Plus500 Review

For beginning Forex traders, one of the first challenges is finding a reliable platform on which to invest and execute trades. Before you can open your first currency position, you need to know that your money and your transactions are being handled by a reputable brokerage that is dedicated to helping you succeed. This is why more than one million investors have turned to Plus500.

Background

Since its founding in 2008, Plus500 has established a reputation as one of the best platforms for trading Forex, indices, commodities and CFDs. By 2013, the company became publicly traded, making it one of the only new digital investment services to be listed on the London Stock Exchange. In 2017, Plus500 is still going strong and providing the non-traditional investment community with reliable service and a smooth-running trading platform.

Investors who choose to use Plus500 can choose to trade a wide range of different asset classes. Many Plus500 customers prefer Forex trading, in which positions are opened on pairs of currencies to predict the movement of their values relative to each other. Because Forex trading is extremely flexible and can prove profitable in even the most depressed economic conditions, it is a natural favorite among digital traders. However, Forex currency pairs make up only one part of the Plus500 trading model. Also included in the platform’s assets are options, stocks, commodities and stock indices. Each asset class has its own volume and price limits, as well as leverage ratios. Plus500 also features tight spreads on all of its trades, helping traders to invest at the lowest possible cost.

This diversity of choice is good for both brand-new and veteran traders alike. While the beginning investor should choose a single asset class to learn thoroughly at first, it is a good idea to diversify as you become more skilled as a trader. Eventually, the ideal goal is to become competent in trading all major asset classes, as this will give you a degree of flexibility that will allow you to make money in all market conditions. With a multi-asset platform like Plus500, you can expand your trading efforts into new types of investment vehicles at your own pace, or even experiment with new assets while still continuing to trade those with which you are already familiar.

Accounts

All active trading accounts on Plus500 are of the same type. At one time, there was a premium account feature, called a gold account. Because of the growth of the company and internal upgrades, all Plus500 accounts have now been upgraded to include all of the features that were once only available as part of the gold account, a great example of how this brokerage takes care of its customers as it grows.

There is, however, a demo account option that can be used by newcomers to Plus500 to try out the site and learn its system before actively investing. If you are new to online trading, it is definitely a good idea to give the demo account a try, as it will allow you to familiarize yourself with the basic mechanics of trading on Plus500 while executing hypothetical trades based on real-time financial data without risking any money in the process.

Education Material

As anyone who has achieved real success as a trader can tell you, it makes hard work and study to truly learn the markets and predict them with any degree of reliable accuracy. This is why any platform that aims to help you develop from a novice to an experienced investor needs offer educational materials handy to help you out along the way.

While Plus500 does not have quite the wealth of educational resources that some competitor sites offer, the materials it does have are constructed to answer specific, common questions about how to trade each of the individual asset classes. For some people, specifically those who like to learn more by doing than from tutorial videos or articles, these resources can even be more useful. However, the somewhat sparse nature of the resources on Plus500 does constitute one of the very few areas in which this brokerage does not perform quite as well as some of its competitors.

Deposits and Withdrawals

In order to deposit money into a Plus500 account, you will have to use a major debit or credit card, PayPal account, Skrill account or a direct funds transfer from your bank. Deposit limits will vary by country and by the method used to fund your account. To see the specific limits that apply to you, simply go to the page in your Plus500 account used to deposit funds, where the amounts for each deposit method in your country will be displayed.

Withdrawals can be made via any of the methods that can be used to deposit money into an account. Like deposits, minimum withdrawal requirements will depend on the method you are using to withdraw money from your account. Typically, withdrawals from a Plus500 account will be processed within three business days. In some cases, you may need to submit proof of your identity before making a withdrawal. No additional charges are levied on withdrawals, as Plus500 makes all of its revenue from the spread on trades.

Bonuses and Promotions

Like all good online brokerage sites, Plus500 offers bonus and promotion opportunities to encourage traders to sign up and stay with the company. Some of these promotional opportunities run for only short periods of time, allowing traders to take advantage of them as they come up. A more regular promotion, however, is available to all traders in the form of a deposit bonus. As you execute trades on Plus500, points will build up in your account. When they reach certain levels, these points can be cashed in as bonuses on your first deposits of a certain size. Your first deposit of £100 or more, in conjunction with 50 points, will yield a bonus of £20. There are multiple bonus levels running all the way up to a £6,000 bonus on a deposit of £40,000 or more, which requires 10,000 points to achieve. This promotional system is a great way for traders to get a little extra money to trade with as their accounts grow.

Trading Software

Plus500 offers its streamlined trading software, Plus500 WebTrader, in a number of different formats. The platform can be used in a browser window, downloaded onto a Mac or PC or used on mobile devices as a responsive app. This wide variety of different use options lets traders use Plus500 from any device they choose. The platform itself is user-friendly and offers understandable charts that can be used to track the recent price history of an asset. The only real problem with Plus500’s trading system is the fact that its graphs can be somewhat difficult to read on a smartphone or small tablet, though this has more to do with the screen size of the device than any actual fault with the software.

Customer Support

If you’re going to invest with a brokerage firm, you need to be sure that that firm will be there for you when you need help. Plus500’s customer support staff can be contacted by email at any time to help you with whatever issues you may be having. A comprehensive FAQ section about using the platform and executing trades is also a helpful resource that can be used to find most of the information you will ever need.

Safety

One of the biggest concerns many people have with using an online brokerage site is the fact that they are sending their money to an entity that is usually based in another country. While there are some horror stories about scam brokerages from the early days of online trading still floating around, the ones that remain today, including Plus500, are reputable financial institutions. Plus500 is one of the only online brokerage firms that is independently registered and regulated in multiple worldwide jurisdictions, meaning that the company is directly answerable to regulators in the country you are using it in.

Security on Plus500 starts with a site that is secured with SSL certification. Further security measures are also taken in the site’s internal network that prevent fraud or hacking. Finally, steps against non-technological fraud, such as identity verification on new accounts, are in place to ensure that all users of Plus500 are using it only for legitimate trading purposes.

Conclusion

On the whole, Plus500 is an excellent basic trading platform for both beginning traders and those who have spent years trading with financial instruments. Though it does not offer as many frills and features as some other trading platforms, it is a great option for those who want to learn to execute trades using multiple asset classes in a simple, easy-to-use trading environment. Using Plus500, a new trader can view market data and learn to make informed trades, eventually working his or her way up to the level of being a trading pro. Overall, Plus500 is a very good option for anyone looking for a new online brokerage firm for Forex, CFD, ETF, commodity or other asset-based trading. With nearly a decade of proven results and a million customers served, the firm has more than proven itself to be a reliable company to do business with.