As a platform for serious investors, ProSpreads started in 2005 under the name of FuturesBetting. The London Capital Group purchased it in 2008 and changed its name to what it is now. Like most spread betting companies, ProSpreads is quite new, though it’s older than many others in the market.
As a result of this, as well as constant improvements in their service, they’re one of the most well recognized and respected spread betting companies.
Features of Trading Platform
Users can spread bet in four different ways. The first is of course the traditional order ticket. The second is the fast “single click” ordering where the user defines an amount which is used to immediately place a bet. Additionally, ProSpreads allows users to bet from the Level 2 data screen which shows market depth. And finally, investors can use the “ladder” to place spread bets on a screen which shows the dynamics of the market.
The ProSpreads training platform gives users Direct Market Access (DMA) functionality. This allows investors to see to the same information professional traders see before executing a trade. In addition, clients also have access to Level 2 data, which can give you an indication of the liquidity and depth of the bid/offer.
In addition, there are four distinct ways to place a spread bet and investors can choose the method that suits their goals.
ProSpreads allows customers to spread bet on Bonds, Equities (Initially FTSE 100 & Eurostoxx 50), Commodities, Indices, Metals, Interest Rates and Currencies.
The ProSpreads platform directly references the underlying markets. This means they have some of the tightest spreads in the industry. The company also does away with “re-quotes” where the spread betting firms try to cut their losses.
The blazing fast execution time as well as access to Level 2 data make ProSpreads a truly professional company.
The ProSpreads trading platform also allows “Trailing Stops.” These are similar to stop orders except that they’re flexible. Suppose you profit on some gains, your stop order can move along with how much money you make thereby allowing you to “lock in” your profits.
ProSpreads won the MoneyAM online Finance Award in 2009 for the best online futures provider.
ProSpreads is probably the most transparent spread betting company around. With no re quotes, DMA functionality and a minimum £1000 account balance, they’re are more suited towards professional traders.
ProSpreads is open from 6:30 am to 9:30 pm Monday to Friday. They can be contacted over the phone or by email and have different contacts for various functionalities.
Countries and Language Support
ProSpreads operates only in English and is located in Gibraltar. It’s regulated by the Financial Services Commission (FSC) and has the authority to promote its services in certain other EU countries including the UK where it must go through the FSA.
Since spread betting is viewed as online gambling in the USA, ProSpreads doesn’t operate in that country. However, it allows transactions in USD along with EUR and GBP.
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