Plus500 is an online brokerage service located in the UK that specializes in the Forex market. They are authorized and regulated by the British Financial Conduct Authority (FCA). Plus500 is a good choice for traders looking for an easy-to-use trading platform that also boasts multi-asset trading capabilities; providing their clients with the ability to trade commodities, stocks, indexes, ETFs and CFDs from the same platform.
Why Trade with Plus500
- Offers both demo accounts and live accounts with a minimum deposit of $100.
- New clients receive a $20 “welcome” credit on all accounts, (including demo.) They even provide bonuses up to $7,000 for initial funding.
- Leverage for Forex accounts is capped at 1:100 risk to reward ratio, but remember the greater the margin the higher the risk.
- Their proprietary trading platform and technical analysis software is described as “easy-to-use” by their clients and allows traders to trade in multiple markets from the same screen, while providing real time quotes for all of its products. The all inclusive trading platform is clearly labeled with tabs on the top for additional details on past trades, current positions and multiple market views.
- Charting software is provided, though slightly lacking. Charts appear individually as the software does not allow for multiple graphs on the same screen.
- Downloadable and web-based platforms allow traders to access from any computer, iOS, Apple Watch, Windows and Android device.
- Accounts can be funded through a Visa or MasterCard credit card, MoneyBookers and wire transfers. While most funds can be accessed immediately, wire transfers can take up to five days to show up in the account and require a minimum deposit of £300.00.
Lack of Support
Plus500’s support system is lacking when compared to some of its competitors. While they do offer 24/7 e-mail, online chat support and fax support in multiple languages 24/7, no phone support is offered. This is a huge disadvantage if clients do not have immediate access to the internet, or their computer crashes mid-trade.
Unfortunately, Plus500 does not accept U.S. clients.