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Contract reading

What Spreadex legally published, but does not want you to read

Every clause below is published by Spreadex itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Spreadex Limited

hidden feesole discretiondisputeprofit voidingclient moneyconflict of interestevent of defaultmarketing contradictionwithdrawalsaccount closure

Spreadex Limited is an FCA-regulated UK firm with FSCS cover, segregated client money and no inactivity fees. Its FAQs promise retail clients negative balance protection, but its Customer Agreement never mentions it and says nothing you deposit limits your losses. On suspicion of market abuse, Spreadex can void your winning trades and enforce your losing ones. It can also hold withdrawals against losses it expects, and caps what it owes you at four times the spread.

Back to Spreadex

Contract risk

Harder than average
5.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
3
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
23
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
17
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
8

How the 23 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical3
Warning11
Notice9

section 43 of 43is where the deepest clause sits: the very end of the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

1 of these 4 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical14 daysProfit at risk. Jump to the clause this comes from.A default lets Spreadex void your open trades$1Fee you were not shown. Jump to the clause this comes from.Card deposits under £50 can cost £1 despite free claims95 daysWithdrawal limit. Jump to the clause this comes from.A bank or broker failure can delay your payout90 daysFee on an unused account. Jump to the clause this comes from.No inactivity fee, but untraced balances can go to charity

What the documents say

23 clauses worth knowing about, worst first, each quoted from Spreadex's own files

01

Spreadex's FAQs tell you, as a retail client, that you can never lose more than the money in your account. The Customer Agreement you sign never mentions this negative balance protection. It says nothing you pay in puts any limit on your losses.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

If a fast market pushes your account below zero, the contract treats the shortfall as a debt you must pay, with interest. The protection you were promised rests on an FAQ answer, not on the terms you agreed to.

Exhibit 1CriticalHarder than usual

Regardless of whether or not you deal with us on credit, neither any credit or other limit set on your Account nor any sum of cash you have paid into or otherwise have standing to the credit of your Account puts any limit on your potential losses in respect of Financial Spread Bets and Transactions.
Clause 11(2) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.13
Read from the broker's site on Open the reference
Our own capture of spreadex.com, taken on Oct 29, 2026The claim, on Trading FAQs page, section on avoiding losing more than your account balanceVisit this page on the broker's siteDownload the full size image file
Our own capture of spreadex.com, taken on Oct 29, 2026What the contract says, clause 1Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK)

FCA rules require firms to limit a retail client's losses on CFDs and financial spread bets to the money in the account. They must also close positions once margin falls to half of what is required. Spreadex's FAQs describe the first protection. Its Customer Agreement gives Spreadex a right to close out, not a duty, and says you stay liable for losses after the close out level.

Spreadex is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 8With no loss cap written into the contract, a shortfall below zero becomes a debt that Spreadex can charge interest on at 1% a month.
02

If Spreadex suspects you broke one of the promises in its market abuse rule, it can close all your open trades without saying why. It can then enforce the trades you lost on and treat the ones you won as void. The promises target insider dealing and market abuse, but they also include keeping your application details true and up to date.

Why this matters

Your winnings stay void unless you produce what the contract calls conclusive evidence that you did nothing wrong. Your losses stand either way, and the voiding becomes final once the deadline passes.

Exhibit 2CriticalHarder than usual

In the event that you place any Financial Spread Bet or Transaction in breach of the promises given above, or we have grounds for suspecting that you have done so, we may at our absolute discretion and without being under any obligation to do so or to inform you of our reason for doing so, close that Financial Spread Bet or Transaction and any other Financial Spread Bets and Transactions that you may have open at the time
Clause 34(3) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.36
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
On suspicionSpreadex can close every open trade you hold, without giving a reason.34(3)
On closingSpreadex can enforce the trades you lost on and treat the trades you won as void.34(3)
Six monthsUnless you have produced conclusive evidence of your innocence, the voided trades become final.34(3)
  • Worse together with Exhibit 4A breach of these promises is also an Event of Default, so on reasonable grounds Spreadex can suspend your withdrawals while it investigates.
03

Once you commit what the contract calls an Event of Default, Spreadex can void any or all of your open trades and close your accounts. The list of defaults is wide. It includes owing over £500 for 14 days, and not telling Spreadex quickly when your finances change.

Why this matters

Spreadex picks which trades to void, and a voided winner never pays out. It can also close all your trades early if it only believes a default is likely.

Exhibit 3CriticalHarder than usual14 days

If any statement previously made by you to us concerning your financial status, your identity, your Account (including affordability and vulnerability) or to any Financial Spread Bet or Transaction ceases to be true and you fail to inform us of the true position as quickly as you reasonably can.
Clause 7(1)(c) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.10
Read from the broker's site on Open the reference
04

Spreadex does not have to process your withdrawal if it reasonably expects the money may be needed for future losses on your account. It can also refuse while you owe money to any group company, such as Sporting Index. And it can suspend withdrawals while it investigates an error or a suspected default.

Why this matters

Even with free money in your account, Spreadex can hold it back against losses that have not happened yet. No time limit applies while it investigates.

Exhibit 4WarningHarder than usual

(e) we reasonably anticipate that the money you are asking for may be needed to cover future losses incurred on your Account; and/or
Clause 28(4)(e) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.31
Read from the broker's site on Open the reference
05

If Spreadex breaks the contract and it costs you money, it pays at most four times the spread on that spread bet. On a CFD the cap is the lowest of four times the commission, four times the spread, or £10,000. Your legal rights, and claims for fraud, death or injury, sit outside the cap.

Why this matters

A platform failure or a missed order could cost you thousands, while the contract can limit Spreadex's share to tens of pounds. As a retail client you can still take a complaint to the free Financial Ombudsman Service, which decides what is fair.

Exhibit 5WarningHarder than usual

Subject to Rules 4(1) and 4(2), in no case will our liability exceed: (a) where the liability relates to a Spread Bet, four times the value of the Spread on opening, assessed by reference to the stake;
Clause 4(5)(a) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.8
Read from the broker's site on Open the reference

What it costsIn Spreadex's own cost example, a £10 a point FTSE bet has a 1 point spread worth £10. Four times that is £40, the most Spreadex would owe on that bet.

Set against a regulated standard: FCA (UK)

FCA rules stop a firm from excluding or restricting any duty or liability it owes a client under the regulatory system. Spreadex's Rule 4(1) keeps your legal rights, while Rule 4(5) caps everything else at four times the spread.

Spreadex is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 11Spreadex's records settle what happened, and the cap settles how little it pays if it got it wrong.

Free deposits and spread-only pricing are not the whole bill

Spreadex's cost disclosure reserves a £1 charge on card deposits under £50, while its deposits page calls standard deposits free. Its Customer Agreement adds a currency conversion fee it never sizes and interest of 1% a month on negative balances. In Spreadex's own FTSE example, three nights of overnight funding cost almost seven times the spread.

Cost disclosure5 clauses flagged

Spreadex's deposits page says all standard deposit methods are free. Its cost disclosure, on its last page, reserves the right to charge £1 on debit card deposits under £50. The Customer Agreement also takes same-day and international transfer fees out of what you send.

Why this matters

The charge hits the smallest deposits hardest. On the £5 minimum deposit, £1 is a fifth of your money.

Exhibit 6WarningStandard wording$1

1. Spreadex reserves the right to charge £1 on debit card deposits under £50.
Clause Incidental Costs 1 in Cost Disclosure, p.10
Read from the broker's site on Open the reference

Buried at section 43 of 43 in the Cost Disclosure, 100% of the way through.

What it costsA £10 debit card deposit that attracts the £1 charge reaches your account as £9, so 10% is gone before your first trade.

When you pay in a currency that differs from your account's, Spreadex converts it at its own rate plus a prevailing fee. No Spreadex document says how big that fee is. Rule 15(7) also lets Spreadex charge for any service that has no listed price.

Why this matters

You cannot know what a euro or dollar payment will cost before you make it. The deposits page names a different method, Barclays' retail rate, so you cannot even tell which rate applies to you.

Exhibit 7WarningHarder than usual

Payments to an Account that are made in a currency different from the Account’s designated currency will be converted to the designated currency of that Account at the mid-point of our spot market (which is based on an amalgamation of rates provided by a number of different banks) plus a prevailing fee.
Clause 43(4) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.40
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must tell retail clients about all costs and charges before they trade, including currency conversion costs. Spreadex's cost disclosure lists spreads, funding, a £1 card charge and a £25 CHAPS fee, but no conversion fee.

Spreadex is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

If your balance goes below zero, Spreadex charges interest at 1% a month, which the contract puts at 12.7% a year. It can also charge 1% a month when your funds do not cover your margin, and add its debt recovery and legal costs. None of this appears in the cost disclosure.

Why this matters

Without a credit limit, interest can start the moment a loss leaves you below zero, and the debt can reach credit reference agencies. The account FAQ calls the professional credit limit interest-free, yet the contract starts interest seven days after a realised loss.

Exhibit 8WarningStandard wording12.7%

we will charge interest at 1% per month on the outstanding balance (calculated on a daily basis, and compounded at the end of each month), which is equivalent to an EAR (Effective Annual Rate) of 12.7%pa
Clause 16(2) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.19
Read from the broker's site on Open the reference

What it costsA £1,000 negative balance left unpaid for a year grows by about £127 at the 12.7% annual rate the contract states.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Loss realised, no credit limitYou must pay the negative balance at once, and interest at 1% a month can start straight away.29(2)
Day 7, with a credit limitInterest at 1% a month can start on the whole negative balance.29(3)
14 days after payment is dueOver £500 still unpaid becomes an Event of Default, which lets Spreadex close or void your open trades.7(1)(a)
Debt not paid in full and on timeSpreadex may report the debt to credit reference agencies.3(5)
  • Worse together with Exhibit 3Leave over £500 unpaid for 14 days and the debt becomes an Event of Default, which lets Spreadex void your open trades.

Spreadex's FAQ says you only pay when you trade, through the spread. Its own cost disclosure charges overnight funding on every CFD and daily spread bet you hold overnight. In its FTSE example, three nights of funding cost £68.26 against a £10 spread.

Why this matters

If you hold trades for days, plan for funding as well as the spread. Closing before a market's daily funding time avoids that day's charge.

Exhibit 9WarningStandard wording

When holding a position in a CFD or daily spread bet you will be subject to a cost known as ‘Overnight Funding’.
Clause Overnight Funding in Cost Disclosure, p.2
Read from the broker's site on Open the reference

Where it sits: section 3 of 43 in the Cost Disclosure, near the start.

What it costsIn Spreadex's FTSE example the spread costs £10 and three nights of funding cost £68.26, so funding is about 87% of the £78.26 total.

When a share cannot be borrowed in the market, Spreadex may still let you short it against its own book. Your borrowing charge is then typically 10% a year, could be higher, and can change with little or no notice. Spreadex can also close your short at its absolute discretion if its book changes.

Why this matters

Spreadex gives the rate by phone, and the short example in its cost disclosure uses 1%, so the real cost is easy to miss. A short you can afford today can get dearer while it is open.

Exhibit 10WarningHarder than usual10%

In such a case, the cost of borrowing will be higher to reflect the lack of availability in the underlying market and typically the charge will be 10% of the value of the stock per annum, but could be higher and we will be entitled to charge any rate that is not commercially unreasonable.
Clause 24(1) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.27
Read from the broker's site on Open the reference

What it costsOn a £10,000 short position, 10% a year is £1,000 in borrowing charges, against £100 at the 1% rate in the cost disclosure example.

Spreadex can end the relationship if you trade too big

Spreadex can close your accounts if your trading grows too large for it, and can refuse any trade with regard only to its own interests. The list of barred countries its contract relies on covers fixed odds betting only. Positions above four times a share's Exchange Market Size can take weeks or months to close.

Account control3 clauses flagged

Spreadex can close your accounts if your trading grows so large that it no longer wants you as a client. It can also close, limit or suspend any account at any time. And it can refuse any trade with regard only to its own interests, without giving reasons.

Why this matters

Success can end the relationship, with no other reason given. When Spreadex closes an account this way, it returns your withdrawable balance on request.

Exhibit 13WarningHarder than usual

If your trading is of such a size that we no longer wish to continue with our relationship
Clause 8(2)(d) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.12
Read from the broker's site on Open the reference

To hold an account you must not be in a restricted territory, and trading from one is an Event of Default. The list the contract links to covers fixed odds betting only and names no country barred from financial trading. Spreadex's account FAQ separately names the USA and Turkey.

Why this matters

You cannot check from the legal documents whether your country is barred, yet a breach lets Spreadex void your open trades. Get Spreadex's answer in writing before you trade from outside the UK.

Exhibit 14WarningHarder than usual

you must: (a) be 18 years of age or older; (b) not be located in any of the restricted territories listed here;
Clause 2(1)(b) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.6
Read from the broker's site on Open the reference
  • Worse together with Exhibit 3Trading from a barred country is an Event of Default, which lets Spreadex void your open trades, yet the linked list never says which countries are barred for trading.

If your position is over four times a share's Exchange Market Size, Spreadex may delay quoting you a closing price. That size is a standard dealing size the exchange sets for each share. The contract says the delay could last hours, days, weeks or even months, and the price may come in slices.

Why this matters

The market can move against you while you wait. Spreadex markets small-cap shares down to a £5 million company value, where this size limit is easiest to reach.

Exhibit 18NoticeStandard wording

Depending on the circumstances the delay could be one of hours, days, weeks or even months, and might involve our quoting you a series of prices for closing the Financial Spread Bet or Transaction in tranches rather than at one time and a single price.
Clause 19(7) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.23
Read from the broker's site on Open the reference

Spreadex's records settle disputes and a cap limits the bill

Spreadex caps what it owes you for its own breach at four times the spread on a spread bet. Its records are the final authority on your trades, and a confirmation you do not dispute at once counts as agreed. You also answer for all activity on your account, authorised or not, though retail clients keep free access to the Financial Ombudsman Service.

Limits on redress3 clauses flagged

If you disagree with a trade confirmation, you must phone Spreadex immediately on receipt. If you do not, Spreadex treats its own record of the trade as agreed by you. Its records are the final word on your trades, except for a manifest error or its own negligence.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A wrong price or size you spot the next morning may already count as accepted. If a confirmation never arrives, the contract expects you to chase it within one minute.

Exhibit 11WarningHarder than usual

Similarly, if you dispute the contents of any Trade Confirmation sent by us to you, you must notify us immediately upon receipt by telephone; if you do not, the transactions recorded by us will be deemed to be agreed by you.
Clause 22(1) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.27
Read from the broker's site on Open the reference

You are responsible for everything done through your Spreadex account, whether you authorised it or not. The mobile trading terms also let Spreadex act on any instruction that merely appears to come from you.

Why this matters

If someone gets into your account and trades, the contract puts the losses on you. Tell Spreadex the moment you suspect misuse, so it can suspend the account.

Exhibit 12WarningHarder than usual

You will be responsible for any and all activity undertaken through your Account (whether authorised by you or not).
Clause 45(1) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.41
Read from the broker's site on Open the reference

The Customer Agreement says that if you are not a retail client, you have no right to go to the Financial Ombudsman Service. Spreadex's own complaints page says some professional clients can. If you are a retail client, both documents agree you can use this free service.

Why this matters

If you trade as a professional client, the contract may talk you out of a free, independent way to settle a dispute. Check your eligibility with the Ombudsman itself before you give up on it.

Exhibit 17NoticeHarder than usual

Any client who was not a Retail Client at the relevant time, does not have the right to refer complaints to the Financial Ombudsman Service (FOS).
Clause 36(4) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.37
Read from the broker's site on Open the reference
Our own capture of spreadex.com, taken on Oct 29, 2026The claim, on Complaint Handling page, Independent Arbitration sectionVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK)

Under FCA rules, who can use the Financial Ombudsman Service depends on who you are, for example an individual acting outside a business. It does not depend on how a firm categorises you for trading. Spreadex's contract ties access to the retail category alone.

Spreadex is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Withdrawals are fast in practice but can be held on paper

Spreadex says 96.2% of withdrawals in 2025 took under 30 minutes. Its Customer Agreement still lets it refuse a withdrawal when it expects future losses, or while you owe a group company money. It can suspend withdrawals during an investigation with no time limit, and delay payouts for up to twelve months if a bank or broker fails.

Getting paid out1 clause flagged

If a bank or broker that owes Spreadex money goes insolvent, Spreadex can delay paying you. The delay applies when at least £500,000 is held up, and it can last up to twelve months. Spreadex may also place client money on notice of up to 95 days, which can slow payouts when many clients withdraw at once.

Why this matters

These delays only bite in a crisis, which is exactly when you are most likely to want your money back.

Exhibit 15NoticeHarder than usual95 days

If this happens, we will be entitled to delay making any payment to you for as long as it takes to obtain any payment from either of them, provided that the sum, payment of which to us is delayed, is not less than £500,000.
Clause 32(6) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.34
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

FCA client money rules let firms keep client money in bank deposits with notice periods of up to 95 days. Spreadex tells you this in Rule 32(2).

Spreadex is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Winning trades can be voided on suspicion or after a default

Spreadex's Customer Agreement gives it three ways to cancel profit you have made. On suspicion of market abuse it can void your winning trades and enforce your losing ones, unless you prove your innocence within six months. After any Event of Default it can void your open trades, and a price error over twice the spread lets it reprice a trade.

Voided profits1 clause flagged

If Spreadex quotes you a price more than twice the spread away from what it should have quoted, it can reprice your trade. Spreadex treats a trade as void if it opened at a time when Spreadex would not have quoted a price at all.

Why this matters

A profit you made on a mistaken quote can vanish after the event. Spreadex can also suspend your withdrawals while it looks into the error.

Exhibit 16NoticeStandard wording

Prices will be deemed to be “materially different” if the difference in price is equivalent to more than two times the Spread in relation to the relevant Index in question,
Clause 5(2)(a) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.8
Read from the broker's site on Open the reference

Checks can return at any time and pause your account

Spreadex checks identity, finances and source of funds before you deposit, trade or withdraw, and can repeat the checks at any time. While a check runs it can suspend or limit your account, with no deadline in the contract.

Verification1 clause flagged

Spreadex checks your identity, finances and source of funds before you deposit, trade or withdraw, and can ask for more at any time. While a check runs, it can suspend or limit your account, and the contract sets no time limit.

Why this matters

Keep recent payslips, bank statements and a utility bill to hand. A check that starts when you ask to withdraw can hold your money until you produce them.

Exhibit 19NoticeStandard wording

In particular, before you are able to deposit any funds or open any Spread Bets or Transactions, or make any withdrawals from your Account, we will undertake certain Verification Checks.
Clause 3(1) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.6
Read from the broker's site on Open the reference

Spreadex is the market, the price and the other side

Spreadex acts as principal on every trade and is the only place you can close it. When the underlying market is shut, its price can reflect other clients' buying and selling. It may also pay whoever introduced you, including your own attorney, according to the volume or outcome of your trading.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty risk2 clauses flagged

Spreadex acts as principal on your trades, which means it takes the other side, and its price is the only one you can deal at. When the underlying market is shut, its price can reflect other clients' buying and selling. Its traders' bonuses depend on how their whole team performs.

Why this matters

On any trade Spreadex has not hedged, your loss is its gain. Before trading out of hours, compare its price with the nearest open market.

Exhibit 20NoticeStandard wording

If at the time you give us an order there is no functioning or open market or exchange on which the reference product is traded, we may, and where possible, set out to determine a fair underlying two-way price. This can be based on a number of factors including but not limited to, price movements on associated markets, other market influences and client trading flow.
Clause Trading outside market hours in Order Execution Policy
Read from the broker's site on Open the reference

Buried at section 23 of 33 in the Order Execution Policy, 70% of the way through.

Set against a regulated standard: FCA (UK)

FCA rules require firms to identify and manage conflicts of interest and to take all sufficient steps to get you the best result on each order. Spreadex publishes both policies, though its conflicts policy still describes only spread betting and does not mention CFDs.

Spreadex is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Spreadex may pay commission to whoever introduced you, including an attorney you appoint, based on the volume or outcome of your trading. You consent to this when you sign, and you can ask how it is worked out.

Why this matters

Someone advising you or trading for you may earn more the more you trade, or depending on how your trades turn out. Ask Spreadex for the commission terms before anyone acts on your account.

Exhibit 21NoticeHarder than usual

We may pay a commission to any person who has introduced your business to us, including to any attorney appointed by you (“Third Party Commissions”).
Clause 45(5) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.41
Read from the broker's site on Open the reference

No inactivity fee, but idle balances have a long tail

Spreadex charges no inactivity or account fee. After 90 days without a new trade it can cut a credit limit, and after six years with no movement it can give an untraceable client's money to charity.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Spreadex charges no inactivity fee. If you have a credit limit and open no new trade for 90 days, it can cut or remove the limit. After at least six years with no movement on your balance, if Spreadex cannot trace you, it can pay your money to charity.

Why this matters

Keep your contact details up to date. The charity step only applies after Spreadex has tried and failed to reach you.

Exhibit 22NoticeStandard wording90 days

We reserve the right to remove or reduce your credit limit if no new Financial Spread Bet or Transaction has been opened on your Account for a period of ninety days.
Clause 31(6) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.33
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

FCA rules let a firm give unclaimed client money to charity only after six years without movement and reasonable steps to contact the client. The firm must still repay a client who later claims it. Rule 32(5) states the first two conditions but does not repeat the promise to repay.

Spreadex is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90 without a new tradeSpreadex can reduce or remove your credit limit.31(6)
Six years with no movementIf Spreadex cannot trace you, it can pay your balance to charity.32(5)

One FCA-regulated company that is also a licensed bookmaker

Spreadex Limited holds FCA authorisation number 190941 and a Gambling Commission licence for fixed odds betting. Retail client money sits in segregated trust accounts, and the FSCS covers most investment business up to £85,000.

Who you deal with1 clause flagged

Your contract is with Spreadex Limited, authorised by the FCA under number 190941, which also holds a Gambling Commission licence for fixed odds betting. Unless you agree otherwise in writing, Spreadex holds your money in a segregated trust account. The FSCS covers most investment business up to £85,000.

Why this matters

These are the protections a UK-regulated broker should offer, and Spreadex states them plainly. Money you move from a fixed odds wallet to your trading ledger only gains FSCS cover the next day.

Exhibit 23NoticeStandard wording

is authorised and regulated by, and registered with, the Financial Conduct Authority (the “FCA”) (registration number 190941).
Clause 1(1) in Financial Spread Betting and CFD Customer Agreement and Risk Warning Notice, p.6
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Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The FAQ promises retail clients they can never lose more than their account balance, but the Customer Agreement says nothing you pay in limits your losses.

Said in public, in English

As a retail client, you're also covered by negative balance protection — meaning you can never lose more than the funds in your account.

Financial FAQs page, answer to 'What happens if a trade goes against me?'

In the contract · clause 11(2)

Regardless of whether or not you deal with us on credit, neither any credit or other limit set on your Account nor any sum of cash you have paid into or otherwise have standing to the credit of your Account puts any limit on your potential losses in respect of Financial Spread Bets and Transactions.

02

The trading FAQ promises negative balance protection to retail clients, while the Risk Warning Notice warns every client of losses beyond the deposit.

Said in public, in English

For retail clients with a ‘Limited Risk’ account, due to FCA regulations, your account is protected by negative balance protection. As a result, you can never lose more than the funds you put into the account.

Trading FAQs page, section on avoiding losing more than your account balance

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In the contract · clause 1

If the underlying market movement is in your favour, you may achieve a good profit, but an equally small adverse market movement can not only quickly result in the loss of your entire deposit, but may also expose you to a large additional loss over and above your initial deposit.

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03

The deposits page calls every standard deposit method free, while the cost disclosure reserves a £1 charge on debit card deposits under £50.

Said in public, in English

Getting funds into your Spreadex account takes seconds. All standard deposit methods are free of charge.

Deposits & Withdrawals help page, Deposits section

In the contract · clause Incidental Costs 1

1. Spreadex reserves the right to charge £1 on debit card deposits under £50.

04

The deposits page promises quick access to your money, while the contract lets Spreadex suspend withdrawals during an investigation with no time limit.

Said in public, in English

We believe you should be able to access your money quickly and without unnecessary fees. All standard withdrawals are free.

Deposits & Withdrawals help page, Withdrawals section

In the contract · clause 28(5)

We may suspend withdrawals whilst we investigate Errors (as defined in Rule 5(1)) and where we have reasonable grounds to be believe you have undertaken any Event of Default (as defined in Rule 7).

05

The marketing says there are no hidden fees, while the contract adds a currency conversion fee that no Spreadex document sizes.

Said in public, in English

At Spreadex, there are no hidden fees. We’re upfront about any costs associated with trading so you can trade with confidence.

Get Started page, No Hidden Fees panel

In the contract · clause 43(4)

Payments to an Account that are made in a currency different from the Account’s designated currency will be converted to the designated currency of that Account at the mid-point of our spot market (which is based on an amalgamation of rates provided by a number of different banks) plus a prevailing fee.

06

The FAQ says the spread is all you pay, while the cost disclosure charges overnight funding on every CFD and daily spread bet held overnight.

Said in public, in English

You only pay when you trade, through the spread.

Financial FAQs page, answer to 'Are there any fees for having an account?'

In the contract · clause Overnight Funding

When holding a position in a CFD or daily spread bet you will be subject to a cost known as ‘Overnight Funding’.

07

The account FAQ calls the professional credit limit interest-free, while the contract charges interest on a negative balance left unpaid after seven days.

Said in public, in English

APPLY FOR AN INTEREST-FREE CREDIT LIMIT

Account FAQs page, heading for the professional credit limit

In the contract · clause 29(3)

If you have a credit limit and the negative cash balance is equal to or less than the credit limit, then you must settle the whole of your negative cash balance no later than 7 days after the date of the realisation of the negative cash balance, after which time we will be immediately entitled to charge interest on the whole of the negative cash balance pursuant to Rule 16(3).

08

The complaints page says some professional clients can use the Financial Ombudsman Service, while the contract says no client outside the retail category can.

Said in public, in English

If you are classified as a retail client, and in some instances a professional client, and you do not feel that your complaint has been resolved satisfactorily by the compliance department, you are able to refer your complaint to the Financial Ombudsman Service.

Complaint Handling page, Independent Arbitration section

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In the contract · clause 36(4)

Any client who was not a Retail Client at the relevant time, does not have the right to refer complaints to the Financial Ombudsman Service (FOS).

What changed quietly

This is our first reading of Spreadex's documents, so there is no earlier version of this page to compare with.

  • ADDEDClause Funding Time · 2025-06-20 (archived) to current, undated

    Spreadex added a glossary entry explaining when overnight funding is charged, and that closing a position before that time avoids the day's charge.

    The specific time of day at which overnight financing (also known as overnight funding) is applied to a rolling/daily/spot spread bet. If you hold an open rolling position past the funding time for that market, an overnight financing adjustment will be applied to your account.

The documents this reading is based on

17 files, all published by Spreadex. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Spreadex publishes.

How this reading was done

Every clause above was read out of a document Spreadex publishes itself

This reading was published on .

Documents
17 of 17downloaded from the broker's site of the 18 we found, and 17 read in full
Pages opened
85pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Position measured
3clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Spreadex Limited

Clients contract with Spreadex Limited, company number 03720378, of Churchill House, Upper Marlborough Road, St Albans. The same company holds the FCA authorisation for spread betting and CFDs and the Gambling Commission licence for fixed odds betting. It wholly owns Sporting Index Limited, and the Customer Agreement lets Spreadex decline a withdrawal while you owe money to any group company.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Spreadex Limited is FCA-authorised under number 190941 and has traded since 1999. It holds retail client money in segregated trust accounts, and the FSCS covers most investment business up to £85,000. It charges no inactivity or account fees and runs no cash bonus with trading targets. Its ten-page cost disclosure gives worked examples for every asset class. Its complaints process promises a final answer within eight weeks, and its error rule uses a fixed test of more than twice the spread rather than open discretion.

Spreadex publishes no earlier version of its Customer Agreement, which it last updated on 28 October 2026, so the changes made in that update cannot be identified. The Market Information Sheets that form part of the contract sit on individual market pages rather than in one document.

How to check any of this yourself

Every quote above links to the Spreadex file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Spreadex publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Spreadex on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 29, 2026.

If you represent Spreadex and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Spreadex. Whether its licence is real and current is a separate check on the broker profile.

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