Spread Co Review
Spread Co is a financial broker that deals with forex, CFDs and spread betting. The broker offers tight fixed spreads and low trading commissions on over 1,000 instruments traded on its proprietary online trading platform. It also offers market news, mobile trading and traders’ educational resources.
Spread Co Review, Pros & Cons
- Regulated trading broker
- Large range of trading instruments
- Flexible & user-friendly trading platforms
- Market news
- No market analysis, trading ideas or signals
- Demo account is limited to 14 days
- Limited payment options
- No comprehensive trading academy
- Not the tightest spreads
- No US clients
- No MetaTrader platforms
In this detailed Spread Co review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Spread Co Overview
Spread Co is a British forex, CFD and spread betting brand that was set up in 2006 by Spread Co Limited to deliver an inexpensive platform with excellent quality. Today, the broker boasts of more than 5,000 clients from all over the world. Spread Co offers more than 1,000 trading instruments on its platform. It also has fixed spreads and low trading commissions. These are on a proprietary web based trading platform as well as mobile trading applications. Every account holder gets a UK based dedicated account manager while having access to trading guides that will enhance their knowledge of trading.
The broker provides articles called ‘trading guides’ and platform tutorials for beginner traders. It also updates its clients with financial market news. Spread Co also has a responsive client support desk that is always available to assist its clients.
Spread Co Regulation
Spread Co is a financial firm registered in England and Wales with the number 05614477. It is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom. The license number is 446677.
The terms of this regulation include the compulsory segregation of customers’ funds from that of Spread Co. These funds are held in a special money trust account in Barclays bank, one of Britain’s top banks which ensure the broker cannot make use of client’s funds for its own purpose. The funds will also be available to clients in the possible event of the broker’s insolvency.
Spread Co offers Negative Balance Protection which means retail clients cannot lose more than the funds they have in their account. Financial Ombudsman services are also available for complaints from clients whose disputes weren’t properly settled by the broker.
Spread Co customers are eligible for compensation under the Financial Services Compensation Scheme (FSCS) backed by the FCA. Under this scheme, customers are eligible for up to £85,000 in compensations from the FSCS in the event of broker insolvency.
Spread Co Countries
Spread Co was set up to offer its services primarily to residents of the United Kingdom but has extended its services worldwide. However residents of the United States of America are not eligible for its services.
Some Spread Co broker features and products mentioned within this Spread Co review may not be available to traders from specific countries due to legal restrictions.
Spread Co Platforms
Spread Co Online Trading Platform
Clients can do their trading on the Spread Co Online Trading platform. The platform features a powerful charting package powered by TradingView with 7 chart styles, 11 timeframes, over 100 technical indicators and multiple analytical tools. It supports multi-screen layouts and it is fully customizable to reflect traders’ preferences. This includes setting up watch lists in order to follow particular trading instruments and modifying the chart layouts and the interface. Market movement alerts can also be set up to follow preferred trading instruments and activities. Traders can check their trading history and manage their trading risks using the risk management tools. This platform also comes with an economic calendar,
It is recommended that the Spread Co Online Trading Platform is used on Google chrome web browser but the platform can also work with other popular web browsers.
Spread Co Mobile App
Take the market with you when you are on the move with the Spread Co Mobile App. This app features interactive charts, real time price quotes, one click trading executions and customizable watch lists. There is also an economic calendar. Notifications can be set for economic events/reports that traders are interested in.
Traders can also switch easily between spread betting accounts and CFD accounts on the app. They can also customize the layout and platform interface.
For newer devices that run on iOS 8 or latter software, clients can use their fingerprints to login to their trading accounts instead of passwords. This strengthens the security of the Spread Co mobile app and also makes it compatible with modern technology. There is also the force touch that allows clients multi task on the platform through viewing and working on multiple features.
The Spread Co mobile App is available for download for iPhone, iPad and iPods from the Apple store and for android mobile phones and tablets from the Google Play store.
Spread Co Trading Tools
Traders reliant on fundamental analysis can make use of the economic calendar located within the trading platform or on the website. It displays numerous updates on economic reports and events that affect the trading instruments as well as the impact forecasts derived by analysts’ consensus.
Spread Co provides the latest economic and financial news in this section of the website. It comprise of ‘top stories’ and ‘real time headlines’. Clicking to read the news details, links to another website ‘www.marketwatch.com’; a website known for financial market data, news and analysis as well as general financial information.
Spread Co Education
These guides comprise of educational articles on the forex trading, spread betting, CFDs, technical indicators and trading strategies. It also includes some educational articles from the blog which is seldom updated. There are over 15 detailed articles teaching a newbie how to trade as well as the necessary strategies and tips to become a successful trader.
This section comprises of frequently asked questions on Spread Co services. They cover various areas of Spread Co’s services and trading basics.
These are 6 videos that show how to place CFD orders, spread betting trade, monitor and close the trades. The aim is to show some of the features of the Spread Co online trading platform. The video are clear, precise and each of them is less than a minute.
This comprises of over 75 forex and CFD trading terms and their meanings. It is suitable for beginner traders for learning and reference purposes.
Spread Co Instruments
The Spread Co platform has 38 currency pairs, 16 indices, 3 commodities, 100 ETFs, 1,000 stocks.
Spread Co Accounts & Fees
Spread Betting Account
This account is only for Spread betting. It comprises of three categories.
This account is for the regular trader. It contains the whole range of instruments on Spread Co. Commissions on stock trading are between 0.05% and 0.075% per trade.
Spread Free Basic
This account is for traders who hardly trade. Traders on this account are limited to 4 trades daily and can only trade 15 trading instruments including 5 currency pairs, 5 equities, 4 indices and spot Gold. There are no trading commissions on this account as the name implies, there are no spread charges.
Spread Free Bronze
Traders on this account can take 6 trades daily with the 15 trading instruments as the spread free basic account. There is a £10 monthly user fee. Trades also have larger position sizes. There are no trading commissions on this account.
Spread Co has no overnight charges for short positions in spread betting while their overnight charges on long positions is 3 month LIBOR + 2%.
This account is for Forex/CFD trading. There are in two categories.
Single Position Account
Traders cannot hedge with this account. Opening an opposite position will automatically close the other opposing trade.
Hedging is allowed on this account.
Trading spreads are fixed with spreads on major forex pairs between 0.8-1.0 pips. There are no trading commissions for instruments apart from the 0.05% – 0.075% on stock trading.
The leverage is limited to 1:30 by the ESMA regulation for retail clients. There is leverage of 1:20 on indices and commodities and 1:5 for stocks applied to retail clients. Professional clients can get leverage up to 1:200.
Clients who cannot afford the trading on Spread Co due to ESMA leverage limits can trade on the mini markets. This comprises of trading instruments that can be traded at 10% of the normal trade size. 6 trading instruments are available for trading on the mini markets.
Every account holder on Spread Co gets a dedicated account manager. Traders can earn 2% interest on the cash balance in their account by year end. There is no charge for inactive accounts.
Demo accounts are available but they only last for two weeks. It is preloaded with £25,000 in virtual funds. These can be useful for strategy testing and platform familiarization.
As broker fees can vary and change, there may be additional fees that are not listed in this Spread Co review. It is imperative to ensure that you check and understand all of the latest information before you open a Spread Co broker account for online trading.
Spread Co Cstomer Service
Members of the client services team of Spread Co are available to attend to questions and queries from the public between 8am and 6pm GMT on weekdays. They can be reached through email, phone, live web chat, contact us form and WhatsApp. On social media, they are on Facebook, Twitter and YouTube.
Spread Co Deposit & Withdrawal
Deposits and withdrawals can be done in GBP, EUR, USD and JPY. This method requires 3 business days for the processing of the funds transfer. Withdrawals through bank transfer from non-UK clients are charged £15 transaction fees while it is free for UK residents.
International Clients can use Visa and MasterCard card brands on Spread Co while British clients can also make use of Visa Delta and Electron. The maximum deposit with this method is £500 but this limit is removed with successful funds transfer on the broker’s platform. Deposits and Withdrawals are processed by the broker in one business day.
The minimum deposit through Skrill is £10. Only GBP and EUR are accepted with this method of payment. The processing of payments takes 3 business days. There is a 1% transaction fee when using Skrill.
The minimum deposit on Spread Co is £200 for spread betting and £250 for forex/CFD trading while the minimum withdrawal is £50.
Spread Co: Account Opening
Interested clients to be can open an account on Spread Co by filling a form that can be accessed on the brokers website. Click on ‘Get started’ or ‘Start trading’ buttons to display the new account registration form.
Input your name, email, phone number, country of residence and verify that you are not a robot, then, click ‘apply’. Immediately a validation is sent to your email address and more pages of the form displays. Select account currency and account type, name, address. Answer questions on your income, source of trading funds and trading experience. After submission, you will be informed that the account opening team will review your application and contact you with your login details.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Spread Co Summary
Spread Co is a broker that offers spread betting as well as forex/CFD trading via its online and mobile trading platforms. It is regulated by the FCA and complies with the stringent rules imposed by the reputable FCA. Clients’ funds are segregated in top tier banks and also insured by the FSCS.
The broker offers fixed spreads and low trading commissions. Over 1,000 trading instruments can be traded on its proprietary online trading platform which is user friendly. It features charts powered by TradingView and other essential features for analytics and trading. Market news is provided in partnership with a third party company.
The educational resources provided are meant for newbies but they are insufficient to completely train a tyro trader to a reasonable level of experience. The demo account offered is only available for two weeks which is not good enough. The payment options available is limited to only one e-wallet while there are many online payment gateways available today including payment using cryptocurrencies. There are no in-house team that presents daily market analysis, trading insights and possible signals. There are no provisions for investors such as social trading and managed accounts.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.