(Newswire.net — April 17, 2020) — IQ Option and Plus500 are both leading CFD & forex brokers. Each broker has millions of clients that are based in many countries throughout the world.
But what is the difference between the two brokers?
We’ve taken a look at the key points of IQ Option vs Plu500 so that you can see each broker’s key features and differences.
Then you can decide which one is the better forex broker for you!
IQ Option vs Plus500 Company Background
Plus500
Plus500 was founded in Israel back in 2008. The main goal of the founders was to bring simplicity to trading by creating a user-friendly platform. Since their launch Plus500 has grown into a global company with clients in many countries.
The Plus500 headquarters are based in Israel, but they have subsidiary offices in the UK, Australia and Cyprus. Most importantly the broker and all its subsidiaries are completely regulated.
Currently, they hold regulation licences from a selection of authorities including the FCA, CySEC, ASIC and the FSCA which is based in South Africa.
IQ Option
IQ Option started in 2014 and was launched in Russia. They started out as a binary options broker, but now they’ve moved towards forex & CFD trading instead.
In fact, they have more than 300+ CFD assets available for you to trade. However, the thing they are most known for is their incredibly low minimum deposit of $10. This is a very low amount in the forex market.
Like Plus500, IQ Option is also a regulated broker which means that they hold active regulation licences.
When we checked IQ Option has licences from both CySEC and the FSC. The broker’s headquarters are based in Limassol, Cyprus.
IQ Option vs Plus500 Key Features
When checking out a broker it’s always important to see what their key features are. This can include things like the minimum deposit, platform types and the customer support info.
Here are the key points by each broker:
IQ Option
- Minimum Deposit: $10
- Assets Offered: Forex, Crypto, Shares, Commodities, Options & ETF’s
- Platform Type: Self-developed platform- for WebTrader, Mobile App & Desktop
- Customer Support Hours: 24/7 customer support
- Free Demo Available: Yes
Plus500
- Minimum Deposit: $100
- Assets Offered: Forex, Indices, Crypto, Shares, Commodities, Options & ETF’s
- Platform Type: Self-developed platform- for WebTrader, Mobile App & Desktop
- Customer Support Hours: 24/ customer support
- Free Demo Available: Yes
Looking at these key features it’s interesting to see that both brokers offer a free demo account and self-developed platforms.
They also both offer forex trading, plus a wide range of financial instruments which are available as CFD’s. This includes popular asset areas like cryptocurrencies and shares.
However, the biggest difference between the two are the minimum deposits.
Let’s take a closer look at the deposits now:
IQ Option vs Plus500 Minimum Deposit
Plus500 offers a competitive minimum deposit of $100, which is the average amount for many forex companies.
However, IQ Option has an incredibly low minimum deposit of just $10. This is an affordable amount that keeps trading open to people of all financial backgrounds.
And both brokers don’t charge any additional deposit fees when making the minimum deposit. It is completely free to make deposits.
The only charge you might encounter is a small conversion fee. This can happen if you use a currency to pay the deposit which is not accepted as a base currency by the broker.
Currently, these are the base currencies accepted by each broker:
- Plus500: Up to 10 base currencies supported including GBP, EUR. USD & AUD
- IQ Option: GBP, EUR, USD
To see the full list of the 10 base currencies at Plus500 just contact their customer support team who will be happy to help.
IQ Option vs Plus500 Fees & Withdrawals
It’s good to know how every broker’s withdrawal process works, and if there are any fees you should know about. Let’s check IQ Option vs Plus500 now:
Plus500
Plus500 is known for keeping trading simple because there is zero commission charged to trades. Instead, the broker builds everything in the spread, which saves clients the hassle of having to calculate commission costs.
For their withdrawals, you can easily request a withdrawal from your trading account menu. It’s completely free to make a withdrawal, and you are allowed 5 fee free withdrawals every month. If this limit is reached, then a $10 fee will be applied.
It then normally takes the Plus500 customer support team from 1-3 days to process the request. After this has been processed the money will be sent to your personal bank account.
Generally, the feedback we’ve seen though is that the broker is pretty fast at dealing with withdrawals, especially for credit and debit cards.
IQ Option
Like Plus500, IQ Option also has an easy-to-follow withdrawal process. They not charge any fees for withdrawals but you have to meet the minimum withdrawal amount of $2 or more.
To make the deposit and withdrawal you can either use a credit/debit card, e-wallet or bank/wire transfer.
Talking of e-wallets. the broker has a great selection of e-wallets available for withdrawals. This includes Neteller, Skrill and WebMoney. However, if you choose to withdraw using a bank/wire transfer, then a $31 fee could be charged.
As for other fees, IQ Option spreads are competitive and overnight charges are fairly low. You can also check the broker’s weekly list of spread prices by asset which are updated to reflect the current financial markets.
Conclusion
So whether you choose IQ Option or Plus500 all depends on your trading needs and requirements. You may want a lower minimum deposit or you may want a broker that offers a wider range of assets.
One thing we’d always recommend though is using the free demo accounts that are offered by the brokers. A free demo account is a good way to test a broker without the need to invest funds.
Remember, finding the right broker for you is the key to getting the most out of your trading experience.