Plus500 Review

As is the norm in the brokerage industry, Plus500 generates its revenues principally from customer trades that “cross” the bid/ask spread, which are competitive within the industry. The spread is stable with trade size, but obviously plus500 forex broker is paid on each unit. With nearly 2,000 CFDs available alongside a low minimum deposit requirement for opening a live account, Plus500 provides new market entrants an easy way to explore the world of online trading.

The Windows 10 app addresses this issue, minimising the lag to a great extent. Nevertheless, those looking to trade the markets with the existing tools offered by the broker should enjoy the trading experience. Therefore, there is no room for traders to experiment with the new tools available in the open-source MQL forums. Third, although the web-based Plus500 Forex trading platform is incredibly useful and aesthetically appealing, its actual performance is quite dismal. The interface’s fluidic nature did contribute to the lagging feeling, which can be very frustrating for scalpers and their high-frequency trading strategies. Moving on to the charting section of the Plus500 app, we found that the price chart features a lot of tools and indicators we usually only expect from a dedicated desktop app.

Plus500 trading tips

Still, $100 gets you access to some of the best financial instruments and trading tools, aided in part by the fantastic sense of security and reliability offered by the broker’s regulatory status. To initiate a Plus500 withdrawal of your funds, you can click on the ‘withdrawal’ link in the app and specify your withdrawal amount. As per the bonus program, traders are eligible for a maximum bonus of $15,000 for a $75,000 deposit, which equates to a 20% deposit bonus. Of course, the denomination is AUD, but it should be fairly representative of what international traders can expect from the company while depositing funds.

While this is no guarantee that you will succeed, using a trading platform that is less complex is important for beginners that want to avoid a steep learning curve. The minimum deposit at Plus500 is generally 100 units of currency ($100 or equivalent) depending on your account denomination and the payment method you select from the client dashboard. Despite a lack of educational content, Plus500 is a winner for less-experienced traders who desire ease of use and simplicity. Plus500 remains an excellent choice for beginner traders, and ranks highly for its ease of use (and has an excellent Trust Score). The table below summarizes the CFD investment products available at Plus500. Non-CFD shares are only available through the broker’s Plus500 Invest platform.

Retail Account

The questionnaire is pretty lengthy and contains questions to test whether you are familiar with how the financial markets work, which means that only experienced traders may be able to open an account. However, new traders will be able to sign up for an account, provided they have amassed the necessary skills and know-how to trade responsibly. This is the most liquid currency pair and a good place to start trading Forex. The EUR / USD moves in relatively predictable patterns, allowing you to get in at the right times based on technical analysis. The strongest price movements on currency pairs can be seen in unexpected events. Investors always look ahead and when traders know that the interest is going up or down, this is often already passed on in the price.

• There are notifications that look like headlines, but those are less frequent than the streaming news headlines offered by the best brokers in this category.
• Apart from the WebTrader, there is also the option for Windows 10 users to download the app from the Microsoft Store.
• Bank transfers will take between 3-5 working days for it to be processed.
• So if you want to know more about the world’s largest financial market, keep reading.
• Under regular conditions, the Plus500 withdrawal is processed within 24 hours, but there can be delays owing to verification problems, closure of the market, or other general delays.

Bank transfers will take between 3-5 working days for it to be processed. Sometimes, you may be asked to verify your identity when making a withdrawal for the first time. While there are usually no charges related to depositing and withdrawing with your Plus500 account, you will be charged £10 per withdrawal once you have more than five withdrawals in the same month period. In terms of deposit times, generally credit cards, debit cards and e-wallets will be deposited almost instantly, whereas the bank transfer may take 3-5 working days for it to hit your account.

Commissions and fees

The Plus500 Forex trading platform is a proprietary web-based application that was designed in-house. At the outset, we would like to commend the broker for a job well done. The interface is quite slick and easy to navigate and, best of all, the layout is spot-on. You can also choose between a light theme or a dark theme, add/edit/remove financial instruments, mark your favourites, and select the market with just a single click. Trading financial products carries a high risk to your capital, particularly when engaging in leveraged transactions such as CFDs. It is important to note that between 74-89% of retail investors lose money when trading CFDs.

Withdrawal can be processed only for the same account used for depositing funds, similar to the strategy adopted by most regulated brokers. Under regular conditions, the Plus500 withdrawal is processed within 24 hours, but there can be delays owing to verification problems, closure of the market, or other general delays. Despite the ease of registration, you should be diligent in your account sign-up process.

FOREX

There was also a vote against this broker in 2016 at the FPA Traders Court, which means that caution needs to be taken if you are considering using them as a broker. There are also a lot of instances online of traders who are unhappy with the user experience of the platform, which is another red flag. There are little to no research tools available as part of the Plus500 offering. There are just over 20 different technical indicators you can use when charting and the only investigative work you can really do is looking at the split between buy and sell positions of other clients at Plus500. Plus500 has its own proprietary trading software and they do not offer any MetaTrader platforms. This platform is very easy to use and everything is well laid out and not overly complicated.

However, the Professional account is provided only to traders who have achieved a certain level of trading activity within the last trading period, not necessarily with Plus500 but also with other brokers. They must further be able to prove that they possess extensive experience in the financial sector. Both accounts offer similar trading conditions and features, but Professional traders’ accounts are custom-tailored to facilitate trading in larger lot sizes. Such a degree of flexibility will enable customers to manage larger position sizes without severe restrictions. There are also the usual trading tools available for traders to help minimise losses and lock in profits such as Stop Loss, Stop Limit and Trailing Stop, but also a Guaranteed Stop Loss. The Guaranteed Stop limits your risk by putting an absolute limit on your potential loss and protects you against losses even if the price of the instrument suddenly moves against you (known as slippage).

All Instruments

Plus500 offers over 2,800+ CFDs on its trading platform with competitive spreads and no commissions. This should entice the experienced trader who prefers to transact manually and finds the lower cost worth the lack of added functionality that some competitors offer. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

• However, experienced investors who prefer to enter and exit their trades manually may find the functionality trade-off worth the lower expenses.
• CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
• EU regulations also stipulate insurance for clients’ funds against broker insolvency under the MiFID II derivatives, but these insurance policies are applicable only for EU traders.
• Makes Plus500 a strong candidate if you want to trade CFDs across many different financial markets.