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The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare FOREX.com and Plus500, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that FOREX.com holds four Tier 1 and one Tier 2 licences, and Plus500 holds four Tier 1 and no Tier 2 licences.
Based on these findings, Plus500 earned a higher trust rating than FOREX.com.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that FOREX.com has overall lower trading costs than Plus500.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, FOREX.com offers support for MT4, MT5, FOREX.com Web Trader and TradingView and Plus500 offers support for Plus500.
In this case both FOREX.com and Plus500 offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that FOREX.com offers a greater range and depth of instruments to trade than Plus500. FOREX.com offers 91 Forex pairs to trade and Plus500 offers 70 Forex pairs to trade.
In this case, Plus500 offers 18 cryptocurrencies while FOREX.com offers 8 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Plus500.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that FOREX.com charges a withdrawal fee and Plus500 does not. Overall, FOREX.com has better deposit and withdrawal processes than Plus500.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
FOREX.com has better educational support than Plus500. Both FOREX.com and Plus500 offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that FOREX.com offers better research analysis than Plus500 and that both FOREX.com and Plus500 offer frequent webinars.
Founded in 2001, Forex.com is a well-regulated broker with high minimum deposits and low fees that is more suited to serious beginners and more experienced traders. Beginners with low minimum deposits will be put off by the high trading costs on Forex.com's entry-level Standard and MT4 accounts. But experienced traders will be interested in the DMA account with a minimum deposit of 25,000 USD but the most competitive spreads (0.0 pips on the EUR/USD) combined with some of the lowest commissions in the industry.
Forex.com provides support for MT4 and its own trading platform and experienced traders will appreciate the range of trading tools on offer, including Autochartist, Trading Central, Trading View, SMART Signals, and subsidised VPS hosting.
Education and market analysis are both excellent and experienced traders will appreciate the wide range of tradable assets, including over 91 currency pairs, 4500 share CFDs, commodities, indices, precious metals, and cryptocurrencies.
Overall, Forex.com ticks all the boxes for those with higher minimum deposits looking for a wide range of assets to trade and a choice of trading platforms.
A trustworthy CFD provider with regulation from eight national authorities and a listing on the London Stock Exchange, Plus500 is a good choice for traders looking for a simple account structure, reasonable trading fees, a wide range of tradable assets and a well-designed mobile trading app.
Plus500 only offers one trading account, but its trading costs are low compared to many brokers, with spreads starting at 0.8 pips* on the EUR/USD and a minimum deposit of 100 USD. Most traders will also be satisfied with the number of financial assets available, including over 70 Forex pairs and 1900 share CFDs.Unlike other CFD providers that provide support for a variety of trading platforms – such as MT4, MT5, or cTrader – Plus500 only offers support for its own in-house platform. However, the platform is sleek and well-designed. Available as a mobile app or on the web with no need for any downloads, the platform is equipped with a number of useful risk management tools.
We were disappointed that Plus500’s education and market analysis materials are virtually non-existent, but its award-winning customer service is available 24/7, which is exceptional for an industry where the norm is 24/5.
*spreads correct as of 09:00, 21/06/2022
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