Plus500 Review 2022: Low Spread Forex Broker
Plus500 is the CFD broker that is operated under the Plus500CY LTD. that is the issuer and seller of the financial instruments. The company has a head office located in Limassol and is regulated by Cyprus. The Cyprus Securities and Exchange Commission manages trade of Plus500 with the set guidelines to protect the clients.
The company is listed with the London stock exchange and is a rapidly growing trade broker with various trade instruments for clients. Plus500 has highly rated CFDs, segregated funds for traders’ security, and works with set objectives and vision. With the leading technologies and developments, Plus500 is heading towards being innovative and the number one broker.
Plus500 Review: Pros and Cons
Plus500 has the following pros and cons that facilitate and challenge the clients:
- Zero trading commission
- Tight spreads
- Demo account
- Trading platforms
- Customer support
- 2500+ CFDs
- Minimum deposit of $100
- Mediocre research tools
- Average CFD fees
- Only CFDs offered
Plus500: Regulation and Scam
Plus500 broker is a Cyprus regulated broker established in 2008. The broker is registered under the company Plus500CY Ltd. The company has offices located in Limassol with Plus500 broker services. The Cyprus Securities and Exchange Commission controls the working of the Plus500 broker under the license number 250/14.
The company offers the traders with Contracts For Derivatives (CFDs) with various products under it.
Thus, the company is not a scam but a legit CFD broker with quality services for the clients.
Plus500 Review: Trading Accounts
Plus500 broker provides traders with the best trading accounts to serve the purpose of different traders. The clients of Plus500 broker can access retail trading account and professional trading account for live trade with the option of Islamic trading. Moreover, traders have a chance to practice trade before going live through a demo account service of Plus500.
Retail Trading Account
The account is designed for the retail investors of the market, also referred to as the standard account. The account is used by the majority of the traders of the market. With the account services in the EU, UK, Singapore, Australia and the world over. Traders of such accounts can take benefit of the following services:
- 70 currency pairs for trading
- Leverage ratio upto 1:300
- Managing multiple accounts
- Negative balance protection
- Zero commission
- 4 types of stop order
- Minimal spreads
- Investor Compensation Fund
- Access to the proprietary trading platform
The professional account of the Plus500 is the gold account of the broker. It has more advanced services than the retail account. The account has the following services for the professional traders of Plus500:
- Negative balance protection
- Cash Rebates
- Client money protection
- Best trade execution of orders
- Financial Ombudsman Services
- Maximum leverage of 1:300
- Trading platforms
- Trading tools
- Several indicators
However, a professional trading account requires traders to fulfil three things before getting access to the professional account:
- High trade volume within last 12 months
- € 5,00,000 or more to invest
- Financial services field trade experience
The broker’s demo account service is to aid traders in making plans and analysing the market in advance before trading. With the demo account, traders can use the virtual money to invest and know the market and its operation before actually investing in the trade. This helps the trader to make strategies and plans for the live trade.
Plus500 Review: Account Opening
Account opening is straightforward with Plus500; within a few steps, traders can open a brokerage account and start trading. Below mentioned are the steps of opening a trading account:
- For opening a trading account, first, traders have to register with the broker. For this, they have to fill a form asking for personal details of the trader like name, contact number, email address and set a password to protect the account privacy.
- Next, traders have to get themselves verified by the broker to gain access to the account after registration with the broker.
- Brokers require some documents for verification and transparency of the trade online. So, traders have to submit the documents.
- Traders can at last deposit funds in the account to trade.
- So, that’s how a trader can go live with a brokerage account with Plus500.
Plus500 Review: Trading Platform
Traders of Plus500 brokers have several trading platforms to make the experience of trade smooth. The clients can use a trading platform on a desktop, smartphone or any other device they use. Here are the trading platforms with their features:
It is a web based trading platform that serves traders with the use of several browsers to trade. The application works with browsers such as Google Chrome, Mozilla Firefox and Internet Explorer. Thus, working with the three most used browsers of the world. The webtrader is flexible and user friendly for the use of the traders, so let’s have a look at the features of the platform.
- Simplified interface
- Traders can view active and closed positions
- Shows bid and ask prices
- Various Charts
- Risk management tools
- Trading tools
- Analysis of the market
Traders can use the iOS trading application for iPhones and iPads, Android trader application for Android users, Windows10 Trader for Windows device users and Windows phone application.
Plus500 Review: Trading Instruments
Plus500 broker clients have access to the following trading instruments:
Plus500 Review: Commission and Spreads
Plus500 broker has no extra charges for the trade from the clients. Therefore, traders have to pay zero trading commission while trading with Plus500 brokers. In addition, they also do not have any extra fees for the trade.
The broker has tight spreads offered for the clients with knowledge of the bid and ask prices for the traders from time to time. Therefore, traders have tight spread charges for executing the trades with Plus500.
Plus500 Review: Leverage
Leverage is the ratio that brokers offer their clients to have a high market position. It is more of a loan that brokers provide to the traders on their initial deposits. However, the risk of trade also enhances with the leverage ratio. This is because traders use leverage on their initial funds and have to pay double with the use of leverage and can even enjoy double profits in case the opposite happens.
Plus500 broker has a maximum leverage ratio of 1:300 for forex CFDs and 1:20 for the shares. So, the broker has a different leverage ratio of the instruments traded.
Plus500 Review: Deposit and Withdrawal
Plus500 has quick and easy deposit and withdrawal facilities for traders. They can simply deposit their funds in their trading accounts through various modes like bank wire transfer, e-wallets, credit or debit cards. In addition, traders are not charged with any fees to deposit the funds in accounts.
Withdrawal of the funds, however, takes two business days for redemption due to the process of verification by the broker. As per the rule, brokers verify the client’s accountability for withdrawals.
A trader can deposit and withdraw from:
- Credit/Debit card
- Bank Wire Transfers
- Online payments
Plus500 Review: Education and Research
Plus500 broker does not have huge educational materials to make traders learn and educate. However, it provides them with the following to enhance their trade knowledge and understanding.
- Market insights
- Traders guide
Research means to find something new in an already present thing; they can research various trading techniques and learn about their market insights to follow. This would help them maximise their profits; they can the following research tactics of Plus500:
- Economic Calendar
- Traders guide
- News and market insights
- Risk Management
Plus500 Review: Customer Support
Customer support services of Plus500 are available for the clients 24 hours a day and seven days a week. Traders can access the professional support of Plus500 whenever they need help regarding the trade. Traders can fill a form with their query, email address and contact details with the Whatsapp chat option online.
Plus500 broker is the leading CFD broker of the market with its services globally. Traders can access the best services of the broker with account opening. In addition, they have trading tools, customer support, commission-free trading, high leverage, easy deposit and withdrawals. All these facilities make the CFD trade smooth; however, traders have less account types options to trade.
The Plus500 broker is best for CFD trading with forex, indices and other instruments to serve the traders of derivatives.
Be the first to leave a review.