Plus500 Review - LSE listed , regulated forex and CFD broker
Our Plus 500 Review - reliable broker let down by poor trader education resources
Plus500 was founded in 2008 and is head quartered in Israel. The broker currently has regional offices in Cyprus, UK, Australia and Singapore. Plus500 is CFD broker and offers more than 2000 trading instruments. Plus500 is listed on the LSE (London Stock Exchange) and is considered to be a safe broker to trade with.
During our review of Plus500 we noticed that the broker is more suitable for entry level traders and those not looking for education and research tools.
Plus500 does not offer the MetaTrader platforms but instead has developed its own, proprietary platform. While the platform is quite user-friendly and available in various languages, it cannot be customized. Plus500’s platform appears to be quite stable and easily accessible - the platform is also available in a mobile version. Irrespective of that, most traders still prefer the MT4 platform for its functionality and stability. The Plus500 platform does however offer some risk management features such as guaranteed stop and training stop that both help limit losses.
Plus 500 also offers its platform in WebTrader, which is known for being efficient and common among traders. However, this platform may not suit advanced users as it does not allow automation tools.
Plus 500 is NDD (No Dealing Desk) broker and offers two account options: Standard account and a professional account. The minimum deposit for a standard account is a $100 while the maximum leverage is 1:30. Spreads are variable and there is no commission. Professional accounts at Plus 500 require proven trading experience, but users with professional accounts can with a leverage up to 1:300. Plus 500 does not offer swap-free accounts therefore will not be suitable to those abiding Sharia law.
Plus500 offers some of most competitive trading fees among its peers based on the industry average. The broker offers low spreads, there is no commission and fees are included in the spread. For example, the EUR/USD spread is 0.6 pips. Plus 500 offers low withdrawal fees too: 5 free withdrawal fees per month and after that each withdrawal fee costs $10. The broker also has an inactivity fee which is $10 per quarter and the fee is applied after 3 months of inactivity.
Plus 500 offers CFD and forex for trading. There is a wide range of over 2000 trading instruments available including indices, cryptocurrencies, shares, EFTs, options and commodities. Plus 500 allow users to trade a variety of cryptocurrencies such as Bitcoin, Litcoin, Etherum, NEO, Ripple XRP and others. Cryptocurrencies can be traded with a leverage up to 1:2.
Another important note is that Plus 500 does not offer bonuses of any kind due regulatory restrictions.
Plus 500 offers decent customer support, however the options are slightly limited. There is no telephone support, but email and live chat is available on 24/7 basis and over 30 languages. We did feel that some of the responses of Plus 500’s live chat felt robotic but despite that the responses were prompt and helpful. Plus 500 also has social media channels that post regular updates and respond promptly on queries (with a day). In addition to this, most questions are answered in their FAQ section.
Plus 500 does not offer any education materials such as e-books, webinars, etc. While the website does have an economic calendar, there are no market news or research tools that could help users with trading except charting. Expert Advisors are not offered by Plus 500, but they do offer a demo account to try out the platform.
Plus 500 is essentially a safe and simple platform with low fees and very competitive spreads. Despite that, the lack of the MetaTrader platform does not appeal to most traders. The absence of education and research tools suggests that Plus500 is not designed for beginners but instead for more advanced and knowledgeable traders looking for a more lucrative trade.
Forex Broker Ratings
Thursday, January 7, 2021