best mobile trading app

BEST TRADING APP

Mobile trading apps become increasingly popular among young people and inexperienced traders. But are they really trustworthy and able to generate profits?

Quant Savvy has reviewed Trading 212, eToro and Plus500 to compare fees, tradable assets, trading tools, and other features. Based on these reviews we have prepared our recommendation on the best trading app, highlighting the limitations and capabilities of each trading app provider.

Filters Sorting wdt_ID Contents Trading 212 eToro Plus 500
App Rating 10 1

App Rating

Google Play: 4.5 out of 5 (57,209 reviews)

App Store: 4.7 out of 5 (67,214 reviews)

Google Play: 3.9 out of 5 (37,094 reviews)

App Store: 3.5 out of 5 (1,000+ reviews)

Google Play: 4 out of 5 (89,036 reviews)

App Store: 3.8 out of 5 (2,158 reviews)

Introduction to the company 20 2

Introduction to the company, Country of regulation

Trading 212 was founded in 2004 by Bulgarian trader Borislav Nedialkov.

Trading 212 a fintech company based in London. Its goal is to “democratise the financial markets with free, smart and easy to use apps”.

The company is the first to offer zero commission stock trading in the UK and Europe. It is arguably the largest UK trading app, and one of the largest in the world with over 14 million app downloads.

Trading 212 is Authorised and regulated by the FCA (Financial Conduct Authority) in the UK, as well as being registered in Bulgaria, being regulated under the Financial Supervision Commission.

eToro is a social trading company that was founded in 2006.

The App that we’re reviewing was launched in 2012. At this time, it was predominantly an FX trading platform, but in 2013 stock trading was introduced. In 2017, cryptocurrencies were introduced, thus rounding off a versatile brokerage with interesting social integrations.

eToro has registered offices in Israel, USA, UK, Cyprus and Australia.

Despite being founded in Israel, eToro is only fully licensed in Cyprus (CySEC), EU (FCA’s cross-border license), USA (FinCEN) and Australia (ASIC and CAR). However, eToro is open globally to most countries, but minimum deposits will be higher.

Plus500 was founded in 2008. The company was created by 6 alumni from the Israel Institute of Technology, which grew off the back of an initial Gonen investment of $400,000.

Plus500 from the outset was concerned with being an easy-to-use brokerage that had CFDs and a lot of securities. Initially, the platform was for Windows, but in 2020 launched a web-based platform. By 2012, Android users were met with their wishes of having a sleek trading app.

Plus500 is a global platform, operating in 32 languages.

Unlike its rivals, Plus 500 does not generally hedge the best it takes. This means it loses money when its customers win and vice versa.

Currently, Plus500 is authorised and regulated by 5 bodies: FCA (UK), ASIC (Australia), CySEC (Cyprus), ISA (Israel), and finally MAS (Singapore).

How does it work 30 3

How does it work?

Trading 212 is predominantly a zero-commission stock trading app. There are stocks and ETFs to choose from, as well as CFDs, Forex and crypto. You can even invest tax-free in the Trading 212 ISA.

The company is more than just an ordinary broker, though. The real selling point here is an incredibly easy-to-use app that novices can navigate, as well as being super cheap in their fees (or lack thereof).

With opening an account only taking a day, a super low $1 minimum deposit, and even a demo account available, Trading 212 is extremely accessible.

Our experience is that it’s unusual for a broker to have such low minimum requirements.

eToro is an easy-to-use trading platform. It’s intuitive and quick to place orders. Users can create a clean-looking watchlist and monitor their portfolio easily.

Copy Trader is what makes the platform truly unique. The social aspect allows you to view other traders, their strategies and success, and feel as though you’re part of a trading community. You can go as far as having others’ trades copied automatically to your account.

This is about more than just following tips, though. If you’re followed by others, then you can benefit from a second revenue stream.

You receive both additional commission for even just one copied trader’s trades, and if you become a Popular Investor, you earn a 2% management fee.

Much like its direct competitors, Plus500 offers accessibility to traders. Sign ups are fast, in which you can then either trade for real or on a demo account.

The platform is a place where you can only trade CFDs and currency pairs. 

You can either use your mobile, tablet or computer to use the platform, which offers a wide range of markets and tools to complete trades with.

In 2019, Plus500 facilitated over 35 million positions, over $1310 billion in trade value, and has over 200,000 active users.

Investor Requirements 40 4

Investment requirements, involvement/participation level

Opening an account will require proof of identity as well as proof of residency, like with other brokers. This process is done digitally. For margin trading, the requirements are as follows: 3.33% — major currency pairs 5% — non-major currency pairs 5% — gold 10% — other commodities 20% — stocks 5% — Base indices 10% — Non-major indices

The Popular Investor program has 4 levels, starting with Cadet, then being promoted to Rising Star, Champion, and eventually Elite.

In order to participate however you must verify your account with a Government-issued ID, add a real picture of yourself and write about your trading strategy in the Bio.

You can become a Cadet member if you’re within the Responsible Trading requirements, have a risk score below 6 and not copying another user. There are a few other requirements here.

There is only the basic information necessary when signing up with Plus500. Whilst there is a fee for inactivity after 3 months, Plus500 is open to both professional and retail traders.

However, to open a professional account, there are additional requirements: sufficient trading activity in last 12 months, a financial instrument portfolio of over 500,000€ and relevant experience in the financial sector.

Fees, Markets 50 5

Fees, Markets

Fees: There are no commission charges, or account charges, in any form for the Invest account.

How does Trading 212 make money: Trading 212 benefit from the spreads between the buy and sell prices on their assets. There is also a 0.5% currency conversion charge and stamp duty for share and ETF purchases.

The markets available for trading in are: Currency pairs (160), Stock Index CFDs (23), Stock CFDs (1,700), ETF CFDs (28), Commodity CFDs (26), and finally Cryptos (16).

Relative to other brokers, this is a limited amount of ETF CFDs available, but an impressive amount of currency pairs. Given that much of investing is about keeping costs down, this is a great way to avoid charges eating into your margins.

Fees: Opening an account is completely free, meaning there are no management fees.

There is 0% commission on stocks and ETFs too i.e. no markup, stamp duty or ticketing fees.

Depositing is free but there is an inactivity fee of $10/month, as well as a $5 withdrawal fee.

How does eToro make money: Of course eToro makes their money somewhere though.

CDFs have some fees, such as 0.09% on Stocks & ETFs, as well as 0.75% or more on Cryptocurrencies.

Forex fees are quite high. To give some perspective, they’re higher than Plus500 but lower than MarketsX.

Bitcoin has a spread of 0.75%, whilst Ethereum’s is 1.90%, BCH is 1.90%, and the other cryptocurrencies are higher. 

The markets available for trading are: Currency pairs, Stock Index CDFs, Stock CDFs, ETF CDFs, Commodity CDFs, and finally Cryptocurrencies.

eToro has 47 currency pairs, over 2,000 Stock CDFs and 16 Cryptocurrencies.

Compared to its competitors, eToro has a good amount of Cryptos and ETF CDFs to choose from, and an average amount of currencies and Stock CDFs.

Fees: When using Plus500, there are very few fees. Deposits, real-time quotes, opening/closing trades and rolling your position are all free.

You can also find yourself being charged a fee for overnight funding, currency conversion, guaranteed stop order and inactivity.

Inactivity for 3 months will result in a $10 fee.

Compared to competitors, trading fees are quite low. For example, CFDs are cheaper than eToro. They don’t charge commission or outright fees.

Whilst Forex is generally cheaper than eToro too, they’re at best averagely priced.

We believe that Plus500 lacks the transparency of some of its competitors, with no fixed outlined fees.

How does Plus 500 make money: Plus 500 benefit from bid/ask spread. On the EUR/USD, the spread in the platform was listed as fixed at 0.00006, which is 0.6 pips. Over 2019 it executed an average of 3.0 million customer trades per month and generated revenues of $354 million.

The markets available for trading: Currency pairs (70), Stock Index CFDs (33), Stock CFDs (1,800), ETF CFDs (92), Commodity CFDs (22) and finally, Crypto (14).

Accounts Supported 60 6

Accounts supported, Opening an account

In order to sign up for an account, a very basic level of information is required. You can be up and running within a day. There are three types of accounts: Invest, CFD, and ISA. 

Invest accounts are purely for free of commissions investing in stocks and ETFs. However, it does not support the buying of crypto, currencies(forex), and commodities that are available through CFDs.

CFD accounts are for leveraging and margin trading. Here, you can find stocks, forex, indices, and other products.  When you trade CFD's you do not own the underlying asset. You are speculating on if the price of an instrument will go up or down. CFD's are a leveraged product which means that you borrow money on "margin" from T212 in order to be able to have a bigger position than you would as an individual.

ISA accounts are for tax-free investing in the UK (S&S ISA).  Available to UK residents only, there is a limit of £20,000 per year (April-April) that may be deposited into an ISA account and holdings within an ISA account are not subject to capital gains tax or dividend tax. There are a few rules for ISAs - see here.

Fortunately, each account doesn’t need to be signed up for separately. They’re somewhat integrated, and switching between them within the app is extremely easy.

 

 

 

 

eToro only has two types of accounts: Retail clients and Professional clients.

Retail clients are normal clients trading for themselves. This is the free account that includes both real trading and virtual trading. It also includes other features talked about in this review.

A Professional client's account isn’t much different, but it allows you to leverage up to 1:400 for certain instruments.

Of course, these accounts are for those who pass the criteria of being a Professional client, which can be found out here.

To open an account, the customer must submit basic information about themselves as well as Confirmation of Residence (i.e. a Valid utility bill) and a Proof of Identity (i.e. Valid passport). You will also be asked to fill out a questionnaire.

Opening an account at Plus500 is exceedingly easy. It’s very fast, entirely digital and has a reasonable minimum deposit.

To open an account, the customer must submit proof of identification and address documents such as passport or photo driving license and utility bills or bank statements. An account can be opened in a matter of seconds but verification process might take up to an hour.

Services are open to most of the world, though of course there are exceptions such as Taiwan, Pakistan and South Korea.

In the UK and Europe, retail clients can access margins up to 30:1 in line with FCA and ESMA guidelines. Whilst professional clients can access leverage of 300:1 providing they meet certain strict criteria around finance, trading experience and activity.

Promotions/Demo Account 70 7

Promotions/Demo Account

Upon signing up within the app, you’re presented with the demo account first, before further signing up for real money.

The demo account starts off with an account value of 50,000 EUR, in which you can begin trading straight off the bat to test out your strategies.

Joining eToro is free, and registered users will receive $100,000 to trade with in a demo account.

Because eToro is free to sign up with, there aren’t many promotional deals.

US citizens can enjoy a $50 promotion bonus for referring a friend.

Plus500 has a demo account in which users can practice their trades without worrying about risking real money. This also allows users to get to grips with the platform. You start with £40,000 equity.

Deposit 80 8

Minimum deposit

There is no minimum deposit for Trading 212. There is only a £/$1 minimum deposit for the Invest accounts and ISA, whilst it’s £/$10 for the CFD account. There are only 9 base currencies that you can deal with in Trading 212. This means you may need to convert your currency when depositing and withdrawing.

The base currencies are CHF, CZK, GBP, EUR, NOK, PLN, RON, SEK, USD. The currency conversion charge is 0.5% for the CFD account, but 0% for the Invest account. As a retail client, you can never lose more funds than you have initially deposited to your Trading 212 account. Once your positions are no longer able to be maintained, Trading 212 automatically closes them and protects you from going into a negative balance. 

The minimum deposit at eToro is $200.

However, US citizens can get started with a first-time deposit of only $50, whilst those from Algeria, Lebanon, Maldives and Venezuela will have to deposit $5,000.

All other deposits after the first-time deposits are $50.

eToro only deals in USD, so your funding will be converted to USD by eToro. EUR deposits will be charged 50 pip (which equates to around a 0.46% fee).

Plus500 has a minimum deposit of $100, though this rises to $300 when using bank transfers. There is no deposit fee, and the three methods you can use are: bank transfer, credit/debit card and Electronic wallets. 

If you’re depositing in a currency that isn’t a supported base currency, you’ll be charged up to a 0.5% fee. There are a highly impressive 10 base currencies.

We believe Plus500 to have reasonable requirements here, but are impressive when it comes to base currencies.

Withdrawal 90 9

Withdrawal of funds

Withdrawals are free, which isn’t always the case with brokers. They’re easy too, with credit/debit card deposit/withdrawal being accepted.

eToro does not charge a withdrawal fee but the minimum withdrawal is $30 and funds deposited via online banking cannot be withdrawn until 7 days after the deposit was made.

There are zero fees when withdrawing money from the account. This is up to the limit of 5 per month and then you will be charged.

Redemptions, Tax-loss harvesting 100 10

Redemptions, Tax-loss harvesting

Trading 212 doesn’t have in-built tax-loss harvesting functionality, unlike many robo investors. It does, however, have an ISA account for UK users. This means you can invest in the tax-free ISA basket. Usually, this is up to an allowance of £20,000 in the UK, which will protect you from capital gains.

The ISA is impressive too, with £0 administration charges and of course, £0 commission per trade. There’s also an AutoInvest feature that goes hand-in-hand with the ISA.

We believe this is a great feature because most people haven’t used up their ISA allowance in the UK.

eToro doesn’t have a tax-loss harvesting tool unlike many robo-advisors.

Plus500 doesn’t have features centred around tax efficiency.

Filters Sorting wdt_ID Contents Trading 212
App Rating 10 1

App Rating

Google Play: 4.5 out of 5 (57,209 reviews)

App Store: 4.7 out of 5 (67,214 reviews)

Introduction to the company 20 2

Introduction to the company, Country of regulation

Trading 212 was founded in 2004 by Bulgarian trader Borislav Nedialkov.

Trading 212 a fintech company based in London. Its goal is to “democratise the financial markets with free, smart and easy to use apps”.

The company is the first to offer zero commission stock trading in the UK and Europe. It is arguably the largest UK trading app, and one of the largest in the world with over 14 million app downloads.

Trading 212 is Authorised and regulated by the FCA (Financial Conduct Authority) in the UK, as well as being registered in Bulgaria, being regulated under the Financial Supervision Commission.

How does it work 30 3

How does it work?

Trading 212 is predominantly a zero-commission stock trading app. There are stocks and ETFs to choose from, as well as CFDs, Forex and crypto. You can even invest tax-free in the Trading 212 ISA.

The company is more than just an ordinary broker, though. The real selling point here is an incredibly easy-to-use app that novices can navigate, as well as being super cheap in their fees (or lack thereof).

With opening an account only taking a day, a super low $1 minimum deposit, and even a demo account available, Trading 212 is extremely accessible.

Our experience is that it’s unusual for a broker to have such low minimum requirements.

Investor Requirements 40 4

Investment requirements, involvement/participation level

Opening an account will require proof of identity as well as proof of residency, like with other brokers. This process is done digitally. For margin trading, the requirements are as follows: 3.33% — major currency pairs 5% — non-major currency pairs 5% — gold 10% — other commodities 20% — stocks 5% — Base indices 10% — Non-major indices

Fees, Markets 50 5

Fees, Markets

Fees: There are no commission charges, or account charges, in any form for the Invest account.

How does Trading 212 make money: Trading 212 benefit from the spreads between the buy and sell prices on their assets. There is also a 0.5% currency conversion charge and stamp duty for share and ETF purchases.

The markets available for trading in are: Currency pairs (160), Stock Index CFDs (23), Stock CFDs (1,700), ETF CFDs (28), Commodity CFDs (26), and finally Cryptos (16).

Relative to other brokers, this is a limited amount of ETF CFDs available, but an impressive amount of currency pairs. Given that much of investing is about keeping costs down, this is a great way to avoid charges eating into your margins.

Accounts Supported 60 6

Accounts supported, Opening an account

In order to sign up for an account, a very basic level of information is required. You can be up and running within a day. There are three types of accounts: Invest, CFD, and ISA. 

Invest accounts are purely for free of commissions investing in stocks and ETFs. However, it does not support the buying of crypto, currencies(forex), and commodities that are available through CFDs.

CFD accounts are for leveraging and margin trading. Here, you can find stocks, forex, indices, and other products.  When you trade CFD's you do not own the underlying asset. You are speculating on if the price of an instrument will go up or down. CFD's are a leveraged product which means that you borrow money on "margin" from T212 in order to be able to have a bigger position than you would as an individual.

ISA accounts are for tax-free investing in the UK (S&S ISA).  Available to UK residents only, there is a limit of £20,000 per year (April-April) that may be deposited into an ISA account and holdings within an ISA account are not subject to capital gains tax or dividend tax. There are a few rules for ISAs - see here.

Fortunately, each account doesn’t need to be signed up for separately. They’re somewhat integrated, and switching between them within the app is extremely easy.

 

 

 

 

Promotions/Demo Account 70 7

Promotions/Demo Account

Upon signing up within the app, you’re presented with the demo account first, before further signing up for real money.

The demo account starts off with an account value of 50,000 EUR, in which you can begin trading straight off the bat to test out your strategies.

Deposit 80 8

Minimum deposit

There is no minimum deposit for Trading 212. There is only a £/$1 minimum deposit for the Invest accounts and ISA, whilst it’s £/$10 for the CFD account. There are only 9 base currencies that you can deal with in Trading 212. This means you may need to convert your currency when depositing and withdrawing.

The base currencies are CHF, CZK, GBP, EUR, NOK, PLN, RON, SEK, USD. The currency conversion charge is 0.5% for the CFD account, but 0% for the Invest account. As a retail client, you can never lose more funds than you have initially deposited to your Trading 212 account. Once your positions are no longer able to be maintained, Trading 212 automatically closes them and protects you from going into a negative balance. 

Withdrawal 90 9

Withdrawal of funds

Withdrawals are free, which isn’t always the case with brokers. They’re easy too, with credit/debit card deposit/withdrawal being accepted.

Redemptions, Tax-loss harvesting 100 10

Redemptions, Tax-loss harvesting

Trading 212 doesn’t have in-built tax-loss harvesting functionality, unlike many robo investors. It does, however, have an ISA account for UK users. This means you can invest in the tax-free ISA basket. Usually, this is up to an allowance of £20,000 in the UK, which will protect you from capital gains.

The ISA is impressive too, with £0 administration charges and of course, £0 commission per trade. There’s also an AutoInvest feature that goes hand-in-hand with the ISA.

We believe this is a great feature because most people haven’t used up their ISA allowance in the UK.

Filters Sorting wdt_ID Contents eToro
App Rating 10 1

App Rating

Google Play: 3.9 out of 5 (37,094 reviews)

App Store: 3.5 out of 5 (1,000+ reviews)

Introduction to the company 20 2

Introduction to the company, Country of regulation

eToro is a social trading company that was founded in 2006.

The App that we’re reviewing was launched in 2012. At this time, it was predominantly an FX trading platform, but in 2013 stock trading was introduced. In 2017, cryptocurrencies were introduced, thus rounding off a versatile brokerage with interesting social integrations.

eToro has registered offices in Israel, USA, UK, Cyprus and Australia.

Despite being founded in Israel, eToro is only fully licensed in Cyprus (CySEC), EU (FCA’s cross-border license), USA (FinCEN) and Australia (ASIC and CAR). However, eToro is open globally to most countries, but minimum deposits will be higher.

How does it work 30 3

How does it work?

eToro is an easy-to-use trading platform. It’s intuitive and quick to place orders. Users can create a clean-looking watchlist and monitor their portfolio easily.

Copy Trader is what makes the platform truly unique. The social aspect allows you to view other traders, their strategies and success, and feel as though you’re part of a trading community. You can go as far as having others’ trades copied automatically to your account.

This is about more than just following tips, though. If you’re followed by others, then you can benefit from a second revenue stream.

You receive both additional commission for even just one copied trader’s trades, and if you become a Popular Investor, you earn a 2% management fee.

Investor Requirements 40 4

Investment requirements, involvement/participation level

The Popular Investor program has 4 levels, starting with Cadet, then being promoted to Rising Star, Champion, and eventually Elite.

In order to participate however you must verify your account with a Government-issued ID, add a real picture of yourself and write about your trading strategy in the Bio.

You can become a Cadet member if you’re within the Responsible Trading requirements, have a risk score below 6 and not copying another user. There are a few other requirements here.

Fees, Markets 50 5

Fees, Markets

Fees: Opening an account is completely free, meaning there are no management fees.

There is 0% commission on stocks and ETFs too i.e. no markup, stamp duty or ticketing fees.

Depositing is free but there is an inactivity fee of $10/month, as well as a $5 withdrawal fee.

How does eToro make money: Of course eToro makes their money somewhere though.

CDFs have some fees, such as 0.09% on Stocks & ETFs, as well as 0.75% or more on Cryptocurrencies.

Forex fees are quite high. To give some perspective, they’re higher than Plus500 but lower than MarketsX.

Bitcoin has a spread of 0.75%, whilst Ethereum’s is 1.90%, BCH is 1.90%, and the other cryptocurrencies are higher. 

The markets available for trading are: Currency pairs, Stock Index CDFs, Stock CDFs, ETF CDFs, Commodity CDFs, and finally Cryptocurrencies.

eToro has 47 currency pairs, over 2,000 Stock CDFs and 16 Cryptocurrencies.

Compared to its competitors, eToro has a good amount of Cryptos and ETF CDFs to choose from, and an average amount of currencies and Stock CDFs.

Accounts Supported 60 6

Accounts supported, Opening an account

eToro only has two types of accounts: Retail clients and Professional clients.

Retail clients are normal clients trading for themselves. This is the free account that includes both real trading and virtual trading. It also includes other features talked about in this review.

A Professional client's account isn’t much different, but it allows you to leverage up to 1:400 for certain instruments.

Of course, these accounts are for those who pass the criteria of being a Professional client, which can be found out here.

To open an account, the customer must submit basic information about themselves as well as Confirmation of Residence (i.e. a Valid utility bill) and a Proof of Identity (i.e. Valid passport). You will also be asked to fill out a questionnaire.

Promotions/Demo Account 70 7

Promotions/Demo Account

Joining eToro is free, and registered users will receive $100,000 to trade with in a demo account.

Because eToro is free to sign up with, there aren’t many promotional deals.

US citizens can enjoy a $50 promotion bonus for referring a friend.

Deposit 80 8

Minimum deposit

The minimum deposit at eToro is $200.

However, US citizens can get started with a first-time deposit of only $50, whilst those from Algeria, Lebanon, Maldives and Venezuela will have to deposit $5,000.

All other deposits after the first-time deposits are $50.

eToro only deals in USD, so your funding will be converted to USD by eToro. EUR deposits will be charged 50 pip (which equates to around a 0.46% fee).

Withdrawal 90 9

Withdrawal of funds

eToro does not charge a withdrawal fee but the minimum withdrawal is $30 and funds deposited via online banking cannot be withdrawn until 7 days after the deposit was made.

Redemptions, Tax-loss harvesting 100 10

Redemptions, Tax-loss harvesting

eToro doesn’t have a tax-loss harvesting tool unlike many robo-advisors.

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Filters Sorting wdt_ID Contents Plus 500
App Rating 10 1

App Rating

Google Play: 4 out of 5 (89,036 reviews)

App Store: 3.8 out of 5 (2,158 reviews)

Introduction to the company 20 2

Introduction to the company, Country of regulation

Plus500 was founded in 2008. The company was created by 6 alumni from the Israel Institute of Technology, which grew off the back of an initial Gonen investment of $400,000.

Plus500 from the outset was concerned with being an easy-to-use brokerage that had CFDs and a lot of securities. Initially, the platform was for Windows, but in 2020 launched a web-based platform. By 2012, Android users were met with their wishes of having a sleek trading app.

Plus500 is a global platform, operating in 32 languages.

Unlike its rivals, Plus 500 does not generally hedge the best it takes. This means it loses money when its customers win and vice versa.

Currently, Plus500 is authorised and regulated by 5 bodies: FCA (UK), ASIC (Australia), CySEC (Cyprus), ISA (Israel), and finally MAS (Singapore).

How does it work 30 3

How does it work?

Much like its direct competitors, Plus500 offers accessibility to traders. Sign ups are fast, in which you can then either trade for real or on a demo account.

The platform is a place where you can only trade CFDs and currency pairs. 

You can either use your mobile, tablet or computer to use the platform, which offers a wide range of markets and tools to complete trades with.

In 2019, Plus500 facilitated over 35 million positions, over $1310 billion in trade value, and has over 200,000 active users.

Investor Requirements 40 4

Investment requirements, involvement/participation level

There is only the basic information necessary when signing up with Plus500. Whilst there is a fee for inactivity after 3 months, Plus500 is open to both professional and retail traders.

However, to open a professional account, there are additional requirements: sufficient trading activity in last 12 months, a financial instrument portfolio of over 500,000€ and relevant experience in the financial sector.

Fees, Markets 50 5

Fees, Markets

Fees: When using Plus500, there are very few fees. Deposits, real-time quotes, opening/closing trades and rolling your position are all free.

You can also find yourself being charged a fee for overnight funding, currency conversion, guaranteed stop order and inactivity.

Inactivity for 3 months will result in a $10 fee.

Compared to competitors, trading fees are quite low. For example, CFDs are cheaper than eToro. They don’t charge commission or outright fees.

Whilst Forex is generally cheaper than eToro too, they’re at best averagely priced.

We believe that Plus500 lacks the transparency of some of its competitors, with no fixed outlined fees.

How does Plus 500 make money: Plus 500 benefit from bid/ask spread. On the EUR/USD, the spread in the platform was listed as fixed at 0.00006, which is 0.6 pips. Over 2019 it executed an average of 3.0 million customer trades per month and generated revenues of $354 million.

The markets available for trading: Currency pairs (70), Stock Index CFDs (33), Stock CFDs (1,800), ETF CFDs (92), Commodity CFDs (22) and finally, Crypto (14).

Accounts Supported 60 6

Accounts supported, Opening an account

Opening an account at Plus500 is exceedingly easy. It’s very fast, entirely digital and has a reasonable minimum deposit.

To open an account, the customer must submit proof of identification and address documents such as passport or photo driving license and utility bills or bank statements. An account can be opened in a matter of seconds but verification process might take up to an hour.

Services are open to most of the world, though of course there are exceptions such as Taiwan, Pakistan and South Korea.

In the UK and Europe, retail clients can access margins up to 30:1 in line with FCA and ESMA guidelines. Whilst professional clients can access leverage of 300:1 providing they meet certain strict criteria around finance, trading experience and activity.

Promotions/Demo Account 70 7

Promotions/Demo Account

Plus500 has a demo account in which users can practice their trades without worrying about risking real money. This also allows users to get to grips with the platform. You start with £40,000 equity.

Deposit 80 8

Minimum deposit

Plus500 has a minimum deposit of $100, though this rises to $300 when using bank transfers. There is no deposit fee, and the three methods you can use are: bank transfer, credit/debit card and Electronic wallets. 

If you’re depositing in a currency that isn’t a supported base currency, you’ll be charged up to a 0.5% fee. There are a highly impressive 10 base currencies.

We believe Plus500 to have reasonable requirements here, but are impressive when it comes to base currencies.

Withdrawal 90 9

Withdrawal of funds

There are zero fees when withdrawing money from the account. This is up to the limit of 5 per month and then you will be charged.

Redemptions, Tax-loss harvesting 100 10

Redemptions, Tax-loss harvesting

Plus500 doesn’t have features centred around tax efficiency.