When it comes to choosing the perfect CFD broker, things can be rather confusing. Particularly if you happen to be new to the business. A great way to learn more about some of the names that keep popping up in your research is to read the latest reviews. Great news then, that you’ve found your way here. Because we’re about to share the most up to date information in our Plus500 review.
The background and history behind Plus500
Finding a CFD broker that is licensed and regulated is an important quality to look for. You won’t be disappointed with Plus500, as it has gone to a lot of trouble to provide a safe and secure environment for all its traders.
Plus500 was founded in 2008, and the trading platform allows clients to trade CFDs (contracts for difference) on a variety of assets, namely forex, stocks, indices and cryptocurrencies.
Plus500 is the name of a trading platform offered by Plus500CY. Based in Cyprus, Plus500CY is authorized and regulated by CySEC (Licence No. 250/14) to offer CFDs on a range of underlying products. In the UK, Plus500UK is authorized and regulated by the Financial Conduct Authority (FRN 509909).
The cutting edge WebTrader platform
Trading CFDs is a fast-paced form of investment and it’s important to have instant access to the global financial markets. Plus500’s WebTrader platform offers that and is perfect for more experienced traders.
WebTrader enables traders to securely manage their investments, via a user-friendly interface, with the needs of all types of trader in mind. Both live and demo accounts are given access to live streaming quotes, with leverage of 1:30.
No download is required and you have access to all the features and operations you’d expect from a great platform, including charting, opening and closing trades, placing direct orders, setting stop and entry limits, as well as editing and setting profit limits and stop losses.
There are also Plus500 mobile applications for those who prefer to trade on the move, whether using an iPhone, Android, or Windows mobile device.
Though Plus500 offers an easy-to-use platform, it’s important to remember that CFDs are complex financial products. As such, we recommend that only experienced traders open a live account with this broker. Beginners, however, can use the broker’s unlimited demo account.
With the demo account, you can view videos which take you through the ins and outs of the Plus500 mobile applications. You can also use the account to practice trading until you feel comfortable enough to risk your own cash.
Best and most trusted forex brokers in September 2020
All the brokers below are available in:
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker, DMA
Platform for trading Forex, analysing financial markets and using expert advisors.
Multi-asset platform for trading Forex and CFDs.
Trade online without downloading any software.
Wire Transfer, Bank Transfer, Credit or Debit Cards, PayPal
Plus500 offers a great range of risk management tools
Traders can enjoy more peace of mind with an exciting range of risk management tools available. All of them can be viewed from an account snapshot page via the main trading window.
Traders can also choose to set stop-loss orders and guaranteed stop orders for certain instruments, which can be used to limit personal risk. They can also choose to set price alerts for when the market reaches a certain buy or sell price.
Another similar available tool is a trailing stop order. Placing this upon an opening trade locks in profit by closing a position at the new level and not the original level set. This serves to limit any downside risk, without manually monitoring a position and adjusting the stop price.
In April 2013, Plus500 became one of the first brokers to offer leveraged trading on bitcoins. These were made available as CFDs and expire monthly.
Multi-lingual customer support 24/7
Customers of Plus500 are able to get lots of help, in a number of different languages. The website is available in a number of different languages, including Bulgarian, Polish, French, Dutch, and Turkish, and there are multi-lingual support staff (English, French, Italian, Spanish, German, Dutch, Polish, Arabic and Hebrew) on hand to answer questions 24 hours a day, 7 days a week. They can be contacted via email or through the live chat facility on the website.
There is no telephone number to call for support, which was disappointing, but traders can find the answer to many common questions on the FAQs page.
A number of payment methods are supported by Plus500, including debit and credit cards, PayPal or Skrill, as well as bank transfers. This isn’t as many options as with other CFD brokers, but still enough to get the ball rolling. We should also mention that customers are required to provide photo ID and verify their registered address before withdrawing any money.
Plus500 is definitely a CFD broker we’d recommend you try. New traders will benefit from the unlimited demo account whilst, for more seasoned traders, the tight dealing spreads are a good reason to check this broker out.