Best Forex Brokers:Plus500 Review
Plus500 Ltd is located in London, UK. It operates its CFD business through its subsidiaries: Plus500UK Ltd, which is authorized and regulated by the Financial Conduct Authority (FCA); Plus500AU Pty Ltd which is regulated by the Australian Securities and Investments Commission (ASIC) and Plus500CY Ltd which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) as well as by the Financial Conduct Authority (FCA). Plus500 is also listed on the London Stock Exchange. These regulations make it entirely safe to deposit funds and to trade with Plus500.
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Features
Plus500 offers a powerful CFD trading platform that adheres to the highest standards and allows thousands of traders to trade CFDs on over 2,000 instruments including 50 Forex pairs and ETFs, Shares, Commodities and Indices across more than 20 markets worldwide. A minimum deposit of $200 is required to open an account.
There are several risk management tools offered at Plus500 traders which provide traders with a certain peace of mind. Traders can manage their own leverage and can trade with high, low or no leverage depending on their 'Total position value' and ‘Equity' which is determined by depositing or withdrawing funds. 'Total position value' and 'Equity' can be viewed from the Account Snapshot page which is accessed from the main trading window.
Plus500's Risk Management Tools
Traders can also set guaranteed 'Close at Profit' [Limit] or 'Close at Loss' [Stop loss] price levels for specific instruments which can limit the trader's risk and. In addition, they can set price alerts to be notified when the market reaches a specified buy or sell price. Unlike a stop, a price alert keeps the position open, so a trader can decide what action to take as the market moves. In the Instrument list and Instrument Details screen there is a bell icon - clicking the bell will open a ‘Price Alert’ screen.
An additional tool offered at Plus500 is their trailing stop which is similar to a price limit, as both are designed to protect profits. A trailing stop placed upon opening a trade will lock in profits by closing a position at the trailing stop’s new level and not the level you originally placed it at thus limiting any “downside” risk without having to manually monitor a position and adjust the stop price.
Plus500 was one of the first brokers to offer leveraged trading on bitcoins which were made available as CFDs in April, 2013 and the broker offered 1:4 leverage at the time. In January 2014, it responded to demands of its clients and increased its leverage to 1:10. Plus500’s bitcoin CFDs expire monthly. In all other aspects, the bitcoin is treated the same as the other Plus500 CFDs and can be traded in the Plus500 demo account.
The Plus500 website can be viewed in 32 different languages and visitors may be automatically redirected to the site in the language they come from even if they'd been previously browsing the web in another language and can then navigate back to another language if desired. This makes the user feels comfortable.
When doing this Plus500 review I especially liked the fact that unlike many other brokers that pass the trader's information to an aggressive sales team, Plus500 has no sales team at all. Interested traders need only complete the application process and deposit their funds. This makes Plus500 an excellent option for motivated traders who don't want to be hounded but who want to explore the world of financial trading on their own.
One of the most valuable features at Plus500 is the company’s free demo which is unlimited in time and can allow traders to practice for as long as they deem necessary. While an unlimited free demo is not entirely uncommon, it’s always welcome and appreciated.
Deposits/Withdrawals
Deposits and withdrawals can be made via credit cards, bank transfers, Paypal and Skrill.
Plus500 Bonus
Bonuses are always appreciated by a brokerage’s existing traders and they work as a great incentive for new clients. Plus500 offers several of bonuses and varies them from time to time to make things more interesting.
There were two bonuses being offered at Plus500 at the time of this review. Traders making a deposit upon opening an account are granted a generous Plus500 Deposit Bonus. The bonus varies according to the amount of funds deposited. For deposits of $100, $30 is awarded; a $500 initial deposit receives an extra $150; $750 receives an additional $200 and anyone depositing $5000 into an account will be credited with an extra $1000. Deposits can be made in the acceptable forms of money payments listed above.
In addition, there is a $25 Plus500 non-deposit bonus that is credited to a trade’s account at the time of account registration. The Plus500 non-deposit bonus is ideal for traders who wish to take the Plus500 trading platform for a test run before deciding how much money to deposit in their trading account.
At the time of this review, a new sponsorship agreement had just been signed between Plus500 and the Atlético de Madrid football team whereby Plus500 sponsors the Spanish team. Although this doesn’t have any bearing on the broker as a service provide, we find it as a good sign of the company’s expected longevity and found that it certainly provides a feeling of good will towards the brokerage.
Customer Support
Plus500 offers customer service 24/7 via email or fax only. There is no chat.
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Conclusion
The Plus500 website is uncluttered and user-friendly which makes a pleasant trading experience for both beginner and experienced traders. With almost fifteen years of experience, it’s no surprise that Plus500 has grown into one of the top CFD services on the market.
Remember that CFDs are a leveraged product and can result in the loss of your entire deposit. Trading CFDs may not be suitable for you. Please ensure you fully understand the risks involved.
