The Plus500 forex trading platform has over a decade of experience in helping traders to easily execute their buys and sells. The company has its headquarters in London, UK, and it is quickly becoming one of the top forex brokers in the market today. The platform recently received regulation from the FSA (Financial Services Authority).
Plus500 provides an easy to use website design, making this a perfect choice for newer traders who are not yet familiar with the many bells and whistles that may be offered on some of the other platforms’ sites.
What Does Plus500 Offer for Traders?
Unlike some of the bigger forex trading options, Plus500 provides a single trading platform. Although some more experienced traders may prefer additional features – especially if they are seeking a specific platform option – Plus500 stresses simplicity and ease of use.
The Plus500 platform was actually developed in-house, and it provides three versions, including a web based platform, a downloadable option, and an interface that is designed for mobile trading. There is a real benefit in that all three of these versions remain constant, making it possible for traders to seamlessly switch back and forth within the platform with no need to regroup.
There are a number of payment options for deposits and withdrawals with Plus500. These include credit card, wire transfer, and MoneyBookers – all of which can help traders in getting their accounts set up quickly.
One of the most beneficial attributes of Plus500 is that it provides its trading platform and all of the needed information on one easy to read screen. This, in turn, requires no scrolling in order for a trader to quickly find the exact information that he or she needs quickly.
In addition, past trade information as well as current position details may be found by clicking on one of the four website tabs. Traders using Plus500 do, however, lack the ability to view multiple charts or graphs at the same time.
For newbies or those who are not familiar with Plus500, the platform offers a free software download from their website as well as the ability to open a free account and perform practice trades with free demo money.
All needed trader information is offered on one screen. This means that traders won’t need to scroll in order to find the details they are looking for quickly. Tab labels are clearly shown at the top of the website for additional ease of use.
Although the Plus500 platform is considered a no-frills program, the lack of numerous and fast moving charts and graphs is actually a plus for newer traders as well as for those who prefer a clear cut forex trading experience.
Plus500 Education and Support
Plus500 also provides a small educational center that gives its traders basic information regarding how trading the forex works. This offering provides many practical examples showing beginning users how to transact a buy and sell.
The platform offers customer service via email only – although the good news here is that response time is typically very quick – sometimes even within 30 minutes. Unfortunately, Plus500 does not provide support via phone or online chat.
|Company name||Plus500UK Ltd|
|Minimum account size||50.00|
|Minimum account size currency||USD|
|Minimum position size||0.100000|
|Maximum leverage description||up to 1:200|
|Spread description||2 pips on EUR/USD|
|Regulation description||Registered by FSA of UK (ID #509909).|
The Upside and The Downside
As with any product, there are certainly pros and cons to using the Plus500 forex trading platform. The good news is that there are far more positives – primarily if you are a beginning trader and are looking for clear cut information on how to get up and running quickly, without a lot of additional and possibly even distracting information to wade through.
- Traders are offered free money with their demo account
- Quick and efficient execution of orders
- Zero commissions and limited spreads
- Fast payment methods
- Very user friendly software program with excellent functionality
- Great platform for beginning forex traders
- No support of trading robots
- No live phone or chat customer support offered
- Lack of support for alternate party platforms
What Are Traders Saying About Plus500?
In order to really get a good idea of how the Plus500 forex trading platform works, it is good to go directly to the source – the traders who are actually using the software. Here is what some of the current Plus500 users are saying:
“Good platform, I’m always paid on time to my bank account. Never had any problems with them.” User comment on Daytradelistings.com
“Plus 500 is very recommended…friendly, and easy for beginners.” User comment on Daytradelistings.com
“I am trading with Plus500 for a while now. I am very pleased with Plus500 trading platform, very friendly and easy to use. (My first trading platform.) I first started with the free demo account, then started trading for real money. I received a bonus of 30 percent on my first deposit. I definitely recommend this trading platform, and I’m not surprised they are at the 1st place in this website.” User comment Daytradelistings.com
The Bottom Line
When comparing the Plus500 forex trading platform to some of the other brokers, traders will quickly discover that they have access to a very straightforward offering. With little to offer in terms of in-depth resources, some may feel this is a negative while others may opt for this ease of use and narrowly focused option for getting trades executed simply and quickly.
Therefore, while Plus500 offers a clean and easy to use platform, some advanced traders may prefer other more comprehensive options. Yet, for newer traders or those who prefer a basic bare bones trading capability, Plus500 could very well be your option of choice. Overall, the Plus500 platform offers a very comprehensive and comfortable trading experience – especially for those who prefer a nice, neat, and no-frills forex trading platform.