Comparison of Plus500 and SimpleFX: The key differences between the two trading platforms.
In the world of margin trading, the platform is the backbone. Understanding its workings is as critical as understanding the market. Two platforms that have made a name for themselves are SimpleFX and Plus500, both offering a variety of features for traders across the globe.
In this article, we compare these two platforms to help traders better understand web trading and the tools available for them.
The Plus500 Platform
Listed publicly in Cyprus, Plus500 is a renowned trading platform that provides traders an opportunity to benefit from the price fluctuations of a broad range of assets, from indices, cryptocurrencies, and Forex, to commodities, stocks, options, and ETFs. Established in 2008, the company has become one of the leading trading apps in the world.
Despite being based in London, Plus500’s regional coverage is somewhat limited. Investors from about 50 countries, mostly within the EU and some parts of Asia, are supported.
Using Plus500, traders input instructions which the platform executes in the real market. It incorporates essential trading functions like stop-loss and take-profit, allowing traders to determine the exact values and timings for their trades.
SimpleFX Vs Plus500
1. Registration and Verification Process
This is where SimpleFX stands out from Plus500. SimpleFX’s goal is to make trading as simple as possible. Its registration process is straightforward, requiring just an email for setting up a demo account. When you wish to deposit funds, the SimpleFX Know Your Customer (KYC) process is smooth and hassle-free.
On the contrary, Plus500’s verification process is more extensive. One advantage of SimpleFX is its broader coverage outside the EU, making it a viable alternative to Plus500.
2. Platforms & Interface
Both Plus500 and SimpleFX offer WebTrader and desktop versions, with SimpleFX also providing a MetaTrader (MT4) downloadable program.
However, while Plus500’s WebTrader is designed more for experienced traders, SimpleFX offers a more user-friendly interface with all necessary analysis tools easy to locate and use.
3. Funding
While Plus500 supports bank transfers, credit cards, PayPal, and Skrill, SimpleFX offers Skrill, Neteller, and Fasapay. Additionally, Plus500 does not support cryptocurrency deposits/withdrawals, whereas SimpleFX does. Plus500’s minimum deposit stands at $100, whereas SimpleFX has no such limitation.
4. Trading
In terms of trading functions, both platforms offer limit and leverage tools. However, SimpleFX edges out with its offering of 500x leverage for any asset type compared to Plus500’s 300x. Plus500, however, boasts a guaranteed stop loss feature.
SimpleFX also stands out with its offerings in exotic markets and crypto-to-crypto trading – features not available on Plus500.
5. Security
Both platforms take security seriously. Plus500, being a registered business, has robust software protection systems, and SimpleFX also offers strong security features, including two-factor authentication and notification systems.
6. Support & Social
Both platforms offer 24/7 customer support through various channels. However, SimpleFX’s “Shoutbox” gives it an edge as it enables traders to interact with each other, fostering a stronger community.
Go to SimpleFX’s Official Website
Conclusion
In conclusion, while both platforms cater to their users’ needs effectively, SimpleFX appears to have a slight edge. It provides larger leverage, the availability of MT4, and the possibility of exotic pairings with cryptos.
As a newer platform, SimpleFX offers faster operations, a better user experience, and a powerful affiliate program. So, if you’re seeking a simple trading app, SimpleFX might be the perfect choice, with its fully functional demo account and no minimum deposits.
Please check SimpleFX official website or contact the customer support with regard to the latest information and more accurate details.
SimpleFX official website is here.
Please click "Introduction of SimpleFX", if you want to know the details and the company information of SimpleFX.
(Forex Broker)
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...