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Spreadex Review - is it scam or safe?

Spreadex Review - Is scam or good forex broker?

RATING: 3.5 / 1 REVIEWS ForexBrokerz Spreadex


Trading Accounts & Conditions

Account type Minimum deposit Maximum leverage Spread
Standard $0 1:200 From 0.6 pips

Spreadex is a forex broker, which also provides CFDs and spread betting. The company is also a bookmaker, but in this review we will only focus on the financial trading aspect. Their offer looks relatively impressive, especially given the high level of regulation. That being said, we also have a few issues with the company. Read the full review for all the details.

Spreadex Advantages

FCA Regulated
A lot of Spreadex’s credibility comes from the fact they are a UK based company, which is overseen by the local authorities. This does not only apply for their sports betting department, but also for the trading one. The Financial Conduct Authority (or FCA) is one of the toughest regulatory agencies in the world.

Spread betting also provided
For those of you who are not familiar with this concept, we will briefly explain. Spread betting means one does not buy or sell a particular asset, but rather places a bet on its price. Usually there are no time restrictions on the bet (unlike the situation with options), so this very similar to spot trading. In fact, it may be preferable for beginners, as one determins the amount he is willing to risk per point, instead of calculating position sizing.

The key factor for the development of spread betting is that some jurisdictions (like the United Kingdom) have a tax on capital gains (profits from trading financial markets) and no tax on gambling profits. This may change in the future and Spreadex mentions it in several very visible places.

Video tutorials
The overall presentation at Spreadex is very nice and tailored towards newcomers to the world of trading. There is even a video tutorial section, explaining a lot of concepts. This may not impress experienced traders, but is indicative of a positive attitude towards newbies.

Many assets available
There are probably thousands instruments available at Spreadex. We will only list the general categories, to give you an idea: forex pairs, indices, commodities, cryptocurrencies, individual stocks (from 15 exchanges, instead of only the most famous companies), bonds and interest rates, exchange traded options and “speed markets”(their equivalent of binary options).

Nice charting

The platform provided by Spreadex is basically a web-based list of thee available assets (with a lot of sub-categories). Once you select your desired instrument, you can see a pop-up chart , which feels intuitive and nice. It is very similar to the ones provided by TradingView, but distinctly different. Here is a preview:

The pop-up charts at Spreadex (click to zoom)

Low costs of trading
The EUR/USD spread at this broker is consistently under 1 pip. This is impressive and should suffice all traders. The levels we saw when testing varied between 0.6 and 0.9.

No minimum deposit
This is something with which bookmakers (which Spreadex also is)  are used to – accepting even smaller clients, who are only willing to have fun, rather than funding a substantial trading account and managing it properly. We would advise you to take a serious approach towards trading and follow risk management rules.

Spreadex Disadvantages

No standalone desktop platform

While the web-based platform, provided by Spreadex has nice charting and mobile versions are also available, we miss a standalone desktop application. This may seem archaic to those of you who are in line with the technological trends, but is still the preferred choice of seasoned traders.

When it comes to trading currencies, we would much rather trade with a proven solution like MetaTrader4 (which also has web and mobile versions). Its desktop iteration is light on the hardware and more importantly facilitates the use of custom indicators and automated trading robots (or Expert Advisors).

>>Find MT4 brokers here<<

Likely a Market Maker
Spreadex does not clearly specify this on the company’s website, but the fact they provide spread betting leads us to this conclusion. A market maker is a broker, which directly takes the other side of a client’s position (or a portion of it). This may create conflict of interest, but is not necessary a problem with well-regulated companies like this one.

No demo accounts
This is not a major issue, but given the ways Spreadex goes to explain trading to newcomers, it’s a shame they don’t support “paper trading”. We were more surprised than annoyed by this.

Few deposit methods
The only ways of sending funds to Spreadex are Bank Transfer and Credit/Debit card. This will probably cover most traders, but in the current day and age, some of you may prefer Neteller or Skrill.

>>Forex brokers accepting Skrill<<


Spreadex is a UK based forex broker, spread betting provider and bookmaker. We only took a look at their financial markets offering in this review and felt generally impressed. The lack of a desktop platform is still a fairly important downside for us. Experienced traders may choose another broker over this one, only for this reason.

On the other hand, this is a FCA regulated company, which means the most important thing, the security of your funds will be guaranteed with them. In the current day and age there are a lot of online scammers, but this isn’t one of them. We will briefly mention the some of the key rules, which the Financial Conduct Authority has.

 >>Discover other FCA brokers<<

Brokers registered with the agency, must frequently submit reports to the “watchdogs”. More importantly, all client funds are segregated from the company’s operational balance. This means they can’t simply steal your deposit and offer a “simulated environment”. On top of that they must participate in the Financial Services Compensation Scheme (FSCS). This is a collective fund, which takes periodic payments from each broker. It later serves, much like an insurance company, to protect clients against their trading partners declaring bankruptcy. Your account is guaranteed up to £50,000.

Here is a recap of the pros and cons of this broker:

FCA Regulated No standalone desktop platform
Spread betting also provided Likely a Market Maker
Video tutorials No demo accounts
Many assets available Few deposit methods
Nice charting  
Low costs of trading  
No minimum deposit  


Latest news about Spreadex
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