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Plus500 review

Posted By Marcus Holland On Sunday, March 10th, 2013 With 0 Comments

Introduction

Plus500 came to the market in 2008 and currently operates under two branches: It’s UK branch, registered as Plus500UK Ltd and regulated by the FSA and it’s Australian branch, registered as Plus500AUPty Ltd and regulated by the ASIC. Plus500 is best described as a no frills broker with access to a large number of white label markets and industry competitive rates. The company’s simple to use trading platform is ideal for beginners and traders who prefer to trade free from distraction. The unlimited demo account is also a good way for beginners to learn the ropes.

Plus500 Bonus Offer

When you first sign up with Plus500, you will be entitled to one of the best introductory offers on the market.  The company currently provides all new clients with £20 free (no deposit required) plus an additional bonus worth up to £6000 (depending on how much you deposit).  For more information on the promotion and how to open an account, just click here.

Setup 

Account minimums on Plus500 start at £100 with a leverage of 50:1. The setup process is quick and simple with several different methods to fund an account and everything can be conducted online. There are also attractive sign up bonuses where traders can claim up to 20% of their money back from their initial deposits. These promotions have helped attract new traders to the site, although to satisfy the criteria for releasing the bonus certain clauses need to be satisfied so new traders should first consult the terms so as not to be disappointed.

Platform

The trading platform Plus500 uses was developed in house and is offered as a web interface, downloadable platform and also a mobile app. The three platforms all operate in an identical fashion which makes trading either one of them easy and straightforward. They are also quick to load up and responsive even during busy periods. The mobile platform is particularly good and was the highest rated CFD app in the Apple store. For the beginner, the platform is easy to use and straightforward and takes much of the distraction out of trading. Yet for some traders, it lacks the features and technical details they rely on. Opening more than one chart simultaneously on Plus500 is not possible, for example, and some popular indicators are missing. plus500_platform_screenshot

Charts

Charts on Plus500 load up quickly and are responsive during busy moments yet lack a few key features provided by other brokers. There is no back test or system capability, some popular indicators are unavailable and opening more than one chart simultaneously is currently not possible.

Commissions/ Spreads

Plus500 offers a large number of white label products including CFD’s and more than 50 forex markets. By offering CFD’s, Plus500 offers hundreds of listed shares from the UK, Europe, US and Australia as well as commodities and indices. This is more than most brokers on the market offer and spreads are also kept tight with forex spreads starting from just 2 pips.

Support

Support on Plus500 is arguably its biggest let down. Whilst emails are responded to promptly (usually within the hour) there is no telephone number and no option for telephone dealing. What this means is that if the internet happens to go down there is seemingly no way to trade. This could be a big issue for some traders. Additionally, the help pages on the site are not as detailed as some other sites.

Pros

  • Simple trading platforms
  • Mobile app and standalone platform
  • Tight spreads
  • Good selection of markets
  • Unlimited demo

Cons

  • Simplistic charting package
  • No telephone support

Conclusion

Plus500 offers a no frills approach with a simple yet robust trading platform. Yet even the website has a slightly sparse look to it and the lack of telephone dealing means that for some traders, it may simply be too basic. It could be argued that what Plus500 lacks, it makes up for in its tighter spreads, but this is only occasionally true. All in all, Plus500 offers a lot to beginners but is a fairly standard entry into the world of forex trading. Thanks for reading our Plus500 review and if you would like to give us your feedback on the company, please do so below.      

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At a Glance


Broker name: Plus500
Established: 2008
Headquarters: London, England
Minimum deposit: €50
Minimum investment amount: $5
Regulated by: FSA, MiFID
Leverage: 50:1
Deposit methods: Credit/debit card, Moneybookers, wire transfer
New account bonus: £20 No deposit + deposit bonus (30%)