(Newswire.net — April 17, 2020) — If you’re interested in forex trading, it’s likely that you’ve heard the names of the following 2 brokers: Plus500 and eToro.
Both are. leading brokers who have many active clients from all over the world. They are also fully regulated brokers.
But what are the difference between the two platforms?
We’ve put together this Plus500 and eToro comparison so that you can see the key features of each broker, their strengths and differences.
Plus500
Plus500 is known in the broker world for having a great mobile app and a well-designed trading platform. In fact the Plus500 app has been one of the highest rated trading apps in the Google Play and Apple stores.
Regarding the broker’s background, they company was founded by a small team in Israel back in 2008. The teams main aim was make trading simple for everyone, so they developed their own trading platform that could accomplish this.
They continue to offer their own self-developed platform which is available for use as a desktop download or as an online WebTrader format.
Alternatively many traders also download the free Plus500 app which is available for Android and Apple devices. The app allows you to trade on the move and keep track of your open positions.
You can also receive the latest market news and price alerts so you can stay aware of any important changes.
On the platform, clients have access to the latest trading technology and a large range of financial instruments. Instruments available to trade as CFDs include Indices, Forex, Commodities, Shares, Crypto, Options and ETF’s.
This is a great selection of assets to work with, and we really liked the fact that the broker offers special CFD Shares folders.
For example, there is a cannabis based index & share selection available, because medicinal cannabis has been a big topic in the investing world for a while.
This goes to show that Plus500 is quick to react to market trends and provide options for their traders. Besides offering a wide range of assets, the broker is also known for offering tight spreads and zero commission on trades.
To begin trading with Plus500 the minimum deposit is just $100, and this can be paid in one of the 10 base currencies that the broker accepts.
It’s completely free to make deposits and withdrawals with the broker, and you’re allowed up to 5 free withdrawals each month. If you go past this month you will be charged $10 for each additional withdrawal until the new month begins.
Because the broker is fully regulated, you’ll be able to withdraw you funds when you want. You just need to make sure that you account has been verified first, otherwise the support team won’t be able to process the withdrawal request
Talking of regulation, Plus500 holds many regulation licences from the FCA, CySEC, ASIC, FSA plus the FSCA in South Africa.
This means that the broker is fully regulated and secure to use.
eToro
The other broker that we’ve checked out is eToro. They have become known in the forex world as being the leading social broker because they offer a wide range of social trading features.
This means that their users can learn from other professional traders on the platform. For instance, their CopyTrader tool lets you automatically copy the trades of other skilled members.
So if you’re completely new to forex trading and want to gain experience quickly, then eToro is ideal.
The trading platform has been self-developed by the broker and is available as a WebTrader format, plus as a free downloadable trading app. Currently no desktop format is offered by eToro.
Since their launch in 2006, the platform has amassed millions of clients worldwide of all different experience levels.
eToro is also regulated by the FCA, ASIC and CySEC which means that they are secure to use.
Regarding the amount of assets and financial instruments available, they have a good sized range, even if the asset offering is slightly smaller than Plus500.
Currently you can trade Forex, Cryptocurrencies, Indices, Shares, ETF’s and Commodities with the broker.
We liked the fact that they have a good mix of cryptocurrencies which are available to trade as CFD’s. Cryptos listed include Bitcoin, Ethereum, EOS, Litecoin and many more.
The eToro minimum deposit changes based on your country of residence. For example if you’re based in Australia or the USA the minimum deposit is just $50. If you live in another country the minimum deposit is $200.
You can pay the minimum deposit in a number of ways including via credit card, local banking methods, e-wallet or by bank transfer.
As for withdrawals, the broker does charge a fee of $50 each time a client makes a withdrawal. So if you’re thinking of using eToro, we’d recommend only withdrawing occasionally in order to avoid multiple withdrawal fees.