Online trading has become a go-to financial venture or investment in recent years that led to the birth of many brokerage sites who continue making their presence felt online. The rise of these forex brokers made it hard for traders to choose which broker they should choose to partner with for safe and sound trading.
For this reason, we are helping you with the arduous job of selecting a sound brokerage firm by rendering this forex broker review. Take this Plus500 review as your guide to gauging its serviceability and its potential to becoming your trading service provider.
Plus500 caters to tens of thousands of traders around the globe. Aside from forex, Plus500 is also offering CFDs to traders through its subsidiaries, which are all affiliated with major financial regulatory bodies across the globe. Recently, Plus500 landed on the London Stock Exchange (LSE) listing and also earned a spot at the FTSE 250 Index.
Plus500 is founded in 2008 in Israel through the collaboration of six individuals who were all part of the Technion Institute of Technology. During its primal years, the broker’s first launched trading platform was powered by Windows OS. After two years, Plus500 released a web version of its platform to cater to more traders using devices powered by a different Operating System (OS), including Mac and iOS. Two years later, Plus500 accommodated more users by launching its Android-based trading platform.
Plus500 attracted more traders as it continued innovating its offerings and platform. In 2015, however, Plus500 experienced its first major setback as it lost almost 60% of its stock from freezing its U.K.-based trader accounts. This move was mandated by the Financial Conduct Authority (FCA) in the U.K.
Plus500 recovered by strengthening its online trading campaign and gaining a massive number of traders in the succeeding years. Today, Plus500 is one of the few brokers that have built a good reputation and honest trading services, leaving no rooms for Plus500 scam rumors to foster.
Plus500 Regulation Affiliations and Security
Let us dig deeper into Plus500’s broker profile and get to know its regulatory status and level of security as a broker.
Plus500 and all its subsidiaries are all documented and are affiliated with the different regulating bodies including the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Israel Securities Authority (ISA), the Cyprus Securities and Exchange Commission (CySEC), and the Monetary Authority of Singapore (MAS).
Given these affiliations with several financial authorities across continents, Plus500 is accessible in more than fifty countries, including Israel, Australia, Singapore, U.K., and Plus500 Canada.
Plus500 trading is safe as it boasts of three tier-1 regulation jurisdictions and a couple of tier-2 regulation jurisdictions. A regulated and licensed broker, Plus500 is a safe bet for traders looking for a legit broker to entrust their money with.
Plus500 Features and Fees
With over 2000 CFDs and more than 50 currency pairs, Plus500 also offers an array of tradable assets. Plus500 minimum deposit is set at $100. This is one of the lowest deposits you can find among online forex brokers. But if you are a trader looking for special discounts on certain trading fees, this might be one of your considerations as Plus500 does not give special discounts on both regular and VIP account users.
But looking in the spreads offered to its users, Plus500 seems to have a promising set of spreads, especially for its major currency pairs. Plus500 withdrawal and deposit can be made using major credit cards, including MasterCard and Visa. A withdrawal request requires a minimum amount worth $100.
When we talk about its account offerings, A Plus500 login will offer you only two account types – the Gold Account and the Plus500 Pro Account.
Considering the wide trade basket and low required deposit plus the proven high-level of trade security, your trading experience is off to a good start and may come a long way with this broker.
Plus500 Trading Platforms and Tools
Plus500 has web, desktop, and mobile trading platforms for its users. These trading platforms feature a user-friendly interface that enables traders to navigate the platform with a lot of ease and convenience. Beginning traders will not get overwhelmed using the software as it is designed neatly and simply.
There is one thing to note, however, in Plus500’s trading platform. The MetaTrader, the most common trading platform, is not available in Plus500. The trading platform featured by Plus500 sports only the basic trading tools. Nonetheless, Plus500 also features several advanced trading tools in its platforms, including guaranteed stop-loss order and trailing-stops.
For beginning traders who haven’t tried trading in other brokerage firms, Plus500’s trading platform is a good starting place mainly because of its ease of use and simplicity. More than 100 technical indicator tools are accessible in its WebTarder.
Surprisingly, Plus500 failed to impress us with its research facility. The basic offerings that leading brokers offer to its users are not present in Plus500’s research tools. Aside from the Economic Calendar, there are no other pertinent research resources available on its site.
On the brighter side, Plus500 boosts its users’ trading opportunities by utilizing a hundred of charting tools and default watch lists that will aid traders to spot trending markets.
Minus the minor setbacks on its trading platform features and functionalities, becoming a Plus500 trader will definitely give you a good trading experience in general.
A well-documented broker with a simple trading platform and a competitive trading fees and opportunities, Plus500 is a recommendable brokerage site ready to take you to the profitable side of forex trading.