image Plus500 VISIT PLUS500 image Oanda VISIT OANDA image City Index VISIT CITY INDEX
About

Plus500 UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909). Plus500 have provided CFD trading services since 2008.

Oanda is regulated by the Financial Conduct Authority, ASIC, NFA, IIROC and MAS. Oanda have provided Forex trading services since 2011.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 10 years in business
  • Yes Only provides CFDs
  • Yes Regulated by Financial Conduct Authority (FRN 509909) and Cyprus Securities and Exchange Commission (License No. 250/14)
  • Yes Over 22 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters Haifa, Israel London, UK London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes Yes Yes
CFD Yes Yes Yes
Spread Betting No No Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 61 55 84
Commodities Offered 17 0 26
Stocks Offered 1816 0 4500
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes No Yes
Penny stocks No No Yes
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE Yes Yes Yes
Dow Jones Yes Yes Yes
Dax Yes No Yes
Nikkei Yes No Yes
ETFs Yes No Yes
IPO No No No
See all instruments

80.6% of retail investor accounts lose money when trading CFDs with this provider.

See all instruments

80.6% of retail investor accounts lose money when trading CFDs with this provider.

See all instruments

80.6% of retail investor accounts lose money when trading CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 No Yes Yes
MT5 No No No
MT4 Mac No No No
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM No No Yes
Custom Platforms Plus500 WebTrader OANDA APINo AT Pro, Advantage Web

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image Yes Yes Yes
Available Languages

English, French, Italian, Spanish, Portuguese, German, Dutch, Polish, Arabic, Hebrew, Danish, Norwegian, Czech, Slovak, Bulgarian and Chinese

English, Chinese, French, German, Japanese, Korean, Russian, and Spanish

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

80.6% of retail investor accounts lose money when trading CFDs with this provider.

See platform & features

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See platform & features

72% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by Plus500 and Oanda

Demo account Yes Yes Yes
Mini account No Yes Yes
Micro account No No Yes
Standard account Yes Yes Yes
ECN Account No No No
Islamic account Yes No No
Zero spread account No No No
VIP account No Yes Yes
Fixed spreads Yes No Yes
Variable spreads Yes Yes Yes
See account options

80.6% of retail investor accounts lose money when trading CFDs with this provider.

See account options

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See account options

72% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping No Yes No
Hedging No Yes Yes
Expert advisors (EAs) No Yes Yes
Virtual private server No Yes No
Direct market access No Yes No
STP broker No No Yes
Market maker Yes No Yes
Min trade Varies Varies 1 Lot
Max trade Varies Varies Varies
Min deposit $100 $1 $25

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading No Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading No No Yes

FUNDING METHODS

Credit card Yes No Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal Yes No No
Neteller No No No
Skrill Yes No No
Payment processing time Varies 1-2 business days 2-3 business days
Withdrawal processing time Varies 1-2 business days 2-3 business days
See all funding options

80.6% of retail investor accounts lose money when trading CFDs with this provider.

See all funding options

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

See all funding options

72% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US,FR,IR,CU,KP,DZ,SY,MY,VN,SG,AU,PH,CA US,FR,IR,CU,KP,DZ,SY,MY,VN,SG,AU,PH,CA US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
Phone number No 44 20 3151 2050 0845 355 0801
Live Chat Yes Yes Yes
Website http://www.plus500.co.uk/ www.oanda.co.uk www.cityindex.co.uk
Spreads:
EUR/USD (Average: 0.7 pips) 0.01% 1.1 pips + $0.00 0.5 pips
GBP/USD (Average: 1.1 pips) 0.01% 1.8 pips + $0.00 0.5 pips
USD/JPY (Average: 1.1 pips) 0.02% 1.2 pips + $0.00 1.6 pips
AUD/USD (Average: 0.8 pips) 0.01% 1.2 pips + $0.00 0.5 pips
USD/CHF (Average: 2.3 pips) 0.02% 1.6 pips + $0.00 1.6 pips
USD/CAD (Average: 2.9 pips) 0.02% 1.6 pips + $0.00 0.5 pips
NZD/USD (Average: 3.6 pips) 0.05% 1.6 pips + $0.00 2.3 pips
EUR/GBP (Average: 2.4 pips) 0.02% 1.4 pips + $0.00 0.5 pips
View all spreads

80.6% of retail investor accounts lose money when trading CFDs with this provider.

View all spreads

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

View all spreads

72% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee Yes No Yes
Commission No No 0.0015
Deposit Fee No No Varies
Withdrawal Fee No Varies Varies
View All Fees

80.6% of retail investor accounts lose money when trading CFDs with this provider.

View All Fees

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

View All Fees

72% of retail investor accounts lose money when trading CFDs with this provider

Featured In Best CFD Brokers
Best Brokers That Accept PayPal
Best Brokers For Mac Users
Best Ripple Brokers
Best Dash Brokers
Best Futures Brokers
Best Brokers For Metals
Best Dow Jones Brokers
Best DAX Brokers
Best FCA Regulated Brokers
Best Day Trading Brokers
Best Brokers For Commodities
Best Brokers For Copper
Best DAX Brokers
Best FCA Regulated Brokers
Last update

All information collected from http://www.plus500.co.uk/. Last updated on 01/07/2019.

All information collected from www.oanda.co.uk. Last updated on 01/07/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/07/2019.

Company

Plus500 is an online trading service provider who are regulated by the Financial Conduct Authority (UK). To open an account with Plus500, minimum deposits start from £100.

With Plus500 you can trade CFDs on currencies, stocks, bonds, commodities, indices, bitcoin, options, and ETFs. If you like to trade on the go, Plus500 have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Plus500 offer a downloadable Windows Trader and their popular WebTrader platforms to make your trades and offer support for over 16 different languages.

The spreads offered by Plus500 vary regularly but you can see all their spreads here

For more information about trading with Plus500, we have put together an in-depth Plus500 review with all the pros and cons about this broker.

Oanda services over 75,000 clients clients around the world. The most notable aspect about Oanda is their fxTrade platform, which is regarded as one of the fastest platforms in the industry. Oanda is regulated in five different regional areas, making them a great choice for those looking to access global markets.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

Popular comparisons

Popular comparisons feat. Plus500

Plus500 Alternatives

Plus500 vs eToro
Plus500 vs IG
Plus500 vs XM
Plus500 vs Markets.com
Plus500 vs CMC Markets

Popular comparisons feat. Oanda

Oanda Alternatives

Oanda vs Forex.com
Oanda vs IG
Oanda vs FXCM
Oanda vs AvaTrade
Oanda vs FxPro

Popular comparisons feat. City Index

City Index Alternatives

City Index vs IG
City Index vs CMC Markets
City Index vs Plus500
City Index vs Forex.com
City Index vs IC Markets

Plus500 or Oanda?

Low spreads or access to MT4?

If you’re a trader looking for a broker with low spreads on popular instruments like EUR/USD, Plus500 is likely a better option. However, if you want a broker that offers MetaTrader4 as a trading platform, Oanda may be more suitable.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider Plus500 to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

Plus500 is regulated by Financial Conduct Authority (FRN 509909) and Cyprus Securities and Exchange Commission (License No. 250/14), while Oanda is regulated by Financial Conduct Authority and ASIC.

As the Financial Conduct Authority are one of the most stringent regulators in the world, both Plus500 and Oanda will have very strict guidelines to follow to ensure they protect their retail trader clients.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Plus500 has been around for 11 years, while Oanda have been around for 23 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both Plus500 and Oanda use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on Plus500 or Oanda in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

According to their websites, Plus500 is more popular with over 155,000 traders, while Oanda is used by 23,000 traders. City Index, in comparison, is used by 140,000.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Plus500 is a publicly listed company, while on the other hand Oanda is still a privately owned company.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Plus500 are based in Haifa, Israel, while Oanda are based in London, UK .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both Plus500 and Oanda offer forex trading. Plus500 have a slightly larger variety of currency pairs with 61 pairs, compared to 55 offered by Oanda. Also, if you’re looking to trade cryptocurrencies, Plus500 offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

Both Plus500 and Oanda allow you to trade commodities like gold, silver and crude oil.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Oanda, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

While Oanda also allows scalping and hedging. You can't trade with EAs (expert advisors) on Plus500 but you can trade EAs (expert advisors) with Oanda.

In terms of risk management tools, Plus500 does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but Oanda doesn't offer this.

Plus500 also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

Plus500 accept Paypal while Oanda accept Payoneer.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Plus500 charges 0.60 points, while Oanda charges 1.20 points. Therefore, Plus500 is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Plus500 or Oanda?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, Plus500 is more reliable based on our criteria above. Plus500 has a wider range of instruments to trade. Plus500 offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.