After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare FXOpen vs Plus500.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. FXOpen received a rating of 4.00 stars over Plus500's 3.00 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FXOpen alongside Plus500 are regulated in a major hub. Plus500 is a publicly traded company, while FXOpen is not. As far as how many currency pairs are available for trading, here's the answer. FXOpen offers its clients access to 63 different currency pairs while Plus500 has 60 available pairs, a difference of 3.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FXOpen has Meta Trader, Plus500 doesn't. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. FXOpen boasts an offering of 31 charting tools compared to Plus500's 0 available charting tools. Plus500 boasts an offering of 103 different indicators (for example, moving averages) compared to FXOpen's 51 available indicators.
Overall, FXOpen comes out on top with 3.50 stars over Plus500's 3.00 stars. And, when it comes to individual category awards, unfortunately, neither FXOpen nor Plus500 received awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.