Category: Broker Review
Plus500 – Online trading platform
Plus500 is an online trading platform for trading CFDs in forex, stocks, indices, ETFs and commodities.
My first impression was how simple and user-friendly the screens are, each CFD category has its own easy to use tab. Opening an account was completely painless and so was withdrawing and depositing money. I could choose between credit cards, money transfer or e-money such as moneybookers or paypal.
With Plus500 you can trade with as little as $100 with 1:50 leverage. The Platform accesses real time quotes from the world’s major financial markets and is very responsive. Dealing limits available include standard entry limits, stop loss limits, profit limit, trailing stop, and market orders. All limits are guaranteed too unlike some of their competitors.
Trading was very straightforward with the option to choose either the desktop application or the web-based platform (which I can use with my i-Pad and smart-phone). Their service has 34 different languages, a sign of Plus500’s global reach.
The unlimited demo account is free and they encourage every trader to use it. There are training videos explaining how to use the trading platform and exactly how to trade. I picked up some useful tips and the demo account should definitely be used before trading. The demo account is not limited by time, something that is quite unusual in the Forex market.
Customer service is available 24/7 through email and fax, although live chat is not there yet. The service is responsive, efficient and friendly.
Plus500UK Ltd is authorized across the EU and regulated by the Financial Services Authority (FSA) – I felt confident opening an account and trading due to the strength of the regulatory base, regulation by FSA means that my money is protected.
I was really surprised by the bonuses. For example, they gave me a 30% bonus on my first deposit, as well as a $50 gift toward my trading account, that was even before I deposited money!
Overall, I was impressed by Plus500, they give you the feeling they really want your business, especially with the bonuses they offer. The main advantages are the unlimited demo account, easy to use yet powerful trading software, the wide variety of instruments and markets available for trading, free cash bonuses, guaranteed stops, and finally, high reliability due to their FSA regulation.