Plus500 Forex Review

Plus500 On top of being active sponsors for professional sports teams like Club de Atletico Madrid out of Spain, this broker found the time to become champions of CFDs, since their founding in 2008. Offering only CFDs can seem like a disadvantage, as no assets change hands in this broker, but actually, focusing their attention on one thing has made them experts at their field. With CFDs available in Forex, ETF, Stocks, commodities and market indices you will not feel limited in your trade ability. With 70+ tradable currency pairings you will find your forex needs met here.

This Online CFD champion out of Israel is owned by a holding named Plus500 Ltd, with their headquarters in London. Listed on the London Stock Exchange Plus500 really puts welfare of their customers and dependability first.

Account Types

Plus500 comes with 1 live trading account, Standard Account, and an unlimited demo account. It is always recommended for you to start off in the free demo account if you are a newcomer. When setting up you will be asked whether you want a demo account or a real money account, chose the demo account and get unlimited practice to get familiar with the market, platform, charts, indicators, and trends.

Once you feel confident in your understanding of everything switch over to the standard account and start trading. To open this account, you will need to deposit a minimum of $100. This will get you all the bells and whistles, tools and features that Plus500 has to offer. This account comes with a leverage max of 1:300.

Trading Platform

Plus500 software

When it comes to trading platform, unlike its competitors, Plus500 once again offers one selection. Their focus on doing one thing right instead of doing multiple things keeps them on top of the market, as traders appreciate the dedication. The proprietary trading platform offered by Plus500 works wonderfully across all platforms. With the ability to trade in multiple markets from the same screen makes trading how you want that much easier. Including an extensive charting software also helps this platform garner attention.

The Plus500 trading platform comes in 2 versions, first as a downloadable or installable version, or as an online version that you can access without the hassle. One thing that is great about this platform is its ability to function together perfectly across web-based, computer-based, and mobile versions.

Mobile Trading

Same way Plus500 offers multiple choices in the way to access their platform on the computer they do the same with mobile trading options. You can use the application made for IOS running phones and Android running phones, and even use a recent platform made for your Apple Watch. This modern offering really stands out above all competitors. Getting notifications and important movement information on your watch really is a great future you didn’t know you needed. The ability to seamlessly connect across multiple platforms really does provide a different kind of trading experience. Once mastered the use of a combination of these platforms really gives the trader an edge in access.

Banking Options

Once you set up your account you will need to fund it. To do this you can use one of the three options offered by Plus500, these options are

  • Credit/Debit Cards
  • Bank Wire Transfers
  • eWallets (PayPal, Skrill, Rapid etc.)

All 3 options are easy to use only difference is in the time it might take for the deposit to go through. The quickest methods are as always Credit/Debit Cards and eWallet payments. Unless a problem occurs, these methods will process immediately while the Wire Transfer can take anywhere from one to five days.

To withdraw your money, you will have the same three options at your disposal. While your options will be the same, time it takes to process your requests will run around 3 days, which is a little longer than most competitors offer at this level. You get 5 free of charge withdrawals for Credit/Debit Card and eWallet withdrawals. Any withdrawals after this amount will cost you $10 per transaction, while bank transfers will cost you $6 a piece. I you withdraw under the minimum you will also be charged a $10 fee.

Spreads & Commissions

When you are trading with Plus500 it is a relief to find out you won’t be paying a commission, but solely pay the spread. This is how the company makes its money, so your fees for trading with Plus500 are worked into your spread. If we are talking about currency spreads, then this broker is competitive with some of their cheaper rivals. While eToro and other selections have the same trading fee structure, Plus500 blows them out of the water with 0.6 pips for EUR/USD. When put side to side with eToro’s 3.0 pip for the same currency pairing you really see the difference.

While there is no commission, there are certain fees for you to be aware of. Such as the Inactivity fee of $10.00. Other things like high financing costs are important to know when trading short or long-term options.

Leverage

Leverage ratio for Plus500 is predetermined at 300:1. To change this setting you need to contact customer service and have them decrease the leverage for you. This is recommended as trading on a leverage in Forex can be quite risky. It is good to start with smaller leverages and build your way up rather than trying to win it all today and ending up losing more than you can afford. The minimum leverage you can ask for is 50:1. Of course you can always trade without a leverage, but that is your choice. With new cryptocurrencies and other assets being added on it is likely this leverage rule might change, so it is worth doing your research.

Regulations & Security

Offering negative account balance protection is a great touch when you are trying to show people their money is safe with you. As a company traded on the AIM section of the London Stock Exchange, this company doesn’t need to work too hard to earn trust. Being regulated by CySEC in Cyprus, FCA in the UK, ISA in Israel, ASIC in Australia and MAS in Singapore doesn’t hurt either. Plud500 won’t leave much doubt in your head with their transparent business structure.