To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare FXOpen vs Plus500.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. FXOpen is a better option with a 4.00 star rating over Plus500's 3.00 star rating.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. FXOpen alongside Plus500 are regulated in a major hub. Plus500 is a publicly traded company, while FXOpen is not. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. Plus500 trails FXOpen by 3 total currency pairs (for example, EUR/USD), with FXOpen offering 63 and Plus500 offering 60.
To round out our comparison of FXOpen vs Plus500, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. FXOpen offers Meta Trader while Plus500 does not. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators 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 takes the upper hand 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.