A growing number of people are turning to online forex trading platforms to earn quick and easy money on a consistent basis. This has led to a rapid increase in the number of trading platforms online. However, the key to selecting a reputed forex broker is to determine whether the information and facts about the broker, which is also readily available, are real and reliable or not. That’s precisely why we have conducted an in-depth research, divided into six different categories to provide you with a clear and comprehensive review regarding one of the leading forex brokers i.e. Plus500. One of our able and adept team members has even undergone the account opening process to experience the Plus500 trading procedures and methods. In addition to outlining the facts about the broker, our highly experienced trader has also shared his own understanding and experience of trading with the broker, which is exactly where you’ll know the difference.

Apart from offering traders with innumerable trading options across different verticals, the broker offers a safe and scam-free trading platform, as it is duly regulated by ASIC. Plus500 is an excellent trading platform for traders from outside of the United States. The broker offers a simple and exciting platform for trading, wherein a trader gets to trade multiple assets with ease and convenience. Traders who’re new to trading have ample amount of time for using their demo accounts, whereas professional traders can make the most of the tight spreads and bonuses provided at the time of funding their accounts initially. Additionally, the broker’s trading platform allows traders to integrate their financial trades in numerous other markets as well.

Remember, it is crucial for a top level forex brokers to maintain transparency in its methods. This only helps traders in determining what they can expect from the brokers after opening an account with them. Thus, when you have a professional trader sharing an account of his own experience, you know that you’re going through the best possible review about the broker.

Since you’re a trader, a number of questions can cross your mind at the time of engaging in online trading. For instance, a certain market happening or event may change the required amount of margin in your account. A trader may also have a question regarding withdrawals and bonuses. This is one of the biggest reasons why you need a genuine and elaborate review about the broker, as that would further allow you to trust their platform easily. Check out the Plus500 review to discover more about the broker and its trading platform.

Trading Platforms

One of the first factors that traders must take into consideration at the time of selecting a forex broker is whether it offers an adequate trading platform or not. This is especially true for the novice traders who’re not really aware of the trading strategies and methods. Thus, traders must first check whether the broker is offering an easy to use trading platform and software or not. This revolves around checking whether the platform has desirable features and options for trading or not. In addition to making thing easier for the traders, a well designed trading platform also enables them to take appropriate and well calculated trading decisions.

This is where Plus500 definitely offers a lot to their clients. Apart from providing their very own and proprietary software for trading, the broker offers some of the most handy trading features including charts and technical analysis. Take a look at the section below to understand what makes Plus500 an excellent trading platform.

Concise and Convenient Trading Platform

The broker offers a well managed platform for trading, which is concise and convenient to use. In addition to this, Plus500 also has appropriate software for traders that further allow them to carry out technical analysis easily and quickly. Traders can trade multiple assets in a number of financial markets on one single screen itself. The platform also provides traders with quotes for each and every product in real time. Depending upon their requirements, traders can trade commodities, CFDs, stocks, cryptocurrencies, ETFs and indexes.

In addition to an attractive portal, the broker has also included all the necessary tabs that are clearly labeled on the top of the page. Traders can acquire detailed information about the trades conducted in the past in addition to determining their current position on the market. The platform also offers software for charting, however, traders can view one chart at a time instead of all of them together on one screen.

It must be noted that Plus500 offers an easy to use and understand user interface. The platform’s trading screen is categorized into three different sections with menu tabs located on the left of the screen. While, the upper portion of the screen lists the assets available for trading, the lower section features the forex chart. The trading chart is either in the form a candlestick pattern or the line chart pattern. Apart from this, the screen also has the technical analysis indicators that can be overlaid on the technical chart pattern for additional clarity regarding the movement of the price. Additionally, the chart’s time frame can be changed from one minute to one week viewing. In addition to the features listed above, Plus500 platform also offers numerous tools for better managing risks viz. Close at Profit, Guaranteed Stop, Close at Loss, Price Alerts and Trailing Stop.

While, Close at Profit allows the trader to close their trades automatically after it has reached the specified profit level, Close at Loss enables them to close trades automatically after reaching a specified stop loss level. Guaranteed stop places a limit on the traders’ losses, irrespective of any slippage. This particular tool is excellent for financial markets that are highly volatile. On the other hand, a pricing alert warns the traders about a trade that has touched a specific price level.

As far as trading markets are concerned, Plus500 definitely offers a plethora of tradable assets including stocks, which are listed in accordance with their country and commodities such as Corn, Sugar and Wheat. Traders also have the option of trading all the prominent pairs of currencies including the exotic pairs as well as the currencies that are not easy to liquidate. Traders can also trade on the leading indices such as the S & P 500, the Nikkei 225 and the FTSE 100. In addition to this, traders also have the option of trading ETF’s and thus the platform offers enough options to traders, which further enables them in diversifying their investments easily.

Account Types

To simplify trading for their traders, Plus500 offer two different types of trading accounts to their clients i.e. a demo and a standard account. Besides, the process of opening an account is simple with only a couple of steps. Traders need to simply ‘Sign Up’ with the portal to open their accounts.

Plus500 offers four versions of their platform when it comes to online trading. As a result, traders have the option of choosing from among the version that is downloadable and can be put on the desktop or laptop, a version that is based on the web that allows traders to use the platform from a different computer, app based versions for iOs, Android phone and Windows users as well as the Apple Watch platform.

Mobile Platform

Apart from the above, traders can also download the Plus500 platform on their mobile phones. This is an excellent option for traders who wish to use the platform on their mobile phones or smartphones. Thus, Plus500 platform can be conveniently downloaded on iOS, Windows and Android based phones. In fact, the iOS app from the broker enables clients to trade anytime, anywhere through their iPad, iPhone as well as Apple iWatch. Even the app for Android smartphone users is very reliable and supports all types of devices.

Our expert team members also conducted an analysis of all the mobile phone apps to determine whether they’re appropriately designed or not. After a thorough analysis and using the platforms one by one, we realized that each of the apps offer excellent design, templates, profiles with effective trading features.

Trading Conditions

When we talk about trading conditions, it is directly related to the kind of spreads and commissions offered by a broker. In case of Plus500, the trading costs are categorized in two different categories including spreads and commissions. However, the broker does not provide any commission for trading. In fact, their spreads are very tight and traders are expected to pay the same for all types of assets being traded by them.

Being only a spread offering broker, Plus500 doesn’t charge any commissions and is therefore compensated via Spread. Thus, trades are expected to pay spreads to the tune of 0.03% for Gold (XAU) and around 0.01% for trading EUR/USD. Similarly, traders are required to pay 0.01% for GBP/USD, 0.03% for EUR/GBP and 0.01% for UK 100.

Leverage from Plus500 depends on the instrument being traded. The broker offers leverage to the tune of 1:300. However, this is very much in accordance with the needs of the clients and is way more than what others in the trading industry are offering today.

Deposits and Withdrawals

When it comes to trading forex, traders wish to access their funds quickly and without much hassle. Almost every trader requires immediate cash to make necessary bill payments or raise enough funds during emergencies. Thus, it is extremely important that you pick a broker that provides you with quick, easy and hassle-free withdrawals. While, most of the brokers accept money readily, they have a lengthy and tedious money withdrawal process, which is one of the primary reasons why traders refrain from trading with them.

In case of Plus500, traders can easily fund their accounts via a MasterCard or Visa credit card. Other options available to them include MoneyBookers or via wire transfer. The quickest way to initiate trading with Plus500 is to deposit the money via a Visa or even a MasterCard. In order to complete the deposit formalities, traders must click the “Funds Management” Deposits option and later follow the requisite instructions one after another. On the other hand, funding the account via Moneybookers option is also very simple and easy. Traders need to click on the Moneybookers option and later enter the email address, which will result in the opening up of a fresh window that’ll confirm any transfer made by the Moneybookers. Money deposited with the broker via a wire transfer is usually simple but may take as many as five days to reflect in their accounts. Plus500 also shares an email with their clients providing detailed information regarding wire transferring deposits to their banking account in addition to listing the maximum and minimum deposit figures that are permitted via wire transfer.

Note: The minimum amount that can be deposited by the traders is 500 Australian Dollars. Also, owing to the regulatory requirements, every customer needs to submit a photo ID proof as well as verify the address registered with the broker before they make any kind of withdrawal. This proof can be shared through a form or by way of uploading a tif, pdf, doc or jpeg file on the broker’s trading portal. It is also important that traders wait for as long as twenty four hours for the review and verification of their files. In case clients are unable to scan the document, they can share a photo of the ID using their digital cameras or smartphone’s camera.

Deposit/Withdrawal Methods

With Plus500, deposits and withdrawal methods are quite simple. The broker accepts all the major credit cards, Mastercards, Visa, Bank wire transfer, PayPal and Skrill. In order to deposit funds, traders need to click on the ‘Fund Management’ option and later click on the ‘Deposit’ tab to pick the desired deposit option. Also, a trader must provide all the relevant information before submitting the form.

The process for withdrawal of funds is also similar. However, here traders must choose the withdrawal option underneath the ‘Funds Management’ tab. The broker typically takes around one to three days to complete the withdrawal request. Also, after approval of the request, the broker may still require a couple of days to transfer the amount into the trader’s account. In addition to this, the broker also provides its clients with two types of bonuses viz. the deposit bonus and welcome bonus. The welcome bonus is essentially a no deposit bonus of £20 or an amount similar to the trader’s currency. This is given to traders who’re new to trading and have verified their phone numbers with the broker.

Plus500 offers two kinds of bonuses, a welcome bonus and a deposit bonus. The welcome bonus is a no Deposit Bonus, of £20 (or equivalent in account currency) offered to new traders who verified their cell phone number with Plus500. On the contrary, the deposit bonus, is the bonus amount that can be claimed by a trader on the basis of the amount he/she may have deposited and also as per the TTP (i.e. total trader points) gathered by the trader.

Speed of Deposits/Withdrawals
Remember, the speed at which the broker accepts deposits or approves withdrawals decides whether they can be relied upon or not. Even if a broker offers innumerable deposit options, what really matters is whether their platform provides you with instant cash withdrawal or funds or not. This is where the Australian traders are slightly in advantageous position as they’re the natives of the country. With Plus500, you won’t face much of an issue as they have automated their withdrawal procedures using safe and secure mechanisms. Since Plus500 is regulated by ASIC, hence they have stringent account identification procedures in place.

Financial Regulation

Yet another important factor for selecting a forex broker is to determine whether it is financially regulated or not. This allows traders to ensure the safety of their deposits and enjoy better protection. In case of Plus500, the broker is regulated in three jurisdictions. In United Kingdom, the broker is regulated by FCA (FRN 509909), whereas in New Zealand, Australia as well as South Africa, the broker is managed and regulated by ASIC (y b#417727).

Additionally, the broker is also regulated by CySEC (Licence No. 250/14). Thus, Plus500 complies with the international standard and is a public organization listed with the London Stock Exchange AIM. It must be noted that CFDs may result in a trader losing his capital amount completely.

Customer Support

It is equally important to pick a broker that is capable of resolving your issues quickly and amicably. Traders may have multiple questions at a given point in time and they may require instant answers to them as well. Hence, it is impertinent for the broker to provide appropriate customer support services in addition to educated and prompt customer service representative.

In fact, many traders are preferring brokers that offer live chat support features. With Plus500, you won’t face much of an issue when it comes to contacting their team. However, the absence of live chat feature definitely affects the broker’s overall impression and the new traders may therefore not be much interested in opening an account with the broker.

24 Hour LiveChat
Plus500 offers 24×7 customer support services. Thus, clients can contact the customer support representative via live chat as well as email. In fact, to make things easier for non-English speaking clients, the broker has made its portal as well as trading platform available in thirty one unique languages. Few of the languages supported by Plus500 include French, German, Spanish, Polish, Chinese, Dutch, Russian, Arabic and Italian.
Contact Mediums
The broker offers fax and email support in different languages on a 24×7 basis. Apart from this, traders can also contact the broker via the Contact Us form. However, they do not have any phone support option available and thus some traders may refrain from accessing the portal as the broker may not be reachable in the absence or loss of internet connection or even when their personal computers stop functioning.

Trading Education

Last but not the least, it is also crucial for traders to determine whether the broker they’re looking to trade with offers appropriate trading information and education or not. A broker that offers enough tools, information as well as educational materials and videos is definitely a good choice. Additionally, a top level broker must also provide traders with the ability to contact expert financial analysts for placing profitable traders on a regular basis. This goes a long way in ensuring that the trader has enough resources for succeeding at forex trading as and when he/she decides to learn more about forex trading. In the past couple of years, many brokers are consciously designing their portals to include relevant and detailed information about forex trading to make life easier for traders and also to stay ahead on the competition curve. Below, take a sneak peak to determine whether Plus500 offers enough when it comes to trading education or not.

In case of Plus500, the broker does offer enough explanation around trading methods and steps but the broker certainly needs to do more in this particular area. The broker does not provide much when it comes to offering technical and fundamental analysis. The broker does not have any separate education segment listed on their website. Although the chart pattern on their platform offers enough information, guidance and assistance but if a trader is looking to expand their trading knowledge, then they will have to look for the same elsewhere. While, there’s no dearth of educational materials available on the web, having a section dedicated specifically to trading education would only be useful for the traders in the long run.

However, despite the absence of an education section, Plus500 has emerged as one of the widely trusted forex brokers in Australia today. Apart from being governed by appropriate regulatory bodies, the broker offers a portal that is perfect for the newbie traders. Additionally, the broker also offers C$25 bonus amount to traders with no downloading or deposit requirement.