Plus500 is a UK-based brokerage company providing online Forex trading services. Its customers are individual traders, brokers and various investors.
The broker caters to the needs of both beginners and experienced traders.
Its customers can buy and sell the following trading tools:
- currency pairs.
Deposits and Withdrawals
A critical attitude towards electronic payment systems is typical for US and UK brokerage firms. This is explained by the company efforts to ensure safety of customer funds.
There are the following ways of funding a deposit and making a withdrawal at Plus500:
- Visa, MasterCard;
- Bank cheque;
- Bank transfer.
The funds are credited to the trading account or withdrawn from it within 1 banking day. The payment system and the currency of withdrawal may not coincide with those of the deposit.
Financial activity of Plus500 UK Limited is regulated by the UK Financial Services Authority (FSA) under registration number 509909. Besides, it is following investment rules and norms of the Markets in Financial Instruments Directive (MIFID).
Being in partnership relations with the world’s major market makers and brokers, the company proves its reliability and liquidity. Wide customer base including traders from over 40 countries of the world and an exceptional service package make Plus500 very attractive for beginners and proficient Forex traders.
Plus500 is so popular among brokers and investors because of its commitment to introduction of innovative trading, software and information products. It is one of the first among European brokers that started to use segregated accounts to keep customer funds separate from the company funds. This allows to secure customer assets against various force-majeure circumstances.
Plus500 is widely using different hedging strategies (risk management), with some of them developed by the company specialists.
Bonuses and Promotions
Plus500 is one of the few brokers offering a starting money bonus to those who registered a live trading account. Customers don’t have to make a deposit to get the EUR 25 bonus. In other words the company clients can start trading Forex investing no money. Besides, the broker is offering bonuses on first deposit.
- FIRST100 – EUR 30 bonus (minimum initial deposit of EUR 100);
- FIRST500 – EUR 150 bonus (EUR 500 );
- FIRST1000 – EUR 200 bonus (EUR 1 000 );
- FIRST5000 – EUR 1 000 bonus (EUR 5 000);
- FIRST10000 – EUR 2 000 bonus (EUR 10 000 ).
Trading Accounts Types
Plus500 is offering one type of a live trading account to its clients – Standard:
- Minimum deposit – $100 USD;
- Minimum traded volume – 0.005 lot;
- Fixed spread;
- Spread for GBP/USD , EUR/USD, USD/JPY – 2 pips;
- Scalping not allowed;
- Four-digit quotes;
- Margin call – 40%
- Stop out – 40%
- 51 currency pair, with 23 exotic ones.
Live trading account can be opened in the following currencies:
- US Dollar (USD);
- British Pound (GBP);
- Swiss Franc (CHF);
- Australian Dollar (AUD);
- Canadian Dollar (CAD);
- 11 more currencies, the list is available on the company website.
Trading Platforms Types
Plus500 customers can trade on the broker’s corporate platform. Company experts put efforts to make the platform fully accessible for various devices. There are three versions of this trading platform:
- Plus500 Software;
- Plus500 Mobile;
- Plus500 WebTrader.
The platform allows to conclude transactions “by market” or make stop orders and limit orders. Accuracy and speed of order execution is brilliant.
With Plus500 cutting edge technology, the broker’s clients can trade currency pairs, stocks, CFDs, options and futures from the same trading platform. Although being a high-level functional solution, the platform has simple interface and it is easy to use even for a beginner trader.
The platform has great analytical potential. A wide range of indicators and other analytical tools allows to test (and develop) various trading strategies.
Graphical capabilities of the platform are highly appreciated – a special program allows to construct graphs and other graphical elements.
Powerful news and information content of the platform lets customers get all the required information without using other information channels.
According to reviews of the customers, it is power and flexibility of the trading platform that became a significant advantage to using Plus500 as a broker.
Plus500 customer service is working in 24/5 mode. It supports 34 languages, which is impressive.
However, there are few communication channels. Customers can get in touch with the support center only by phone (Call Back) and Email. Skype and live chat options, traditional for most European and US brokers, are unavailable.
Pros of Trading with Plus500
The main virtues of the company are as follows:
- Focus on customer;
- Commitment to introduction of innovative products;
- Reliability and sound liquidity;
- Transparent pricing.
The company customers can trade directly on Forex market by-passing intermediary banking organizations.
Close partnership relations with banks and other large exchange market players allow the company to offer competitive (sometimes even unique) prices to its customers.
Disadvantages are as follows:
- Poor choice of communication channels with customer support. Phone call to England and Wales and Email are evidently not enough to for full-fledged communication with a customer. Such limitation prevents the company specialists from responding to customer questions quickly.
- No MetaTrader 4 available. Plus500 corporate trading platform is surely one of the most advanced platforms, but still MT4 has always been and remains the most popular, first of all among beginners.
Oleksa Pawek: As for order execution, I have no remarks. Everything is in time and accurately. Swap level is somewhat disappointing. However, the main disadvantage is no e-payment systems available. Skrill, which Plus500 prefers to use, is just a headache.
Grace Hoce: Customer support, when you get through to it, is ready to answer any question and may give practical help in solving specific problems.
Irvin Sower: A decent broker. The platform is awesome, it can do anything. Withdrawals are not very convenient. Regarding trading conditions, they could extend the range of accounts and platforms.
Plus500 has much more advantages than disadvantages. British accuracy of orders and deposit/withdrawal requests execution is uncompromising.
Along with British scrupulosity, there is a strong indication of British primness. Conservative approach to the company development, especially amid rapidly changing market conditions, may serve the broker a dirty trick.