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Spread Co Account Types

Spread Co Account Types

 

Overall Rating

4.9/5

Rated #522 of 
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Spread Co provides two different main account types e.g., Forex/CFD Account and a Spread Betting Account. These types also have subaccount categories. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

 

Finding a reputable list about Spread Co account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

Spread Co Overview

Founded in 2006, Spread Co is a UK-based NND Broker with regulation and authorization through the reputable FCA. Spread Co offers traders more than 1,000 financial instruments which are spread across forex, CFDs, and spread betting.

Spread Co boasts a client base consisting of more than 5,000 registered traders. There is also a powerful, user-friendly, flexible trading platform offered through which trades can be executed seamlessly.

Every trader who registers a live trading account with Spread Co is provided with a dedicated UK-based account manager and traders also have access to trading guides, aimed at enhancing traders’ knowledge of trading in global financial markets.

In addition, traders also have access to various tutorials from the proprietary trading platform. These are designed especially for beginners who are still learning to navigate the trading world. Spread Co frequently provides traders with updates in market news and the broker features a dedicated, responsive customer support desk.

Spread Co boasts that it offers competitive and favorable trading conditions which consist of both tight and fixed spreads, and competitive, low trading commissions.

 

Spread Co Account Types

Spread Co offers traders with main account types namely a Forex/CFD Account and a Spread Betting Account, which can only be used by UK Residents. Each of these main accounts also has subaccount categories, with accounts under these aiming to cater for a variety of traders according to their trading needs and objectives.

The main account types that traders are offered, along with their subaccounts are as follows:

  • Forex/CFD Account – Single Position Account and Consolidated Account.
  • Spread Betting Account – Standard Account, Spread-Free Basic Account, and Spread-Free Bronze Account.

 

Spread Co Account Features

 

Forex/CFD Account

This account is designated only for forex and/or CFD trading.

 

Single Position Account

When using this account type, traders are prohibited from making use of hedge trading strategies. When traders open an opposite position, other opposing trades will be automatically closed.

 

Consolidated Account

With this account type, traders can make use of hedging. This account also has the following features:

  • Fixed spreads which range between 0.8 pips and 1.0 pip on major forex pairs.
  • Commission-free trading on all instruments except stocks, which attracts a commission of between 0.05% and 0.075%.
  • Leverage up to a maximum of 1:30 on forex as according to ESMA regulation’s specification for retail clients.
  • Leverage up to 1:20 when trading indices and 1:5 on stocks.
  • Leverage up to 1:200 for professional traders, subject to certain criteria.
  • Access to a dedicated account manager.
  • Traders can earn 2% interest back on the cash balance in their trading account by the end of the year.
  • Zero inactivity fees on dormant accounts.

Traders who cannot afford to trade with Spread Co as a result of the ESMA leverage restrictions have access to mini markets. Mini Markets consists of financial instruments which can be traded at 10% of the normal trade size, with 6 financial instruments available to traders.

 

Spread Betting Account

 

Standard Account

This account is tailored to regular traders and contains a wide variety of financial instruments. When using this account, there is a standard commission charge of between 0.05% to 0.075% on stocks, per trade.

 

Spread-Free Basic Account

This account is perfect for traders who trade infrequently. When using this account, traders are limited to 4 daily trades, 15 financial instruments which include 5 forex pairs, 5 equities, 4 indices, and spot gold.

There are no commissions charged on this account and there are no spread charges either, as the account name suggests.

 

Spread-Free Basic Account

Traders who make use of this account have access to 6 daily trades and 15 different financial instruments. However, when using this account, traders must pay a £10 monthly fee.

In addition, this account type also offers larger position sizes and does not have any commissions charged on trades. This account also frees traders from overnight charges on short positions, however overnight charges on long positions are equal to a 3-month LIBOR and an additional 2%.

 

Overall Rating

4.9/5

Rated #522 of 
Recommended FX Brokers

💰Minimum Deposit

USD 500

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Spread Co Demo Account

Spread Co offers traders the option of registering a demo account, however, traders can only use the demo account for two weeks before it expires.

Traders often use demo accounts for a variety of reasons, including, but not limited to:

  • As a practice account where beginners can learn to navigate the trading environment, increasing their trading skills and experience without risking capital.
  • As a risk-free account funded with virtual funds where traders can test out and refine their trading strategies before using them in a live trading environment.
  • To test out the broker’s offering in a mimicked live trading account, or to test out the broker’s proprietary trading platform.

When using the Spread Co demo account, traders are provided with £25,000 in virtual funds along with full use of the broker’s proprietary trading platform, which fully accommodates demo trading.

When using demo accounts, traders may, however, be limited to certain functions and features that would, otherwise, be available on a live trading account. To explore this more in-depth, traders can either consult with Spread Co or register a demo account to explore what is offered.

 

Spread Co Islamic Account

Spread Co, due to the jurisdiction in which it is located, its regulatory entity, and the traders that it caters for, does not offer Muslim traders the option of an Islamic Account.

The crucial purpose of an Islamic Account is to provide Muslim traders with the opportunity to hold open trading positions for longer than a trading day, without crediting/debiting swap fees, also known as overnight fees, or rollover fees.

Islamic Accounts are offered by brokers who serve Middle Eastern clients along with clients from other jurisdictions, offering certain features that are in line with the Sharia law, which prohibits the accrual of interest on funds deposited into the account.

The other important feature of an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.

There are two key elements of the Islamic law that relate specifically to trading accounts, these elements are:

  • Riba, and
  • Gharar

Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains pertaining to trade or business.

 

Spread Co Pros and Cons

✔️PROS ❌CONS
Competitive trading conditions offered Demo Account only available for 14 days
Demo Account offered with adequate funds Limited payment methods supported
Flexible and user-friendly proprietary trading platform Market analysis, trading ideas or trading signals not offered
Impressive range of tradable financial instruments MetaTrader not offered
Market news updated frequently No Islamic Account option
Two distinct main accounts offered with a variety of subaccounts Not the tightest spreads
Well-regulated by a reputable entity US clients not accepted

 

You might also like: Spread Co Minimum Deposit

You might also like: Spread Co Demo Account

You might also like: Spread Co Fees and Spreads

You might also like: Spread Co Sign up Bonus

 

Spread Co at a Glance

Broker’s Name Spread Co
Headquartered United Kingdom
Year Founded 2006
Regulating Authorities FCA
Countries not accepted for trade United States
Islamic Account (Swap Free) None
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:30 (retail), 1:200 (professional)
Minimum Deposit $250
Deposit Options
  • Credit Cards
  • UK Debit Cards
  • Bank Transfers
  • Skrill
Withdrawal Options
  • Credit Cards
  • UK Debit Cards
  • Bank Transfers
  • Skrill
Platform Types Spread Co Web-based Platform, Spread Co Mobile App
OS Compatibility All web browsers, iOS, Android
Tradable Assets Forex, indices, equities, commodities
Languages supported on Website English
Customer Support Languages English
Customer Service Hours 24/5

 

FAQ

 

Trading Environment

 

How many instruments can I trade with Spread Co?

You can trade any of the following financial instruments:

  • Forex
  • Indices
  • Equities
  • Forex
  • Commodities

 

Which platforms are supported by Spread Co?

Spread Co only offers the use of its proprietary trading platform either on web browsers or mobile devices.

 

Does Spread Co offer leverage?

Yes, traders can expect the following leverage:

  • Retail Traders: 1:30 on major forex pairs, 1:20 on indices and commodities, and 1:5 on stocks.
  • Professional Traders: 1:200.

 

What spreads can I expect with Spread Co?

Spread Co’s spreads are fixed and range from 0.8 pips to 1 pip on major forex pairs.

 

Does Spread Co charge commission?

Yes. Even though most financial instruments can be traded commission-free, there are commission charges which range between 0.05% and 0.075% on stocks.

 

Are there additional charges on the Islamic account?

No. Spread Co does not offer Muslim traders the option of converting their live trading account to an Islamic Account.

 

Is Spread Co regulated?

Yes. As a UK-based broker, Spread Co is regulated by the strict and reputable FCA.

 

Is Spread Co a recommended forex trading broker for experts and beginners?

Yes. Spread Co makes adequate provision for both beginners and experts.

 

What is the overall rating out of 10 for Spread Co?

6/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account is a risk-free trading account where traders are provided with virtual funds to trade without risking their own capital. A live trading account exposes traders to various trading and non-trading fees which will be deducted from the balance in their trading account.

 

Does Spread Co offer a demo account?

Yes.

 

For how long is the demo account valid?

The Spread Co demo account is valid for 14-days, after which it will expire.

 

Does Spread Co offer the option of an Islamic Account?

No. When trading with Spread Co, Muslim traders are not offered with an Islamic Account.

 

Which live trading accounts does Spread Co offer?

Spread Co offers two main accounts namely a Forex/CFD Account and a Spread Betting Account, which can only be used by UK residents. Each of these two main accounts are subdivided into other account types as follows:

  • Forex/CFD Account – Single Position Account and a Consolidated Account.
  • Spread Betting Account – Standard Account, Spread-Free Basic Account, and Spread-Free Bronze Account.

 

What are the available deposit currencies for a live trading account?

  • GBP
  • EUR
  • USD

 

Deposits and Withdrawals

 

What is the minimum deposit for Spread Co?

£250.

 

How do I make a deposit and withdrawal with Spread Co?

  • Credit Cards
  • UK Debit Cards
  • Bank Transfers
  • Skrill

 

Does Spread Co charge withdrawal fees?

Yes. There is a £15 fee for same-day UK payments as well as international payments. When using Skrill, there is a 1% fee depending on the value of the transaction, which will be deducted from the requested withdrawal amount.

 

How long does it take to make a withdrawal?

Withdrawals may be instant or take several days, depending on the payment method used and internal processes of the payment provider.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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