- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- THE TRADING CONDITIONS
- TRADING PLATFORM
- SPREADEX’S TRADING PRODUCTS
- CUSTOMER SERVICE
Crypto Broker Review: 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 simply 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.
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 favorable trading experience, which is a sizable part of the reason why so many traders have stuck around. Before we continue with our analysis, we’d like to present some of the best features SpreadEX has to offer:
· NO BARRIER TO ENTRY
SpreadEX ensured that anybody could enjoy their service by lowering the investment requirement down to be nearly non-existent. While other brokers ask for a few hundred dollars just to start you off, SpreadEX asks for mere fractions of a dollar. That’s especially meaningful for people trying to get into trading without knowing whether they’ll like it or be skilled enough. For those traders, the broker also ensured an easy entrance into the trading world via its educational materials. The materials start from the very ground levels and concepts, so they’re an excellent way to get started.
· MASSIVE ASSET LIBRARY
There are multiple reasons why asset variety is essential when choosing a new broker. The most apparent one is that with more assets, there’s more choices, thus more chances for trader skill expression. However, even beyond that, a wider pool of options leads to higher average choice quality. Additionally, it makes a crucial skill in portfolio diversification.
· INDIVIDUAL SOLUTIONS
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. The specific approach to each client also shows a level of care that many brokers seem to have left behind, favoring more standardized customer support solutions.
Funds Trading and Security
A surge in malicious brokers has made traders much more cautious with their funds, and rightfully so. It seems that the first question traders ask about any broker is, “Will they trick me?” While it’s regrettable, that is the reality of the online brokerage world, and it’s the natural downside of using the internet as a medium. So, when you need to invest thousands and possibly even more, you shouldn’t settle for a firm that might disappear with your money one day.
Luckily, SpreadEX has shown that it doesn’t use any malicious tactics in its multiple years of operating. While some opt for tricking clients to achieve quick profits, SpreadEX has decided to garner a loyal userbase with a fair, secure experience. It also has the documentation to back up those claims, holding a license from the UK-based watchdog, the FCA. The regulator is famous as one of the most vigilant rule enforcers in the brokerage world, with tons of cases where it blacklisted or fined dishonest behavior. The fact that SpreadEX hasn’t had any trouble with the FCA demonstrates a great deal of trustworthiness.
However, some traders have become doubtful about regulators from past sour experiences. As such, it’s crucial that we also look at the broker’s track record of interacting with customers. While that drags most companies’ trust ratings down, it has the opposite effect on SpreadEX. The firm’s track record seems pristine, providing favors to customers more than most brokers wouldn’t even consider.
The broker appears to have the perfect blend of technical and practical conditions, demonstrating a fascinating level of care for fairness and customer safety.
The Trading Accounts
Earlier in our SpreadEX review, we mentioned the low cost of opening an account as a significant advantage. Before you begin your trading journey, all you need to do is input data about yourself and wait for account verification. As such, both experienced traders that want to check out the offer and novices that might be unsure about trading overall can get in easily. That’s also a sign of broker transparency, as most others require a larger upfront payment.
Once you get a live account, you get everything the broker has to offer, without any financial thresholds. The only distinction between the accounts is whether you’ll go for a retail or professional version. The retail one is slightly more new trader friendly, with inherent risk-reducing features and limited leverage. On the other hand, achieving the pro account requires traders to provide additional details about themselves to provide a more skill-expressive but also more risky experience.
That means that neither version is better by default, and it’s entirely up to individual circumstances. Traders should leverage the risk and additional benefits of the pro account against the safety of the retail version and decide. However, the fact that the two variations aren’t based on finances means that everyone gets equal chances for monetary gain. To aid your decisions, here are some advantages the pro version holds over the retail:
- Trading on Credit
- Dedicated Services
- Trading Tools
- Lower Margins
SpreadEX offers the usual CFD trading, but also has a more unique spread betting method available for traders. Functionally, the two types are quite similar but spread betting has a much more streamlined gain/loss calculation process. The broker provides a much more detailed explanation of the process under their educational materials, which you should definitely check out.
However, no matter which trading method you decide to go with, the trading conditions remain at a high-level. The leverage sits at a respectable 1:200, providing all levels of traders’ assistance without overwhelmingly increasing risk. The spreads are tight and fixed, meaning you don’t need to worry about sudden changes. The asset variety ensures that traders can always have a vast array of choices without compromising quality at all. Even the proprietary platform has earned praise from customers for the ease of use and lightning-fast execution.
However, strictly trading related factors aren’t enough to provide a complete trading experience. Even the factors surrounding SpreadEX’s trading process are extraordinary, further boosting the entire service. Customer service, for example, is quite pleasant, easy to reach, and responsive. The safety is nearly unparalleled, which means you can rest easy knowing the time and money you put in aren’t in vain. Overall, the broker makes it entirely clear that it respects and values its clients, going out of its way to fulfill their needs.
As we’we said multiple times during the SpreadEX review, the firm uses a custom platform. That might bring up bad associations for some traders, as shady brokerages often use clunky proprietary platforms. However, SpreadEX’s software is anything but unwieldy, receiving continuous upgrades and innovations throughout the years. Many traders have praised the platform’s functionality, noting the speed and smoothness.
The platform’s baseline is a web trader, meaning there isn’t any need to download anything. Additionally, there are mobile trader versions for all the major device types in the iPhone, iPad, and Android devices. So just by downloading the service, you can ensure access to trading processes wherever you find yourself.
SpreadEX’s Trading Products
SpreadEX’s asset library is impressively broad and, without a doubt, one of the broker’s most significant advantages. There’s a collection of over 15000 trading instruments, ensuring that there’s no shortage of choices. The selection is spread over a respectable number of categories, which means that you won’t need to focus on a single section. Here’s a list of all the groups you can expect to see:
- 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.
Phone number: +44 1727 895 000
Email: [email protected]
We’re rarely as eager to recommend a broker as we are with SpreadEX. The firm blended innovation and experience to create an experience that’s hard to come by elsewhere. The care for each individual customer is unparalleled, and couples flawlessly with an excellent set of trading conditions. As such, the broker is right for just about any type of trader.
Additionally, the low starting cost makes it, so you don’t necessarily lose anything by trying out what SpreadEX offers. That makes it even simpler to give it a shot, and we certainly suggest doing so.
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