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Plus500 review

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Plus 500 review

Overall rating:

Plus500 specialises in providing Contracts for Difference (CFD's) and other trading platforms. Plus500 is a Cypriot based company, authorised and regulated by the Cyprus Securities and Exchange Commission. It is also regulated by the Financial Conduct Authority and in Australia by the ASIC. Plus500 offers trading in CFDs, Commodities, Indices, Forex and Stocks and Exchange Traded Fund (ETF). The company provides in house developed Forex trading that is simple both to operate and to navigate. Perhaps one of the most attractive aspects of their service, Plus500 offers low spreads starting from 2 pips. As a result of their many advanced features and easy to navigate platforms, Plus500 has become one of the leading and fastest growing brokers in Europe and Asia.

Platforms for Trading

Plus500 offers just one trading platform to clients. However, the platform comes in three versions and is developed in-house, making it easy to navigate and simple to operate. The three versions are a web-based trading platform, a mobile trading platform and a downloadable package; indeed, Plus500 is now one of the highest rated CFD trading apps on both Apple's Appstore and Googleplay. This multi-screen platform operates seamlessly across versions, making it easy to navigate between one version and the next. Plus500 have also developed a unique in-house trading platform for Forex, instead of MetaTrader4. This allows traders to trade without complication or overwhelming information, which is especially helpful to those new to trading.

Account types

Plus500 offers one account with two variations: a free of charge demo account that is unlimited and a live account requiring a minimum deposit of $100. The unlimited demo is fairly rare amongst brokers and is a real positive. For Forex accounts, leverage is a maximum of 50:1. This large degree of leverage can be both positive and negative for traders and so risk must be taken into account.

Bonuses

Plus500 offers a welcome bonus of $20 on all accounts. This includes the demo account. Plus500 also offer bonuses of $7000 and less for initial funding.

Commission and Spreads

Plus500 do not charge any commissions for trades implemented by them. Plus500 only charge limited spreads from 2pips for trades they execute for clients.

Customer support

Plus500 only offer customer support through email, however they are available 24/7. The Plus500 customer support team are reliable and you can expect to hear back within about 30 minutes.

Reliability

Plus500 is authorised and regulated by the FCA. The FCA is an important financial regulatory body that is highly regarded across the European Union. Therefore, Plus500 have the highest regulation and thus reliability. In respect to funding the trading account, Plus500 provide several methods for depositing funds. Funds can be transferred by credit cards, money booker and wire transfer. Paypal is not supported, though this can be put down to costly service fees Paypal charge.

Pros

Plus500 offer many positives:

  • Minimum deposit required to open a trading account is low.
  • Large variety of tradable instruments
  • Simple withdrawal of profits
  • Competitive low fixed spreads
  • Clear interface for trading platform
  • User friendly trading platform.
  • Regulated by the Financial Conduct Authority

Cons

The lack of a live chat for customer support may be regarded as a disadvantage. Live chat has become a more preferred mode of communicating if you want an instant response. However, Plus500 offer very reliable customer support via email that is usually answered quickly.

Conclusion

Plus500 offer a range of advanced features and a large number of tradable instruments. Their trading platform is reliable and clear-cut, making them the ideal trading broker to begin trading for the first time with. Since Plus500 are regulated by a number of financial bodies (FCA, CySEC and ASIC) across Europe and Australia, they are a reliable and a legitimate broker to trade with.