Spreadco spread free trading

twinj

Well-known member
266 7
Hello everyone,

We thought it would be helpful to explain how our ‘Spread Free’ account type works and to also clarify the terms and conditions.

We offer two Spread free spread betting account types: Spread Free Basic and Spread Free Bronze.

Each spread free account has a daily trade limit, max position limit per instrument and a max bet size per trade. At present, there is a choice of 15 spread free markets to trade.

Spread Free Basic

No of free opening trades per day: 4
Max Bet size: £3 per point
Max Position size: £8 per point
Monthly Fee: NIL

Spread Free Bronze

No of free opening trades per day: 6
Max Bet size: £5 per point
Max Position size: £8 per point
Monthly Fee: £10

All Spread Free markets are charged for trades greater than the maximum free opening trades per account type.

Once you have exceeded your daily limit of spread free trades there will be a charge of £1 per point per opening trade, closing trades are free.

FAIR USAGE POLICY:
Both account types are subject to a fair use policy and consequently we have the right to withhold the Spread Free element when we have reasonable belief that there has been co-operation, collusion or organisation of trades from the same source, or if we have reasonable belief that the Spread Free Account is being abused in any way, inclusive of scalping i.e. opening and closing a position within 3 minutes (this includes all trades, buy/sell or sell/buy regardless of any trading strategy). Full terms can be found here.

We hope this sheds some light to some of the questions that have been asked. If you would like to know more please visit our FAQ’s section or feel free to contact us directly.

Best regards

Spread Co

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60.2% 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.
Thank you for posting Spread Co Ltd. If you have been following the thread, you can tell that Spread Co have been unfair to me in placing me on dealer referral. That is to say, someone at Spread Co did not inform me properly of your terms and conditions which led me to infringe on your terms and conditions. You have also modified your terms and conditions recently to try and make things clearer which does imply that you did not think it was clear enough before. I have been struggling to get off the dealer referral status even though I explained that I was misled by someone at Spread Co. I have had to follow the advice from you to seek the ombudsman to review the case. Now that I am more informed of your terms and conditions, I will not infringe them. So I would appreciate it if you could allow me off the dealer referral status so I can enjoy your excellent executions again.
 

twinj

Well-known member
266 7
Hi everyone, I am seeking to be removed from dealer referral status because I am prepared to change my trading strategy to suit their terms and conditions, namely be prepared to stomach losses for more than 3 minutes even if it looks like I have got it wrong.

I am still not clear completely about the point of closing a trade within 3 minutes for a loss-making trade because I have been told that if the behaviour is not consistent and if it is occasional, it is okay. But what if you are unlucky and all the trades in a day are loss-making under 3 minute trades? Then they could claim you are infringing the terms and conditions 100 percent of the time. So it would be nice to exempt loss-making trades from that 3 minute rule but if that cannot be done, I am prepared to focus on surer trades so that risking a larger loss is worth it.
 

Spread Co Ltd

Newbie
2 0
Thank you for posting Spread Co Ltd. If you have been following the thread, you can tell that Spread Co have been unfair to me in placing me on dealer referral. That is to say, someone at Spread Co did not inform me properly of your terms and conditions which led me to infringe on your terms and conditions. You have also modified your terms and conditions recently to try and make things clearer which does imply that you did not think it was clear enough before. I have been struggling to get off the dealer referral status even though I explained that I was misled by someone at Spread Co. I have had to follow the advice from you to seek the ombudsman to review the case. Now that I am more informed of your terms and conditions, I will not infringe them. So I would appreciate it if you could allow me off the dealer referral status so I can enjoy your excellent executions again.
Hi twinj

Please contact us directly so that we can verify your account and discuss your query.

Best regards

Spread Co
 

twinj

Well-known member
266 7
Please can you tell me who I should write to? I have already pleaded my case to your CEO and I am corresponding with an employee his first name begins with S and ends in j. He seems to understand and partially sympathises with my situation but his hands seem tied. So anyone else I can contact?
 

twinj

Well-known member
266 7
Hi twinj

Please contact us directly so that we can verify your account and discuss your query.

Best regards

Spread Co
Sorry for repeating, forgot to reply directly to your post.

Please can you tell me who I should write to? I have already pleaded my case to your CEO and I am corresponding with an employee his first name begins with S and ends in j. He seems to understand and partially sympathises with my situation but his hands seem tied. So anyone else I can contact?
 

twinj

Well-known member
266 7
I have asked what dealer referral means with regard to price movement unfavourable to trader. I.e do they execute it or give me a requote. I am pretty sure that if it is favourable to me, they will requote so I suppose they should give me a requote for the unfavourable case. Also asked how long or how many trades needed to get me off dealer referral.

Meanwhile, tired of looking for alternatives. The landscape has changed quite a bit with variable spreads and execution price not the one you see on the deal ticket. Out of 20 or so other spread betting firms I am looking into, there are I think IG , City Index, DF Markets (with one of their platforms) and Ayondo offering fixed spreads and what you see is what you get price at least for indices. Together with Spread Co. Have yet to test them apart from of course Spread Co.
 

twinj

Well-known member
266 7
My account has been suspended (business relationship on hold) for 6 months. All I asked is what I needed to do (e.g. how many trades on dealer referral) to get off the dealer referral. The reason is I used the word stressful in the email. I used that word back in January when they placed me on dealer referral briefly. They allowed me off dealer referral back then. Why act differently this time?
 

twinj

Well-known member
266 7
I tried to log in and the error message states account is dormant.

From my search for another spread betting provider, I contacted over 20 from the well-established to the not quite well-known. I asked them whether there is a minimum duration you have to hold a position for. If I remember correctly, one or two stated no scalping allowed (I don't consider myself a scalper but I like the freedom to minimise my losses. ) , but the others stated no.

I thought it may be instructive to inform you about whether the ombudsman agrees with me.

I will also try to remember to update you after the 6 month cooling off period.

In my searches, what particularly amazed me was that there are well-known providers that deal with 200 pounds per point which is when there could be a requote. So I was reassured that there would be no requotes for my deal sizes. Must be people like Mike Ashley perhaps.

It is a kind of addiction to search for the best spreads and I am a sucker if zero spreads are on offer but I have to change my way of thinking.
 
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twinj

Well-known member
266 7
I can finally report on ombudsman's result. They focus on complaints regarding people who have lost money so as I have been making money through spreadco, my complaint did not apply. They saw nothing wrong with the terms and conditions of spreadco. It appears that they can have the statement that you must not open and close trades within three minutes even if you are making a loss. To be frank, it was a waste of time going through them.

I went through them with another case when I lost about 3600 pounds to spreadco. Their platform failed me using a longer term strategy. The ombudsman did not see it that way but at least they welcomed me back with open arms. There was a forced 6 month cooling off period this time imposed by spreadco and as nearly 7 months have passed, I asked if I could get back on the platform. They did not want me back this time even though I said I will change my strategy to meet their terms and conditions. They don't welcome winners it seems.

This is not a spread betting company to be trusted because they are not fair. The terms and conditions were not clear to begin with. I thought I was trading without infringing their terms and conditions. They simply wrote in the old terms and conditions open and close trades. I verified this with my client manager at the time that if you open a trade, you must wait 3 to 5 minutes before closing it. I thought as long as I keep the open trade without closing it in that time, I could open another trade. I carried on doing this for 4 months. Then they tell me I am infringing the terms and conditions. I tried to tell them that their terms and conditions were not clear but they would not listen to me. Second unfair point is that there was some movement to letting me get back on the platform but it was dashed by misinterpreting my email. I wrote that I felt depressed that I could not get back on their platform. That triggered them to reverse their decision and give me a 6 month cooling off period.

I have learnt in my life that if there is unfairness, it is best to steer clear. Do not fall for their gimmicks of zero spreads and 2 percent interest on deposits. I am a sucker for being lured in just as I was lured in by Worldspreads (which offered zero spreads).
 

tomorton

Legendary member
7,725 1,098
I can finally report on ombudsman's result. They focus on complaints regarding people who have lost money so as I have been making money through spreadco, my complaint did not apply. They saw nothing wrong with the terms and conditions of spreadco. It appears that they can have the statement that you must not open and close trades within three minutes even if you are making a loss. To be frank, it was a waste of time going through them.

I went through them with another case when I lost about 3600 pounds to spreadco. Their platform failed me using a longer term strategy. The ombudsman did not see it that way but at least they welcomed me back with open arms. There was a forced 6 month cooling off period this time imposed by spreadco and as nearly 7 months have passed, I asked if I could get back on the platform. They did not want me back this time even though I said I will change my strategy to meet their terms and conditions. They don't welcome winners it seems.

This is not a spread betting company to be trusted because they are not fair. The terms and conditions were not clear to begin with. I thought I was trading without infringing their terms and conditions. They simply wrote in the old terms and conditions open and close trades. I verified this with my client manager at the time that if you open a trade, you must wait 3 to 5 minutes before closing it. I thought as long as I keep the open trade without closing it in that time, I could open another trade. I carried on doing this for 4 months. Then they tell me I am infringing the terms and conditions. I tried to tell them that their terms and conditions were not clear but they would not listen to me. Second unfair point is that there was some movement to letting me get back on the platform but it was dashed by misinterpreting my email. I wrote that I felt depressed that I could not get back on their platform. That triggered them to reverse their decision and give me a 6 month cooling off period.

I have learnt in my life that if there is unfairness, it is best to steer clear. Do not fall for their gimmicks of zero spreads and 2 percent interest on deposits. I am a sucker for being lured in just as I was lured in by Worldspreads (which offered zero spreads).

Great post. You did a great job here in more than one way. First off you found a way to trade profitably- without that you're nowhere. Then you took this case over your firm's T&C's all the way through the ombudsman process - a long long road. Plus you came back here and reported to users of the forum in spite of the fact that this didn't really go your way. And that's a service to other traders without getting all vindictive with the firm.

I so admire your integrity.

I do think you had a rough deal here, even though the firm doesn't seem to have acted illegally. I hope your future trading meets with greater success and less stress.
Good luck.
 

twinj

Well-known member
266 7
Great post. You did a great job here in more than one way. First off you found a way to trade profitably- without that you're nowhere. Then you took this case over your firm's T&C's all the way through the ombudsman process - a long long road. Plus you came back here and reported to users of the forum in spite of the fact that this didn't really go your way. And that's a service to other traders without getting all vindictive with the firm.

I so admire your integrity.

I do think you had a rough deal here, even though the firm doesn't seem to have acted illegally. I hope your future trading meets with greater success and less stress.
Good luck.
Thank you for your kind words tomorton. I have decided to request for an ombudsman to have a look at the complaint instead of just the investigator. I requested it to the investigator with a few points and now he would like to look into it further. I mentioned that the terms and conditions were changed during my use of their platform. It appears that they have submitted to the ombudsman a copy which dates May 2018 but this cannot be because it looks like the one that was changed into from the older version (I traded between Nov 2018 to April 2019). My advice is to keep a copy of the terms and conditions. Sadly I didn't so I am requesting a copy from spreadco. The investigator is also requesting it.

I believe that the investigator did not read through everything thoroughly enough because there was a discussion of their terms and conditions changing. I remember this because they were not clear to begin with and so they modified them to make it clearer. I also remember that they did not mention a time duration of 3 minutes as the minimum you have to keep a trade open for in the old terms and conditions. Instead I was told by my client manager that I would be fine if I leave the trade open for 3-5 minutes. I remember this because it struck me as strange to have a range in the minimum instead of a single figure. So when complaining to the ombudsman, arguments have to be set out very clearly with proof whereas when I submitted the complaint with mild frustration and annoyance, I simply wrote out the issues and uploaded all the correspondence s between me and spreadco. It is very difficult to trust a company that can submit documents that are doctored. I suppose it is "standard" practice .

I am interested to see how spreadco respond to my request for sending me the old terms and conditions. Also, it would be nice if the ombudsman can spot the evidence in the correspondences. Perhaps I can summon the energy to sift through it and point it out to them.

I may come back to trading but I am pursuing other things now. Merry Christmas.
 
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Arbu

Active member
238 8
Interesting. I'm trading with Spreadco and they have started requoting me quite often, which is annoying. I don't set out to hold trades for less than three minutes, but I sometimes trade across news and then often I do want to close out quickly. The spread free trades are nice, but not that much of a saving compared to trading elsewhere. I guess there's not much I can do about the requotes, but my strategy now is to have money in both Spreadco and IG Index and have both platforms up. The more I get requoted at Spreadco the more I'm inclined to trade at IG instead. Ultimately I could see myself just treating Spreadco as a bank account for the 2% interest if the requotes continue.
 
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