Top Forex Brokers : Plus500 Review
History and Background
Plus500 is an online brokerage service specializing primarily in the forex market. Headquartered in the UK, they are also authorized and regulated by the British Financial Conduct Authority (FCA). The company is registered under the name Plus500UK Ltd with registration #07024970. The FCA registration number for the firm is ID #509909.
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Please note that Plus500 does not accept U.S. clients. Therefore, if you are located in the United States, we suggest choosing another top rated broker. As you can see in the comments below Plus500.com is a very trustworthy and reputable broker that we can really recommend for non US clients.
* Your capital may be at risk
* Plus500 is a CFDs service
Account Types
Plus500 offers two account options, consisting of a demo account, which has no time limit and can be opened free of charge, and a live account that requires a minimum deposit of $100. Plus500 offers customers a $20 "welcome" bonus on all accounts, including the demo account and generous bonuses of up to $7,000 for initial funding. Leverage for forex accounts is a maximum of 50:1.
Trading foreign exchange on margin poses a high risk level and it may not be fitting for all types of investors. The elevated degree of leverage can cause positive and negative outcomes.
Trading Software
Plus500 offers a comprehensive and easy to use proprietary trading platform and technical analysis software for their clients. The trading platform allows the trader to trade in multiple markets from the same screen and provides real time quotes for all of its products.
In addition to forex, Plus500 clients can also trade commodities, stocks, indexes, ETFs and CFDs from the same trading platform, a significant advantage to using Plus500 as a broker.
Besides its ease of use, the main advantage of the Plus500 trading platform consists in an all inclusive trading screen with clearly labeled tabs on top for details on past trades and current positions, as well as multiple market trading capabilities. Charting software is included with the trading platform, but charts appear individually, since the charting software does not allow for multiple graphs on the same screen.
The Plus500 trading platform comes in three different versions: a downloadable version, which can be copied to your laptop or desktop, a web-based version, which allows the trader to access the platform from any other computer, and a mobile version for use with cell phones and other mobile devices.
Deposits and Withdrawals
Funding an account at Plus500 can be accomplished through a Visa or MasterCard credit card, MoneyBookers or through a wire transfer. The fastest way to begin trading is by depositing through a Visa or MasterCard. The customer just has to go to the Plus500 cashier screen and fill out their credit card details to begin trading immediately.
Funding an account through Moneybookers is just as easy. The customer must navigate to the "Funds Management" window in the trading platform, select the Moneybookers option, and enter the Moneybookers e-mail address. A new pop up window will open where the Moneybookers transfer can be confirmed.
Deposits made to Plus500 through a wire transfer are generally straightforward but take up to three days to show up in the account. For a wire transfer deposit, go to the "Funds Management" window, click on "Wire" and then click on the "Send me Wire Details" option. Plus500 will then email the customer with the wiring details.
The Plus500 email will give the customer the details for wiring funds to their bank and also state the minimum and maximum deposit amounts allowed through a wire transfer. The minimum deposit is £300.00, while the maximum deposit amount is £100,000.
Due to FSA regulation, withdrawals from a Plus500 account require that the customer present an official photo ID. The ID must be a current passport, driver's license or other official document and must be presented before being allowed to make a withdrawal.
Due to FSA regulation, withdrawals from a Plus500 account require that the customer present an official photo ID. The ID must be a current passport, driver's license or other official document and must be presented before being allowed to make a withdrawal.
This information can be sent via e-mail or by uploading a pdf, tif, jpeg or doc type file with the upload function provided on the Plus500 trading platform. Clients should allow up to 24 hours for the files to be reviewed. If the identification document cannot be scanned, the client can photograph the ID with a digital camera or a mobile phone.
Risk disclaimer: Forex trading involves substantial risk of loss and is not suitable for all investors. You may lose more than your initial investment.
Customer Support
Plus500 offers e-mail and fax support in multiple languages 24/7, nevertheless, they do not offer online chat or telephone support, which can be a disadvantage if the customer loses internet service or their computer crashes while trading. Please have a look at the comments below and you'll see that they have an active customer support holding their promise to help their clients with every issue.
Safety
Plus500 is authorized and regulated by the British Financial Conduct Authority (FCA) with their registration number being #509909. We feel that this forex broker is a very safe broker to trade with. Please also read the comments below which will give further evidence of this.
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Conclusion
Plus500 makes a good choice for non-U.S. traders with an easy to use trading platform which offers multi asset trading capability. New traders can take advantage of the unlimited time to use the demo account, while seasoned traders can take advantage of tight dealing spreads and the generous bonuses offered when initially funding the account. Also, the Plus500 trading platform offers traders the possibility of integrating their trades in other financial markets, all on one screen. Overall, Plus500 makes an excellent choice for an online broker.
