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Spreadex Review UK

Tobi Opeyemi Amure
Reviewed by:
Spreadex review UK
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

Spreadex is an award-winning UK trading platform that’s renowned for its customer service, and mobile app. Such accolades might tempt you to try this platform out for yourself.

In this review, I’ll detail all the reasons you may want to give this platform a go, as well as the biggest reasons you should avoid it. 

Throughout this Spreadex review, I’ll analyse the platform’s core features, rating them on a qualitative points-based scale. These points then translate into star ratings. For more information on how we test view here.

This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at InvestopediaInvesting.com, and Trading.biz.

Overall Rating – 4.5 stars

Overall, I give Spreadex a rating of 4.5 stars, based on an overall score of 76.3 and an average of 84.78%.

Spreadex is an excellent choice for any CFD trader who wants a platform that has access to a wide range of CFDs and forex Pairs, great charting tools and an excellent trading platform.

However, a limited range of markets and a lack of key research tools may deter you from using the platform.

Top pick
Spreadex - Award-winning spread betting & CFD trading platform
4.5

Award-winning trading platform suitable for beginner and experienced traders.

64% of retail investors lose money when trading spread bets and CFDs with this provider.

Here’s a breakdown of how Spreadex performed in each category:

CategoryPointsStar ratings
Fees8.84.5
Safety8.84.5
Onboarding9.55
Deposit & withdrawal methods7.94
Markets7.43.5
Tools7.23.5
Investment & trading platform9.75
Education7.43.5
Customer service9.65

Here’s a rundown of the overall pros and cons of Spreadex:

Pros

  • The investment and trading platform is near-perfect
  • Excellent safety ratings
  • Great charting tools
  • Good range of forex pairs

Cons

  • Markets are limited to forex/CFDs
  • Educational content could be better
  • Lack of key research tools

Fees – 4.5 stars

Spreadex’s fees are very attractive, with no non-trading fees and competitive trading charges. I particularly liked how transparent the company is about its fee structure. However, the CFD fees are a bit higher than competitors. 

Non-Trading Fees

Spreadex doesn’t charge any non-trading frees. This means that deposits and withdrawals are free to make, there’s no inactivity fee, and you don’t need to pay a monthly maintenance/usage fee.

Compared to competitors like eToro, who charge as much as £5 per withdrawal, this pricing structure is very attractive.

Trading Fees

Spreadex’s trading fees are pretty competitive. They’re also easy to calculate, and you will be disclosed of all charges upfront, meaning you won’t be hit by any hidden costs. 

The forex fees are also particularly good, and generally much lower than the competition.

The CFD fees aren’t terrible by any means and line up quite closely with the likes of Plus500. However, competitors like eToro do offer much more competitive rates.

To put this into context, if you were to trade $2,000 worth of Apple CFDs, Spreadex would charge $7.20. Whereas eToro would charge $2. This isn’t a deal breaker by any means, but it is something to consider if you’re solely looking to trade CFDs.

Pros

  • No non-trading fees
  • The fee structure is very transparent
  • Forex fees are low

Cons

  • CFD fees could be better

Safety – 4.5 stars

Spreadex is a very safe platform and is regulated by the Financial Conduct Authority (FCA).

However, the company does not hold a banking license or make its financial records available to the public. 

History

Spreadex was first founded in 1999 and has since displayed over 20 years of excellent conduct and financial stability. A track record like this should give you the utmost confidence that any money you put into the platform is safe.

Regulation

Spreadex is regulated by the FCA in the UK, which is widely regarded as the top financial regulatory body. When a company is regulated by the FCA, you’ll be protected up to the value of £85,000.

Negative Bank Balance Protection

Spreadex also offers negative bank balance protection. This means that you’ll only ever be at risk of losing the money that you put in, and if your account goes negative for any reason, you will be protected for that amount. 

Financial Information

Because Spreadex is not a public company, it does not need to make its financial records available to the public, which makes it a little harder to assess the financial stability of the platform.

However, considering that Spreadex has over 20 years of excellent performance, this isn’t a major red flag.

Furthermore, the company does not hold a banking license. However, this is fairly standard for trading platforms, and shouldn’t deter you from using the platform in any way.

Pros

  • FCA regulation
  • Over 20 years of excellent conduct
  • Negative bank balance protection

Cons

  • Financial Information isn’t publicly available

Onboarding – 5 stars

Spreadex’s onboarding service is easy to complete, and verification was very quick. Overall, I had no complaints with the process.

Account Types

Spreadex only offers two types of accounts for CFD trading – a standard and a professional account. For the majority of individual traders, the normal account will be able to handle all of your needs and is the account to go for. 

The professional account comes with added benefits like lower margins and advanced trading tools but is also a riskier option. 

A spread betting account is also offered, but this is a betting account, rather than a strict trading platform. 

Account Opening

The account opening process was incredibly simple.

All you need to do is fill in your basic details, like email and date of birth, and this will give you access to your account immediately.

Account opening on Spreadex.

However, you’ll only be able to access a few features that the platform has to offer.

To access the full suite of services, you’ll need to verify your account. This includes answering a short financial questionnaire, to make sure the platform is right for you, and uploading a few documents to verify your ID and residency.

The questionnaire was a lot more difficult than other platforms, so make sure to pay attention!

Some users have reported rather slow verification times. However, my experience was not the same and I received a verification email the same day that I created my account. 

FT Subscription Offer

It’s also worth noting that if you open an account and deposit a minimum of £500, you’ll receive a six-month subscription to the Financial Times, completely on the house.

Considering that this subscription costs $75 per month, this is an excellent incentive to give the platform a try.

FT Subscription Offer

Pros

  • The onboarding process was quick and simple
  • Quick verification
  • You can access a limited version of the platform while you wait for verification
  • Financial Times subscription for new members

Cons

  • None

Deposit & Withdrawal Methods – 4 stars

Deposits and withdrawals are completely free to make with Spreadex.

However, you cannot transfer money via Ewallet payments. Also, the base currency selection is quite poor.

Base Currencies

Spreadex offers just four base currencies for users to choose from, these being:

  • GBP 
  • USD
  • EUR
  • DKK

This isn’t a terrible selection, but most competitors offer far more. Plus500, for instance, offers 14 base currencies for users to choose from. 

Selecting a base currency is a great way to bypass any currency conversion fee. So the limited selection of currencies may cause you to incur some small charges when buying assets priced in alternative currencies. 

Nevertheless, it’s not a deal-breaker. 

Deposits

Deposits are completely free to make with Spreadex, and there are genuinely no hidden fees that you need to worry about- what you deposit is what you’ll be able to trade with.

You can deposit cash via a credit or debit card, as well as bank transfer. However, as of the time of writing, Ewallet payments are not available. 

The time it takes for cash to hit your account depends on your bank and payment type. Though the majority of card payments should land instantly. 

Withdrawals

Withdrawals are likewise completely free to make and can be made to the same payment methods as above.

Withdrawals can take a few business days, but if you don’t want to wait, you can request a same-day transfer, subject to a £25 charge. 

Pros

  • Deposits and withdrawals are free to make
  • No hidden fees

Cons

  • Limited selection of base currencies
  • No Ewallet payments

Markets – 3.5 stars

Spreadex only offers CFDs and forex to its users, meaning the overall selection of asset classes is fairly low.

However, the number of CFDs and forex pairs offered is quite impressive.

Furthermore, Spreadex users will benefit from extended hours of trading.

Markets available on Spreadex.

Forex

Spreadex offers over 60 currency pairs for you to trade with. The spreads tend to be pretty low, too. For instance, you can trade EUR/USD pairs from just 0.6 pts.

Furthermore, most of the forex markets on Spreadex stay open 24 hours a day.

CFDs

Spreadex’s CFD selection is very impressive. Not only are there a variety of different asset groups, but there’s also a wide range of markets across all of these groups. 

As of the time of writing, you can trade the following CFDs:

  • Indices
  • Shares
  • ETFs
  • Bonds/Interest Rates
  • Commodities
  • Crypto
  • Options

This is an excellent selection of CFDs, and few other platforms can boast such a diverse range of markets.

The selection of 3,000 stock CFDs is particularly impressive. 

One thing to note is that Spreadex doesn’t allow you to change leverage levels during a CFD trade. This is a pretty big drawback, especially if you’re trying to reduce risk.

However, other CFD trading platforms have the same drawbacks.

Other Assets

Unfortunately, Spreadex does not offer any other assets for traders, including underlying stocks, bonds and ETFs.

This may turn you away from the platform if you’re looking for a more diverse array of assets.

Pros

  • Excellent selection of forex pairs
  • Wide range of CFDs

Cons

  • Core assets like underlying stocks are unavailable

Tools – 3.5 stars

Spreadex has a great set of charting tools, as well as other handy research tools such as an economic diary.

However, fundamental data and trading ideas are not provided.

Charting Tools

Spreadex’s charting tools are very impressive, and I found them very useful when researching different assets.

There are 39 technical indicators to use, as well as pro trend lines, chart pattern recognition and even a timeline feature for easy navigation.

Charting tools on Spreadex.

You can edit any chart you like thanks to easy-to-use tools that don’t overcomplicate the process. 

You can also make a trade through different charts, which is an incredibly useful feature. Users also have the option to edit, close and open their positions through a chart.

Furthermore, Spreadex’s charts show the historical data of an asset, and some show as much as a decade of data. For research, this is immeasurably useful. 

Economic Diary

One of Spreadex’s most useful research tools is its economic diary.

This helps users stay up to date on the latest financial news, in an easy-to-read format. 

Trading Ideas

Spreadex does not offer users trading ideas. This is a major drawback, especially when compared to competitors like IG who offer excellent trading ideas. 

On the plus side, the platform’s daily blog does offer accurate market updates, which you can use to inform your trades. The Spreadex team also offers a weekly technical analysis digest.

Fundamental Data

Spreadex does not offer fundamental data. This is another major drawback and severely limits your ability to research different assets.

You will be able to find some data for specific assets through the economic calendar. However, I would have liked this to be a little more extensive. 

Pros

  • Charting tools are great
  • Market updates via the daily blog

Cons

  • No fundamental data
  • No Trading Ideas

Investment & Trading Platform – 5 stars

As an investment and trading platform, Spreadex is near perfect.

Both the web and mobile versions perform excellently, making a trade is easy and my overall experience was only positive. 

Web Version

The first thing that will strike you about the web platform is just how good it looks.

The platform uses a nice black, white, grey and turquoise colour scheme which is very easy on the eye.

This is an important factor considering that most users will be trading for hours at a time. 

Trading platform interface on Spreadex.

The search functions are also excellent. You’ll be able to see tabs on the left-hand side, which neatly categorise everything you would want to find, from different assets to your orders.

There’s also a search bar that will help you find anything specific quickly. 

You can further customise the platform by changing the layout of the tabs. This will help you to make the platform feel more like your own and also make day trading a more viable option. 

Finally, you can enable price alerts on the web platform. This is a feature that so many other web-based platforms miss and is one of the web platform’s strongest assets.

Mobile App

The mobile app is just as good. Spreadex won the Best Mobile App and Best Platform Reliability awards in the most recent investment trends report. You can read more about this on the company website

What makes the mobile app so good is the user-friendly layout and excellent customisability. The search function is as good as the mobile platform, and it will help you find any asset you can think of in a matter of seconds.

The only thing I missed when using the mobile app was the biometric login. This is something that other mobile apps such as Trading 212 provide, and would have made this already excellent platform that little bit better. 

Making a Trade

Making a trade with Spreadex is extremely easy. When you want to make an order with a particular asset, a handy order panel will pop up on your screen.

This will allow you to customise your trade using order types such as Market, Stop and Guaranteed Stop as well as time order limits such as GTC and GTT.

Making a trade on Spreadex.

This order form breaks complex trades down into just a few lines of information, and I much preferred the layout compared to other CFD platforms.

Trading Experience

My overall trading experience with Spreadex was overwhelmingly positive.

The platforms were easy to grasp, and placing a trade was incredibly simple. I particularly appreciated the variety of order types available.

The mobile and web platforms were also very similar, and this continuity made it easy to switch between desktop trading and mobile trading on the go. 

Charting was great, and thanks to the easy-to-use tools, I was able to edit charts as and when I wanted.

I would also recommend Spreadex to any day trader, because of the excellent layout and customisability of the platform.

However, because there is a limited selection of assets, overall viability for day trading is somewhat restricted. 

I did encounter one or two minor drawbacks though. For one, third-party platforms such as MT4 aren’t provided. I also really noticed the lack of fundamental data and trading ideas when researching new assets.

Nevertheless, on the whole, it’s hard to fault Spreadex as a trading platform. 

Pros

  • Platform looks great
  • Great customisability
  • Price alerts
  • Award-winning service

Cons

  • Some markets like MT4 aren’t available
  • No biometric login for mobile app

Education – 3.5 stars

Spreadex offers a good amount of educational content, including tutorials on how to use the platform and trading advice.

However, there is no demo account feature. I also missed webinar content and educational videos. 

Education Hub

Spreadex’s education hub is the centre of its educational content. It offers informative content both on how to use the Spreadex Platform as well as detailed trading advice.

These articles cover both beginner and advanced strategies and are some of the most detailed articles I’ve read out of any UK trading platform. All of this content is easy to find through the Education Hub tab. 

Another excellent feature is Spreadex’s daily news and analysis blog, which helps users keep up to date on the most relevant financial news.

I found these updates to reach a pretty perfect balance of length and information, making for an excellent way to digest the current state of the financial landscape. 

News and analysis section of Spreadex.

However, there are a few features that I did miss. 

For one, Spreadex doesn’t offer more in-depth webinar content. Webinars tend to be a great way to learn about more advanced topics in greater detail. Experienced traders may therefore struggle to find value through the education hub.

Spreadex also lacks any video content on specific trading topics. I find video content tends to be a lot easier to understand than lengthier articles, and it’s a big drawback that you can only learn through one medium.

Glossary

Spreadex also offers a ‘glossary’ of all the key terms associated with trading. Most of the glossary covers spread betting, but there are a few useful definitions of concepts like Chart Analysis. 

Demo Account

Unfortunately, Spreadex does not offer a demo trading account. This is pretty disappointing, as demo accounts are a great way to get a feel for the platform, and practice trades without the risk of losing your money. 

Pros

  • Education Hub makes it easy to find content
  • A vast array of articles to read
  • The daily blog is an excellent way to keep up to date with the market

Cons

  • No webinar content
  • No demo account

Customer Service – 5 stars

Spreadex has one of the best customer service teams in the UK.

Support is available 24 hours, replies are valid and the team was always ready to help me with any problem I had.

You can contact Spreadex via email, phone and live chat. 

Spreadex customer service.

Email

Spreadex’s email support service is pretty faultless. I found it easy to find the right contact address, and I received a reply in less than 24 hours, which is much better than competitors.

Phone

Phone support was just as good. I connected in around one minute, and from there, my questions were answered quickly and efficiently.

Live Chat

The live chat service was also excellent. It took me literally five seconds to connect to an agent, and they were able to resolve my problem after I sent just one message. 

Furthermore, you can engage in live chat 24 hours a day, meaning that whenever you have a query, the team will be there to help you out. 

Customer support is something that Spreadex is renowned for, and when I tested it out, I could understand why.

The company has won numerous awards for its customer support, which you can read more on here.

Pros

  • Award-winning customer service
  • Email, phone and live-chat support
  • 24-hour availability

Cons

  • None

Final Thoughts

Ultimately, Spreadex is an excellent platform that’s worth the attention of any serious CFD trader.

Some features, such as the trading tools, could use improvement.

However, at its core, Spreadex is a reliable and good-looking platform that has all the functionality any advanced CFD trader would ever need.

Top pick
Spreadex - Award-winning spread betting & CFD trading platform
4.5

Award-winning trading platform suitable for beginner and experienced traders.

64% of retail investors lose money when trading spread bets and CFDs with this provider.

FAQs

Where is Spreadex based?

Spreadex is based in St Albans, Hertfordshire, in the United Kingdom.

How does the Spreadex work?

Spreadex is a financial trading platform that combines sports spread betting, financial spread betting, and fixed odds betting. Users can speculate on the movement of prices or scores, betting higher (buying) or lower (selling) than the spread offered by the platform, potentially earning profits or incurring losses based on the accuracy of their predictions.

What is the minimum deposit for Spreadex?

There are no minimum deposit requirements, joining fees, contracts to sign or obligations to trade on Spreadex.

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Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”.

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