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SPREADEX
Spreadex
        
Formed in 1999, Spreadex is one of the longest-established financial spread betting firms in the industry and the only company to offer financial spread trading, sports spread betting and sports fixed odds betting from the convenience of one account. Spreadex was formed by former City dealer Jonathan Hufford, who was hooked on the sheer fun offered by spread betting. He decided to set up his own company but to make spread betting much more user-friendly. Since its inception, Spreadex has developed a reputation for great customer service.
Established: UK 1999 (FCA 190941)
Capitalisation: N/A
Languages: English
Spreadex Screen Shot
Advantages
1. Only firm to offer financial market trading, sports spread betting and sports fixed odds betting from the convenience of one account.
2. One of the most experienced and longest established firms in the market place.
3. Some of the best margin rates in the industry giving leveraged access to the markets.
4. Wide range of global markets and extensive range of AIM stocks listed on which to trade.
5. Credit facilities provided, depending on client status.
6. Professional, yet simple-to-use trading platform.
7. Tailored phone trading service to complement full online trading provision.
8. Comprehensive suite of charting tools.
9. Attractive account opening offers.
Disadvantages
1. No demo account
2. No 24 hour trading
3. Unable to offer trading advice
Terms & Conditions
Please click here to view terms and conditions
Account Information
Deposit Margin: From 5% See detail info
Spread Type: Fixed
Spread: Spread on each market
Spread Explained: See site for details
Overnight Interest (LONG): +3% LIBOR or equivalent
Overnight Interest (SHORT): -3% LIBOR or equivalent
Trade Size (Min): 100p per point 
Account Size (Min): £100Account Size (Max): Unlimited
Stop and Limit Orders: YesGuaranteed Stop Orders with Fee: Yes
Contingent Orders: NoTrailing Stops: No
Scalping: NoHedging: Yes
Dedicated Account Handlers: YesDiscretionary Management: No
Accepts US Citizens: NoIslamic Swap-Free Accounts: No
Binary Betting: NoInterest On Balance: No
Markets Covered
Indices, Shares, Commodities, Currencies, Bonds, Interest Rates and Exchange Traded Funds.
 
Products Available
See Markets covered above.
Base Currencies: 2
(GBP / USD / EURO)
Introductory Offer
N/A
Setup Costs and Duration
Online application form can be completed in two minutes. Account can be up and running immediately depending on client status.
Funding Methods and Costs
For share trading, your roll charge is calculated by the following formula: (1 month Libor +/- 3%) x (days/365) x closing price x stake x (+/-1) x -1.
 
Here, the (+/-) refers to whether the position is long (buy) or short (sell), i.e. for a £25 long position in a stock that closed at 200p, with 1 month Libor at 0.5%, rolling for 1 night, the calculation would be:(0.005+0.03) x (1/365) x 200 x £25 x 1 x -1 = -£0.48 so you would be charged 48p to roll the trade for 1 night. For a £10 short position in stock that closed at 120p, with 1 month Libor at 1%, rolling for 1 night, the calculation would be: (0.01-0.03) x (1/365) x 120 x £10 x -1 x -1 = -£0.07 so you would be charged 7p to roll the trade for 1 night.
 
For daily indices, the roll charge is simply 1 x your stake for the UK 100, Daily and Germany 30, Daily, 2 x your stake for the Wall Street, Daily and 0.5 x your stake for the SPX 500, Daily Future.
 
For currency trading, your roll charge is calculated by a formula based on the differential of overnight LIBOR rates plus, or minus, a funding charge.
Additional Services
1. Live Charts
Spreadex customers have access to live charts to aid their trading.
2. Weekly Trading Update Email
A Weekly Trading Update email is sent out every Friday reporting on the main moves of the week, listing highs and lows and open and close prices for popular markets. We also have an Economic Diary listing the forthcoming week’s data releases and company reporting dates. 3. Initial Margin/Leverage:
UK shares from 5%, 250 and non-350 from 20%, US shares from 10%. Indices margin rates (multiplier) are UK 100 50x stake, Wall St 100x stake, Dax 60x stake, Cac 50x stake. Currencies 100x stake. Commodities are Gold 100x stake, oil 200x stake.
£100 minimum initial deposit then margin based on the above. I.e. if you wanted to trade £1 of Gold you would need £107 in your account (£1 x 100 multiplier and £1 x 7 point spread)
4. Spreads
There are no added commissions other than the cost you pay for the spread on each market.
5. Overnight Interest Charges
For share trading, your roll charge is calculated by the following formula: (1 month Libor +/- 3%) x (days/365) x closing price x stake x (+/-1) x -1.
Here, the (+/-) refers to whether the position is long (buy) or short (sell), i.e. for a £25 long position in a stock that closed at 200p, with 1 month Libor at 0.5%, rolling for 1 night, the calculation would be:(0.005+0.03) x (1/365) x 200 x £25 x 1 x -1 = -£0.48 so you would be charged 48p to roll the trade for 1 night. For a £10 short position in stock that closed at 120p, with 1 month Libor at 1%, rolling for 1 night, the calculation would be: (0.01-0.03) x (1/365) x 120 x £10 x -1 x -1 = -£0.07 so you would be charged 7p to roll the trade for 1 night.
For daily indices, the roll charge is simply 1 x your stake for the UK 100, Daily and Germany 30, Daily, 2 x your stake for the Wall Street, Daily and 0.5 x your stake for the SPX 500, Daily Future.
For currency trading, your roll charge is calculated by a formula based on the differential of overnight LIBOR rates plus, or minus, a funding charge.
Forex Trading: NoCFD Trading: No
Futures Trading: NoShare Dealing: No
Software Information
Platform: In-house, purpose built platform
No downloads needed, you just need to have the relevant Java and Flash on your machine to show the prices.
Software Requirements
Online, All browsers, no download required, Java, Flash
Training Facilities
Training videos, live charts, online information website and dedicated account handlers
24 Hour Trading: NoLive Chat Support: No
Live Stream Quotes: YesFree Phone Support: Yes
Mobile Trading: NoMobile Alerts: No
Automated Trading: YesAPI Access: No
        
REVIEWS
Spreadex (Which Way To Pay - 7/6/2011)
Spreadex is ranked 4 out of 5. Based on 1 review.

4 Star Rating

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