Plus500 or Freetrade – which is better for UK traders 2024? Compare Plus500 and Freetrade in this detailed breakdown of their platforms, features and fees.
Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
Freetrade is a London-headquartered investing platform that offers zero-commission trading on thousands of UK, European and US stocks and ETFs through a beginner-friendly platform. Open a standard investment account, a self-invested pension or a stocks and shares ISA and start building a portfolio from as little as £2.
80% of retail CFD accounts lose money.
Pros
Plus500 provides a specialized WebTrader platform designed explicitly for CFD trading, offering a clean and uncluttered interface
The broker offers commission-free trading on a diverse range of markets, minimizing additional fees while appealing to established traders
Plus500 has recently bolstered its suite of short-term trading products, including introducing VIX options with enhanced volatility
You can utilize leverage while engaging in long or short positions, allowing for more strategic trading opportunities
The customer support team continue to provide reliable 24/7 support via email, live chat and WhatsApp
FCA-regulated brand with FSCS cover for investors
Thousands of US and UK stocks and hundreds of ETFs to choose from
Very competitive pricing vs competitors with low fees and zero commissions
Earn interest on uninvested cash with competitive rates
Transfer/move ISAs from other accounts
News and blog feed updated regularly
Built-in customer support via live chat
Fast revenue withdrawals
Dividends on stocks
Cons
Plus500’s lack of support for MetaTrader or cTrader charting tools might be a deal breaker for advanced traders looking for familiarity
Educational resources are limited compared to best-in-class brokers like eToro, impacting the learning curve for beginners
The absence of social trading means users can’t follow and replicate the trades of experienced traders
Compared to some competitors, especially IG, Plus500’s research and analysis tools are limited
Algo trading and scalping are not supported, which may deter some traders
Competitors have larger selection of assets
Trading platform lacks deep analytical tools
Less suitable for active, high-volume traders
Many countries not accepted
No leveraged trading
No demo account
Awards
Best Overall Broker 2021 - DayTrading.com
Best Overall Broker 2020 - DayTrading.com
Best Overall Broker 2019 - DayTrading.com
Best Online Trading Platform 2020 - British Bank Awards
Best Share Trading Platform 2019 - British Bank Awards
People’s Choice 2019 - Good Money Guide
Best New Investment Service 2019 - Consumer Investment Awards
FCA Regulated
Yes
Yes
Instruments
CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto
Plus500 have developed their mobile apps to match the WebTrader online platform . Secure and reliable, the app is among the best out there. Stop loss and limits are available, free alerts and a full range of markets and instruments are available. Visit the download page here.
iOS App Rating
4.1
4.3
Android App Rating
4.3
4.3
Margin Trading
Yes
No
MetaTrader 4
No
No
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
No
No
eSignal
No
No
Trading Central
No
No
STP Account
No
No
ECN Account
No
No
DMA Account
No
No
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
No
No
Robo Advisor
No
No
Negative Balance Protection
Yes
No
Market Maker
Yes
No
P2P Trading
No
No
Spot Trading
No
No
Auto Trading
No
Copy Trading
No
No
Social Trading
No
No
VPS Hosting
No
No
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
Yes
No
Custodial Account
No
No
Guaranteed Stop Loss
Yes
No
Inactivity Fee
$10
Islamic Account
Yes
No
Account Currencies
USD
EUR
GBP
AUD
ZAR
CZK
Commodities
Copper
Cotton
Coffee
Livestock
Sugar
Gasoline
Cocoa
Platinum
Soybeans
Oil
Gold
Silver
Corn
Aluminium
Palladium
Wheat
CFD
Plus500 presents commission-free CFDs encompassing a vast array of markets, spanning currencies, stocks, indices, and commodities. You can engage in long or short positions on popular assets, benefiting from adaptable leverage without encountering any concealed fees.
Leverage
1:30
FTSE Spread
1.2
GBPUSD Spread<
1.1
Oil Spread
0.04
Stocks Spread
0.08
Forex
Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.