SpreadEX Review

October 2022

72.3% of retail investor accounts lose money when trading CFDs with this provider.

This broker first opened its doors for spread betting in 1999, and launched its online platform in 2006. The company has been listed in the top 100 most profitable UK companies – Sunday Times PWC Profit Track 100 – for three years in a row. They were also awarded Best Financial Spread Betting Provider at the City of London Wealth Management Awards 2020. The broker quotes markets on over 60 currency pairs for spot and futures. You will also have markets for ETFs, stocks, commodities, cryptocurrencies, bonds & rates, as well as options, for a total of over 10,000 global markets.

Pros

  • Established in 1999
  • Wide range of Financial Markets including Futures and Options
  • Easy sign-up process gets you trading quickly
  • State of the art Multi-Platform Trading App

Cons

  • Lack of educational material & limited analysis
  • Limited to a proprietary platform
  • No demo account

Is Trading With SpreadEX Safe?

SpreadEX is regulated by the following financial regulating bodies:

  1. Financial Conduct Authority (FCA) – the regulatory body for the UK
  2. Cyprus Securities and Exchange Commission (CySEC) – the regulatory body for the EU


This broker is regulated by two top-tier authorities with high standards in terms of transparency, accountability and trust. Being under CySEC regulation this broker adheres to the rules limiting the level of leverage and guaranteeing negative balance protection, amongst others.

Spreads & Fees

SpreadEX has comparatively low bid offer spreads on the main majors and also the EUR/GBP cross. Considering most traders will concentrate their trades in these currency pairs the broker offers considerable savings from its tight spreads.

The table below shows the minimum spreads for each of the major forex pairs as listed on the SpreadEX website and compares them against the industry average.

SpreadEX spreads

Note: Spreads are variable and can change depending on the time of day and market conditions. For information purposes only.

The broker provides lower than industry average spreads on the most important currency pairs. They also waive any inactivity fees, so if you take a prolonged break you won't find any charges on your account when you get back. This is a point in their favour, compared to the many other brokers in the market who will charge inactivity fees.

Platforms

This broker only offers its own proprietary in-house software, which has an attractive design, is user friendly and allows you to trade and manage your positions from one screen. Even though their online app is a great product the lack of other choices may be a deterrent for some new clients who are accustomed to trading on their current platform. Not that any specific platform may be superior to the SpreadEX platform. More simply traders may be more accustomed to using their current platform which they have been using for some time.

Their platform has a wide array of technical indicators and charting tools including pattern recognition, and on-chart trading. Price history goes back 10 years, and you can create and save templates. The platform, however, is unable to cater to automated trading. SpreadEX has been awarded Best for Efficiency of Taking Trades in the Investment Trends UK Leveraged Trading Awards. Their only drawback is the absence of a demo account, allowing you to test all their services before you go through the onboarding process and commit your cash.

Spreadex trading platforms

Mobile Trading

Their Trading app also has cross-platform functionality, allowing you to stay on track while you are on the go. The mobile app is available for Android and iOS for both cell phones and tablets.

Alerts are available across all devices allowing you complete control of your account even if you are not in front of your PC.

Benefits of the SpreadEX trader app include:

  • Trade across multiple devices – open a position on your desktop and close it from your mobile
  • State of the art charting tools
  • On-chart trading
  • Price alerts via text, email or push
Spreadex mobile trading

Education

SpreadEX offers no educational material at the time writing. This is a setback for most who are just starting on the path of becoming traders in the financial markets. Most people probably prefer having all the services they need in one place, rather than having to go and look for educational materials from a third party. For those with a bit more experience in technical analysis, there are some articles on pattern recognition, candlestick formations and chart analysis. With guides on how to apply the analysis on the platform.

Research

This is another area where SpreadEX falls short. There is very little content in terms of news analysis and events which drive market prices. There are 3 tabs under the Analysis section: Financial Trading Blog, Weekly Trade Update and SpreadEX Market Update. However, each tab has only one article relevant to a subject from the past few days up to a week. Apart from that, they have a daily economic calendar going back a week. Rather weak for a broker aspiring to be one of the best in the marketplace.

Trader Support

Customer support at SpreadEX is speedy and polite, and gives service from 8 am to 5.30 pm Monday to Sunday. They also have trading desk contact details. Their website and customer support doesn't seem to be offered in any other language other than English.

You can speak to customer support via:

  • Live chat
  • Telephone – customer services and trading room
  • Email – customer services and trading room

Verdict

SpreadEX has some very strong points such as their trading platform with state of the art charting, more than 10,000 different markets and relatively tight bid offer spreads. Their trading platform allows you to trade from the chart with one click, set up market alerts and manage your positions on the go. They also offer a professional trading account which gives you access to lower margin requirements, effectively increasing your leverage ratio. On a professional account, however, you will forfeit negative balance protection.

If you are looking for a one stop shop this may not be the right place. The broker lacks the educational and research material to give the service the full depth experienced with other shops. However, some traders may have different needs, or feel more comfortable setting up their own news feeds. In terms of execution, charting, simplicity and customer service SpreadEX certainly offers a top-tier service.

72.3% of retail investor accounts lose money when trading CFDs with this provider.