A well-known and popular CFD service provider, Plus500 first began its operations back in 2008. Located in London, Plus500 is a trading platform where traders can come and trade their Contract for Difference, better known as CFDs, on over 2,000 instruments. Plus500 is listed on the AIM section of the London Stock Exchange and regulated by the Financial Conduct Authority.
Available in more than 32 different languages, Plus500 makes it easy for users to navigate the platform in their desired language. This trading platform was also one of the first brokers that offered its clients leveraged trading on bitcoins that were available in April 2013. Since it came into being, Plus500 has been responsible for several industry pioneer moves, which include introducing the first Bitcoin CFD into the market in 2013. It was also one of the first companies out there to offer its clients a guaranteed stop loss on trades.
One of the best features of Plus500 that makes it an appealing option is the demo account, which allows traders to run practices and trials on the demo account for as long as they feel that they need it because there is no time restriction imposed.
What Trading Platforms Does Plus500 Run On?
Plus500 has its proprietary trading platform which is available in three versions. The three versions include a download version, mobile trading version and a web-based version of the platform. It also utilizes a WebTrader platform in addition to its proprietary version. Plus500’s platform stands out from the competition because of this one unique quality that it has – it remains constant in all versions.
Does it make a difference if a platform remains constant in all versions? Indeed, it does. Because the platform is consistent, it is easy for traders to switch easily between platforms without the need for regrouping, saving valuable time and effort in the process. Traders are also able to trade in several different markets from the same screen with real time quotes for the products.
Using this platform, traders can trade CFDs on commodities, stocks, indexes, and cryptocurrencies. Because it was designed to be easy for the user, traders will find it a breeze to quickly gain access to their favorite instruments, a list of currently open positions, the current buy and sell prices that the instruments are going for, the top rising and falling instruments, live chat support and more.
As of March 2015, Plus500 has an app version which has been made available on all iOS, Android and Windows mobile devices, including an Apple Watch version for those traders who are avid users of the gadget. It doesn’t get any more convenient than that.
What Are the Account Options Available?
There are two account options offered by Plus500. One account is a demo account which can be opened by the trader for free with no time limit restrictions imposed so they can use it for as long as they feel they need the practice.
The second account is a live account, and this requires a minimum deposit to get it started. One a trader feels like they’ve got all the practice that they need to the demo account, all they have to do is switch to the live account with a few simple clicks. The maximum leverage available on the accounts is 1:3000.
How Do Deposits & Withdrawals Work with Plus500?
PayPal, Skrill, bank transfers, debit and credit cards are the available options when it comes to deposits and withdrawals at Plus500. If you have any one of these, you’re good to go. Funding the Plus500 account can easily be done through a Visa or MasterCard credit card, wire transfer or through the services of MoneyBookers.
Making deposits into the Plus500 account using a wire transfer is a straightforward process, but keep in mind that the funds can take up to approximately five days before they show up on the account.
The processing time for withdrawal requests, on the other hand, is within one business day, as Plus500 would need time to complete the needed security checks before the payments can be initiated. This is part of its safety requirements to protect the interests of its clients.
Any Pros & Cons to Plus500?
Yes, there are. As great as a platform may be, there will always be pros and cons and room for improvement in certain aspects. Plus500 is no exception. Some of the advantages that come with using Plus500 include:
Website available in several languages for the client’s convenience and ease.
A platform that is highly regulated so traders can trade with peace of mind, security, and confidence.
Demo account with an unlimited time frame, so traders can practice as much as they need to build up confidence .
24/7 customer service support available via online chat, email, or fax.
Simple, clutter free platform makes it a breeze to use.
Options for risk management features to choose from, including guaranteed stop loss, price alerts, and trailing stops.
And the disadvantages of using Plus500 would include:
No swap account options are available.
A fee is charged after three months of inactivity.
Not suitable for traders who prefer to trade using hedging or scalping methods as this platform does not allow that.
No automated trading activities are available.
Being in the commodity or forex market can be a stressful thing, what with the risk of possibly losing all the money you have invested into it. But with Plus500, stressful trading is a thing of the past. Thanks to its user-friendly and easy to navigate website, Plus500 makes the trading experience a pleasant one, whether you may be an experienced trader or something who is just getting started in this field. 10 years of experience has certainly helped Plus500 develop its reputation for being one of the top CFD services out there. First time traders will find the demo account offered by Plus500 a very useful and helpful learning tool.