Spreadex: The Place To Be For The Best Casino Experience In India – English Football League Championship football club Sunderland may be thinking twice about its relationship with financial trading and sports betting company Spreadex. The company has been fined £1.36m (US$1.6m) from the UK Gambling Commission (UKGC) for multiple failures.
Sports betting and financial trading company Spreadex advertises its name on a taxi in the UK. The last company to receive a significant financial penalty from UKGC. (Image: Taxi Advertisement)
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The UK’s game regulator has fined the company for anti-money laundering (AML) and social responsibility violations. This is the latest in a series of fines UKGC has taken against gaming companies, including the record $21m fine it recently handed out to Entain.
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UKGC has said several times that it will step up its efforts to ensure operators comply with regulations. He has collected more than $28 million in fines since the start of the year.
Spreadex became Sunderland’s jersey sponsor in July. UKGC had already started scrutinizing the company long before that, starting in June of last year. It found a number of shortcomings that violated the editor’s guidelines.
The company lacks mechanisms to properly alert gamblers if they spend too much money in too short a time. Additionally, accounts are not properly monitored to detect signs of problem gambling.
An example given by UKGC was a user who deposited £1.7m (US$2m) and lost a quarter of that within a month. If Spreadex followed the UKGC’s recommended rules, they would have placed a cap on the account. Instead, the client was contacted to inquire about the event and no additional protocols were followed.
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In another case, Spreadex has configured a user’s account to alert the company if their deposit exceeds £25,000 (US$29,520). The person later increased the amount to £100,000 (US$118,130). Later, Spreadex relied solely on open source data to determine whether the increase was legitimate.
Another person continued to deposit money after raising the flags. Spreadex asked the user to provide additional verification for the financial payment, but instead received only corrected bank statements. Despite the ongoing uncertainty, no one from the company has yet clarified.
There were also repeated instances of AML-related failures where the company was lax in maintaining its AML procedures. As such, the UKGC claimed that several regulatory laws were violated.
According to UKGC, Spreadex immediately took corrective action after being notified of UKGC violations. This appeased the regulator, who allowed payments to a “socially responsible” company.
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This is in line with UKGC’s regulatory compliance framework. In some cases, resolution of violations will result in “payment in lieu of a financial penalty that [UKGC] may impose for breach of a license term”. However, it is still a fine because it is a form of penalty that the operator has to pay.
UKGC threatened to take a tougher approach to enforcement. Andrew Rhodes, the agency’s managing director, warned that repeated violations are a sign that operators are not taking the regulator seriously enough.
This was also noted by Leanne Oxley, UKGC’s director of enforcement and intelligence. While announcing Spreadex’s fine, he commented that it was “disappointing” that the regulator continued to see the same rules being broken by different operators. Spreadex is a UK CFD and Forex broker. Spreadex has low forex fees and low non-trading fees. It offers a user-friendly e-commerce platform with commonly used search and ordering functions. Customer support across all channels is fast and helpful. On the other hand, Spreadex’s product portfolio is limited to forex and CFDs, not popular asset classes like real stocks. No desktop trading platform. Finally, research tools are limited and the education sector is very weak. It gave Spreadex a rating of 4.4/5 by analyzing over 500 criteria and testing it by opening a real account.
You cannot open an account with Spreadex if you live in the USA. Check the best alternative available in your country.
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Personal Account: Fees are structured according to a form; The price difference during peak trading hours is 0.4 points.
Personal Account: Fees are structured according to a form; The spread price is 2 points during the busiest trading hours.
Fees are included in the spread, 0.6 pips is the average spread cost during peak trading hours.
We have rated Spreadex’s fee levels as low, average or high based on their comparison with all brokers reviewed.
Spreadex Rating & Review (2023)
First, let’s look at some basic terms regarding broker fees. Things to watch out for are trading fees and non-trading fees.
In the sections below you will find Spreadex’s most relevant rates for each asset class. For example, the most important expenses in forex and stock index trading are spreads, commissions and finance rates.
We compared Spreadex’s fees to two similar brokerages we chose, TradeNation and FXPro. This selection can be based on products offered, customer profile, payment structure, etc. based on objective factors. Check out our comprehensive list of Spreadex alternatives.
We understand that it is difficult to compare trading fees for CFD brokers. How did we approach the problem of making their rates clear and comparable? We compare brokers by calculating all common transaction fees for selected products.
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A common trade is to buy a leveraged position, hold it for a week, and then sell it. For volume, we chose a $2,000 position for stock index and stock CFDs and a $20,000 position for forex trading. Forex we use:
These catch-all benchmark fees include spreads, commissions, and financing costs for all brokers. Let’s take a look at the verdict on Spreadex fees.
Spreadex has low non-trading fees. Unlike most of its competitors, Spreadex does not charge any inactivity fees. There are no account fees and most deposit and withdrawal options are free.
Opening an account with Spreadex is easy and straightforward and requires a minimum deposit. However, account verification was a bit slow and took 2-3 business days.
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The required Spreadex minimum deposit is $0. This is great if you want to start trading with just a small amount.
You can open a Difference Betting account and a CFD trading account on Spreadex. As a unique feature, Spreadex also allows you to use your odds betting or CFD trading account to bet on sports games or casinos.
The process of opening an account at Spreadex is completely digital and very simple. Account verification was a bit slow as our account was only verified after 2 business days.
To start the process, first enter your name, email address and country of residence; Select the account type and click ‘Create My Account’. Your account will be created immediately and you will be able to take a look at the trading platform, but to activate your account and start trading, you need to fill in the additional information:
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Deposits and withdrawals via wire transfer or credit/debit cards are fast and often free. However, the account currency selection is average.
At Spreadex you can choose between 3 base currencies: GBP, USD and EUR. Not the most impressive selection on the market.
Why is this important? For two reasons. If you deposit funds into your trading account in the same currency as your bank account or fund your trading assets in the same currency as your trading account base currency, you will not pay conversion fees.
A convenient way to save on currency conversion fees is to open a multi-currency bank account with Digital Bank. They usually offer the best exchange rates for most currencies and free or cheap international bank transfers. It only takes a few minutes to open an account on your mobile phone.
Spreadex Broker Review
Spreadex does not charge deposit fees in most cases, but reserves the right to charge £1 for debit card deposits under £50.
You can deposit by bank transfer or credit/debit cards. However, you cannot use an electronic wallet, which is a disadvantage compared to some of the company’s competitors.
The default Spreadex withdrawal fee is $0. This applies to credit/debit cards and local Sterling Bank Wire (BACS) transfers in the UK. Same Day Pound Payment (CHAPS) £25 in the UK. International wire transfers and wire transfers in currencies other than GBP are subject to additional charges.
The same options are available for withdrawal as for deposits; This means that electronic wallets are not supported.
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How long does it take to withdraw funds from Spreadex? We tested the debit card withdrawal and it took 2 business days.
Spreadex trading platform is user friendly with good search functionality, clear reports and guaranteed stop orders. However, it lacks two-step login and is only available in English.
Spreaddex has its own in-house developed web trading platform. It is only available in English, which is a disadvantage compared to the company’s closest competitors.
Spreadex e-commerce platform is user friendly. The site is customizable; You can easily move tabs. However, the design is a bit outdated.
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The site’s search functions are good. You can do
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