The financial markets may have suffered a sell-off at the end of last week, but figures have been all up, up, up for one spread trading firm.
Spread betting experts Spreadex recorded the highest monthly bet numbers in the firm’s 10 year history during October.
The numbers, which include trades made on the company’s ShortsandLongs platform – were up 8.6% on previous best-ever levels, helped by the launch of Spreadex’s brand-new website at the start of the month.
Spokesman Andy MacKenzie said: “Like most firms, 2009 has been a tough one for us with many of our customers being, quite rightly, extremely cautious with their spread betting after the tumultuous events at the back end of last year when the markets were in freefall.
“However with the FTSE 100 having added 50% from its March lows before last week’s pullback, we have seen more and more people gaining confidence in the market conditions, culminating in last month’s record high levels of bet numbers.
“While some firms have been raising their margin rates recently, we have actually reduced our spreads, margins and minimum trade level requirements and that has also helped us gain custom from our competitors.
“For our ShortsandLongs platform it was the busiest month we have had since the site launched in October 2008, while our sports division saw its highest number of bets taken since the football European Championships in June 2008.
“We have a client base that, while predominantly based in the south-east, covers the length and breadth of the UK so it is encouraging to see people picking up their trading at rates last seen well before the downturn.”
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.
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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.
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