Broker of the month: ETX Capital, read our expert and 30+ client reviews here
As PLUS 500 share tanked on the bank of thousands of UK based accounts being suspended and unable to open new positions what should existing and potential clients of PLUS 500 be looking for an alternative broker?
Plus 500 is one of the biggest CFD brokers in the UK, but on the announcement the shares dropped from a year high of around 770p to 4250 (as of 19.5.15). For clients looking for a new home for their brokerage account we’ve highlighted three options below and how they compare to PLUS 500.
1) ETX Capital
ETX offer, CFDs, Spread Betting, Binary Options and the mega powerful MT4 Platform. They can trace their roots back to 1965 and are a member of the London Stock Exchange. They focus on tight prices and a very wide asset class coverage.
If you’re trading on PLUS 500 you shouldn’t find the switch to ETX Capital too difficult. They have a swift online account opening process and conduct all the necessary due diligence online if they can.
Like Plus 500 they also offer a good welcome bonus for new customer opening a spread betting or CFD account. You can claim up to £6,000 in bonus funds based on your initial deposit. So if you don’t have an account already it’s worth getting on anyway to claim the bonus. You get the bonus straight away, but need to put a certain amount of trades through before you can withdraw the funds. Find out more here (go for the ETX Trader Pro platform or MT4 – read our review)
2) Core Spreads
If you are UK based and using PLUS 500 as a CFD broker you are missing out on the considerable tax benefits of spread betting. You currently do not have to pay any capital gains tax on spread betting profits, but you do with CFDs. Of course one of the advantages of CFDs is that you can get DMA (direct market access), but as PLUS 500 don’t offer this you are actually better off with a spread betting account.
Core Spreads have the tightest spreads in the industry, you you’ll actually make more money if you are a profitable trader with Core Spreads over Plus 500. The platform is similar to PLUS 500 in it’s simplicity and functionality. You’ll also get a whopping sign up bonus of up to £10,000. See how tight the spreads are here or read or Core Spread Review here.
Again Spreadex only offer spread betting not CFDs, but if you are UK based and not trading CFDs on a DMA basis with over £250,000 in your account then you are better off with a spread betting broker.
Spreadex are one of the oldest spread betting brokers and quietly sit just outside of London providing first class customer service and mopping up the client bases of the more shouty brokers that go under.
If you are so inclined you can also spread bet on sports with Spreadex (they the only broker to offer sports and financial spread betting) and when you open an account you get a lovely gift like a ipad or Sono music system when you put a certain amount of trades through. Often, a gift is better than a bonus as it doesn’t mess up your trading strategy. You can open an account here.
Featured Spread Betting Brokers
|ETX Capital||City Index||Spreadex|
|Best for traders with large accounts. A solid all rounder with institutional pedigree.||Best for experienced traders with large range of markets and tight spreads and cryptocurrencies||Best for traders with large accounts. A solid all rounder with institutional pedigree.|
| Visit ETX Capital
Read Expert & 30+ In Depth Client ETX Capital Reviews
| Visit City Index
Read Expert & Client City Index Reviews
| Visit Spreadex
Read Expert & 50+ Client Spreadex Reviews