The Plus500 Platform Review
The Plus500 platform is a relatively new online CFD provider that primarily specialises in CFDs trading. Plus500 is a company created and based in Israel. The platform has subsidiaries in Australia, New Zealand, South Africa, UK, Cyprus, Australia, Singapore and Bulgaria. The company is offering day, swing, as well as long-term trades through an online trading platform using a broad range of instruments.
The Plus500 primary offering is the ability to take part in foreign-exchange (Forex) pairs. Both minor and major pairs are available, just as are commodities, indices and stocks. You can trade forex pairs on a per-pip-basis, with the least currency amount recognised for trading, and you can trade indices on points.
Plus500 Platform has been rated as reputable and trustworthy by many credible reviewers and is recommended for people who are based outside of the US. Among the leading features making it a leader includes the following:
- Demo account
- Trading Software and Proprietary Plus500 Technology
- Deposits and withdrawels
- Customer support
- International availability
- Safety levels
The platform provides two account options that consist of a demo account and a live account. The demo can be opened free of charge and has no time limit. This a very rare feature and is discussed at length in our Plus500 Demo Account Review. The Demo account allows the user to grow familiar with the Plus500 framework and Forex trading in general.
The live account carries a $100 minimum deposit, another reasonably competitive rate for the forex industry. The $100 minimum is made even more reasonable by the demo account, as traders can practice before they have to commit financially. For forex accounts, the leverage stands at a maximum of 300:1. As always when trading with leverage, it is important you understand the risks involved when using borrowed debt. View the fees and spreads article to understand these costs based on the account type you choose.
If you are a beginner, it’s recommended you first train your trading skills using the unlimited Demo account. The demo account is available for download following your registration. Our Plus500 review found that the demo account comes with no limitations allowing you to learn and practice your online trading skills using demo money for as long as you want. However, as the demo account is free, registration is often accompanied by ‘encouragement’ to put real money into Plus500.
Trading Software and Proprietary Plus500 Technology
The Plus500 platform provides an easy-to-use and comprehensive proprietary trading platform as well as technical analysis software. The trading platform provides clients with real time quotes covering all traded products. Besides trading in forex, clients on Plus500 can also engage in stocks, indices, commodities, CFDs and ETFs from one trading platform.
Plus500’s main platform charting software is part of the default setup, but charts themselves will appear individually, as the software does not permit multiple graphs on a single screen.
Our Plus500 review found that the Plus500 platform is available in 3 versions:
- A downloadable version that you can copy to your desktop or laptop.
- A web-based version that allows you to access the trading platform from anywhere in the world.
- Mobile version ideal for mobile phones & on the go devices.
The broad and impressive instruments diversity is definitely among the key attributes that really impress. Upon logging in, it is just a matter of choosing the instrument you want to trade and then clicking either Buy or Short. The demo account will guide you on how to proceed from there if you’re a first-time trader.
Deposits and Withdrawals
You can fund a Plus500 account through MoneyBookers (Skrill), MasterCard or Visa credit card or via a wire transfer. The quickest method of starting trading is through depositing funds through a MasterCard or Visa. As a customer, you only have to visit the Plus500 cashier screen online and fill out your credit card details to commence immediate trading.
To fund a Plus500 platform account using Moneybookers is similarly easy. You simply proceed to the “Funds Management” window, select the option for Moneybookers, and insert the e-mail address of Moneybookers. You will see a new pop up window that opens through which you can confirm the transfer to Moneybookers.
Although the deposits to Plus500 platform made via a wire transfer are basically quite straightforward, they could take even 3 days before they show up in your account. When you wish to make deposit through wire transfer, proceed to “Funds Management”, opt for “Wire” and then choose the option “Send me Wire Details”. You will receive an email from Plus500 that has the details for wiring.
The maximum amount you can deposit is $100,000 and the minimum deposit has been set at $200.00. Due to Financial Conduct Authority regulation, for you to make a withdrawal from the Plus500 platform account, you will need to present some form of official photo ID. This could be your current passport, driver’s license or other any official document.
Clients ought to factor in some 24 hours for the review of files. In case it’s not possible to scan the identification document, you could photograph the ID using a mobile phone or a digital camera and send it.
Like any reputable financial services company delaing with financial markets, Plus500AU pty ltd has the appropriate licencing of the countries they trade in. In Australia Plus500 is licenced by the Australian Secutirites and Investment Commission (ASIC) with licence number AFSL #417727 and is has approved to offer CFD tradingof over 2000 financial instruments. In the UK, PLUS500 is regulated by the Financial Conduct Authority (FCA).
Regulation by industry bodies can help protect your funds by ensuring the broker takes appropriate ensures to protect your funds and trades with an industry level of integrity and professionalism. For example, ASIC require that all finds are kept in a segregated bank account. This ensure your broker cannot access your funds and use them inappropriately. This measure can help prevent you from losing your money.
The Plus500 platform provides customer support via email and Live Chat in several languages. However, they do not provide telephone (something nearly all brokers including Pepperstone, IG Markets and IC Markets provide), which could become a disadvantage in case you lose internet connectivity or experience a computer crash as you trade. However, the service has an active customer support desk that promises to assist you on every issue. Plus500 have an extensive FAQ board which users are directed to prior to use of Live Chat. This is to encourage user to search for the answers to their questions prior to involving Plus500 Customer support.
In our Plus500 review we ascertained that the platform is accessible in 32 different languages and welcomes online traders from nearly every country excluding several Mid Eastern nations and the United States.
It is among the largest global forex traders, providing in excess of 1,900 global financial instruments. This also includes CFD’s such as indices, commodities and equities. As of September 2014, Plus500 Ltd is listed on the London Stock Exchange in the AIM section with an estimated market cap in excess of $800 million dollars.
Because the Plus500 trading platform is approved and monitored by the Australian authorities as well as the FCA in the UK, it is one of the safer, more reliable Australian Forex brokers.
Final Thoughts: The Plus500 Platform
The Plus500 service is a good choice for traders who are after an easy-to-use, multi asset trading tool. Traders can take advantage of the unlimited time allowed to access the free demo account enabling them to optimise their trading strategies. Further, traders with more experience will love the tight dealing spreads as well as the generous bonuses offered by the company once an initial account is funded. Additionally, the platform provides customers with the possibility of integrating trades in several other financial markets, which can be dome seamlessly on a single screen. Overall, the platform is a great choice for trading online.