- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- SPREADEX TRADING CONDITIONS
- TRADING PLATFORM
- SPREADEX’S TRADING PRODUCTS
- CUSTOMER SERVICE
New Broker on the Horizon: SpreadEX
SpreadEX: General Information
Although SpreadEX financial services have been around for a while, the company never stopped moving forward and innovating. As such, it has managed to avoid the trap most established companies fall in. You’ll often see a firm that stops updating its services, which leads to newer competitors with fresh ideas simply overtaking it. SpreadEX didn’t let that happen, always following shifts in the finance world and online brokerage services. That, coupled with a robust integral service, allowed them to gather and maintain a loyal userbase.
Especially in the finance world, keeping a loyal customer base for a prolonged period is quite a feat. In recent times, brokerage services have been continuously revolutionized, with many firms falling into obscurity. Only the sharpest and quickest to innovate and accommodate customers to survive, as traders will gladly jump to a different service if they’re dissatisfied with their receiving. That’s simply a downside that the variety of choices on the internet brings online brokers. However, SpreadEX financial services have managed to persevere for over a decade.
As such, SpreadEX has already impressively accumulated experience, and continued success tells us a lot about the firm’s quality. That much is apparent even when you open up the broker’s website. You can see the blend of old and new in their air-tight, slightly retro design. Everything runs smoothly, and the information you need to know is never more than a few button presses away. The company also avoided the usual mistake of informational overload, cutting out or separating a lot of excess info.
However, all that would fall apart if the overall trading experience wasn’t satisfactory. Luckily, the broker ensured that it would provide cutting-edge conditions for its customers. Let’s start our SpreadEX review by inspecting some of their key features:
While many traders consider a comprehensive asset library to be a luxury feature, having a bigger trading product pool to choose from also has practical uses. Greater choice diversity, for example, leads to higher average choice quality. There are bound to be more top-quality assets when there are more instruments, in general, to pick from. Also, many experts consider diversification a crucial safety strategy any aspiring trader should master. Diversifying is naturally much simpler when you have a wide array of assets to buy or sell.
AMAZING BEGINNER EXPERIENCE
SpreadEX has ensured that newer traders, or even people trying trading for the first time, have a smooth entrance into the finance world. There are multiple reasons for that, the first being the comprehensive learning materials. They start from the ground and move upwards slowly, building essential trader skills. Beyond that, there’s the shallow requirement to deposit funds for a live account, starting at less than a dollar. Naturally, that’s an advantage for traders of all skill levels, but especially so for those still unsure whether they’ll enjoy or be good at trading.
There were multiple cases where SpreadEX offered traders help, even if the mistake was on the customers’ end. The company is willing to take financial hits to maintain client satisfaction, which speaks volumes about integrity. Each client’s specific approach also shows a level of care that many brokers seem to have left behind. Other modern brokerages seem to favour more standardized customer support solutions. As a contrast, it’s quite refreshing to see that SpreadEX still offers solutions on an individual basis.
One advantage online brokers had when their userbase was smaller on average was increased care for individual traders. When you have fewer customers on average, one customer is more valuable, and it’s simpler to communicate with them. Over time, as online trading inched towards the mainstream, many brokers have stopped caring for a single client. Some have done that because it’s simply too challenging, while it’s a numbers game for others. However, SpreadEX kept the vintage online broker mindset and doesn’t hesitate to offer custom solutions to users’ problems and requests.
Funds Trading and Security
Security is one of the primary concerns anyone should have when finding a new brokerage to begin working with. Even the best service is only one misstep from the brokerage away from turning into a miserable one. There are few worse feelings in trading than losing your money to a scam broker’s tricks. The safety issues have been boosted even further with the recent increase in new traders. As more novices enter the finance world, scams are trying to exploit their inexperience increase as well.
However, we’re confident that SpreadEX doesn’t fall into that group and is adversely one of the most trustworthy firms on the market. We aren’t just saying that on a gut feeling either, as the company has regulation and past behaviour patterns to back that up. The broker operates under the UK’s FCA, famous as one of the most stringent watchdogs worldwide. Even recently, they’ve had a burst of regulatory activity, fining and blacklisting a multitude of misbehaving brokers.
The Financial Conduct Authority (FCA) license alone wouldn’t be enough to convince us of the broker’s well-intendedness. There have been multiple cases in the past of brokers slipping through loopholes or license givers turning a blind eye to foul play. However, SpreadEX’s history shows us that they are among the most customer satisfaction-focused brokerages out there.
Traders are content with what the broker provides and how it interacts with them. Additionally, the firm often makes compromises even though customers were technically at fault. That shows a level of individual appreciation that most brokers have stopped showing since online financial trading made it into the mainstream.
SpreadEX Account Opening Process
As a top-notch broker, SpreadEX is pushing the limits of the old online service technology. The brokerage has created an easy account opening system. It only takes a couple of the most straightforward steps: filling an online application and waiting to confirm the approval. So, we’ve already stated in our SpreadEX review, opening a live account requires nearly no time investment. Double click and you are ready to go!
One of the most notable things is that the trading experience is equal across the board. As the broker offers fair usage of one standard account, it provides—the account has all the possible featurettes and instruments that any broker would need. Moreover, traders will not need to worry about features locked behind different accounts or other specifications made worse to force upgrades.
The single account type that SpreadEX offers means that the broker is all for fair use and does not need to stagger its services. Having one ultimate account variation eliminates any financial motivation behind having a weaker service, which adds to the broker’s strength to provide the best services to its clients.
However, the broker adheres to MiFID II, meaning it has to cap leverage for newer traders. It does that by creating a retail/pro trader split, where the first is the default account, and the other is the step-up. Even with that division, SpreadEX financials is entirely fair, as anyone can get a pro account. Naturally, you need to fulfil certain conditions that are out of the broker’s control. Still, we believe that the split is a net positive as, although it may hamper the experience for some, it protects newer traders.
SpreadEX Trading Market & Products
In our reviews, we always try to pay close attention to the range of markets that the broker provides, as it shows how much of the freedom the client can have in their everyday trading menageries.
SpreadEX offers a wide range of financial markets, including indices, shares, forex currency pairs, commodities, ETFs, interest rates, bonds, Cryptocurrencies, options, and Speed Markets.
However, the broker specialized in spread betting more. Spread betting is much more uncommon in online brokerages. Please do not fret; even though it is something quite rare to the trading activity, spread betting is based on the difference between buying and selling price, also called an ask and bid. In case you want to find out more about spreads, SpreadEX has provided excellent educational explanations on its website, so in case you need to, check it out!
The total asset count as SpreadEX is impressive, coming in at over 15000. Some markets you can trade on are copies of each other, but even a third of SpreadEX’s number would be fascinating. As such, we doubt any trader will have a difficult time finding an asset to trade on. SpreadEX financial markets are spread over more than a few categories, meaning it’s not singularly focused. Because of that, traders shouldn’t have any issues in creating a healthy and diverse portfolio.
Fees and Funding on SpreadEX.com
While fees are a part of a broker’s overall trading conditions, we still feel like they deserve a separate category. When using a broker, additional costs can shape the experience and even completely ruin it if they go overboard. It’s not uncommon to see a brokerage destroy their customers’ experience by imposing hefty charges. Trading commissions are especially noticeable because of how often they impact users. Sometimes, those can invalidate specific strategies, alienating users that employ them entirely.
Luckily, the broker is quite reasonable, without any trading or withdrawal fees, as we mentioned earlier in our SpreadEX review. On top of that, the deposit fees are entirely appropriate, only coming in for card transfers for users outside the UK. It’s entirely possible that those charges were out of the broker’s hands, but even then, they’re far from severe. That means each trading tactic is equally viable on SpreadEX.com, and the trading experience is authentic.
However, the broker still needs funding options to back up the overall trading and charge structure. Most experienced traders have felt the frustration of long waits for deposits and withdrawals. Those periods can be quite frustrating, especially when you miss out on a good trading opportunity because of them. Luckily, the SpreadEX financial service has quick deposits and withdrawals, avoiding such situations altogether.
Lastly, we need to go over how you can fund your account, as it’s also quite important. After all, you can’t even initiate trade without any funds on the account you wish to trade from. Luckily, the broker’s payment options cover all of the significant options traders usually fund their accounts with. That includes cards, eWallets, and direct bank transfers.
SpreadEX offers many different kinds of trading and a massive variety of markets. However, solely relying on its asset variety wouldn’t have gotten the broker where it is now. For that, it needs to provide a complete, well-rounded trading experience that satisfies many traders’ needs. Fortunately, we consider the broker’s trading conditions good enough to please most online traders.
The broker is one of the few spread betting companies out there, meaning it stands out right away. But even beyond that, it offers trading on a multitude of different assets, meaning there’s something for everyone. The leverage, once you uncap your account by going pro, goes up to 1:200. Although that involves risk, margin trading creates the potential for massive profit with a small investment. There are no fees when trading, which means the experience is transparent, and you get your full money’s worth.
The spreads are tight as well, meaning the trading experience is beneficial towards users. Furthermore, execution via their excellent proprietary platform is lightning-fast, eliminating the chance of delay-based mistakes. Other secondary factors, such as the great deposit and withdrawal methods, security, and customer support, also support excellent conditions.
SpreadEX review: Trading Platform
The broker offers a fully-customizable, fast, and reliable proprietary platform on the web, iPad, iPhone, and Android. The platform provides advanced order executions, advanced charting, and price alerts. Although some traders have negative opinions of proprietary platforms as scams often use them, SpreadEX is different.
Namely, the company started its foray into the brokerage world as a simple iPhone app. That means it had over a decade to perfect its service and rival more standard options. If the software couldn’t have held its own, the firm would’ve gone under quite a long time ago. Additionally, since the platform was the broker’s bread and butter, it had to perfect it.
The result is a platform that can compete even with market leaders, such as MT4. Many traders that use SpreadEX even claim to have a more enjoyable experience on the proprietary platform than MetaTrader. The trading app is in the browser and mobile forms by default, making accessing SpreadEX financials simpler. Overall, the platform does wonders in improving the trading experience and is among its primary components.
- Here are some features of the SpreadEX trading app:
- Spread bets and CFDs from one account
- Price Alerts by text, push, or email.
- Fast and fair execution
- Macro-data directly available on charts
- Automated Pro Trend lines and Pattern Recognition
- Extensive price history of over ten years
- Guaranteed stops
- One-click dealing
SpreadEX.com Client Support
SpreadEX’s customer support improves over the usual structure by working every day of the week. In return, they don’t work around the clock but rather on a fixed schedule spanning more than 8 hours each day. That creates a structure where they can resolve issues quicker than brokers with a 24/5 system. The methods you can use to reach the broker are usual, with email, live chat, and phone line options. You can call two lines, an international one and a local (UK) toll-free one.
As we mentioned, the broker’s support team is available any day of the week. However, its worktime spans from 8 am – 5:30 pm UK time. That coincides with the time most traders conduct their business, meaning issue resolution is simple. Here’s some of the basic information regarding SpreadEX:
- 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: Final Verdict
So what can we say as the ultimate conclusion for our SpreadEX.com review? We think SpreadEx is quite an impressive broker. It is quite rare to see such an astoundingly reliable, experienced, and modern broker, functioning correctly in the financial market. It offers some innovative functions, such as spread betting while remaining true to themselves.
The amount of hard work that they put in their functionality and spread trading is marvellous.
However, before you decide what to do, make sure to go ahead and do your research. After all, you’ll be trading with your own hard-earned money, and it’s always better to be safe than sorry.
- Trading Instrument