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 2022.

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.

Best PLN trading accounts

Benefits Of Brokers With PLN Accounts

  • Charges – The majority of brokers with PLN accounts do not charge fees for deposits and withdrawals in Polish zloty, though third-party charges may apply. Importantly, this can help protect profit margins.
  • Easy Access – Polish traders can use PLN accounts to access international markets, such as European stock exchanges, major forex pairs, and cryptos like Bitcoin. Brokers accepting the local currency essentially make the trading process smoother, removing the need for currency conversions to the USD or Euro, for example.
  • Use Existing Payment Methods – PLN accounts often work seamlessly with local deposit and withdrawal solutions such as Przelewy24. These tend to offer quick processing times, with funds often available within one working day. You may already have set up a local deposit solution so you could fund a trading account and begin investing right away.
  • Regulation – Brokers offering a PLN account to Polish citizens are more likely to be regulated by the Polish Financial Supervision Authority. The regulatory body provides access to compensation schemes and ensures negative balance protection for all retail traders. Also look out for other top-tier international authorities such as the Cyprus Securities & Exchange Commission (CySEC).

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:

  • Fees – Costs can vary between brokers that offer PLN trading accounts. Spreads and commissions can quickly eat away at profits so compare charges associated with your asset of choice.
  • Demo Accounts – Paper trading profiles are a great way to test out a broker’s platforms and tools before opening a live account. You can test strategies in a risk-free, simulated environment with access to virtual funds.
  • Mobile App – It is worth checking the broker offers access to a mobile application. Trading on the go is important in the fast-paced day trading environment, so a compatible mobile app can keep you connected wherever you are.
  • Assets – Brokers offer various assets and products. Decide on which market you are interested in investing in before opening an account with a broker. This might include trading on a major European exchange or speculating on forex pairs like the USD/PLN, EUR/PLN or GBP/PLN.
  • Minimum Deposit Requirements – How much Polish zloty is required as an initial deposit to fund an account? Look out for brands with low starting requirements if you are a new investor. XM for example, has a minimum deposit requirement of $5 or around 20 Polish zloty.
  • Regulation – The best brokers with PLN trading accounts are regulated and authorised by a top-tier financial body. Those offering services to Polish residents may also hold a license with the Polish Financial Supervision Authority (PFSA). You can check whether your trading broker is a member of an institution via their official websites and registers. Importantly, regulated brokers provide capital protection and safeguarding initiatives for retail traders.

Online brokers that accept PLN accounts

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.