What Is Plus 500?
Contents
Plus500 focuses specifically on the Forex market. They have been trading for years and hold their headquarters in London, United Kingdom. The company was set up by financial experts and trading professionals and has quickly grown into one of the biggest and most trusted international brokers around. They offer one of the most comprehensive websites you will come across, including access through 20 different languages, a true testament to just how big this company is.
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What Plus 500 Offers
Plus 500 offers a trading platform that is suitable for experienced traders and not beginners/novice.. It covers only what is needed, without unnecessary graphics. The more detailed information is also present, accessible through a user friendly navigation system. One of the things that makes this broker so great is that they offer new clients a sign up bonus, something that is almost unheard of in the industry. This means that you can start trading but you don’t actually have to put any of your own money upfront. In order to test the website, as such, new traders are given a welcome signup bonus of £20. It would be highly unlikely for you to build a true fortune from that £20, but it is a great opportunity to test the system and see whether or not it is something that you could work with.
Just as many other trading platforms, they also have a free demo account that traders can use. This is great because it allows you to practice without having to worry about losing money, be that your own or the welcome/sign-up £20 bonus.
Plus 500 uses its very own trading platform, another thing that makes them stand out from the crowd. Most others use Meta Trader 4, which is good but starting to get out of date. The Plus 500 platform has three specific versions, which allow any user to trade at their convenience. They offer the online solution, the platform that can be downloaded straight onto your computer and the mobile platform. Furthermore, they all work in synergy with each other, so you don’t have to indicate which platform you are using every time you make a trade. Again, this is different from the various other traders that offer the three types of platforms.
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Details about Plus 500
- Plus 500 is based in London and was founded in 2008.
- Their most commonly used languages are English, German, Chines, French and Spanish, but they offer a total of 20 languages.
- The minimum first deposit is £100, which is also the minimum account size.
- The minimum trade amount is £5,000
- The offer a top up bonus of up to 30%.
- Their leverage is 1:50, with a 2 pips spread.
- Money can be deposited and withdrawn through credit cards, wire transfers, PayPal, MoneyBookers and bank drafts.
- Authorized and regulated by the Financial Conduct Authority
- Plus500 is suitable for experienced traders and NOT beginners
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What I Liked
- I love the £20 starter bonus, for which no deposit is required.
- They have a comprehensive free demo account for those who want to learn how the platform works before committing their own money.
- Plus 500 has been around for years and have worked hard to solidify their reputation as being one of the best around.
- They use their own trading platform, rather than having to rely on MetaTrader 4 like most others.
- They offer online access, a downloadable program and a mobile app for their customers to trade on. Each of these work in synergy with each other so you don’t have to indicate which platform you are using when you make a trade.
- The platform is very easy to understand but should be used by experienced traders.
- Plus 500 is committed to international relationships and hence offer support in 20 different languages.
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What I Didn’t Like
- I wasn’t 100% satisfied with the customer service offered by Plus 500. This is because they only offer email support at present and hence lack phone support and live chat. However, their email helpdesk is manned 24/7 and they guarantee that every email will be answered within one business day.
- They do not have provisions for US based traders.
The Verdict
I believe the Forex market to be the most interesting and safe market to get involved in. It doesn’t matter whether you are just starting in the world of trading, or whether you have already started making thousands through different trades. Currency will always be a strong commodity and swapping between different currencies. However, in order to do so, you need a good trading platform and I believe Plus 500 to be not just good but actually great. It offers everything anybody could possibly need in order to start trading and more. Their only big downside is the fact that their customer service can only be reached via email, but it is very rare that you need them anyway, since all information has been included on their website. All in all, I highly recommend Plus 500 to anybody who wants to be involved in trading on the Forex market.
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Disclaimer: Futures, forex, stock, and options trading are not appropriate for all traders. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can ensure returns or against losses. No representation or implication is being made that using any of these methodologies or systems will generate returns or ensure against losses.
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