Plus 500 versus IG – Malawians’ favourite Forex Platforms compared

Plus500 has been in operation since 2008, giving it around 12 years in operating experience. This broker is based in the United Kingdom, Australia, Cyprus, and in Singapore, with headquarters in Haifa, Israel.

IG

IG has been offering different trading services since 1974, providing it with around 44 years in experience, substantially more than Plus500. In addition, IG is based in Australia, the UK, USA, Switzerland, UAE, Singapore, and Japan, with headquarters in London, UK.

2.                 Regulation

Plus500

This broker is highly reputable and well-regulated by strict and demanding regulatory entities which includes FCA, ASIC, CySEC, MAS, FMA, and FSCA.

Plus500 is available in more than 30 countries and offers multilingual support in more than 30 languages. There are however some countries where trading services cannot be provided, such as the United States.

IG

As far as regulation is concerned, IG is authorized and regulated by a substantial amount of regulatory entities, providing IG with a significant amount more client coverage in other countries.

These regulatory entities include the FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, and MAFF.

The list of countries that IG cannot accept clients from is extensive, and includes Afghanistan, Canada, a lot of African countries, amidst a total of nearly 50 countries not accepted.

3.                 Markets and Financial Instruments

Plus500

Plus500 has an extensive and comprehensive offering of over 2,000 financial instruments that are spread across the following asset classes:

• Forex CFD Trading
• Index CFD Trading
• Cryptocurrency CFD Trading
• Commodity CFD Trading
• Stocks CFD Trading
• Options CFD Trading
• ETFs CFD Trading

IG

There is an impressive amount of financial instruments and markets provided by this broker, which includes trading in:

• 80+ Forex pairs
• 38+ Indices
• More than 6,000 Stocks and Shares
• 30+ Commodities
• 7+ Cryptocurrencies
• 10+ Bonds
• More than 1,500 ETFs
• 10+ Metals
• 7+ Energies, and
• 8 Interest Rate Futures

4.                 Trading Accounts and Fees

Plus500

There is only one, standard accounting option with Plus500 which caters for a variety of clients as opposed to other brokers offering a variety of different accounts to meet the needs of traders.

There is a minimum deposit of $100 and leverage depends on the country of residence and area of jurisdiction under which traders fall, ranging from 1:5 up to 1:300. There are no commissions charge on trades.

Provision is made for a Professional Account and a Demo Account.

Spreads are incorporated into the quoted rates and in addition, Plus500 charges overnight fees, currency conversion fees and a $10 fee should the trading account become inactive for more than three consecutive months.

IG

There are quite a few accounts offered by this broker, including:

• IG Trading Account
• IG Professional Account
• IG Options Trading Account
• IG Turbo24 Trading Account
• Limited Risk Account
• Share Dealing Account
• Swap-Free Account
• Exchange Account on NADEX
• Demo Account

To open an account, a minimum of $250 or currency equivalent is required. Leverage offered is up to 1:200. Spreads vary depending on the type account and the financial instrument traded and commission charges apply when trading stocks or ETFs.

Additional trading fees include guaranteed stop premiums, an inactivity fee of £12 should the trading account become dormant for two years or more, and a currency conversion charge of 0.5%.

5.                 Trading Platforms

Plus500

Instead of using and offering third-party trading platforms, Plus500 offers its own proprietary platform which can be used on most desktop computers, iOS, Windows, and Android mobile devices in addition to a Plus500 WebTrader.

IG

IG provides traders with a choice between quite a few trading platforms that can be used on desktop computers, laptops, web browsers and mobile devices running on both iOS and Android operating systems.

The trading platforms offered by IG include:

• IG Trading Platform
• ProRealTime, or PRT
• MetaTrader 4
• L2 Dealer
• IG FIX API

6.                 Trading Tools

Plus500

There is a decent selection of trading tools provided which are built into the Plus500 proprietary trading platform in addition to the more commonly used charting tools which include technical indicators and various drawing objects.

Trading tools provided by Plus500 include:

• Economic Calendar
• Risk Management Tools
• Set Price Levels – Stop Loss and Take Profit, Guaranteed Stop and Trailing Stop
• Real-time alerts available on all devices

IG

Traders have a wide selection of in-platform tools to choose from with MetaTrader 4, for instance, providing a substantial amount of its own.

Additional tools provided by IG include:

• Technical and Fundamental Indicators
• IG Trading Alerts
• Trading Signals
• AutoChartist
• PIA-First – which is a trading strategy
• Automated Trading

7.                 Risk Management.

Plus500

Plus500 provides traders with ways in which they can manage their trading risks such as stop losses, limit orders, trailing stops, and price alerts.

IG

IG provides traders with the same types of risk management with the exception that it also offers one click trading, and signal trading.

8.                 Education

Plus500

This broker does not make provision for education and only has a series of Frequently Asked Questions, or FAQs, that are scattered across the website to explain various concepts, markets and services offered in addition to providing a demo account.

IG

IG offers a range of educational resources that can be used, including:

• Interactive education such as infographics, video explainers and quizzes.
• Webinars as well as Seminars.
• Practice Trading through a demo account.
• IG Academy App
• Trading Glossary

9.                 Research

Plus500

There are no research tools provided by this broker.

IG

IG provides traders with News and Analysis on market movements, trading strategies, financial events, an IG Community, and more.

10.             Funding/Withdrawal Options and Fees

Plus500

Plus500 does not charge any fees on either deposits or withdrawals and payment methods that are supported include:

• Debit/Credit Cards – only VISA and MasterCard are accepted
• Electronic Wallets – such as PayPal and Skrill
• Bank Wire Transfer

Processing times for deposits and withdrawals can vary between payment methods, ranging from instant to several days.

IG

IG offers the following payment methods:

• Credit/Debit Cards
• Bank Wire Transfer
• Online payment systems such as PayPal

There are fees charged when using some of these methods, although it is not indicated on the IG website. Some payment methods are only available to certain countries and some can only be used either for deposits or withdrawals.

Some payment methods may be subjected to longer processing times, such as Bank Wire Transfer where card payments and online payments can be instant or take up to a few days.

11.             Customer Support

Plus500

Plus500 offers customer support 24/7 through the Live Chat option as well as via email.

IG

IC customer support can be contacted 24/5 either via email, telephone, Twitter. or the Live Chat function available on the website.

Final Thoughts

Both Plus500 and IG have comprehensive and competitive offerings and trading conditions that may suit different types of traders depending on their trading needs and objectives.

Both are reputable, well-regulated brokers with an offering that caters for both beginner traders and professionals.

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