Plus500 was founded over ten years ago and is known especially for its usefulness to new traders. In comparison to other, broader platforms, Plus500 is known for its singular platform. Although there is only one platform, it is available in three different forms. There is a web based platform that can be used to train from anywhere with an internet connection. Then there is a download that will put all of the resources of Plus500 onto the trader’s personal computer. Then, there is a mobile interface that works with both other formats for smartphones and tablets. All three form one continuous platform that allows the trader to switch devices without interrupting transactions and with no loss of time or speed and especially no stopped or paused sales or purchases. In a market like forex that is active 24 hours a day, this makes it possible for the trader to stay on top of the market at all times and take action, even from bed in the middle of the night, if need be to get the best deals on the best currency pairs or to sell if a steep downward trend appears on a pair they are already holding.
It’s very simple: Plus500 is the best choice for traders that want to make use of a free demo account or $25 welcome bonus (T&C’s apply) and traders that don’t want to focus on Forex solely and want to trade with CFDs and commodities as well. Overall, Plus500 is a great choice and that’s why it’s so popular. Click here to signup at this popular broker!
CFD Trading involves risk!
Basic Account Overview
- Minimum account size $100
- Minimum position size 0.005 lot
- Spread type Fixed Spread on EUR/USD, pips 2
- Scalping Forbidden
- Trading platforms: Plus500 Windows Trader, Plus500 WebTrader
- Digits after the dot in quotes 4
- Margin call level 40% Stop-out level 40%
- Number of currency pairs (of which exotic) 51 (23)
Plus500 offers simplicity
Plus500 makes everything simpler. The singular platform is just the beginning. Although many aver it is marketed and meant for new traders, it is also very convenient for people who have no time to sift through different platforms or cluttered pages with too much information or too many unnecessary options. It is simple for people who don’t need many views and charts and graphs simultaneously. Plus500gives its users one page with all the data needed without much clicking or navigating. There are tabs on the page so the information can be accessed, but isn’t all appearing at once. The user cannot view many charts and graphs at the same time, which is why it is good for new users and more recreational traders. More advanced traders who use forex trading as their only source of income have to be on top of more than one trade at once and they will be trading on a grander scale, which requires the data from different types of graphs and signals and spread comparisons. But there is information available. Plus500 just strives to not overwhelm its users with too much at once.
Trader assistance and enrichment
Because it is a more streamlined platform, Plus500 does not have some of the fancy or advanced technological features of some of the more complex platforms. But it does have some notable tools and aspects that are beneficial to several levels of traders. First, and this is one of the developments meant to help new traders, is a free demo that lets traders practice as long as they want. In conjunction with this demo, Plus500 also has its own learning center to teach about forex, how it works and gives examples using actual transactions to give their information substance and illustrate the lessons it is teaching. The lessons are straightforward and helpful reviews for not only new traders but for experienced traders who should take the time every now and again for reminders on the basics of forex trading and what tools they have at their disposal. Otherwise, once a trader knows the basics and needs more advanced help or has more complex questions, they will have to go outside of Plus500 to look for them, which is inconvenient compared to some of the other more comprehensive platforms.
Downside of simplicity
Plus500 adheres to its simpler format, unfortunately, even when concerning their site. There is a search function to try and find answers, examples, or help from other traders. There’s a chat function as well. Their customer service is the same. They accept inquiries and complaints or problems only by email, no phone or live support is available. They can respond quickly and have, even in off hours, responded in 30 minutes to urgent email requests.
Whether or not Plus500 is a platform for a trader is completely based upon the needs and preferences of the individual trader. Plus500 is great for a new trader who needs to focus on the basics and not be distracted by extraneous or advanced information. It might also be good for a very advanced trader who has all of that peripheral information in their head and considers it by rote reflex, not needing the extraneous data clogging up their system or flow. But it is not for people who like or need to multi-task and be working on numerous trades, with all the necessary data and statistics on each one in front of them at once so they can close as many sales or purchases as possible to keep their account funded and growing.
Plus500 does allow for fast and easy set up and traders can use PayPal, Moneybookers or wire transfer to fund the account as they see fit or as their budget mandates. Plus500 trading platform is simple and will be welcoming to the new user. It will also be beneficial for people who want to streamline their trading and also for experienced traders who can trade freely without the interruption of mandatory tests and lessons or extraneous information interfering with the speed and flow of their trading on the fast and unstable forex market.