Plus500 Review

* Your capital is at risk.

Background

Plus500 is a highly reputed CFD broker that has carved a niche for itself as one of the most sought after broker in the financial industry. Plus500 is suitable for experienced traders rather than beginners or novice ones. Plus500 was founded in the year 2008 and Plus500 UK LTD is based in London, UK. Plus500 UK LTD is authorised and regulated by the Financial Conduct Authority. Plus500 CY LTD is authorised and regulated by the CySec (Cyprus Securities and Exchange Commission). Plus500 AU LTD is regulated by Australian Securities and investments Commission (Australia only). CFDs are the only products available on Plus500 by “CFD Service“. It has an uncluttered design on its trading platform as well as on its website which makes trading a pleasant experience for customers and clients. Please kindly note that it does not accept traders from the United States of America.

Plus500 Trading Platform

Unlike other brokers, Plus500 does not offer multiple trading platforms so as to confuse its traders. Rather it offers a solitary platform where traders can come and trade at their own comfort zone. In this age when platforms like MT4 are getting so popular, it might be deterrent for traders who are looking for specific trading platforms with Plus500. Nevertheless, the broker has a unique in-house Plus500 trading platform that has been designed by industry experts and it is ranked one of the best. The platform is available in 3 different types of versions namely web-based, downloadable version and mobile platform.

The interesting thing about the trading platform offered by Plus500 is that the features remain constant in all types of versions. As a result, traders can easily switch from one version to another and that too without the need to regroup the data. The website is clean and the data is available in a single place. Traders need not have to run around searching for important links as all of them are placed nicely all over the site. The header of the website has 4 clearly visible tabs that show complete info about trades received and current trade position. The only thing missing is graphs and multiple charts options and the broker needs to work on it.

Spreads & Leverage

Unlike any other brokers who offer multiple trading accounts for added benefits, Plus500 goes the opposite way. It believes in simplicity and for this very reason, it offers only one type of trading account so that there is no partiality between a Standard account holder and a VIP one. Anyone can open a trade account with a minimum fee of $100 which is something very nominal and everyone can afford it without making a hole in one’s pocket. Plus500 does not charge any sort of commission for the trades executed by its traders. However, it does charge for each trade with all sorts of advanced trading tools to offer. In this way, the broker has tried to compensate the commission fees. The leverage breakout offered by Plus500 is illustrated under the following points below:

• Forex: 1:30
• ETFs: 1:30
• Commodities: 1:30
• Indices: 1:30

Plus500 Demo Account and Education Center

One of the greatest features offered by Plus500 is the availability of unlimited demo account to all traders who register with this broker. The account is available in both downloadable as well as a web-based platform with $25,000 paper money. In this way, it provides the perfect junction for the newbie traders who have just started their Forex career and want to explore the market before they can jump for live trading. If you are someone who does not have the monetary power, then you can use the demo account feature of Plus500 and learn the tips and tricks of trading in Forex market. It will also refine the trade strategies and you will be better prepared for the worst situation. It will also make you acquainted with the trading platform of Plus500 and it will allow you to place trades in a hassle free manner.

One of the main reasons people opt to trade with Plus500 is its rich and amazing education centre. It is a learner’s paradise where one can get all types of information on Forex market and develop one’s knowledge about trading. It offers hundreds of thousands of journals and other tools on trading. There is a charting package available that can give enough guidance and help to the prospective traders how they wish to progress their knowledge of the market. There is no dearth of free educational guides on the website of Plus500 and the broker offers every sort of help to widen the knowledge of its traders. There is no money risk in the Plus500 demo account as you will be dealing with virtual money and it is highly recommended for anyone who wants to make a stable and profitable career in CFDs market.

Deposits and Withdrawals

One can fund their trading accounts at Plus500 broker with myriad payment services like for instance Debit Cards, Skrill Moneybookers, Bank Wire Transfer, Credit Cards etc. The fastest way to remit money is through MasterCard or VISA. All one need to do is to go to the cashier screen on Plus500, fill out details regarding the credit card and after that one is good to go. Some of the different transaction methods are described under the following headings below:

1) Wire Transfer: This is the standard process to remit money and you need to give details regarding the funds that have to be wired and from which bank. One would also need to state the minimum and maximum amount for fund transfer. The maximum deposit is £100,000 and the minimum deposit is £300. It can take up to 5 days for the funds to arrive in the trading account because a lot of verification is involved on the part of the bank concerned.

2) Skrill Moneybookers: It is one of the most trusted and preferred ways of sending money to one’s trading account. All one needs to do is to navigate the site and go to the “Funds Management” web page and from the drop down option, select Skrill MoneyBookers fund transfer method. Pop-up windows will open where the email id of MoneyBookers is to be given so that the fund transfer can be confirmed.

As far as Plus500 withdrawals are concerned, the FCA regulations make it compulsory on the part of the trader to produce an ID proof for verification. The ID can either be a driver’s license or current passport or any other type of official document. It has to be presented at the time of withdrawal; otherwise, transactions will not be processed. The document can be scanned and uploaded on the website of Plus500 in the form of a doc, jpeg or pdf file format. Please allow 24 hours for the application to review after which one can contact the customer support for the delay in the withdrawal process.

How Reputed is Plus500 – Any Complaints or Dissatisfied Clients?

It is one of the best UK forex brokers in the market with more than 1 million registered traders hailing from different parts of the world. It is a trusted broker and all your funds are safe with Plus500. As far as complaints are concerned, there are very few customers who are dissatisfied with the overall service of this broker. There are less than 1% cases where traders have complained about the bad service of Plus500 and have withdrawn their deposits. Overall there are no issues with this broker; in fact, it has received favourable ratings from most of the expert traders in the industry.

Pros

• High-quality graphical user-interface trade platform
• Plus500 UK LTD is authorised and regulated by the Financial Conduct Authority.
  Plus500 CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission.
  Plus500 AU LTD is regulated by Australian Securities and investments Commission – Australia only.
• Very low deposit required to open a trading account
• Myriad instruments available for trading
• Easy payment methods with quick withdrawals
• Spreads are competitive
• Best trade platform with clutter-free interface

Cons

There are not many demerits of Plus500 but there is one area where this broker has to work. It does not offer Live Chat and Phone Service to its traders. Live chat and Phone Support are preferred by many customers while interacting with support staff and if Plus500 works on this area, it can indeed provide an interactive interface to its existing clients.

Plus 500 Customer Service

A big plus point about this broker is its amazing customer support program that attracts hundreds of traders towards itself. Customer support is available all 7 days a week for 24 hours. It does not offer phone support but there is e-mail support which is highly responsive enough to solve your problems promptly. One can contact the staff through emails also and an expert will attend you in less than 10 minutes. The website interface is quite good and it is ideal for both newbie as well as expert traders. It offers more than 30 different languages with the best resources and trading tools that give a roller-coaster type of experience which you will never experience anywhere else. The staff members are very committed and have vast knowledge about the market with 10 years of industry experience. So you are placed in best hands and the guidance you seek for your trading support is rated best. At present, the broker does not live chat feature but hopefully, it will be included in a short time in future.

Verdict

Plus500 does not have many of the bells and whistles that other brokers in the market has to offer. But there is a reason you should opt this broker because it is one of the oldest and most trusted brokers for online CFDs trading service. The trading platform and technology so offered is top notch and it combines the right balance of logic and innovation. It has a dedicated support staff that are soft spoken and available all around the clock for help. If you are looking forward to breaking away from the pack and want straightforward CFDs trading without fluff, Plus500 is the best option. This is a generous offer that you will hardly find anywhere else. Open a trading account with Plus500 today itself and you will never regret!

* Remember that CFDs are a leveraged product and can result in the loss of your entire deposit. Trading CFDs may not be suitable for you. Please ensure you fully understand the risks involved.