Plus500 review. All about CFDs trading broker, offering online and day trading with tight spreads and Free demo. Bonus of up to 30% on first deposit.
Founded in the year 2008, Plus500 is a UK based provider of CFDs or Contracts for Differences in addition to other investment products and trading technology. FSA (Financial Services Authority) is the body that regulates Plus500. The company has a wide international reach with clients based in Asia and Europe. Over the years it has certainly come a long way and today, the company’s CFD trading app is rated as the top amongst other CFD trading apps in Apple’s AppStore.
The trading facilities offered by Plus500 are CFDs (Contract for Differences), shares and ETFs. Trading is conducted on platforms that utilize innovative trading technology. In addition to the above primary markets clients can deal with underlying markets such as indices, commodities and Forex (Foreign Exchange).
Accounts and Conditions
The task of opening a real account with Plus500 requires the deposit of a minimum amount of USD 100. The standard account type has a minimum position size 0.005 lot. The Plus500 Windows Trader and the Plus500 Web Trader are the two trading platforms available to account holders.
A risk-free and unlimited demo account can also be opened with the company and one gets a bonus of EUR 20 bonus for opening a demo account. Thus, one can even start making profits without investing a single penny. The demo account is the most powerful asset for inexperienced or amateur traders.
Opening an Account
The task of opening an account with Plus500 is really simple and there is no paperwork, formalities or hassles of any sort. One simply has to download the setup file of the trading software. After installation the client can start trading on the Plus500 platform. The waiting period is negligible and the only country which is barred from opening an account with Plus500 is Ukraine. The client can start placing his/her first trade the moment the initial deposit made by him/her is credited to the account, which generally takes five minutes.
The currency used for trading in case of account holders is USD or United States dollar. Money can be transferred to one’s account via MoneyBrokers, PayPal, wire transfer or transfers via debit or credit cards like Visa, MasterCard, Maestro, etc. Withdrawals can be conducted via the trading platform directly. In case of discrepancies and issues one can contact Plus500 directly.
The best part about trading with Plus500 is that they have user-friendly trading software package which offers reliable order execution. Plus500 offers two types of trading platforms – one of them is the Plus500 Windows Trader which requires downloading and installation and the other one is a Plus500 Web Trader which is a browser-based platform that is directly accessible online. They also have an app for users of Apple products and they support mobile trading.
Tools and Research
Through the trading platforms, professionals can gain access to graphs, trading from charts, email alerts and mobile alerts. Unfortunately the trading platform isn’t news-integrated. The website has a help section which contains in-depth information on how to trade in different investment options offered by Plus500. In addition to this, there is also a separate webpage for Risk Warning which helps traders understand the risks involved in trading.
The help section of the website contains practical information about how to trade. It is the practicality of the content which is its primary advantage. They get directly to the point and there is no beating about the bush. Apart from written content in the form of the ‘help’ section, Plus500 doesn’t really offer any other help and users will have to look elsewhere in order to find comprehensive educational resources.
Support or customer service in case of Plus500 comes only in the form of email. The search function is not present on the website and therefore traders cannot look for what they want independently. Moreover, the phone and chat support are not available in case of Plus500. However, the best part about the customer support via mail is that they are available round the clock and they answer queries within thirty minutes. The fax number is also given on the website, so one can contact them via fax but it is advisable to try emailing them first.
Promotions, challenges and Bonus
As stated earlier, a EUR 20 bonus amount is credited to the accounts of all new traders. Apart from this, Plus500 offers limited time bonuses which are credited to the trader’s account when he/she has earned the required number of Trader Points or TPoints. These points are earned as per the volume of trading in different instruments. Of course it is important to enter the bonus code too (which is available from their website) while making the deposit amount in order to enjoy the bonus.
The deposit required to earn the bonus can start from as little as USD 100 and go up to USD 50,000. The minimum bonus amount, on the other hand is USD 30 and the maximum bonus amount is USD 10,000.
Plus500 Review – Other Things to Notice
Even though the breadth of features offered by Plus500 may not be as good as those offered by other major Forex brokers out there, it is quite impressive. Simplicity is one word to describe the trading experience with Plus500. The company is a great bet for all those who are interested in trading CFDs primarily because it makes the task so much easier. Moreover, Plus500 does offer low spreads and up to 1:15 leverage with their ETFs. There are no commissions involved in case of CFDs and the flexibility is high. The cherry on the cake comes from the fact that traders have full control over their profits and losses.
What Makes Plus500 Different?
Some of the advantages offered by Plus500 are no commissions, very tight spreads, easy withdrawal of profits, ease of opening a new account, user-friendly trading software, advanced functionality and reliable execution of orders placed.
In comparison to other big players in the industry, this one definitely stands out because it is quite straightforward even though it may lack a lot of resources that are offered by other brokers. However, this can turn into a blessing for those traders who are interested in jumping straight into the trading process without being distracted by peripheral information and details. Open an account now…