Comparison of Firstrade vs Plus500 [ 2024 ]

Plus500’s commission structure is designed to be straightforward, primarily utilizing the market spread. This means that the cost to trade is embedded in the difference between the buy and sell prices, rather than in explicit fees. For example, spreads can vary from 0.02% to 2%, depending on the cryptocurrency and market conditions. While this can be competitive, it may be higher compared to other platforms, especially for less liquid assets. In addition to the spread, Plus500 charges an overnight funding fee, which applies when positions are held open past a certain time. This fee can be either a charge or a credit, depending on the direction of the trade and the current interest rates. Additionally, there is a currency conversion fee for trades conducted in a currency different from the account’s base currency. Plus500 also implements an inactivity fee of up to $10 per month if no login activity occurs for three months, which continues to accrue until the account is active again. Despite these potential costs, Plus500 does not charge for deposits or withdrawals, which is a significant advantage. Users can fund their accounts via various methods including credit/debit cards, bank transfers, and e-wallets like PayPal. This fee structure makes Plus500 accessible and predictable for users, with the primary costs tied to the actual trading activity and specific conditions of the account .