Are you looking for the best alternatives to Plus500? I don’t think Plus500 is a great platform. And I think it’s a really bad platform for newer traders.
If you’ve lost money on Plus500 or you’re just looking for a better trading platform, read on to find out my top picks.
The Best Plus500 Alternative: eToro
In my opinion eToro is the best alternative to plus500. Here are some of the reasons why I think you should be trading there and not using Plus500.
eToro has a really neat feature called CopyTrading. I think it’s the best way to make money with eToro. And it’s especially good for newer traders. Instead of making trades on your own, you can automatically copy the trades made by more experienced and profitable traders. So if a trader makes a 20% return over the year, your account will make that same 20% return. That’s because everytime they make a trade, your account will make the same trade.
If you’ve tried trading on your own and ended up losing money, then I would recommend giving CopyTrading a try.
Huge range of Markets to Trade
You can trade pretty much everything on eToro that you can also find on Plus500. That means you can trade stocks, forex, commodities, cryptos and more. Plus eToro has dedicated sections for ETFs and they even have managed CopyPortfolios which are made up of themed stocks like Gaming, Cannabis and CRISPR.
Trade Without Leverage
The number one reason you’ve probably lost money on Plus500 is you’ve been trading with leverage. Leverage is a powerful tool, but I never recommend it for newer traders. On eToro it’s possible to change the amount of leverage you use on a trade by trade basis. Plus for certain assets, you can trade them without leverage. On plus500 you can’t change the leverage. This means that your losses will be amplified. I often trade on eToro without using any leverage. For example when I trade cryptocurrencies or stocks, I use 1x leverage (i.e no leverage) which means I can keep the positions open for longer term gains without having to pay any fees.
A Metatrader Alternative
If you’re looking to trade using Metatrader instead of Plus500’s web trader interface than I would recommend XM. They are a forex broker which uses that platform. It’s my top pick because they have tight spreads and you can start trading with a relatively small amount of capital. Personally I hate using MT4/5 but if it’s what you’re used to I can understand.
The best Web Trader Alternative
If you want to continue trading using a web trading platform, but don’t want to use Plus500, then my pick would be eToro. In my opinion they have the best designed and most powerful web trading interface. They also have good charting tools – so you won’t need to pay for a third party charting suite.
For buying Cryptocurrency
If you’re looking to buy some crypto and profit when the price rises, then you definitely shouldn’t be using Plus500. Plus500 is a trading platform where you can trade crypto. This is much more risky and difficult. If you’re looking to buy crypto I would recommend signing up with Coinbase.
On Coinbase you own the crypto that you buy. You can send it to a wallet of your choice and just HODL it for future profits.
On Plus500 you aren’t trading real crypto. Instead you are trading a CFD. The CFD will have an expiry so if you don’t make a profit before the expiry, your position will be closed out for a loss. If you’re looking for Crypto CFD trading without an expiry I would once again recommend eToro.