eToro Vs. Plus500: Which is a Better Trading Platform for 2020?
eToro was founded in 2007 and boasts over 10,000,000 clients all over the world. The trading platform also offers its services in cryptocurrencies. The trading platform is mostly liked for its copy trading which allows the retail traders to mimic the trades and strategies of the most successful clients in real-time.
Plus500 was launched in 2008 by Israeli entrepreneurs to offer a high tech trading platform to retail investors all over the world. It has its various subsidiaries in various countries such as the United Kingdom, Australia, Singapore, etc. These subsidiaries help in offering its services to traders of all the corners in the world, making it one of the best trading platforms for experienced as well as amateur traders.
eToro has its headquarters located in Cyprus, the UK whereas the headquarters of Plus500 is located in Israel.
Plus500 offers a low fee trading platform when compared to eToro. Another thing is that it doesn’t charge any withdrawal fee on the first 5 withdrawals of each month.
Spreads or Fees
eToro doesn’t charge any trading fees and makes a profit through trading spreads.
Plus500 also earns profit through trading spreads.
No deposit fees
No deposit fees
It charges a $25 withdrawal fee and needs withdrawal of a minimum of $50.
No withdrawal fees
An overnight fee is charged according to the currency you are trading and according to the position you are holding.
Overnight fees charged when the trader leaves a position past the cut-off time.
Both eToro and Plus500 are regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission.
CySEC, FCA, and ASIC
CySEC, Financial Conduct Authority, and ASIC
Tier 1 Licenses
Tier 2 Licenses
Tier 3 Licenses
Trading in Forex
Trading in CFDs
Basic Field – Alerts
Charting – Indicators
Plus500 offers 50 currency pairs whereas eToro offers 47 currency pairs. Also, Plus500 provides access to 2033 CFDs while eToro offers 1980 CFDs. The forex pairs available in both the platforms are GBP/USD, EUR/USD, USD/JPY, USD/CAD, NZD/USD, AUD/USD, and USD/CHF.
Deposits and Withdrawal Methods
The minimum initial deposit on Plus500 is 100EUR while the minimum deposit on eToro is $200. Both the platform supports a variety of deposit and withdrawal methods like Bank wire, PayPal, Visa/Mastercard, and Skrill.
Types of Accounts
eToro offers a demo account, VIP account, and Islamic account while Plus500 offers a demo account, Retail account, Professional account, and Islamic account.
Plus500 offers its services in many languages which include Arabic, Dutch, English, French, German, Italian, Spanish, Hebrew, and Danish.
eToro supports English, German, Spanish, French, and Italian.
Plus500 offers its customer support 24 hours for 7 days a week while eToro offers its customer support for 24 hours for 5 days a week.
Plus500 is better for serious traders as it offers lower spreads and more tradable currencies. eToro is better for casual traders who have just started trading. The trading academy and copy trading are tools that can improve the trading skills of a beginner.