It is common problem for lots of brokers to stay loyal to the initial conception for years. From the one side it makes brand stronger and well-known, but from the other, this is significant obstacle for development. Brokers should realize better, than others, market’s dynamics and importance of changes according to trends. The only way to stay among leaders is to update and improve services, features and benefits provided to new/old clients. All in all, “one-operation broker” can get bored to users, be less interesting to external traders, because of less profitable operations or lose its audience being not interesting. Comparison of IQ Option and Plus500 will indicate main advantages and minuses of types of brokers described above with relation to traders interests. Let’s start!
*** Note: please, begin acknowledging with any broker, starting from information regarding security. Identify main organizations gave licenses/approvals/any other permissions. Selected company providing brokerage services on legacy basis only.
Both of represented brokers are approved by FCA and CySEC.
What are main interests?
Interesting, that some traders feel luck investing to options, some perform dealing with stock only, and some are able to operate with currencies and nothing else. This is why, it’s highly recommended to realize main directions for development and future operations.
Plus500 is fully concentrated on contracts for difference trading. Nevertheless, most of possible objects of such dealing are represented there: gold, commodities, stocks, metals, currencies, oil, etc.
IQ Option gives more choice for activities. Except CFD, trader can work with goods (gold, oil, metals), commodities (corn, soy, wheat), options (digital or binary), FX pairs and all together via ETF, where ETF is a specific combination of investments combined in order to diversify portfolio and decrease risks. Simply put, it is option to trade all desired assets in a same time, that should additionally make possibility of losses lower.
So, conservators, probably could stop choice on classic Plus500, others – IQ Option. But even old-schooled traders would like to have an opportunity to try or to move to another assets, just in case.
How experienced the trader is?
The question is, are additional materials for refreshing knowledges or obtaining some new information required? Demonstration account is proposed as by Plus500, as by IQ Option services for working out strategies and approaches, developing professional judgement and learn how to hear personal feeling.
Plus500 has instructions regarding service usage, manual for it and FAQ.
IQ Option provide personal blog with tips and interesting articles, FAQ, manuals and guidance, video presentation for lectures, online webinars and for privileged users consulting services from professional.
How much risk is acceptable?
The answer comes down to amount to be put at the balance of unknown yet broker. Starting work with Plus500 will cost to newcomer at least $100. In a same time people, who have chosen IQ Option can begin partnership from $10. Obviously, for first time cooperation it is easy and more safe to deposit less amount.
Enter a deal. There are no certain amount to enter a deal for Plus500 users. They have minimum amount represented in percent comprising 0,5% from lots price. Maybe it is easy to count, but much more easy to perform any operation with $1, as do IQ Option followers.
Leverage. Plus500 gives an opportunity to operate funds exceeding own in tree times. But even here IQ Option offers more and gives traders funds multiplied in four times.
Payment systems: electronic payments (Skrill, Neteller, PayPal), e-valets (WebMoney, Qiwi, YandexMoney), banking cards and wire transfers. All of these are available for any user – IQ Option or Plus500.
Currencies USD and EUR are supported by any of brokers described in this article. RUB is also supported, but by IQ Option only.
Commissions are applicable to traders, who use wire transfers without matter of broker chosen.
Are any additional benefits required?
Special treatment. There is no special treatment for loyal users of Plus500 broker. All are devoted to real traders with standard accounts and pupils with demo ones.
IQ Option developed special settings for Muslims – Islamic account. Other users can choose between trainee, standard and VIP accounts, providing different services and opportunities to owners. For example, personal consulting is provided for VIP users only.
Plus500 offers $25 at a maximum as a welcome bonus to joint traders. There’re no such offers made by IQ Option. But In a same time Plus500 doesn’t manage tournaments and competitions for its participants, while IQ option do.
Two different global approaches are described above, showing that any of them are still effective. Acknowledging with details, making own research, and, maybe, trying demo account can help to make a final decision without mistakes.