About the company
Finspreads was the first provider of spread betting via a browser-based platform, having launched in 1999. City Index Ltd purchased the company in 2006, then City Index was acquired by GAIN Capital Holdings, Inc, one of the world’s biggest online trading companies, in 2015. With FRN 113942, the Financial Conduct Authority regulates the broker in the United Kingdom.
Major, minor, and exotic currency pairs, major indices, commodities, and precious metals, and equities are among the markets offered by the firm. Day trades, a selection of 15 prominent equities on which traders can wager without risking their money overnight, are also available through the broker.
Beginners might benefit from the broker’s tutorials, which are accompanied by instructional videos. Other important subjects covered include risk management, trading psychology, fundamental and technical analysis, and spread betting advice. The economic calendar and market headlines are also available to traders.
Finspreads offers three different account types to traders: one for those who are new to spread betting, one for those who want to reduce their risk, and one for those who have experience with spread betting. With competitive spreads, minimal margins, and guaranteed stop losses, all accounts provide access to the Advantage online platform (GSLO).
The Starter Account allows you to trade indices, commodities, and currencies for a minimum of 10p. Please keep in mind that you could lose more money on this account than you put in. A minimum deposit of £50 is required.
The restricted risk account includes all accessible assets, including day trades and stocks, with minimum bet sizes starting at 50p. All trades are covered by GSLO, and traders cannot lose more than their original investment. The initial deposit is set at £100.
The Standard Account for Experienced Spread Players comes with a 50p minimum bet size and access to all assets. Traders have the potential to lose more than their initial investment. A minimum deposit of £100 is required.
Web platform for trading
The broker platform is advanced software that can be accessed straight from a web browser without the need to download any apps. Two interactive charting packages with technical indicators, a fully adjustable layout, one-click operation, and several watch lists are available on the site. Traders can also utilize market profiling tools to see which stocks are the most successful and which are the most losing.
A mobile trading app for iPhone and Android is also available, allowing you to access your spread betting account from anywhere at any time. A comprehensive range of trade types, including guaranteed stop and limit orders, customized watch lists, interactive charts with technical indicators, and an economic calendar are among the app’s key features. Traders can also set up mobile trade notifications to stay on top of the newest market news.
Spreads and commission
Variable spreads start at 0.5 pips for EUR / USD and USD / JPY and go up to 0.8 pips for GBP / USD. Spreads for the S& P 500 begin at 0.4 pips and for US oil at 4 pips.
Other fees may include a £ 25 monthly inactivity fee for accounts that have been dormant for more than 12 months. There may also be a daily retention cost.
Finspreads has a minimal 1 percent margin when initiating a trade. The broker also employs the Step Margin feature, which allows the initial margin for each trade to grow in proportion to the size of the trade. Over the last four years, this has allowed the broker to reduce margins by an average of 48 percent.
Deposits and withdrawal
You can fund your account with Visa, Mastercard, and Maestro debit/credit cards, as well as a direct bank transfer. Making a deposit using a debit card is free while depositing with a credit card incurs a 1.5 percent processing fee. Transfer fees may be charged by your bank.
Where applicable, withdrawals must be refunded through the original financing source. The broker will arrange for reimbursement of your bank account if your credit card is not accepted (for example, if it was issued in a restricted jurisdiction). The minimum withdrawal amount is £ 50 (or the equivalent in another currency); the maximum withdrawal amount is £ 20,000 (or the equivalent in another currency) (or the equivalent in another currency).