Spreadex

FCA Regulation: Regarding financial and sports spread betting, Spreadex Limited is authorised, regulated and registered by the Financial Conduct Authority (FCA), registration number 190941. 

Safety Features:

• Spreadex segregates its client funds from company funds 
• All traders are provided with negative balance protection
• Traders are also insured by the Investor Compensation Fund up to a maximum of 85,000 EUR per trader should the company be liquidated

On this basis, we consider Spreadex a safe broker for South African clients to trade with. 

The account opening process at Spreadex is hassle-free and fully digital and accounts are ready for trading within 48 hours.

All South African residents are eligible to open a trading account at Spreadex.

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within 48 hours. 

How to open an account at Spreadex:

1. Click on “Create an Account.”
2. Spreadex’s intake form requires clients to fill in their personal details, including name, email address, and country of residence. They will also have to create a password and choose a username.
3. Clients will then be required to confirm their physical address. 
4. Thereafter, clients will have to detail their previous trading experience and financial status.
5. Spreadex requires individuals to submit a copy of their National ID or Passport with the signature page, as well as a copy of a recent utility bill or bank statement. Documents can be scanned or sent through as a high-quality digital camera picture.
6. Your documents will be checked by the verifications department within 48 hours. Any deposits will be credited to the account only after your documents have been approved.
7. We advise you to read Spreadex’s risk disclosure, customer agreement, and t&cs before you start trading.

Overall, Spreadex’s account opening process is fully digital and accounts are ready for opening within 48 hours.

Traders will find an extensive asset selection, consisting of thousands of equity CFDs across fifteen countries, complemented by over 200 ETFs, which should satisfy most professional traders.

Retail Account

A market maker, Spreadex’s retail account is commission-free and has spreads that start at 0.60 pips on the EUR/USD, which is lower than other similar market maker brokers.  There is a minimum required deposit of only 1 GBP to open an account, but trading is only offered on the Spreadex proprietary platform which integrates with TradingView. Traders can choose between a wide range of tradable assets, including over 60 Forex pairs, share CFDs, interest rates, bonds, ETFs, commodities, and cryptocurrencies, with a grand total of 9500 symbols. 

Spreadex allows hedging and scalping but does not offer copy-trading.  SpreadEx also allows clients to execute a minimum trading volume of 0.01 lots. Under FCA regulation, the maximum leverage is up to 30:1 on major currency pairs. UK-based traders may additionally use a tax-free spread betting account. 

Note that Spreadex does not offer Islamic swap-free accounts.

Spreadex Financial Trading App

Spreadex Financial Trading App is the proprietary mobile app from Spreadex, which can be downloaded and accessed on Android and iOS tablets and mobile phones, including a native iPad and iPhone app. 

The mobile app allows traders to open and close positions and has the same indicators and charts. Its quality has been praised often, including Best Mobile App by Investment Trends.

The app features:

• Advanced charting tools at your fingertips
• Fast and fair execution
• Advanced Orders, including going long and short 
• Price Alerts by text, email or push message
• SSL encryption and PIN login to keep your data secure

TradingView

If you use TradingView, you can connect your account to Spreadex. This allows you to make use of the TradingView mobile abilities, which include advanced charting, custom scripts and ideas shared by users, and also:

• 400+ built-in indicators and strategies
• 100,000+ public indicators
• 110+ smart drawing tools
• Volume Profile indicators
• Candlestick patterns recognition
• Multi-timeframe analysis
• Auto Chart Patterns

The Spreadex web trader is web-based and offers a streamlined trading experience, appealing to traders who want to avoid the complexity of third-party platforms.  The platform is intuitive and easy to use.

Spreadex’s trading platform is a fully-customizable, fast and reliable proprietary platform under constant development to ensure it stays up-to-date with modern tools and advanced trading capabilities.  Spreadex traders get access to spread bets and CFDs with advanced charting tools, award-winning execution, price alerts, and watch lists from a single account. It also offers a comprehensive suite of technical indicators and drawing tools, in addition to historical prices.  Note that the Spreadex platform is not available for desktop use.

Regrettably, the MT4 trading platform is not supported, as Spreadex focuses on sports spread betting, which is unsuitable for MT4.

Spreadex does not offer demo accounts.  This is a real shame, as practice accounts are a fantastic way to get a feel for the broker and the platform.

Overall, Spreadex’s platform is a good choice for beginner traders because of its simple and intuitive interface, but compared to third-party platforms such as MT4 and MT5, it lacks the execution speeds and doesn’t allow for automated trading via expert advisors or other trading algorithms.

A well-regulated broker, Spreadex ensures that all anti-Money Laundering rules and regulations are followed, and as such, all withdrawals are returned to the deposit source. 

SpreadEx offers Open Banking to clients, and it also works with Payment Service Providers that are integrated with VISA Direct, which means traders using these cards can expect withdrawals to be processed in 2 hours.

Spreadex’s funding methods include bank transfers and debit cards or credit cards, but also Apple Pay, which is a great advantage for traders.

While Spreadex does not charge a fee for payments using UK cards, international bank transfers, and bank transfers in currencies other than GBP will be subject to additional currency conversion charges.

Direct withdrawal times range from two hours on Apple Pay to up to five days for Bank Transfers.

Spreadex has two daily market research updates, as well as a weekly email finance preview. Also, you can read through their weekly technical analysis, which contains potential trade ideas.

The trading platform has a candlestick pattern recognition program, which may assist in identifying trading opportunities. 

In addition, if you deposit £500, you get access to a Financial Times subscription for free.

Spreadex has an Education Hub that beginners will find useful for learning how to trade Forex while minimising risks.

In addition, Spreadex also offers a range of written materials on technical analysis and chart patterns. Spreadex also has a range of practical tutorial videos covering various aspects of the trading platform and account management.

Customer support is available during business hours, seven days a week in English, via telephone, email, and live chat. The team received the award for Best Customer Service in the Investment Trends 2022 survey.

For the purposes of this review, we found the customer support responsive, polite, and helpful. Customer service is handled by the trading room so clients get an informed response. This includes phone service, where you get straight through to someone who understands your specific issue.