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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.

Plus500 Trading Options

Headquarters

eToro has its headquarters located in Cyprus, the UK whereas the headquarters of Plus500 is located in Israel.

Trading Fees

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.

eToro

Plus500

Spreads or Fees

eToro doesn’t charge any trading fees and makes a profit through trading spreads.

Plus500 also earns profit through trading spreads.

Deposit Fees

No deposit fees

No deposit fees

Withdrawal Fees

It charges a $25 withdrawal fee and needs withdrawal of a minimum of $50.

No withdrawal fees

Overnight 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.

eToro Fees
Plus500 Fees

Regulations

Both eToro and Plus500 are regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission.

eToro

Plus500

Regulation

CySEC, FCA, and ASIC

CySEC, Financial Conduct Authority, and ASIC

Tier 1 Licenses

2

3

Tier 2 Licenses

1

4

Tier 3 Licenses

Nil

1

Mobile Trading

Feature

eToro

Plus500

Android App

Yes

Yes

iOS App

Yes

Yes

Trading in Forex

Yes

Yes

Trading in CFDs

Yes

Yes

Basic Field – Alerts

No

Yes

Charting – Indicators

5

18

eToro Mobile Trading

Forex Pairs

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.

Supported Languages

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.

Customer Support

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.

Conclusion

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.