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| NewSpreadCoLogoBS | |
| Company type | Private |
|---|---|
| Industry | Financial Services |
| Founded | London, UK (2006 (2006)) |
| Founder | Ajay Pabari |
| Headquarters | London, UK |
| Key people | Ajay Pabari (Founder/CEO) |
| Services | On-line trading, CFDs, Spread Betting and Foreign Exchange |
| Website | www.spreadco.com |
Spread Co is a financial spread betting and CFD provider based in the UK. Spread Co has also established partnerships in a wide range of countries worldwide including India, Spain and the United Arab Emirates.
Spread Co has recently been named in UK parliament by a petition of former employees as being in serious financial trouble and deceitful in its marketing practices.
As a result of the controversy the hacktivist organization Anonymous have released a video, similar to their attack on the Church of Scientology, declaring their intention to 'dismantle' Spread Co.
History
In 2006 the former chief financial officer of CMC Markets, Ajay Pabari, founded Spread Co, as a specialist provider of CFDs.
The company began trading in November 2006. In March 2008 Spread Co launched “Premium Securities” in India with a national broker, bringing retail CFD style trading to the Indian market.
Spread Co added Spread Betting to its products in 2009, again accessed through its own in-house trading platform,“Saturn Trader”, which features a number of features such as customisable trading screens and charting features.
In October 2010 the company reduced its bid–offer spreads and started offering 0.8pt spreads for EURUSD, the UK100 index and the US30 Index.
Operations
The London based company has business overseas through partnerships in different countries, including India, Spain, and the United Arab Emirates. It partnerships include financial firms such as deVere and Anand Rathi that increase Spread Co.’s activity worldwide.
Trading platform
The company provides its services via in-house built Saturn trading platform. The platform can be access in three different ways; Online via a web-based platform, via a downloadable platform or via mobile platform.
Regulation
Spread Co is a financial spread betting and CFD London-based company authorised and regulated by the Financial Conduct Authority (FCA) since October 2006.
It is likely the parliamentary condemnation will cause an FCA investigation into Spread Co.
Attack by Anonymous
The hacker / terrorist group Anonymous have released a video stating that they intend to 'dismantle' Spread Co. The video has been confirmed as authentic and corrects an earlier spelling mistake in the video introduction, demonstrating that whoever made the video has access to the Anonymous source files.
References
- Parliamentary Petition Spread Co
- Message from Anonymous - Warning about Spread Co
- Spread Co Interview
- Spread Co Cuts Spreads on Major Markets to 0.8pts
- ^ The deVere Group Offers New Online Trading Service, Reinforcing its Position as Online Market Leader
- Spread Co Profile