Plus500 is a popular forex and CFD trading platform. And while it may be perfectly suited for some people, for others it might not be the right place to trade.
Plus500 doesn’t support MT4 (popular trading software), VPS or ECN accounts. It doesn’t support copy trading and the spreads and fees might not be to your liking. So i’ve put together some different plus500 alternatives that I think suit different types of traders.
Plus500 Targets Beginners…But it shouldn’t!
One of the big issues with Plus500 is that it almost exclusively advertises itself to new traders who have no experience. And as a result, these people signup, deposit some money, make a few trades and go on to lose it. I hate when this happens.
Plus500 doesn’t offer any features for newbies to help them become better traders. There are no copy trading or social trading features – which are perfect for beginners! And even though they offer educational material, sadly I doubt many people read them.
eToro is a copy trading platform. You can copy the trades made by other traders automatically. Copy Trading is a great way to learn how to trade and eToro is the worlds largest copy trading platform with over 4 million traders.
So if you’ve tried trading on Plus500 and just lost all your money – it’s probably best to give copy trading a go. This way you’re not having to make trading calls yourself. On eToro, you browse through the profiles of profitable traders, click a button to copy and now all their trades will be copied in your account.
So my pick for new traders looking for a good alternative to Plus500 is eToro.
EasyMarkets (previously Easy Forex) is a pretty standard Forex platform, but they have one interesting feature which I think makes them special – DealCancellation. This feature allows you to cancel a losing trade for free. Think of it as insurance for forex trading.
EasyMarkets doesn’t have the same range of markets to invest in as Plus500 or eToro, but they have just begun offering crypto trading.
XM is the platform I recommend to people looking to trade using MT4 or MT5. Personally, I don’t much like Metatrader as I find the interface a bit clunky. But many traders love it. Plus500 doesn’t offer metatrader so if you’re looking for a platform that does, give XM a try.
They offer very competitive spreads and they certainly are targeted towards pro traders. If you feel like you’ve outgrown plus500, then XM could be the option for you.
So there you have it – 3 good platforms that offer vastly different products and all are a good alternative to Plus500. Let me know what your favorite alternatives are in the comments.