More Best Review Of Spread Co Forex Broker 2023, Detailed
What is Spread CO?
A London-based online trading company called Spread Co was established in 2006 and offers access to trade spread betting, CFDs, and forex using currencies, stocks, indices, and commodities. Spread Co offers a variety of services, including competitively tight, fixed spreads with low commissions and fees that keep trading costs down while increasing possible profit.
Spread Co.'s trading procedures are fully loaded with cutting-edge technology and a fixed spread method, enabling traders to take control of the market by calculating a precise spread and knowing the costs in advance.
Trading options offered by Spread Co include spread betting, CFDs, forex, indices, shares, commodities, ETFs, and ADRs. Surprisingly, neither of the wildly popular MetaTrader 4 or MetaTrader 5 platforms is supported by Spread Co.
Spread Co provides demo accounts for traders, but Islamic accounts, social trading, signals, and auto trading are not available.
Here in the UK, Spread Co is subject to FCA regulation. Because of the FCA's reputation as a powerful and trustworthy regulator, traders should feel confident that their money is secure.
Spread Co Pros and Cons
The Financial Conduct Authority, a reliable regulatory body in the UK, fully regulates Spread Co. (FCA). Additionally, the FCA rule grants clients of the company the opportunity to receive compensation through the Financial Services Compensation Scheme and the Financial Ombudsman Service in the event of a complaint or a malfunction by the company. In the fields of spread betting, contracts for difference (CFD), and forex trading services, Spread Co. is a reputable provider of financial services. Since its founding in 2006, Spread Co has provided traders with access to the whole spectrum of assets available on the international financial markets, including equities, indices, currencies, and commodities.
Spread Co. provides a simple digital account opening process. It is a trustworthy broker with favourable trading terms, small fixed spreads, and a selection of platforms. Money can be deposited or withheld in a variety of methods, and the education area includes trading news and videos.
On the other hand, there is no round-the-clock support and only Forex and CFDs are available as trading instruments.
Pros
- Trade conditions that are competitive.
- 24/7 support.
- Tight Spreads.
Spread Co. is recognised as a reliable broker with favourable trading conditions for trading in Forex, CFDs, and spread betting, as well as offering all-around decent service and high-quality education, according to our Expert's findings. However, we believe that the variety of products is insufficient because several important market instruments and a desktop platform that would allow the full trading capability are missing.
Spread Co Leverage
The leverage levels that Spread Co. offers are based on the regulatory requirements you must trade under and how the brokerage is run. This is true since certain safety precautions have been taken to reduce the dangers involved in trading, especially for retail traders.
Being a UK brokerage, the authority's guidelines enable lower leverage levels depending on the instrument:
1:20 for minor currency pairs, 1:30 for Forex instruments, and 1:10 for commodities
Spread Co. does not offer a variety of account kinds, but two options that define your trading style let you choose between spread betting and CFD accounts. To submit an account with Spread Co., you must fill out an application that asks for personal information as well as details about your trading background. The application procedure went without a hitch throughout our test.
Once funds are deposited, the account will change from its initial Demo status to Live status, allowing you to immediately begin trading.
With its headquarters in London, Spread Co. Ltd. was founded in 2005 and provides services all over the world. The Financial Conduct Authority (FCA), a highly regarded regulator, has authorised the broker. Over 10,000 live traders are currently utilising the broker's services. Spread Co offers CFDs, forex, spread betting on major markets, stocks, and shares.
A respectable selection of trading instruments are available from Spread Co in some of the most well-liked markets, including indices, international equities, currencies, and commodities like crude oil and precious metals. The broker permits spread betting or CFD speculating. However, the broker does not have access to certain markets, such as stocks, futures, bonds, etc. Additionally, the broker does not offer cryptocurrency trading because decentralised digital currencies were outlawed by the UK's FCA in 2021.
Spread Co Range Score is 8 out of 10 for good trading instrument selection, but some traders may find the variety of markets to be inadequate and unsuitable.
Fees
Spread Co fees are included in the spread; however, additional fees, such as funding fees or others, should also be taken into account. The rollover or overnight fee, which is around -2% for short positions held for longer than a day, should also always be taken into account as a cost.
Spread Co Fees are rated average, low, and obtain an overall score of 8 out of 10 based on our investigation and review of more than 500 different brokers. Most currency pairs have spreads that are at a lower level and involve fees. Rollover and funding fees are two additional costs that should be taken into account.
For spread bets on the FTSE 100, US DJIA Index, and EUR/USD pair, the Spread Co spread is 0.8. Additionally, you may qualify for 2% interest on cash balances in spread betting accounts (Check out spread betting providers) with a minimum of 10,000 GBP in the account, as well as 0% financing on short index and equities positions.
For instance, take a look at the comparison of a few common instruments with the Spread Co. Spread and the fees with those of other well-known brokers below.
Based on our testing and comparison to spreads offered by other brokers, our experts gave Spread Co spreads an overall rating of 8 out of 10. With just 0.8 pip for EURUSD, we discovered a lower-than-average industry-wide Forex spread.
During liquid hours, spreads are fixed and as low as 0.8 pip. Spreads for spread betting and CFD accounts are different. Up to a maximum of £50 per point, the broker offers the tightest spreads until they gradually expand. Spreads on major pairs are 1.0 pip on GBP/USD and EUR/GBP and 0.8 pip on EUR/USD. Leading indices' spreads, including those on the FTSE 100, begin at 0.8 pip.
Only equities trading is subject to commissions, which begin at 0.05% for UK trades. For positions maintained overnight, the broker does charge swap rates; further information is available on the corporate website.
Deposits
Depending on the kind of account, the minimum deposit is £200 for spread betting accounts and £250 for CFD accounts. After that, both accounts demand a deposit of £100. Spread Co only provides a few payment options for deposits to live accounts made in GBP, EUR, USD, or JPY:
Skrill Credit/Debit Cards Skrill Bank Transfer
Withdrawals
Use the payment option on the trading platform or contact customer service to submit a withdrawal request. Withdrawals from UK bank accounts and credit/debit cards are free. A £15 fee in addition to local bank costs applies to payments made by international bank transfer. Skrill withdrawals incur an additional 1% fee. By 12:30 PM GMT, requests for same-day processing must be made.
Note that £50 is the minimal withdrawal amount.
Spread Co Limited provides a demo account that is available on their trading platform for two weeks. Demo accounts are a wonderful opportunity to get comfortable with the software and try spread betting or CFD techniques without taking any financial risks. The sample account comes with £25,000 or its equivalent in virtual funds and can be opened in GBP, EUR, or USD. The broker also provides a client services platform tour to show off user features.
Bonuses for Spread Co
Spread Co Ltd does not currently provide any specials or promotions to either new or existing customers, including no deposit incentives. This complies with FCA guidelines.
Source:
- https //55brokers com/
- https //www daytrading com/