eToro versus Plus500: Which Broker Is More Efficient?
eToro can be viewed as the better broker option if you’re a professional trader because you have a wide range of assets to use. Moreover, eToro is available to residents in many countries around the world. eToro is also fully regulated and licensed by authoritative regulation authorities like ASIC and CySEC. In the United States the broker is maintained by FinCEN, and in the UK by the Financial Conduct Authority.
When it comes to account opening, both eToro and Plus500 provide more or less similar services. They have a huge variety of assets and tools. They also have several trading platforms that are perfect for professional traders. Compared to eToro, Plus500 cannot be accessed by the resident of the USA.
It is highly recommended to all traders to use a demo account. A demo account is a great way for a beginner to get some trading practice and for a professional to test a brokerage resource. In case of eToro and Plus500, you don’t have to deposit money to your real trading account to access the demo version. These brokers allow you to sign up just for the demo version first, with an opportunity to use the real trading account whenever you feel like it.
eToro requires traders to make a minimum deposit that ranges from one country to another. Generally, the minimum deposit is estimated at $200, but if you live in the USA or Australia the minimum deposit becomes only $50. Plus500 have less appetite in terms of minimum investments. Thus, you won’t have to pay over 150$ to proceed with your trading activities.
This is where eToro has no competitors. eToro is well-known for its unique social trading features such as the CopyTrader and CopyPortfolio instruments. It also has a good asset collection represented by six tools, although it doesn’t provide these options as financial instruments. Plus500 pursues less diversity in its trading assets by paying more attention to a trading process itself.
If you consider improving your trading acknowledgment, then you should choose brokers with free educational sources. That is the reason why you should always check out a broker’s educational tools before sign up. Thus, Plus500 provides educational information via their Trader’s Guide, containing a range of videos on the basics of forex & CFD trading. eToro’s education materials are more varied and focused on the traders of different levels. Apart from video tutorials, they also offer podcasts, daily market reviews, and educational posts.
The Final Verdict
After checking the given comparison review, you will have a clear understanding of what to expect from each broker. If you’re looking for social trading, then eToro is a perfect option, especially if you want to try the CopyTrader tool. This feature is not offered by Plus500.
At the same time, if you’re looking for a brokerage company that can be installed on your PC, then eToro may not be the best option. The online eToro platform plus the App is simple to use, but it cannot replace a desktop version.
So, whether you like eToro or Plus500 – or a totally different broker, you should think twice before making the final decision. The best solution is to always choose the broker that addresses your trading requirements and personal preferences the best. That way you are more likely to get the most out of your trading routine.