website.
SpreadEX: Sports Spread Betting
Sports betting is not as different from trading as you might think, they are quite similar. However, the online gambling world may be much more dangerous for mere traders, as many companies try to swindle their customers regularly.
On top of that, bettors are even more critical of firms than traders are, as losing often prompts a robust emotional response. There’s the fact that you lost money, and then the fact that the team you were rooting for lost. That creates a situation where many vent through reviews, dragging down the average customer rating significantly.
SpreadEX uses a proprietary trading platform. This might seem suspicious as the proprietary trading platforms are not as popular as the standard MetaTrader. However, many traders have praised the platform’s functionality, noting the speed and smoothness.
SpreadEX provides a praise-worthy proprietary platform. Customers seem to enjoy the software quite a bit, as many have voiced their content with the platform. On top of that, the tech solution comes as a web trader by default, meaning there’s no need to download anything. That, coupled with the low account price, means it’s easy to access SpreadEX’s trading services.
Namely, the broker started as a simple iPhone trading app, meaning they’ve had times to perfect their craft. Mobile versions of proprietary platforms have a reputation for being janky and poorly ported. However, as it’s everything SpreadEX had for a while, they had to ensure it was fully functional. As such, it’s leagues above similar software, and some traders claim it even works better than standard options, such as MT4.
As is usual, you’ll need to download an app for the mobile trading terminal to work. After that, however, you can access the platform anywhere, as long as you’ve got mobile data and an internet connection.
Deposit and Withdrawal for SpreadEX.com
While trading is a crucial area for brokers, funding can be just as important. After all, you can’t be a trader if you don’t have any money to invest or trade with. Likewise, you likely won’t choose a broker that decimates your funds via fees when you withdraw them. As such, we felt like checking out the broker’s funding was a crucial part of our SpreadEX.com review.
Now, from the very start, the broker pleasantly surprised us with the most affordable funding structure out there. Namely, opening a live account at SpreadEX costs you a mere 1 EUR. Compared to most brokers that ask for a few hundred, that’s astoundingly low and is especially meaningful for first-time traders. Even for trading veterans, it’s nice to be able to test out a full service without a massive investment.
But what about the deposit and withdrawal methods themselves? A broker must provide an affordable and diverse set of payment options. Otherwise, they’d lock themselves out from a significant portion of users right off the bat. Luckily, SpreadEX cared about that too, allowing options for direct bank transfers, cards, and a few e-wallets.
That means most significant payment methods are covered, and most traders will easily fund their accounts. Naturally, that goes the other way around as well, and you’ll be able to take money out as you please. Both ways are quick, meaning you won’t have much frustrating downtime where you’re waiting for your payment or withdrawal to settle.
Lastly, we need to talk about the fees, which again, aren’t high at all. The broker charges a small fee on cards outside the UK, but other than that, there are no commissions. That means you get the full value of each dime you invest.
SpreadEX’s Trading Products
We’ve mentioned SpreadEX’s impressive asset library multiple times until now. Frankly, it’d be challenging to find another broker that provides as many different trading instruments as SpreadEX while also keeping up in other aspects. That makes the broker’s service unique in that the trading instrument count of over 15000 is backed up by other specifications, making it the full package. Here’s a list of categories for the broker’s numerous assets:
- Bonds and Interest Rates
SpreadEX’s customer support works each day of the weak, meaning you can use the weekend to resolve your issues. The methods to reach them are the usual through either the phone line, chat and email. The broker made a welcome choice in setting up an international phone line to make it easier for traders outside of the UK to reach the firm. The broker’s local worktime spans from 8 AM to 5:30 PM UK time.
Address: Freepost RRRS-GTBG-HGZB, SpreadEX Ltd., Churchill House 26-30, Upper Marlborough Road, St Albans, Hertfordshire, AL1 3UU
Phone number: +44 1727 895 000
Email: [email protected]
SpreadEX Review: Conclusion
As you can tell, if you’ve read the rest of our SpreadEX review, we’re quite impressed with the broker. It’s used its experience effectively and combined it with a series of innovative specifications to craft a complete trading experience. They’ve avoided the pitfalls of both newer and older brokers creating something unique.
For example, the firm’s web design is up to modern standards, with minimal clutter and redundancy. Moreover, the broker still treats each customer uniquely and is ready to compromise to find solutions. However, the best part is that it backs all that up with a favourable trading experience, which is a sizable part of the reason why so many traders have stuck around.
The broker provides a fantastic service overall, not explicitly aimed at any niche. That means that any trader will be able to get mileage out of SpreadEX’s services, and some may decide to make it their go-to broker. Additionally, SpreadEX is invaluable for newer traders, considering the educational experience it provides along with the low barrier to entry.
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