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Thankfully Spreadex has stopped daily spread bets closing out automatically at the end of the day.
Since spread betting began way back when brokers would offer daily spread bets, that expired at the end of the trading day, but in reality most clients would opt to have them roll over each day.
This is good news for Spreadex customers as if you don’t check your account every five minutes, or tend to delete statement emails without reading them it’s sickening to login a few days after putting a trade in to lock in a hefty profit only to see that the position was closed at the end of the first day.
Most spread betting companies gradually phased this out as most customers are either short term traders who close their positions themselves to reduce over night exposure.
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