Brokers With PLN Accounts

Brokers with PLN accounts allow traders to manage their portfolios with the Polish zloty as the base currency. As a relatively small economy, the Polish zloty is not as commonly traded as the US dollar or euro, however, PLN accounts do offer advantages for Polish investors. This article will cover the benefits, the history of the currency and list the best brokers with PLN accounts in 2023.

Brokers With PLN Accounts

These are the 2 best brokers that offer accounts with PLN as the base currency:

#1 - Revolut

Revolut is a popular financial app that also offers trading on stocks, metals and digital currencies. The brand has over 25 million users worldwide with a choice of accounts, tools and services to suit different needs and budgets, including online investing and currency exchange.

Revolut is suitable for casual stock traders looking for an easy-to-use app with transparent fees and a low minimum investment.

- DayTrading Review Team
  • Instruments: Stocks, Cryptos
  • Regulator: FINRA, SEC
  • Platforms: Own
  • Min. Deposit: $0
  • Min. Trade: $1
  • Leverage:

Stocks Trading

Trade thousands of shares including blue chip stocks like Apple and Microsoft. Invest from $1 with fractional stock trading.

Crypto Trading

Revolut offers 100+ tokens including Bitcoin. Buy, sell and transfer cryptos on the iOS and Android app.

Pros

  • 24/7 live chat support
  • No inactivity charge
  • Good range of account types with different perks and fees

Cons

  • No margin trading
  • No advanced trading platform
  • Relatively narrow product range

#2 - Zacks Trade

Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.

Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent.

- DayTrading Review Team
  • Instruments: Stocks, Crypto, Options
  • Regulator: FINRA
  • Platforms: Own
  • Min. Deposit: $2500
  • Min. Trade: $3
  • Leverage:

Stocks Trading

Zacks Trade offers a large selection of US and international stocks, including penny stocks, as well as ETFs and global indices. The broker also offers options as a way to speculate on stock price movements.

Crypto Trading

Clients can trade a modest handful of cryptos including Bitcoin, Ethereum, and Litecoin. Real-time quotes are available and fees are low. Commissions also drop if you trade digital currencies in high volumes.

Pros

  • Customizable proprietary trading platform and mobile app
  • Comprehensive research and data
  • Demo account

Cons

  • Shortcomings regarding platform loading times and technical glitches
  • Withdrawal fees apply if removing funds more than once per month
  • High minimum requirement of $2,500

What Is A PLN Account?

A PLN account means you can deposit, hold, and trade in Polish zloty. This is known as an account base currency. All profits, losses, commissions, fees and account management takes place in the selected money which can be selected at the sign-up stage.

It is worth noting that you do not necessarily have to deposit in your base currency. For example, a USD deposit to a PLN account will be converted to Polish zloty at the current exchange rate.

Note, you may need to open a new account to change the base currency.

PLN Currency Explained

The Polish zloty (PLN) is the official currency of Poland. The currency has a long history dating back to 1919 although it was not circulated in the country until 1924.

The monetary policy of Poland is directed by the Narodowy Bank Polski (NBP), the central bank. Responsibilities of the NBP include price stability through the release of coins and notes.

Importantly, Poland’s acceptance into the EU in 2004 required the implementation of the Euro. Yet as of 2022, conversion to the currency has not been executed.

The typical exchange rate of the currency floats between three to four PLN to one USD. In 2021, the currency was ranked the 22nd most traded in the world, accounting for 0.6% of the daily forex market turnover.

Benefits Of Brokers With PLN Accounts

How To Check A Broker Offers A PLN Account

It may not be clear at first glance if a broker offers a PLN account. However, most brokerages provide details on account denominations on their registration page. Alternatively, you can check the payments area for details of accepted currencies by deposit method. Remember, exchange rate charges may apply if accounts aren’t available in a registered currency.

If information is still unavailable, it could be worth contacting the broker’s customer support team. Note, live chat often provides the quickest response times.

Comparing Brokers With PLN Accounts

Brokers with PLN accounts are ideal for investors who actively trade the Polish zloty or for those based in Poland. However, choosing between providers can be time-consuming, so we have summarised the key considerations below:

Final Word On PLN Trading Accounts

Brokers with PLN trading accounts are ideal traders in Poland, as well as international investors looking to actively trade the currency. It is certainly not a common base currency vs the USD, GBP or EUR, but you can still find top-rated and reliable brands. See our list of supporting brokers to start trading today.

FAQ

Which Brokers Offer PLN Trading Accounts?

Several leading brokers offer PLN as a live account base currency. These include XM, RoboMarkets, CMC Markets and FxPro.

Can Anyone Open A PLN Trading Account?

Yes, typically all traders can open a PLN account. With that said, it is best to check eligibility for your country of residence before opening a live account. A currency conversion may also be required if the base currency is not your local fiat money.

How Can I Choose Between Brokers With PLN Trading Accounts?

There are many considerations when choosing between online brokers. Your personal preferences and requirements may play a part, but key factors to compare include asset access, platforms, regulatory status, mobile applications and fees.

Why Use Brokers With PLN Trading Accounts?

Registering with a broker that offers a PLN account has several benefits, particularly for Polish traders or those actively trading the currency. This includes straightforward access to financial markets and assets, no costly conversion fees and the utilisation of local funding methods.

Where Can I See If A Broker Offers A PLN Account?

This information is often published within the account details webpage or the deposits and withdrawals section of your broker’s site. It is also typically listed as a drop-down during account registration. If you cannot find any details, contact the broker’s customer support.