A lot has been written in the press about the spread betting companies enjoying brisk trading conditions due to the current volatility in the markets. The unprecedented developments may be leaving many companies reeling but Spreadex continues to post recording trading numbers.
Despite the Short Selling Ban coming into force on financial equities, the St Albans-based firm recorded its highest ever trading volumes – just three months after seeing a previous record high.
In total, 74,786 trades were managed by Spreadex throughout September; 269 more than its previous record level in June.
The month saw clients staking close to £10m in total on positions meaning Spreadex had to cover many millions of pounds worth of potential winnings and losses due to the extreme and volatile movements.
PR Manager Andy MacKenzie said: “September was a quite extraordinary period of trading but October is already proving to be even more incredible.
“It’s been a hair-raising ride for our traders as well as many of our customers due to the unpredictability of the whole financial sector.
“The phenomenal rises and falls seen in the FTSE, Dow Jones and Dax not to mention continued movements in currencies and in gold and oil are the perfect conditions for making, or losing, lots of money through spread betting. Spreadex Account holders have been piling in on all fronts.”
The figures were helped by a busy period for the sports arm of the company’s business with the Ryder Cup attracting large numbers of bets from punters.
Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
A) Get free trading tips, offers, price updates, important news and more! All Free - Click here!
Risk Warning: Spread betting carries a high level of risk to your capital and you may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
* Tax law is subject to change or may differ if you pay tax in a jurisdiction other than the UK.
