Hi guys,
Do you have any experience between Plus500 and Selfwealth?
I am thinking to change my share trade broker. Any suggestions?
Plus500 VS Selfwealth, which one is better?
Ldada111 on 09/01/2020 - 16:59
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I am only a small trader, using NABtrade at the moment.
Yes, Selfwealth offers very good deal on trading, only 9.5 dollar.
But I heard Plus500 has no commission on trading, they are mainly compensated for its services through the "market spread".Plus500 is for trading CFDs. Not recommended if you don't know what you're doing because you can lose a lot of money very quickly when you play with derivatives
Thanks Ben. I will switch to Selfwealth then.
I have been using Selfwealth for the last 2 years (after I was referred by a friend who also uses Selfwealth so I got 10 complimentary trades for my first month), and I've found it a good no frills broker. I was drawn to the $9.50 for each trade too, especially for any size order which is great if you have large trades as it is a flat fee but it's a price still competitive for smaller trades too. As a new user you also get access to a 90 day trial of the Premium content which tracks you against the rest of the community; it's interesting but not something I was not eager to pay for.
For me, Selfwealth is particularly useful if you want to make long term investments of large parcels of shares. The user interface when it comes to making orders is as intuitive enough as the other brokers I use.
Only downside is that you need to wait a day or 2 for funds to transfer across to the selfwealth account (via bank transfer).
On the other hand, I don't have Plus500 but I would want to check first if the shares/assets you purchase are directly owned by you, just in case they go under. Hopefully someone else can shed more light…
What are you trading habits and requirements?