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Spread Co Review - Is it scam or safe?

Spread Co Review - Is spreadco.com a good forex broker or a scam?

RATING: 3 / 1 REVIEWS ForexBrokerz Spread Co
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average Spread
CFD $250 0.1 1:200 Fixed, 1.5 pips on EUR/USD 

 

Clients of Spread Co are offered a single live CFD account type with 2 options - consolidated & single positions CFD account.

 

When buy and sell trades in a single instrument are created on a single positions account, all positions are kept open and will not be netted off until the client manually closes them or nets them off. On the contrary, consolidated account open positions are automatically netted off against each other (hedging enabled).

 

Spread Co’s CFD account is a commission-free one with leverage up to 1:200 and fixed spreads. There aren’t micro lots available for trade, nor swap-free (Islamic) accounts for Muslim clients.

 

The broker provides its spread betting services on a different account with minimum initial deposit of $250 and tight fixed spreads – 0.8 pips on EUR/USD.

 

The Company. Security of Funds

 

Spread Co is a London-based brokerage, offering online CFD trading and spread betting services through its in-house platform.  

 

The company behind the brand, Spread Co Limited, has 10 years of experience in the online trading sector, and is authorized and regulated by the most reliable EU financial regulator - the Financial Conduct Authority (FCA).

 

All FCA-regulated companies are required to observe the stringent rules and procedures set by the UK financial watchdog: they must keep all client money separated from the company`s own funds into segregated accounts; they must regularly report to FCA; they are obliged to hold net tangible assets amounting to at least €730 000 at all times in order to prove their financial stability.

 

Besides, what is probably most important regarding the safety of funds invested in FCA-regulated companies is the coverage provided by Financial Services Compensation Scheme (FSCS). In the event of a shortfall, FSCS is able to cover your investment loss (or the funds held in your trading account) up to a maximum of £50,000.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open a trading account with Spread Co, one has to deposit at least $250, which is an average minimum initial deposit. Of course, there are some UK-based brokerages, who require less: Plus500, for instance, has set a minimum initial deposit of $100.

 

Average spreads & Commissions

Spread Co offers fixed spreads only, which are pretty tight - 1.5 pips on EUR/USD. Most fixed-spread brokers, including Plus500, provide spreads amounting to around 2 pips for this pair. For further information, you may look up real-time spreads of 15 leading brokers may be viewed here.

 

Clients of Spread Co also benefit from commission-free trading, as the broker gets its remuneration through the spread (like the majority fixed-spread brokers).

 

Leverage

The maximum leverage rates at Spread Co are up to 1:200. Such leverage is considered standard, although a number of brokers offer leverage equal to or exceeding 1:500.

 

Keep in mind that higher leverage ratios may lead to heavy losses, exceeding initial investments.  That is why limitations on leverage rates are set in some jurisdictions, and most recently the FCA also proposed maximum leverage levels offered by brokerages to be set to 1:50.

 

Trading Platform

 

If you are looking for the industry’s standard MT4 platform, you are not going to find it with this broker. When trading with Spread Co, you will be offered solely its in-house platform, available as downloadable, desktop and mobile versions.

 

Spread Co’s web-based platform. Click to enlarge.

 

The platform has customizable interface and is equipped with useful charting tools. Besides, it provides advanced risk management tools, such as stop loss and limit orders, guaranteed stop, contingent order (that lets you automatically attach a stop loss and/or a limit order if the primary order is triggered), and more. You can also stipulate the time frame for your orders.

 

We have tried Spread Co’s platform and we find it is pretty good, however algo traders will surely miss MT4’s Expert Advisors and other advanced features, offered by MetaQuotes’s trading terminals.

 

Methods of Payment

 

Clients Spread Co can make deposits to and withdrawals from their accounts via credit/debit cards, bank wire, and Skrill.

 

There is a 2% charge for funding via credit card, however funding via debit card is free. There is no cost to withdraw funds back to your credit or debit card. Payments back to Skrill accounts will incur a 1% fee of the transaction value.

 

Withdrawals back to bank accounts are free (UK 3 day payments), or incur a GBP15 fee for same day UK payments. International payments are charged with GBP15, however the bank may also deduct local bank charges.

 

Conclusion

 

Spread Co is a reliable brokerage with 10 years of experience, regulated by the FCA. It offers CFD trading and spread betting in various instruments under competitive conditions. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros

Cons 

FCA-regulated & 10 years of experience

Fixed spreads only, MM model

Competitive spreads

MT4 not available, no automated strategies

Commission-free trading

No micro tradeable lots

                                                                                                                                               

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Traders` reviews for Spread Co

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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