What now for Plus 500 clients? Three alternate brokers…

As PLUS 500 shares tanked on the back 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) IG

Formally IG Index, but now just IG, IG are the biggest spread betting and CFD broker around. London, founded and HQ’d they offer competitive spreads and the widest range of markets to trade. IG also offer professional accounts, DMA and prime brokerage services.

Read our Review of IG here

2) ETX Capital

ETX offer, CFDs, Spread Betting,  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.

ETX Capital were also named best spread betting provider in 2015.

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.

Find out more here (go for the ETX Trader Pro platform or MT4 – read our review)

3) Spreadex

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)

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ESMA & FCA Risk Warning – “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 68-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk”