Spreadex Broker Review | Platform, Fees, Pros, and Cons

Spreadex is a UK based spread betting platform that covers both sporting events and financial markets. The platform offers thousands of betting markets across football, cricket, rugby, snooker, darts, and more.

In this article, we review the ins and outs of how Spreadex works, who it is suitable for, and what you need to consider before signing up. This includes an overview of fees, commissions, tradable betting markets, and safety.

What is Spreadex?

Spreadex is an online spread betting company based in the UK. The platform is one of the few spread betting sites to cover both the sporting world and financial markets. Regarding the former, this covers heaps of major sports like football, cricket, and rugby, as well as less popular events such as a eSports.

And with the latter, you’ll get to trade a number of asset classes surrounding currencies, stocks, and indices. It is important to note that Spreadex is not suitable for those of you that do not have a firm understanding of how spread betting works. This is because the process works in a completely different way to traditional gambling markets.

For example, if you were to place a £50 bet on there being more than 2.5 goals in the Arsenal vs Chelsea game, only one of the two outcomes are possible. You either win your bet at fixed odds, or you lose your entire stake.  Over at Spreadex, there is effectively no limit to the amount you can win or lose. This is because spread betting profits and losses are based on the number of ‘points’ that you were right or wrong by.

For example, if you staked £10 per point and the game finished with 4 goals, you would win £15 (1.5 goals = 1.5 points x £10 per point). With that said, Spreadex offers a number of safeguards that allows you to keep your losses to a minimum. At the forefront of this is the ability to bet with super-low stakes.  In terms of the fundamentals, Spreadex is regulated by the Financial Conduct Authority (FCA) on its spread betting and financial products, and the Gambling Commission on its fixed-odds betting markets.

Pros and Cons of Spreadex

How does Spreadex Differ From Traditional Spread Betting?

Spreadex and its main UK competitor Sporting Index are unique in the sense that they allow customers to spread bet on sports. Ordinarily, spread betting is offered by online brokers that specialize in the financial markets. Although Spreadex also allows you to spread bet assets like stocks, gold, and currencies; it’s hallmark product range centres on the sporting industry.

If you’re used to betting on sports through traditional channels, Spreadex also offers fixed-odds betting markets. However, if you’re looking to use Spreadex to spread bet, then it important for you to understand that the process is completely different from what you are likely used to. As we briefly noted earlier, your stakes and profits/losses are based on the number of ‘points’ that you were correct or incorrect by.

For example:

1. Let’s say that you bet on the England vs New Zealand rugby match
2. You decide to bet on the total number of points in the game
3. Spreadex has set the spread at 25 points
4. You think that there will be more than 25 points in the game, so you stake £10 per point
5. The game finishes 21-19 to England, so the total number of points was 40
6. This is 15 points higher than the spread of 25 points
7. Your total profit is £10 x 15 points = £150

Had the total number of points in the game amounted to 15, you would have lost £100 (25 points – 10 points x £10).

Payments at Spreadex

Spreadex offers a range of payment methods for you to choose from. This includes:

• Debit Cards
• UK Bank Transfer
• Direct Debit

If you want to benefit from an instant deposit, you’ll need to opt for a debit card. The banking options can take a few days for the funds to clear. You can deposit from just £1 at the platform, which is great if you are just starting out and you want to start off with small stakes. You will, however, be charged a transaction fee of £1 if you deposit less than £50 with your debit card.

When it comes to withdrawals, you will first need to verify your identity as per anti-money laundering regulations. This will require one form of ID (passport or driver’s license) and a proof of address (bank account statement or utility bill). After that, withdrawals are typically processed within 48 hours. Minimum withdrawals start at £50, although if your account balance is less than this you can still make a cash-out request as long as it’s for the full amount.

Fees and Commissions at Spreadex

As is often the case with online spread betting brokers, Spreadex does not charge any trading fees or commissions. As such, the only fee that you need to look out for is the spread. Again, this is something that you might not be familiar with you are used to betting on fixed-odds markets.  In a nutshell, the spread is the difference between the ‘buy’ price and ‘sell’ price of a market. It’s a direct cost as you need to make at least the spread in order to break even.

• For example, let’s say that you are betting on the Dinamo Brest vs Bate football game.
• You want to bet on the total number of corners.
• You are presented with a ‘sell’ price of 10.4 and a ‘buy’ price of 10.9
• The spread is 0.5, which is what you need to make just to break even

If you’re wondering how the number of corners can be decimalized, this is just how the Spreadex sports betting platform works. For example, let’s say that you placed a buy order at £10 per point. If the game finished with 14 corners, this is 3.1 points higher than the buy price of 10.9 points. As such, you simply need to multiple this by your £10 stake, which takes your total profit to £31.10.

You will find that the spreads are much tighter on major markets like the Premier League and less competitive on less popular sports like badminton.

What Risks are there when Spread Betting with Spreadex?

The main risk that you face when spread betting at Spreadex is losing money. This is no different than gambling in the traditional way via fixed-odds markets. In fact, you can lose your entire balance through a single bet if the markets go against you and you failed to install a stop-loss order.

For example, let’s say that you staked £20 per point on there being less than 3 goals in the Spurs vs Man City game. There is an abundance of goals, with the game ending up 5-5. At a total of 10 goals, this is 7 goals higher than the sell price of 3 goals. Multiply that by £20 per point and you are looking at a total loss of £140.

However, if you only had a £100 balance, then your bet would have been liquidated after the 8th goals. This is because the 9th goal would have resulted in a £120 loss, which you wouldn’t have been able to cover with a £100 balance.

With that said, we should also note that Spreadex is one of the few UK betting companies to offer credit facilities. If this is something you want to take up, Spreaxex will need to run a credit check on you. We can’t stress enough just how careful you need to be when gambling on credit, as you could lose a significant amount of money.

Range of Markets on Spreadex

Spreadex offers thousands of spread betting markets across sports and financial assets. Check out the list below for the types of bets you will be able to access.

Financial Markets

If you’re looking to use Spreadex to trade financial instruments, its platform is highly extensive. This includes heaps of traditional stock CFDs and indices like the FTSE 100 and S&P 500. You’ll also have access to trade commodities like gold, oil, and natural gas. On top of this, Spreadex also hosts forex pairs, bonds, interest rates, options, and exchange-traded funds (ETFs).

Football

When it comes to Spreadex sports betting, its main marketplace centres on football. On top of the UK’s Premier League, Championship, and Football League competitions, other tournaments such as the FA Cup and League Cup are covered.

Outside of the UK, you have football leagues and competitions from dozens of countries. Popular leagues include Spain, France, Germany, and Italy. You can also spread bet on lesser-known leagues in countries like Belarus, Russia, and India.

In terms of specific markets, you will have access to the same bets that you would be able to place in the traditional gambling space. This includes everything from win-draw-win, handicaps, corners, yellow cards, player points, and outrights.

Rugby

Both domestic and international rugby games are covered by Spreadex. Much like in the case of football, you’ll have heaps of individual markets to choose from. This includes the total number of points, tries, and conversion in a game, as well as the standard win-draw-win market. Then you have several handicap options and specialist half-time bets.

Cricket

Cricket is also a hugely popular marketplace at Spreadex. You’ll get to bet on all major games from all three formats of the sport. This covers Test cricket, One Day Internationals, and T20s. Popular Cricket spread betting markets includes the total number of runs, total wickets, and handicaps.

You can also spread bet on individual players. For example, let’s say that Joe Root has a buy price of 55 runs in the England vs Australia Test match. If you Joe Root ended up scoring 100 runs, this would amount to a profit of 45 points.

F1

If you like the sound of spread betting on the F1, Spreadex offers several markets. Not only does this include major races, but the platform often puts out markets on qualification sessions. Season-long bets are also an option.

All Other Sports

Looking to spread bet on other sports? Below is a list of the other Spreadex sporting events that you can wager on.

• American Football
• Australian Rules
• Baseball
• Basketball
• Boxing
• Cricket
• Darts
• E-Sports
• Golf
• Greyhounds
• Horse Racing
• Hockey
• Politics
• Table Tennis
• Tennis

Getting Started with Spreadex

If you like the sound of what Spreadex offers and you’re confident you understanding the risks of spread betting, we are now going to show you how you can get started with an account today.

Step 1: Open an Account

First and foremost, you’ll need to head over to the Spreadex website and elect to open an account. As is the case with any online brokerage firm or sportsbook, you will need to provide some personal information. After all, the platform is regulated by both the FCA and Gambling Commission, so Spreadex must ensure that it complies with relevant anti-money laundering laws.

This includes:

• Full Name
• Home Address
• Nationality
• Date of Birth
• Email Address
• Phone Number

You will also need to provide some information about your employment. Don’t worry, Spreadex won’t contact your place of work.

Step 2: Verify Your Identity

Once you have filled out the online application form, Spreadex will then run a credit check on you. This is very unusual, as neither online brokers or gambling sites do this. With that said, Spreadex notes that this is because it needs to verify your identity electronically. If it is able to do this, your account application will be approved instantly.

If Spreadex is unable to verify your identity through its third-party sources, you will need to submit some documents. This includes a passport or driver’s license and a proof of address. This can be a utility bill or bank account statement.

Step 3: Deposit Funds

Once your Spreadex account has been verified, you can then deposit some funds. As noted earlier, you can do this with a debit card or bank account. If you attempt to deposit less than £50 with your debit card, you’ll be charged a transaction fee of £1.

Step 4: Place a Bet

You are now ready to place your first spread bet. To get the ball rolling, hover over the ‘ALL SPORTS’ button at the top of the page. Then, scroll down and find your preferred market. For example, if you click on Football, you will see a list of upcoming matches, which is usually displayed chronologically.

Next, you will then see a long list of available betting markets on your chosen event. For example, this might include corners handicaps, and total goals if you are betting on football. You then need to enter your stake. Remember, this is your stake ‘per point’. Every point above or below the spread will dictate how much you win or lose.

Finally, you then need to decide whether you want to ‘buy’ or ”sell’. If you think the outcome will be higher than the spread, you buy. If you think the opposite you sell. Once you confirm your order, you are then at the mercy of the sporting Gods.

If you win, the funds will be added to your account balance after the game has finished. If you lose, Spreadex will deduct the money from your account balance.

Platform Features

Spreadex offers a highly extensive range of features and benefits, which we have summarized below.

Trading Platforms

As a spread betting platform, you won’t have access to third-party software like MT4 or MT5. What you will have access to is a proprietary trading platform that was designed and built by Spreadex from the ground up. This offers a top-notch trading experience that makes it super-easy to navigate from market-to-market.

For those of you that like the option of placing a bet on the move, Spread offers a native mobile application. The Spreadex app is available on Android and iOS operating systems across both phones and tablets. The best trading apps have been specifically optimized for your operating system, so it’s really easy to place orders.

All of the account features offered on the main desktop site are also available on the Spreadex app. This includes the ability to deposit and withdraw funds, check your historical betting history, and place new orders.

Order Types

If you’re looking to use the Spreadex sports betting facility, you won’t have many options in the order department. That is to say, you will only be able to choose from a buy or sell order, and the hope for the best. After all, stop-loss orders aren’t really conducive for sports bets, as there is a definitive outcome.

The only saving grace is that some of the bigger sporting events come with a cash-out facility. This allows you to lock in your profits or cut your losses while the game is still being played. The specific cash-out offer will ultimately depend on what is happening in the game. For example, if you bet on the game finishing with less than 4 goals, and 3 goals have already been scored in the first half – you likely won’t get much back.

The good news is that you will have more order types available to you when using the Spreadex financial platform. This includes the likes of take-profit, stop-loss, force, and trialling stop orders.

Chart Tools

Once again, the Spreadex sports betting platform doesn’t really come with the same bells and whistles as you will find over in the financial department. You will, however, be presented with some handy statistics on the game you are betting on. In the case of financial betting, Spreadex offers heaps of advanced charting tools. This includes the links of Pro Trend lines and Pattern Recognition. You can also customize your trading screen to mirror your needs.

Alerts and Notifications

Spreadex offers pricing alerts on all of its financial instruments. This is where you can elect to receive a notification when your chosen instruments hit a pre-defined price. This is especially useful if you are looking to trade when the asset reaches a certain level. This can come in the form of an SMS, push message, or email.

Sign Up Bonus

The Spreadex sports betting department comes with a sign-up offer of up to £300. This is an offer available only to those that are yet to open an account. Once you deposit and stake £300, which needs to be within the first 28 days, the platform will offer you £300 in cashback. If you bet less than this, the sign-up bonus will mirror the total amount you staked in the first 28 days.

Customer Support

The customer service team at Spreadex work 24 hours per day, 7 days per day. You can contact the team via live chat, or by calling the, at 0800 0526 575. Alternatively, you can send an email to [email protected].

Which Regulators Govern Spreadex?

Spreadex is actually regulated by two UK bodies; the FCA and Gambling Commission. The FCA is responsible for the platform’s spread betting department, while the Commission cover fixed-odds betting and casino products. Regardless of which services you decide to use at Spreadex, but the FCA and Gambling Commission requires operators to run segregated bank accounts.

This means that Spreadex cannot use player balances to fund its own working capital. Similarly, both regulators require Spreadex to verify the identity of each and every player that uses its platform. When it comes to gambling addiction and harm, this falls within the remit of the Gambling Commission.

As such, Spreadex must give you the opportunity to take a break from gambling if you begin to lose control. You should also have the option of self-excluding for a number of months or years, which you can set up from within your Spreadex dashboard.

Conclusion

Spreadex is one of the very few spread betting firms to cover both sporting events and financial markets. This makes it a popular choice with UK players. The platform is home to thousands of markets with most major sports covered. You will, however, need to have a firm understanding of how spread betting works before you get started. After all, there is effectively no limit to the amount you can lose, unlike a traditional fixed-odds bet.

The best thing that you can do is start off with really small amounts. Spreadex actually allows you to deposit from just £1, and minimum stakes are super small. This will give you the best chance possible to learn how the process works without breaking the bank. Ultimately, just make sure that you gamble aware.

FAQs