Spreadex
May 11, 2009 | By Spreadbetting
The business was founded in 1999 by former City dealer Jonathan Hufford and is privately owned by a consortium of successful businessmen. Hufford was hooked on the sheer fun offered by spread betting and decided to set up a company that would make spread betting much more user-friendly. Spreadex operates in the sports and financial spread betting markets.
In May 2006, Spreadex launched its online sports betting service, enabling customers to study markets and then place bets from their own PC using a totally safe and secure system. Subsequently, in May 2007, the company launched online financial trading.
The number of bets taken on sports markets amounts to one and a half times the number of trades on financials. Spreadex is based in St Albans and claims to have outstripped many competitors and to have become the preferred choice of over 10% of the country’s spread betting enthusiasts.
Features
• several incentives to open an account or refer a friend who subsequently opens one, including complimentary bets on Spreadex’s sporting markets; a bottle of bubbly; a free £10 bet on the FTSE 100
• uses an in-house developed platform trading software package, Spreadex Trading Client 2.5.001
• offers prices on U.K. stocks with a market capitalization greater than £7m as a rule, as well as US and European stocks. Most major indices traded in the US and European time zones, currency futures and spot rates, interest rate futures and an increasing array of commodities are also offered
• no minimum or maximum deposit. In fact clients can trade with no deposit if they open a credit account. Accounts can be overdrawn, subject to status. Status might include a payment plan, known assets, repayment history, ease of communication, market experience etc.
• as part of the account opening process, a client’s suitability to trade is assessed. Each customer is given a welcome call by the back office, followed up by a call from a dealer to establish a personal contact or account manager. In some cases a client might request or be advised that a meeting might be appropriate to provide additional information
• two margin rates on shares; 3% for FTSE 350 shares and 20% for all other U.K. stocks. U.S. and European shares require a 10% margin
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